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Crypto markets are expected to remain volatile for the foreseeable future, but BTC’s battle to reclaim $40,000 could be followed with rallies from LUNA, AVAX, ATOM and FTM.
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Top 5 cryptocurrencies to watch this week: BTC, LEO, MANA, KLAY, XTZ
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BTC continues to lose ground, but if the $40,000 level is reclaimed, LEO, MANA, KLAY and XTZ could be the first to recover.
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VanEck Bitcoin Strategy ETF will likely launch next week as crypto prices reach ATHs
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The United States Securities and Exchange Commission has likely approved asset manager VanEck’s Bitcoin Strategy exchange-traded fund, with trading expected to begin on Oct. 25.
In an Oct. 20 filing with the Securities and Exchange Commission, or SEC, Vaneck said the public offering of its Bitcoin (BTC) Strategy ETF, which offers exposure to the crypto asset through future contracts, would begin “as soon as practicable” after the effective date of the filing, Oct. 23. This suggests the company could list its shares on an exchange as early as Oct. 25.
Unlike exchange-traded funds offering direct exposure to BTC or Ether (ETH) — which the SEC has not approved — VanEck’s ETF would provide exposure through cash-settled BTC future contracts traded on exchanges registered with the Commodity Futures Trading Commission, pooled investment vehicles, and other exchange-traded products. Having first applied for the BTC futures-linked ETF in August, VanEck could follow ProShares, which on Monday launched its Bitcoin Strategy ETF on the New York Stock Exchange.
Related: Crypto market cap breaks $2.5T — Is this the season for ETFs?
The potential VanEck ETF listing comes as BTC and ETH prices reached new all-time highs. According to data from Cointelegraph Markets Pro, the prices of BTC and ETH are $65,955 and $4,003, respectively.
This story is developing and may be updated.
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Bitcoin price will see breakout ‘during this week’ says trader with $38K target
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Bitcoin (BTC) closed beneath a key moving average for the eighth week in a row this weekend, but one analyst is betting on an imminent breakout.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin balances breakout with Grayscale worries
Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin as it reversed weekend gains on Monday after a disappointing weekly close.
The largest cryptocurrency had maintained its familiar trading range with $33,000 as support through Saturday and Sunday, but the new week dampened momentum.
For popular trader and analyst Rekt Capital, unless progress can be made, Bitcoin bulls may not have long to last before fresh losses hit.
“The blue 50-week EMA is still holding as support,” he summarized in a series of tweets.
“If this HL isn’t reclaimed as support soon, the sell-side pressure on the 50 WEMA may be too much for $BTC to hold here.”
BTC/USD 1-week candle chart with 50-week exponential moving average. Source: Rekt Capital/Twitter Others were more upbeat. In his latest video update, fellow trader Michaël van de Poppe went as far as to call a BTC price breakout within days.
“I believe that Bitcoin is going to make a breakout to the upside,” he forecast.
“I would not be surprised if Bitcoin is going to trade around $38,000 during the days of this week.”
A look at buy and sell levels at major exchange Binance showed resistance forming at $35,000, with $30,000 remaining in place as overall support.
BTC/USD buy and sell levels (Binance) chart. Source: Material Indicators/Twitter Altcoins lurk ahead of market decision
Van de Poppe added that this movement might be good for altcoins, which could start capitalizing on bullish sentiment. He had previously argued that altcoins would outperform the speed of Bitcoin’s gains in the coming months.
“I think the altcoins are close to a bottom too,” he said on Friday.
Related: Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, CAKE, FTT
Most altcoins saw flat performance on the day, little changed over the past 24 hours.
With little by way of strong sentiment in either direction, as Cointelegraph reported, concerns remain that external factors may unduly influence price action across cryptocurrencies.
This comes in the form of the Grayscale unlocking series, which involves around 42,000 BTC over the month of July.
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Mixed Signals from Bitcoin: BTC Wraps Another Week between $30-$40K
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At times, Bitcoin looks as though it may be moving towards recapturing the $40K support line. But then, only a few hours later, Bitcoin seems to take a turn in the opposite direction. Still, the price of BTC seems to have developed some fairly resilient support around the $30K line. The only time Bitcoin managed to dip below $30K over the past few weeks, and then it quickly snapped back up.
Since that point, Bitcoin continued along the same meandering trajectory, wandering around $32K-$34K, occasionally visiting the neighbourhood of $35K-$39K. In comparison to the astronomical journey of swells and dips that Bitcoin went on earlier this year, it seems as though Bitcoin is taking it easy.
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Mixed Messages from Bitcoin
So, the big question is all about what is going to come next. Will BTC crash through $30K after all? Will it surge past $40K, $50K and reach new heights above $60K? What gives?
(The answer, of course, depends on who you ask.)
Cointelegraph reported this morning that the number of active addresses on the Bitcoin network fell sharply over the course of the past several weeks, from 1.3 million to approximately 500,000, roughly 60%. The drop caused the number of active wallets on Ethereum to take the lead over Bitcoin for the third time in a month. Before this, the last time that the Ethereum network had more active wallet addresses than Bitcoin was in early 2017.
A Twitter analyst known as ‘Mr Whale’ pointed out that based on a weekly moving average, active addresses on the Bitcoin network have fallen to their lowest point since April of 2020, a point at which many analysts tie to BTC’s run to $60K earlier this year.
“Bitcoin’s active addresses on the blockchain network just plunged to its lowest level since April 2020,” Mr Whale wrote on Twitter. “This data is bearish. It shows demand for Bitcoin is drying up very quickly.”
Bitcoin’s active addresses on the blockchain network just plunged to its lowest level since April 2020.
This data is bearish. It shows demand for Bitcoin is drying up very quickly. pic.twitter.com/vdmwagbvtm
— Mr. Whale (@CryptoWhale) July 1, 2021
The dip in the number of active Bitcoin addresses could indicate several things. However, it is likely that this change has much to do with the exodus or dormancy of retail investors who entered the market for the first time during BTC’s big rally throughout 2020 and earlier in 2021. If these retail investors fail to actively re-enter the market, it is unclear what the long-term consequences could be.
“Bitcoin Is like a Spring. We Stretch It Too Much and We Put Too Much Leverage.”
Some analysts do not seem to be too concerned about the dip in active wallet activity. Alex Mashinsky, Chief Executive of Celsius and renowned crypto commentator, told CoinTelegraph at the Miami Bitcoin 2021 conference in June that he sees Bitcoin reaching as high as $160,000 this year. “We haven’t seen the highs yet for 2021,” he said.
Mashinsky believes that the Bitcoin market correction that took place in May was just another step along the path to new heights.
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Alex Mashinsky, Founder and CEO of Celsius. “When you go too high, too fast, you are bound for a correction,” he said, adding that “You can see my tweets in both March and February saying ‘we’re going to have a crash, we’re going to have a correction.’ I predicted $30,000.”
Mashinsky cited over-leveraged markets as the reason for Bitcoin’s volatility earlier in the year: “Bitcoin is like a spring,” he said. “We stretch it too much, and we put too much leverage. Too many people got greedy.”
Rebuilding without Leverage?
Indeed, a number of analysts agree that leverage seems to have been the primary cause behind Bitcoin’s volatility earlier this year.
Shortly after the crash in May, CNBC reported that: “Traders taking excessive risk in unregulated cryptocurrency markets” were forced to sell when prices started to drop. Therefore, what may have been a minor correction in the price of Bitcoin spiralled into a price drop of roughly 30 percent.
Leverage is not unique to Bitcoin. It can be practised across capital markets. However, the difference between leverage in Bitcoin and leverage in traditional markets is the fact that it is so unregulated. Some cryptocurrency exchanges allow their customers to take extreme risks. For example, BitMEX allows any one of its users, no matter their level of trading experience, as much as 100-to-1 leverage for cryptocurrency trades.
When Bitcoin crashed in May, $12 billion was liquidated across 800,000 leveraged Bitcoin positions. Therefore, rebuilding the price of Bitcoin in a sustainable way cannot include high amounts of leverage, lest history repeats itself.
A More Balanced Future for BTC?
Now that leverage has been rinsed from the markets, Bitcoin may indeed have an opportunity to rebuild in a healthier way.
There is some evidence to show that this growth could come from the developing world.
#Bitcoin has a market cap of $680 billion dollars.
If 1% of it is invested in El Salvador, that would increase our GDP by 25%.
On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 6, 2021
In June, El Salvador’s President, Nayib Bukele, said in a national address that bitcoin will officially become legal tender in the country on September 7th. A second bill proposed in Paraguay would make the country the second to embrace Bitcoin as legal tender. Moreover, the American University of Paraguay announced that it will accept bitcoin tuition payments.
Additionally, Tanzanian President Suluhu Hassan told the nation’s financial chiefs to prepare for cryptocurrency: “We have witnessed the emergence of a new journey through the internet,” she declared. “I know that throughout the nation, including Tanzania, they have not accepted or started using these routes. However, my call to the Central Bank is that you should start working on that development.”
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This Layer 2 Solution Processed More NFT Trades in 24 Hours Than Ethereum Did in 1 Week
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Robbie Ferguson, co-founder and president of Immutable, talks about how Immutable is transforming the NFT industry through its layer 2 solution, Immutable X, which just launched April 8. In this episode, he discusses:
- what sort of problems Immutable is solving by creating a layer 2 solution (1:21)
- why scalability is especially an issue for NFTs in gaming (1:59)
- how Immutable X, built with partner Starkware, addresses the problems with scaling NFTs (3:28)
- how Immutable is scaling Ethereum and the definition of a layer 2 solution (5:46)
- the Immutable business model and how the company makes money (6:40)
- how validity proofs like ZK-rollups differ from fraud proofs like Optimistic rollups (7:52)
- how Gods Unchained has performed since the April 8th launch of Immutable X (8:27)
- why building on Ethereum is so important to Immutable (10:54)
- why Immutable is obsessed with bringing liquidity to NFTs (14:54)
- what sort of partners Immutable is looking to attract and how Immutable X is different from a traditional marketplace (18:00)
- why Immutable decided to purchase carbon credits to offset the gas the protocol consumes on Ethereum (21:33)
- what we might see from Gods Unchained, Immutable X, and NFT gaming in general by the end of this year (23:32 )
- weekly news recap (26:22)
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
InterPop: https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop
NEAR: https://near.org
Episode Links
Robbie Ferguson
https://www.linkedin.com/in/robbieferguson/?originalSubdomain=au
Immutable
- Twitter:
- Website for Immutable X
- https://market.x.immutable.com/assets/0xacb3c6a43d15b907e8433077b6d38ae40936fe2c
- Layer 2
- https://www.theblockcrypto.com/linked/101092/ethereum-startup-immutable-aims-to-cut-nft-costs-with-new-layer-2-scaling-protocol
- https://www.theblockcrypto.com/linked/100084/opensea-nft-layer-2-immutable-x
- https://twitter.com/Immutable/status/1385263903450484741
- Gods Unchained
- https://www.coindesk.com/james-ferguson-on-decentralized-gamings-next-moves
- https://decrypt.co/65828/immutable-x-ethereum-nft-gods-unchained
- Previous Unconfirmed interview: https://unchainedpodcast.com/how-the-hong-kong-protests-gave-a-boost-to-gods-unchained/
Miscellaneous Links
- Hearthstone link
- https://decrypt.co/48379/gods-unchained-review-and-beginners-guide
- Carbon Credits
- StarkWare relationship
- https://medium.com/starkware/starkware-immutable-8896aabab4e5
- StarkWare’s recent Unchained appearance
https://unchainedpodcast.com/can-dydx-become-a-decentralized-bitmex-how-it-is-scaling-with-starkware/
Link to the Crypto News Recap:
https://unchainedpodcast.com/2600-eth/
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