Sabtu, 31 Desember 2022

Solana Continues Its Freefall – Will The FUD Ever Stop?

Solana has been on a freefall since the collapse of FTX and has not been able to move upwards because of the FUD (fear, uncertainty and doubt) surrounding the ecosystem and its connections with the former crypto exchange.

According to recent news, Solana’s native token SOL has dropped 51.14% since the day FTX fell from grace. 

Solana: Dead Or Not Dead? 

The current situation might be confusing to investors. Based on data by CoinGeko, the token shot up by 5.4% in the past 24 hours which might be a signal that investor sentiment is reversing. However, the FUD still remains strong around the ecosystem itself. 

Messari released an overview of the ecosystem back on December 15. The basic gist of the overview was that Solana is still a solid ecosystem even after the collapse of the Sam Bankman-Fried-led exchange.

However, recent Santiment insight on the ecosystem shows that it might be already dead. 

The most notable on-chain development for the token was the significant drop in developer activity despite a lot of projects being developed on the ecosystem.

Although it is difficult to say whether Solana as a whole is dead or near it, it is easier to say that the ecosystem is struggling to keep itself afloat because of its close ties with FTX. 

What This Means For Holders Of SOL

The crypto community seems to be very bearish at the moment considering what transpired in the past weeks courtesy of some major macroeconomics news, including the spate of job cuts and bankruptcies by big crypto firms.

Those who are bullish for the ecosystem point to ETH’s crash back in 2018 and how SOL’s movement mimics this. 

MANDO CT, a self-declared crypto expert, said the above on his pinned tweet.

Others try to refute the claim that Solana only blew up with the help of Bankman-Fried’s dirty money with documents which show SBF supporting competitors of Solana. 

However, SOL’s price movement reflects investor sentiment on the token itself – fear, uncertainty, and doubt:

  • fear that the ecosystem would inevitably follow the path of FTX.
  • uncertainty on what 2023 will bring for Solana.
  • doubt regarding the ecosystem despite the amount of projects being worked on top of it. 

However, with several big developments like Solana Pay and the nearing launch of its own mobile phones, we might see 2023 to become a crucial part of Solana’s recovery, or a further catalyst of its downfall. 

Featured image: Cryptopolitan



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A Crypto Holiday Special: Past, Present, And Future With Material Indicators

2022 is coming to an end, and our staff at NewsBTC decided to launch this Crypto Holiday Special to provide some perspective on the crypto industry. We will talk with multiple guests to understand this year’s highs and lows for crypto.

In the spirit of Charles Dicken’s classic, “A Christmas Carol,” we’ll look into crypto from different angles, look at its possible trajectory for 2023 and find common ground amongst these different views of an industry that might support the future of finances.

Over the last week, we spoke with institutions about their perception of 2022 and their outlook for the coming months. We’ll begin our experts round with Material Indicators, a market data, and analytics firm dedicated to building trading tools for the nascent sector.

Material Indicators: “While we have yet to see tradfi (Traditional Finances) price in earnings contraction (~Q1’23) for the last leg down, we are already close to bottoming sentiment-wise.”

Material Indicators and their team of analyst gauge market sentiment and liquidity and try to read between the lines of what big players are doing to provide a clear view, absent of noise, about its conditions and possible direction. This is what they told us:

Q: What’s the most significant difference for the crypto market today compared to Christmas 2021? Beyond the price of Bitcoin, Ethereum, and others, what changed from that moment of euphoria to today’s perpetual fear? Has there been a decline in adoption and liquidity? Are fundamentals still valid?

A: The difference is striking! Since the FTX blowup, the influx of new people to Crypto Twitter has been reduced to a trickle. Salty Youtubers will now advise you to sell your remaining coins to avoid a total loss. Telegram communities have been shrinking. Big accounts who’ve been telling their followers to buy have either quit or rebranded. While we have yet to see tradfi (Traditional Finances) price in earnings contraction (~Q1’23) for the last leg down, we are already close to bottoming sentiment-wise.

Q: What are the dominant narratives driving this change in market conditions? And what should be the narrative today? What are most people overlooking? We saw a major crypto exchange blowing up, a hedge fund thought to be untouchable, and an ecosystem that promised a financial utopia. Is Crypto still the future of finance, or should the community pursue a new vision?

A: It’s the other way around. Conditions create narratives. Loose monetary policy and abundant cheap credit create bubbles and nurture fraud. It’s only after the tide recedes that we see who has been swimming naked. With an imminent rise in unemployment, people will try to hide in bonds, which actually improves credit-availability for risk assets. So, while earnings-driven assets will feel pain on higher unemployment, credit-driven assets (risk assets) will feel relatively less pain.

Q: If you must choose one, what do you think was a significant moment for crypto in 2022? And will the industry feel its consequences across 2023? Where do you see the industry next Christmas? Will it survive this winter? Mainstream is once again declaring the death of the industry. Will they finally get it right?

A: Terra/Luna was probably the catalyst for all the subsequent blowups and we have yet to see the full effects of contagion (DCG/Grayscale/Genesis are not fully resolved yet). As with any blowup, this will just invite more regulation that will neither protect investors, nor improve the potential for growth. We wanted institutional adoption and now we see that they had zero risk-management and gambled away their user funds.

Crypto holiday Material Indicators Bitcoin BTC BTCUSDT

Q: Finally, across social media, you guys at Material Indicators made your bearish bias public. Are you more or less pessimistic than you were at the beginning of 2022? And what will you like to see to shift your bias and lean towards the long side of the market? We know a lot depends on the Federal Reserve, are the chances of a pivot and lower interest rates hikes higher?

A: While we’re probably not quite out of the woods yet, we can already almost see the light. On poor earnings & poor forecasts bonds will likely catch a bid in Q1’23, and therefore make credit available to risk assets to dampen their fall or even help them recover (especially if the Treasury manages to relieve the RRP of its ~$2T idle liquidity). Bitcoin could also benefit from this as it’s only subject to credit-availability and not earnings. However, while inflation has been and will likely continue to fall for some time, it is unlikely that we’ve seen the last of it. So, keep an eye out for potentially re-surging inflation sometime in late-’23/early-’24.



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Jumat, 30 Desember 2022

Bitcoin Investor Sentiment Remains Steady As BTC Stalls At $16,000

Bitcoin investor sentiment has reached a standstill amid struggling prices in the market. While the digital asset continues to hold the $16,000 level, investors have backed off from the market, ensuring no significant movements either up or down, and as a result, investor sentiment hasn’t moved.

Bitcoin Investors Still In Fear

The crypto Fear & Greed Index shows that bitcoin investor sentiment hasn’t really moved much in the last month. It closed out the month of November at a score of 29 which put it right in the fear territory but since then has been unable to break out of this trend. 

The score on this index over the month of December has staggered between 26-30 for the most part, maintaining a nearly straight-line trend during this period. Even now, the Fear & Greed Index sits at a score of 28 and is up one point from last week’s close of 27.

Bitcoin Fear & Greed index

What this trend in the Fear & Greed Index shows is that bitcoin investors are not willing to take any risk. This is why the index has been unable to move into the greed territory. On the flip side, sell sentiment has not been as strong as expected during a time like this. If investors were selling more of their bitcoin, then it would have been obvious given that the index would slide further down. Instead, it continues to maintain a near-consistent score level, meaning hold sentiment now dominates the market.

Will BTC See A Recovery Soon?

Bitcoin is still finding a hard time regaining the momentum it has lost over the past month. This hesitancy from investors to do anything with their tokens has seen the price of the digital asset follow the same path as sentiment. BTC has now refused to move out of the $16,000 price level.

Bitcoin price chart from TradingView.com

As a result of this, bitcoin volatility has fallen to historical lows. So it is likely that the last two days of the year 2022 will follow this same trend. Recovery should not be expected in any way because momentum will continue to decline as people take a break from the markets to celebrate with family.

Rather, it is important that BTC holds above $16,000 to close out the year. Anything below this level would be very bearish and could trigger more declines in the market as bears take control. But a finish above $16,000 strengthens investors’ resolve to hold their coins.

BTC is changing hands at a price of $16,519 at the time of this writing. Its price is down 0.43% in the last 24 hours and 2.01% in the last 7 days.



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Bitcoin Price Remains Stagnated, How Soon Can You Expect A Rebound?

It has been a rough year for Bitcoin and most major altcoins. Over the last 24 hours, Bitcoin lost 1% of its value, which points towards consolidated price action. BTC has not made much progress over the past week either, as the coin only lost 1.6% of its market value.

For multiple weeks, the coin has been oscillating between $16,400 and $18,000. The closest support line for the coin stood at $16,000. The technical outlook for Bitcoin depicted mundane price action due to a decline in the buying strength on the one-day chart.

Since the price of Bitcoin has remained undecided for quite some time now, sellers have flooded the market, indicating that the coin is headed toward another round of depreciation. The trading volume of Bitcoin has declined considerably, reinforcing that bears were in charge of the asset’s price.

If the selling pressure keeps mounting, BTC will soon lose its crucial price level of $16,000. Currently, BTC is down 76% from its all-time high, secured in 2021.

Bitcoin Price Analysis: One-Day Chart

Bitcoin

BTC was trading at $16,550 at the time of writing. Bitcoin was trading close to its immediate support level of $16,000. Going by the technical outlook, the coin might undergo further depreciation before it starts to reverse its price action.

Overhead resistance for Bitcoin was $16,900; clearing this could help the crypto reach $17,400 and eventually attempt to breach $18,000.

On the flip side, if Bitcoin moves below the current price mark, it will fall through $16,000 and exceed $15,800. The amount of Bitcoin traded in the last session declined, indicating a fall in buying strength for the asset.

Technical Analysis

Bitcoin

BTC traders might again witness a fall in asset prices over the upcoming trading sessions. The Relative Strength Index (RSI) was below the half-line, near the 40-mark, which indicates that sellers outnumbered buyers heavily. RSI had also noted a downtick, signifying further loss of value.

Similarly, the BTC price was below the 20-Simple Moving Average (SMA) line, which signals that sellers were driving the price momentum in the market.

The SMA also formed a death cross; it is formed when a longer moving average line crosses over a shorter moving average line; in this case, the 50-SMA line was above the 20-SMA line. This sign on the chart is accompanied by the bears strengthening in the market.

Bitcoin

Other technical indicators have also pointed out that sellers are here to stay a little longer. The Moving Average Convergence Divergence (MACD) indicates price momentum and reversals. MACD depicted a sell signal as the indicator noted red signal bars after undergoing a bearish crossover.

The sell signal could mean that the price would depreciate further. The Directional Movement Index, which portrays the price direction, was negative.

The -DI (orange) line was above the +DI (blue) line. The Average Directional Index (red) was near the 20-mark with an uptick, emphasizing that bearish action could gain momentum over the immediate trading sessions.



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Polygon (MATIC) Depicts Further Downtrend, This Could Be The Next Support Level

The Polygon (MATIC) price has been on a downward spiral for the last couple of weeks. Over the last 24 hours, MATIC lost 4% of its value. The altcoin has also lost about 6% in the last week. Earlier in November, MATIC touched the $1.20 price mark and plunged significantly.

Since the coin plummeted in November, the Polygon price has noted a freefall in its value. Going by the technical outlook on the daily chart, buyers are nowhere to be found. It will be difficult for MATIC to sustain itself above its immediate support level.

The buying strength of Polygon has to increase considerably for it to remain above the local support line. Over the past month, the coin has breached several important price floors. After trading sideways for a while, MATIC lost buyers further, which made the coin fall on its chart again.

For Polygon, the most important price floor currently stands at $0.74. If MATIC loses that support line, the coin can register a significant decline of 14%. The market capitalization of MATIC also declined over the past few weeks, which depicts bearishness for the coin. Currently, the coin is trading 74% below its all-time high secured one year ago.

MATIC Price Analysis: One-Day Chart

Polygon

Polygon was trading at $0.76 at the time of writing. The coin was trading extremely close to the immediate support line of $0.74; one push from the sellers and the price could take another significant bearish turn.

Overhead resistance for MATIC was $0.81; crossing this price level will help the altcoin reach $0.84. The $0.84 level has previously acted as a propelling point for the asset’s price, so this could mean that moving above the $0.84 level would help the coin reverse its price action.

On the other hand, a fall from the present price mark will bring the altcoin to $0.67 and then to $0.63. The amount of Polygon traded in the last session was red, indicating selling dominance.

Technical Analysis

Polygon

The coin was in the seller’s dominant zone for most of this month. The coin barely recovered after it lost the $0.84 support line. The Relative Strength Index was below the 40-mark, which depicted that the coin received more sellers than buyers.

In correspondence with the same, the coin moved below the 20-Simple Moving Average (SMA) line. This meant that the sellers were driving the price momentum in the market.

Usually, when the coin hovers too close to the oversold zone, the price reverses. If demand returns, the coin will move above the 200-SMA line (green), which points towards a potential rally.

Polygon

Regarding selling strength, the indicators pointed out that the selling spree is not over yet. The Moving Average Convergence Divergence (MACD) indicator depicts price momentum and reversals. MACD showed red signal bars, which are tied to a sell signal.

This was an indication that the coin could dip further on the chart. The Chaikin Money Flow reads capital inflows and outflows; the indicator was below the half-line, signifying lower capital inflows than outflows.



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Ethereum Finishes 2022 With ATH Correlation To Bitcoin, Despite The Merge

Data shows Ethereum’s year of high correlation with Bitcoin is coming to an end with the metric hitting ATH values.

Ethereum Ends 2022 With All-Time High Correlation To Bitcoin

According to the year-end report from Arcane Research, the global markets have all fallen strongly correlated this year. The “30-day correlations” is an indicator that measures how in-tune Bitcoin has been with another asset in terms of price movement over a 30-day period.

When the value of this metric is greater than zero, it means there has been a positive correlation between BTC and the other asset in the past month. On the other hand, negative values imply that the price of the crypto has been reacting to changes in the value of the other asset by moving in the opposite direction.

Also, the higher the metric value (in either direction), the more the degree of the correlation. Naturally, the metric has a value equal to zero suggesting the two prices aren’t tied to each other at the moment.

Now, here is a chart that shows the trend in Bitcoin’s 30-day correlations with Ethereum, S&P 500, and Nasdaq over the past year:

Bitcoin And Ethereum Correlation

As the above graph displays, Bitcoin positively correlated with these three assets during 2022. BTC’s correlation has been around or above 0.5 for most of the year for the US equities, suggesting it has been decently tied with them.

The correlation with Ethereum, however, has been at values of around 0.9 or more, implying Bitcoin has been extremely correlated with it. Even now, as the year’s end, the correlation between these cryptos stands at 0.97, around ATH levels.

Back in September of this year, ETH successfully finished its much-anticipated transition to a Proof-of-Stake consensus system, an event known as the Merge. Since the Merge brought some developments unique to Ethereum, the correlation with BTC dropped, as is apparent in the chart.

However, it wasn’t long before the two started moving on the same wavelength again, so even the Merge wasn’t enough to cause sufficient impact to separate the coins.

Also, since Bitcoin is highly correlated with stocks, so is Ethereum. Though, Arcane Research expects that this correlation between the cryptos and the US equities will soften in the next year due to trading volumes in the crypto market declining substantially.

ETH Price

At the time of writing, Ethereum’s price floats around $1,200, down 2% in the last week.

Ethereum Price Chart



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A Crypto Holiday Special: Past, Present, And Future With Ex-Binance CFO Wei Zhou

2022 is coming to an end, and our staff at NewsBTC decided to launch this Crypto Holiday Special to provide some perspective on the crypto industry. We will talk with multiple guests to understand this year’s highs and lows for crypto.

In the spirit of Charles Dicken’s classic, “A Christmas Carol,” we’ll look into crypto from different angles, look at its possible trajectory for 2023 and find common ground amongst these different views of an industry that might support the future of finances.

Zhou: “It won’t be business as usual for centralized exchanges. For one, the days of commingling users and the exchanges’ assets are long gone.”

We are ending our institutional round with Wei Zhou; he worked as Chief Financial Officer for three years at the largest crypto exchange worldwide, Binance. Above the rest, this company and its current CEO, Changpeng “CZ” Zhao, heavily impacted the nascent industry and will continue to exercise influence in the coming years.

Zhou: “Bitcoin, just like the Internet, will survive any storm that comes its way; this I have no inkling of doubt about.”

Zhou reviews the biggest moment in 2022 from his unique perspective. In addition, he talks about the fundamentals that will keep crypto alive and on track to fulfill its destiny. This is what he told us:

Q: What’s the most significant difference for the crypto market today compared to Christmas 2021? Beyond the price of Bitcoin, Ethereum, and others, what changed from that moment of euphoria to today’s perpetual fear? Has there been a decline in adoption and liquidity? Are fundamentals still valid?

A: The crypto market has certainly changed a lot in the past year. There are three questions here so I’ll answer each separately:

  • I think the biggest change this year has been due to the collapse of some key industry players, from Celsius and 3AC (Three Arrows Capital) to BlockFi and most recently FTX. With tens of billions wiped out directly and hundreds of billions more indirectly, investors have become cautious, and rightly so. While it has caused immense pain, the collapse of these giants has served to remind us to be ever-so diligent with our crypto investment decisions, conduct thorough research and abstain from entities whose licensing and regulatory status is unclear. I do believe that the situation will change in 2023 and that investor confidence will resume, but we can’t afford to forget the lessons learned this year.
  • Liquidity – yes. Adoption – not at all. Of course with the collapse of a big market maker like FTX liquidity was affected as several exchanges relied on it. Investors have also pulled quite a bit of their money from exchanges which further escalated the liquidity crunch. However, with adoption, I believe it continues unabated. Traders may have pulled back a bit, but for those to whom crypto was much more than speculation, such as in our home market of the Philippines where play-to-earn and remittances rely on crypto, adoption will continue to surge.
  • The fundamentals are still rock-solid. I like to point out that despite the chaos, Bitcoin has never been at fault. Nobody has hacked Bitcoin as a protocol, nor has it changed from being the decentralized cryptocurrency Satoshi gifted us back in 2009. Regulations are necessary to police the market stakeholders, but the fundamentals of cryptocurrencies and blockchain as a technology are still solid.

Q: What are the dominant narratives driving this change in market conditions? And what should be the narrative today? What are most people overlooking? We saw a major crypto exchange blowing up, a hedge fund thought to be untouchable, and an ecosystem that promised a financial utopia. Is Crypto still the future of finance, or should the community pursue a new vision?

Again, I’ll split the question:

  • With the collapse of several firms, including some of the biggest Bitcoin miners, crypto skeptics and some mainstream media have become re-energized in their fight against crypto. Even lawmakers in the US and elsewhere are jumping onboard the “let’s fight Bitcoin” bandwagon. This, as expected, has put doubts in the minds of some investors. However, most people are overlooking that Bitcoin doesn’t need all these players to succeed. Satoshi designed it to be a decentralized electronic currency. Five years ago, there were other players and in a decade, there will be several more, but Bitcoin will still be as solid then as it was a decade ago.
  • Crypto is still the future of finance. If you recall, when the dot-com bubble burst, there were all manner of questions about the viability of the Internet as a technology and the companies building on it. But look at Amazon, Facebook, Google and others today – they are defining the world we live in. This is because, despite the shakeups with the market players, the underlying technology was fundamentally transformative. Bitcoin, just like the Internet, will survive any storm that comes its way; this I have no inkling of doubt about.

Q: If you must choose one, what do you think was a significant moment for crypto in 2022? And will the industry feel its consequences across 2023? Where do you see the industry next Christmas? Will it survive this winter? Mainstream is once again declaring the death of the industry. Will they finally get it right?

A:

  • It’s difficult to choose just one moment to capture what has been crypto’s most eventful year yet. However, since I come from the exchange side, I would point to the FTX collapse as a landmark moment. Its impact has been and will continue to be felt in the industry. It will mainly affect the industry in two ways:
    • It has made investors become keener about who they trust with their assets and how these custodians store the assets. Gone are the days when creating a wallet and cruising by was enough. Investors are now deeply exploring self-custody solutions, which contrary to opinion I think is a great direction to take. When they require to trade their assets, they are now keen to only work with exchanges that are fully regulated like Coins.ph which is licensed by the Philippines central bank and is regularly audited by the apex bank.
    • It has made regulators more concerned about the industry. We’ve already seen countries like Japan, South Korea and more moving to better regulate the industry to prevent another FTX debacle. We as the crypto industry must be willing and ready to embrace regulations if we are to weather the storm and become a mainstream industry.
    • We will survive this winter definitely. We’ve gone through worse – remember when Bitcoin sunk all the way down to $3,000? As a bonus, we now have institutional investors who are advancing the sector, unlike during prior winters. But I think the biggest reason we will survive the winter is that there are now many more use cases than there were in the past. Remittances, play-to-earn gaming, NFTs, Web3, the metaverse – all these have shot into prominence in recent times and they are all powered by crypto and blockchain.

Q: What’s next for exchanges such as Binance in 2023 and beyond? Do you think the recent events with FTX will jeopardize the future of these platforms? Many are already speculating about the shift in liquidity from Centralize to Decentralize Exchanges (DEX) due to the users’ lack of confidence in the former

A:

  • It won’t be business as usual for centralized exchanges. For one, the days of commingling users and the exchanges’ assets are long gone. FTX has woken up the entire industry to the dangers this practice, which is illegal in traditional finance, can have. Proof of reserves is already becoming a big trend as more investors ask questions about how and where their assets are stored.
  • Regulators are also cracking down much harder on exchanges. In the Philippines, for instance, the BSP was quick to audit exchanges to probe if they had been exposed to the FTX contagion and thankfully, neither Coins.ph nor our peers were exposed to FTX.
  • There will be more focus on decentralized exchanges, and much more so on self-custody. More users are now exploring wallets that give them full ownership of their crypto – after all, not your keys, not your coins. I am a big supporter of self-custody for those with the technical ability to do it successfully. When they require to trade, I would advise them to always use an exchange that’s licensed and supervised by a recognized national or regional watchdog.

It’s truly unfortunate what has happened this year. Crypto was meant to be a tool to liberate people and give them new opportunities in finance and beyond. This year has shown the worst of crypto, and I sympathize with every investor whose money has been held up or wiped out in the crypto contagion.

Crypto holiday BTC BTCUSDT Binance CFO Wei Zhou

However, as we march ahead in 2023 and beyond, I believe and hope that crypto will weather the storm and emerge even stronger. The vision Satoshi had was financial liberation for the billions who’ve been marginalized for decades, and despite all the hurdles and setbacks, I believe we’re still on course to achieve this vision.



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Santiment: Bitcoin Will Trend Lower Because Whales Are Still Selling

The impact of bitcoin whales and their activities has always been felt in the general market. This goes from buying to selling, and just the way they move their coins. Once again, these whales still hold sway in the market and their activity could spell a bottom signal.

Santiment Says Bitcoin Whales Are Selling

In a recent community post on the Santiment website, the activity of whales is analyzed in depth. This time around, a look at the balances of large holders shows that they are still selling. These whales who hold between 1,000 and 10,000 BTC have reduced their holdings from almost 8 million BTC back in December 2021 to less than 7 million BTC in December 2022.

Even in the last couple of months, they have reduced their balances by more than 200,000 BTC, showing that they are still selling. Given this sell trend among these large holders, the report predicts that the market will see “sideways or even lower prices for BTC in the next 6-12 months.”

Bitcoin whales

If this selling from large investors flows into 2023, then it is likely that the digital asset would start out the year seeing prices below $16,000. It is also important to note that the analysis in the report of whale addresses shows that the bottom of the market may not be reached yet.

BTC Bottom Is Still Not In

Now, the activity of whales is important to watch as accumulation by them could lead to a rally, and vice versa. One of the ways to try to pinpoint the bitcoin bottoms is with whale activity. At the very bottom of a bear market or at least close to it, whale address activities have historically declined.

However, the Santiment report notes that the average 7-day transaction count was still hovering around 10,000 presently. Compared to the previous bear markets when the market had marked its bottom, whale transaction counts had declined to 1,200 and 2,500. 

“This may mean that we need to wait for the average to drop further before we can conclude that even the big players are giving up,” the report reads.

Bitcoin price chart from TradingView.com

Another metric that the report points to is volume gaps. These usually show where the whales are accumulating and unfortunately, both volume gaps identified in the report lie well below the current trading price of bitcoin. The two key gaps identified were the $14,600 and $12,200 price levels, which could be a possible accumulation level for whales.

Essentially, the advice was to put off buying until whale transactions fall lower, as well as wait for the current selling pressure to subside. “To sum up, the activity of BTC whales and the presence of volume gaps at 14,600 USD and 12,200 USD may be worth watching,” Santiment said.



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Kamis, 29 Desember 2022

Ethereum Price Signals Bearish Moves, Test of $1,100 Seems Possible

Ethereum is still showing bearish signs below the $1,200 zone against the US Dollar. ETH could continue to move down below the $1,180 support zone.

  • Ethereum is attempting a minor upside correction towards the $1,200 barrier.
  • The price is now trading below $1,200 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $1,195 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of a larger decline towards the $1,100 level or even $1,000.

Ethereum Price Struggles

Ethereum price remained stable near the $1,180 level. ETH formed a base and started a minor upside correction from $1,180, similar to bitcoin.

The price was able to climb above the $1,185 and $1,190 levels. There was a break above a key bearish trend line with resistance near $1,195 on the hourly chart of ETH/USD. The pair even climbed above the 23.6% Fib retracement level of the key decline from the $1,232 swing high to $1,180 low.

However, the bears are active below the $1,220 level. Ether price is now trading below $1,200 and the 100 hourly simple moving average.

An immediate resistance is near the $1,205 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the key decline from the $1,232 swing high to $1,180 low. The next major resistance is near the $1,212 level. The first major resistance is near $1,230.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $1,230 resistance could start a decent upward move. In the stated case, the price may perhaps rise towards the $1,250 resistance. The next major resistance could be $1,265, above which the price might rise towards the $1,300 resistance zone.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,220 resistance, it could start another drop. An initial support on the downside is near the $1,188 level.

The next major support is near the $1,180 level. A downside break below $1,180 might send the price towards the $1,120 support. Any more losses might call for a test of the $1,100 zone.

Technical Indicators

Hourly MACD The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,180

Major Resistance Level – $1,220



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Chainlink Nears Crucial $6 Level As LINK Ushers In The New Year

Chainlink (LINK) has recently announced its new tie-up with Blueberry, which is set to automate and enhance the build and LP strategies of the network. With this collaboration, Blueberry is developed to provide incentives and network fees.

  • LINK price down 0.85%
  • Partnership with Blueberry bolsters buyer confidence
  • Crypto experts expect LINK to go bullish before the year ends

According to data by Coingecko, LINK price has plunged by 7.5% in the last seven days, and trading at $5.55 as of this writing.

Technical indicators demonstrate that the coin has lost its grip at the $6 level, which could hint at a bearish signal. If the bulls fail to shoot over $6, it could be a bigger challenge for Chainlink.

LINK Bulls Push To Get Price Past $6

On the brighter side, the LINK bulls are always quick to make a comeback whenever the price crashes. When prices dip below critical level, buyers immediately move to save the day. In this scenario, a breach of the $6 level would be a big achievement, especially in ushering the new year.

But, LINK is expected to shoot up higher. Michaël Van De Poppe, a crypto expert, expects LINK to move into the bullish territory by 2023.

In detail, he expects the crypto to hit $17 if the bulls reach a resistance level of $7.80. On the other hand, the crypto analyst says that Chainlink can drop and warm up below $5 before it pumps up in price.

As of press time, LINK has been consolidating between $6 and $8. Considering this, any breach below this range could pull LINK further down. Predictably, bulls will take over once the digital asset breaches this low range.

Chainlink Positive Sentiment, Increased Buyer Interest Up

There is intensified selling pressure with LINK as its RSI points too close to the oversold zone, indicating a bullish spike. The bear pressure mounts each time the crypto drops, as it is expected to slide further below the consolidation range.

Whale interest has increased for Chainlink. In fact, LINK is said to be one of the top 10 most purchased crypto in the past 24 hours. This is surprising because LINK did not accumulate any major gains over the past week, but investor and buyer confidence did.

Understandably, the whales were excited with LINK because the technical indicators suggested a price rally in the coming days or before the year ends. Despite the decline in Chainlink developmental activity, the positive sentiment for the coin has mounted significantly.

Featured Image: Mapping It Out



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What’s Next For Algorand Price As Coin Continues Downtrend?

The Algorand price has been downward for quite a few months now. The coin has fallen by 1.8% over the last 24 hours. The coin has lost over 4.7% of its market value in the past week. Algorand had been consolidating on its chart over the last few weeks, but the consistent lateral trading has pushed the bulls out of the market.

The technical outlook has sided with the bears, with no clear indication of the price turning around in the coming trading sessions. Ever since ALGO lost the $0.28 price level, the coin has been unable to stop its downtrend. The aforementioned price floor acted as a crucial level for the altcoin. The Algorand price has also remained unaffected by positive changes in major market movers’ prices.

Since the altcoin was rangebound for a while, buyers lost interest and rushed to sell the altcoin. Algorand has lost over 30% in the month of December itself. At the time of writing, the ALGO price is 96% below its all-time high from 2021. The market capitalization of Algorand has witnessed a considerable decline, indicating that sellers have completely taken over the market.

Algorand Price Analysis: One-Day Chart

Algorand Price

ALGO was auctioned for $0.166 at press time. The immediate resistance for the altcoin was at $0.172. The coin has attempted to test the overhead price ceiling, but the bearish strength has taken over the market. Since demand for Algorand has fallen substantially, the altcoin can fall to $0.163 before the price reverses itself.

This could present traders with a shorting opportunity. Two crucial resistance levels were at $0.177 and then at $0.181. Moving above the $0.181 mark will help the coin target the $0.20 price. On the flip side, a fall from the present price level will bring the Algorand price to the $0.15 zone. The amount of ALGO traded in the last session was red, indicating a high selling volume at the time of writing.

Technical Analysis

Algorand Price

The altcoin has depicted a death cross at the end of November, which is an extremely bearish signal. A death cross occurs when the long-term moving average moves above the short-term moving average.

In the case of the Algorand price, the 50-Simple Moving Average (SMA) had crossed over the 20-SMA line. Ever since the death cross, ALGO has been under the grasp of sellers.

The Relative Strength Index stood on the 30-line, a sign of the asset being oversold and undervalued. Similarly, the Algorand price was below the 20-SMA line as sellers continued to drive the price momentum in the market.

Algorand Price

Although all indicators pointed toward bearish strength, the Moving Average Convergence Divergence (MACD) indicator displayed green signal bars. MACD indicates price momentum and reversals; the green signal bar was tied to buy signals.

This could mean buyers can re-enter the market now as ALGO could reverse its price. However, it is completely uncertain if ALGO will recover soon. The Parabolic SAR suggests the price direction. The indicator formed dotted lines above the candlesticks, which meant a continued downtrend for the asset.



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Dogecoin Beats Bitcoin, Ethereum For Best Performance In Crypto Top 10

Dogecoin has once again emerged as one of the best performers for the year when it comes to the top 10 cryptocurrencies. The meme coin which enjoyed massive popularity in 2021 continues to hold on to gains even better than larger counterparts such as Bitcoin and Ethereum.

Dogecoin Performs Exceptionally Well

In a year where there were numerous implosions that tanked the crypto market further, dogecoin has come forward as a force to be reckoned with. It has held on to its value ahead of some of the largest cryptocurrencies in the space. 

Naturally, most cryptocurrencies have lost a significant chunk of their value but where dogecoin has lost only about 58% of its value in 2022, others such as bitcoin and ethereum have recorded yearly losses of 65% and 67%, respectively. This already puts the meme coin ahead of the two largest cryptocurrencies in the market.

It also outperformed the likes of Cardano and Polygon, both of which are the ninth and tenth largest cryptocurrencies in the market. Cardano’s value is down more than 80% while Polygon has recorded declines of approximately 69% this year.

Dogecoin price chart from TradingView.com

The meme coin was only surpassed by Binance Coin (BNB) and XRP. Where BNB is down 53%, XRP is down 57%. This makes BNB the best performer out of the top 10, XRP is the second-best performer, and dogecoin is a close third.

Other Metrics For Top 10 Cryptos

Dogecoin has also done a good job in its rise from its cycle low. After touching $0.05 in June, it has managed to rise over 42% since then to be sitting at $0.07 at the time of this writing. However, it is still not the most accomplished in this regard. That title goes to XRP.

XRP’s cycle low of $0.11 and its current price of $0.35 means that the digital asset is up almost 207% in the last 10 months. Another asset that saw triple-digit recoveries from the cycle low is Polygon which is up 142% from its June cycle low of $0.32.

Others in the top 10 have not performed as well. Bitcoin is down around 6% from its cycle low of $17,664, and Cardano is seeing 38% losses from its cycle low of $0.4. Meanwhile, Ethereum and BNB are seeing much better headwinds with 33.65% and 32.41% increases, respectively.

Nevertheless, this makes dogecoin the third-best performer once more using this metric. An impressive run for a meme coin mainly driven by hype.



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Bitcoin Now Under Realized Price For 163 Days, Here’s How This Compares Historically

On-chain data shows Bitcoin has now been below its realized price for 163 days in this bear market; here’s how this compares with previous cycles.

Bitcoin Realized Price Is Currently Valued At Around $19,900

According to CryptoQuant’s year-end dashboard release, the bear market would be over if BTC reclaims this level. To understand what the “realized price” is, the “realized cap” must be looked at first. The realized cap is a capitalization model for Bitcoin that aims to provide a sort of “real value” for the crypto.

Unlike the usual market cap, which simply values each coin in circulation using the current BTC price, the realized cap prices each token at the same price it was last moved. For example, if 1 BTC was bought at $20,000, but the price has now changed to $16,000, the market cap will consider it valued at $16,000. The realized cap, however, will say its true value is $20,000.

Now, if the total realized cap of Bitcoin is divided by the total number of coins in circulation, a “realized price” is obtained. This price signifies the cost-basis of the average coin in the market (that is, the price at which investors acquired the average coin at). Here is a chart that shows the trend in the BTC realized price over the entire history of the asset:

Bitcoin Realized Price

As the above graph displays, the normal price of Bitcoin has been below the realized price for a while now. Historically, BTC has spent very little time in this region, as only the worst phases of a bear market usually pull the coin below the level.

From the chart, it’s apparent that In the 2011-2012 bear market, BTC spent 158 days under the realized price. Then, in 2014-2015, the coin spent a whopping 276 days in this zone.

The 2018-2019 bear saw the shortest amount of time in the region, as the price took 134 days to pull itself above the level. Finally, Bitcoin has been trapped under the realized price for 163 days in the current cycle.

This means that BTC has spent more time in this region in the current bear market than in any other before, except for 2014-2015. If the current bear is comparable to 2014-2015, then it would mean there is still more than 100 days to go before Bitcoin can exit the zone.

Either way, CryptoQuant expects the crypto to reclaim this level somewhere in 2023, and it will be then that this bear may be considered to be over.

BTC Price

At the time of writing, Bitcoin’s price floats around $16,600, down 1% in the last week.

Bitcoin Price Chart



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Dogecoin Has To Remain Above These Levels For Price To Turn Around

The Dogecoin price had recently faced intense selling pressure; however, over the last 48 hours, DOGE showed signs of recovery. At the moment, however, the meme coin was consolidating on its daily chart. In the past week, the Dogecoin price has slipped almost 4%.

As Bitcoin depicted positive price action in the last 24 hours, many other altcoins also moved up on their respective charts. The technical outlook of the meme-coin pointed towards circumstances changing for sellers.

Buyers made an entrance, DOGE is, however still under the control of the bears. If demand continues to accelerate, the price of the coin is expected to move upward. The coin must remain above its current support line for that to happen.

Currently, DOGE is trading at a level that has acted as support and has also been retested twice recently. Traders can expect to find long trade positions if the coin remains above two critical price levels. DOGE now trades at a 90% discount to its all-time high, which it secured last year.

Dogecoin Price Analysis: One-Day Chart

Dogecoin

DOGE was trading at $0.071 at the time of writing. The coin has just moved up the $0.069 support line in the past two days, which is now a crucial price floor. The Dogecoin price has to remain above $0.069 and the $0.070 mark for the coin to propel higher.

The coin might experience a pullback at the $0.072 level, which is why Dogecoin must sustain itself above the $0.069 level.

If the coin trades above the $0.072 mark, then the Dogecoin price can rally and reach the $0.077 price ceiling. The amount of Dogecoin traded in the last session was green, which indicated a rise in buying strength.

Technical Analysis

Dogecoin

The meme-coin recovered from the oversold region as accumulation showed up on the daily chart. The Relative Strength Index noted an uptick, which signified that the coin registered an increase in buyers. The indicator was, however, still in the seller’s territory.

On the same note, the Dogecoin price traveled below the 20-Simple Moving Average (SMA) line, which meant that sellers were driving the price momentum in the market.

The indicator also depicted that there was a chance for DOGE to rally as a slight push from buyers will make the price rise above the 200-Simple Moving Average line (green), which is an extremely bullish signal for the coin.

Dogecoin

Traders could attempt to short at this level as a technical indicator depicts a sell signal. The Moving Average Convergence Divergence signal bar indicates price momentum and trend reversal. This red signal bar is linked to the sell signal, which could imply that the value of the meme-coin will fall slightly before attempting to break through the immediate resistance mark.

The Bollinger Bands portray price fluctuation and volatility; the bands had widened, indicating chances of a price increase. The upper band was at $0.078, which also meant that there was strong resistance at that price level.



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Solana Suffers Double-Digit Losses, Is There An End In Sight?

Solana has been on a depressing downtrend ever since the FTX crypto exchange imploded. The asset has already lost a massive chunk of its all-time high value but the onslaught looks to be far from over. In the last seven days, the losses for the digital asset have ramped up, dragging its price down into single-digit territory.

Solana Posts More Than 20% Losses

According to crypto data aggregator Coinmarketcap, the price of Solana is down more than 20% in the last 7 days alone. These losses align with the general bear market trend being experienced in the crypto sector but the decline in faith in the digital asset brought about by the collapse of FTX, Solana’s biggest support, puts added pressure on it.

Sam Bankman-Fried, through FTX and Alameda Research, had funneled massive amounts of funds into the Solana ecosystem, which in hindsight reveals why the network had grown so much in such a short period of time. However, with all of that money gone, the network has had a hard time keeping up.

Also, as James Spediacci notes on Twitter, a lot of the dev activity on the network was actually faked. It alleges that SOL stablecoin exchange Saber and DeFi protocol Sunny had made up about 70% of the total value locked on the Solana blockchain at its peak were operated by the Macalinao brothers, citing a report from CoinDesk.

With all of these gone and no new money being injected into the ecosystem by Bankman-Fried, Solana is now in a freefall of its own making. Additionally, Matrixport announced that it would be delisting all Solana products on Dec. 30, dealing another blow to the already struggling network.

Solana price chart from TradingView.com

SOL To Recover From Single-Digits?

This week, the price of SOL dropped below the $10 level for the first time in almost two years. It is now sitting at its lowest point since February 2021, which was the last time that Solana had seen single-digit prices before the bull market took over.

However, even with the digital asset dropping so low, it is unlikely that the decline is over. One thing to always note is how badly cryptocurrencies tend to perform in their first bear cycle, even bitcoin and ethereum weren’t exempted. But one thing that sets SOL apart is the factors surrounding its decline. 

While digital assets such as bitcoin and ethereum still had ample support and faith in the market even after dropping more than 90% in their first bear markets, Solana is having a hard time keeping the faith. Add in the fact that leading NFT projects DeGods and yOOts migrated from Solana to Ethereum and Polygon and it shows just how negative the sentiment surrounding the network is.

Nevertheless, this is not to say that SOL is completely out of the game. There are been more surprising recoveries in the crypto world and SOL remains popular in the media, albeit in negative circumstances. The next bull market could hold a lot of promise for the digital asset if it is able to survive the crypto winter.



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Interview: CEO Emilian Ciocanea on GoldFever, and How it Blends Realism and Skills to Offer a Fresh P2E Experience

GoldFever is a play-to-earn game that stands apart from the rest by offering a completely new gaming experience in combination with plenty of monetization opportunities. We recently caught up with GoldFever’s CEO Emilian Ciocanea to learn more about the game. In the interview, Emilian explains their vision and the journey so far.

NewsBTC: Hi Emilian, let us begin by introducing you to our readers. Can you please tell us more about the journey that led you to GoldFever?

Emilian: First of all, a warm hello to your readers – we are really glad we can bring the Gold Fever story to your audiences. I have been a business builder, an entrepreneur, with Product & Business Management for over 20 years now; and a blockchain investor since the very beginning of this industry.

I am from those who have seen Ethereum valuing 5 USD. The conviction that the world can be improved and seeing the reality from different angles helped me tap into different emergent industries – at that moment –  with the purpose to take the innovative side and create valid business models that would generate value and change perceptions.

Gold Fever started off in 2020, amidst the Covid lockdown. It was a bootstrap project in the beginning, like most of the projects I started, building up on the idea reiterated by CZ  Changpeng Zhao, head of Binance, saying, back in 2019, that “Gaming will be an early adopter of blockchain technologies.” Inspired by the Gold Rush and how gold digging impacts the economy of a region, I developed the MVP using my own resources and pitched it to investors along with the idea that an MMORPG on the blockchain would bring in the best of the two worlds, would remain a fun game, but also a relevant platform for savvy traders.

Two years later, I look at the genesys moment with a wiser and grateful eye – the complexity of an MMORPG in terms of gameplay influenced the way we envisioned the game economy and the way we approached the go-to-market: first, allow settlers to buy the game assets and allow them to learn the economy, then invite passionate players. Of course, everyone is welcome at any time. In between, there were a lot of hurdles given to the complexity of the game and the complexity of our smart contracts.

We opened our kitchen for our early adopters so that they know the exact status of the development, we have a team of loyal players that have been with us from day 1 and helped with constant feedback and playing, we are now in beta and planning to launch end of Q2/Q3 2023 the mainnet website version.

NewsBTC: Tell us more about GoldFever. How is it different from other P2E games?

Emilian: GoldFever is different from several points of view.

  • Gameplay based on realism and on skills, with a free-to-play

The gameplay is based on realism and it mimics real life, which opens the gate for a more refined and maybe mature approach. The graphics are beautiful – it’s a dark-themed game built on Unreal 5.1, with action happening in the rainforest. Some parts are so real you can’t tell what is what.

  • Game-Yiled-Generator (GYG) NFTs – created thanks to Ownership and decentralization.

We decided to go that extra mile that was on everyone’s lips. Rethinking ownership and actually doing it on blockchain allowed us to go beyond the P2E model, a revolution in itself.

We decentralized the game – really decentralized –  took the main game assets and changed their ownership. Give them to the players. Lands, buildings, transportation, shops or any type of commercial buildings. We turned these vital assets for the game into NFTs. Soon, we realized they will produce yield only if players would interact socially. So, considering the importance of social interaction for the economy, we created the GYG NFTs – as they are digital assets that can produce in-game yield.

The purpose of the decentralized ownership system is to generate a stable in-game economy and rely on a balance between “makers” and “takers” to keep things flowing. Such an economy needs a roughly equal mix of players who invest time and effort into generating assets to sell and players who want to spend real money to buy the product of that work as a shortcut to in-game success or status.

The term we coined for Gold Fever is the Game-Yield-Generator model.

So, in this challenging Gold Rush, you can not only grind for gold and earn, stake, lend or lease items, but also – and this is the GYG, the novel part – you would interact with each other to develop and trade the items you need within the game. You can work smart as an entrepreneur: either employ people that will help you increase your revenues or just set some fixed prices and let your NFTs, like buildings or planes, produce.

Therefore, Gold Fever opted-in for decentralization – selling the GYGs to players, meaning all game assets and infrastructure – will stabilize the economy and create the base for the “makers”. The next step, being to “invite” the “takers” – the passionate players to actually play an attractive and juicy game, with a stable infrastructure.  

  • Really cool graphics

I believe we are among the few – if not the only, MMORPG PvP survival blockchain game based on realism. And you can tell just by looking at it, it has cool graphics.

NewsBTC: Please provide an insight into the GoldFever tokenomics and in-game economy.

Emilian: If there is one single thing you should know about the in-game economy is the fact that Gold Fever is evolving the play2earn economy. How? By giving full ownership to the players – vital in-game assets like boats, planes, merchant shops, buildings, lands, mining claims, blueprints – are turned into NFTs.

We will sell them to our community or to any savvy trader as they are very important for the game to actually happen, but, the more popular the game becomes, the more valuable the NFTs become – for the players, for the crypto traders, for the free market.

Another important detail is the fact that we created new use cases for the NFT technology.

The investment logic behind this is quite obvious if you are a gamer, less likely to be grasped if you are a crypto investor.

You see, gamers are well aware of how much money they spend in-game to buy the skins, the weapons, the transportation or the food their character needs to survive. At a certain moment, they all considered how it would feel if they received a share of that money.

All we did was to turn the assets that, in-game, produce this sort of items into NFTs.

Basically, when you buy it, it brings along several “perks” thanks to the ownership – you own it, you set the prices for the items it produces, you put it to work by investigating the in-game offer-demand.

So, apart from the default set-up and the NFT – very much similar to yield farming – you have the possibility, if you choose to get involved and put in some effort, to multiply the basic revenue this NFT can produce you.

A small example of how this works. Do you know the stores from Diablo Immortal? You went there and bought things because you needed them to play better. The money went to the game developers. Well, in Gold Fever, the item store is an NFT you can own and turn into a profitable business.

It produces a fixed number of items and services daily that could be increased by hiring other players to do tasks such as bringing wood, hunting, transportation from building to building, or special quests.

YOU, as a business owner, YOU set the price and you decide what service your building offers, you decide the prices or the items your building is selling.

An example: you decide the price, but for the sake of simplicity let’s consider 1 USD price per item/service.

Say…you sell 5 different items per day at 1USD/item with a minimal stock of 5 pieces from each and 30 people need your services – parking, hotel sleeping, sharpening, repairing etc and you charge 1USD/service.

This means an income of:

  • 25USD/day – 750USD/month from items;
  • 30USD/day – 900USD/month if one person needs only one service
  • 55USD/day – 1650USD/month in total

NewsBTC: Walk us through the gameplay

Emilian: Gold Fever is a free-to-play multiplayer strategy game. It hosts an enormous playable area that is covered by dense and dangerous jungles, tall mountains and, rivers filled with gold.

The action takes place in a generic Oceania island, at the beginning of the 20th century, around 1930. The world is still reeling from its previous global conflict. Maps have been redrawn, riches have been reallocated and colonies have changed hands. And after all of that, there is still so much to explore.

Far across the oceans, there is an island that hides a dangerous secret. Rumors speak of an untapped source of gold and precious minerals. This has lured various brave Adventurers to the Island to try their luck at seizing fame and fortune. As if battling hunger, fatigue, the elements, and the hostile fauna of the Island wasn’t enough, the Tribal natives relentlessly defend their homes and holy golden remnants of their ancestral gods.

The danger is ever-present on the island whether battling human enemies or being hunted by predators. Surrounded by the never-ending ocean, no one can escape the siren call of the Gold Fever. Players can craft tools for survival and combat, forage for plants and herbs, and compete with other players for dominance in the search for gold.  

You can play the game as an adventurer seeking gold or as a tribal defending the native gold. Being a survival game, the confrontation is thrilling, dangerous, and full of surprises, but it leads to a most-wanted reward – the golden nuggets in the form of an in-game currency called NGL.

NewsBTC: What are the different monetization opportunities available for a regular user within the GoldFever ecosystem?

Emilian: Gold Fever has several angles when it comes to monetization.

  • Since it is built on a P2E economy, you can make money from the P2E strategies such as grind for gold, speculate NGL, flip our NFTs, participate in quests and tasks coming from the people who own the in-game assets and are developing the in-game economy.
  • Another monetization opportunity comes from owning NFTs, of course. We called the GYG NFTs – game yield generator NFTs – meaning, as I described above, that, if you own such an NFT and you get involved in the game economy by following closely the offer-demand ratio, you can become a very wealthy business owner. Otherwise, the GYG NFTs can provide you with a basic income based on the default items they produce and are sold depending on the number of players.
  • Another monetization opportunity is trading via our exchange – you can stake-burn, buy-sell, borrow-lend, offer collateral. Renting NFTs out for a limited period of time to other players or employing the NFTs to perform specific automated tasks for an appropriate fee is another way to earn money in Gold Fever.
  • A fourth monetization opportunity is our affiliate program – which has a unique trait – you get to win constantly from all the purchase actions the person you bring in is making – you win from onboarding a new user, from the NFTs that user is buying acquisition, from the in-game taxes that user is generating or from all the taxes generated by that user when using the website exchange.

NewsBTC: Would you like to share some information about your team at GoldFever?

Emilian: Currently the team has 55 experts, it’s an international team, with a gaming background, as follows:

  • 11 Game Developers Unreal Engine C+++
  • 6 Backend & Blockchain Developers
  • 14 Artists 3D & Concept Artwork
  • 4 Technical Artists
  • 3 Environmental Artists
  • 1 Animator
  • 4 Sound Designers
  • 5 Game Designers
  • 5 Marketing Specialists

NewsBTC: The P2E gaming segment is gradually becoming a heavily contested space, with lots of new projects entering the market. How do you intend to keep up or overtake your competition?

Emilian: I’m happy to say that, from what I’ve seen, there is actually no competition in our niche. There is no Survival-RPG realistic PVP video game out there and I’m afraid they won’t come anytime soon. There are other games out there, some interesting, some pure crap, but there are enough players for everyone.

The truth is that we are looking forward to some competition that could actually help us learn something, but until serious studios decide to adventure in this realm, we will have no competition. Making an MMO takes 3-5 years and millions of dollars and that’s if you have experience. Doing a crypto MMO will take even more.

Personally, I like what Star Atlas is trying to do because I like Eve Online and Star Citizen, but also because we, as a studio, are planning to add two more games connected to Gold Fever. One would be a contemporary GTA-like game and one would be a Space Conquering game. Your character would start in Gold Fever and your great-grandchildren will inherit your genes and wealth in these 2 games

NewsBTC: We are curious to know about GoldFever’s investors, partnerships and collaborations, if any. Would you like to shine some light on it?

Emilian: Of course. Gold Fever was vetted early on by the DAO Maker which incubated us. I would add here Huobi, Matrix Capital and LD Capital, along with somewhere around 200 KOls and influencers which put their faith in us and became initial token holders.

NewsBTC: How does one get started on GoldFever?

Emilian: It’s very simple.

  • Right now, if you have a mask NFT attached to your character.
  • You get the character for free, while onboarding.
  • You get the mask from OpenSea, mid-January.

Otherwise, once we go to the mainnet, you will have to create an account on our website and you will instantly get the wallet and the free character and you can start playing the game.

NewsBTC: What is in store for GoldFever, and the gaming community at large in the coming days?

Emilian: As stages of development, after setting the game core loop – the gold grinding, we will start, from Q1 2023  the decentralization and sell all the NFT infrastructure to settlers/entrepreneurs willing to develop the economy.

Around mid-January we are planning our first NFT sale – the Genesys Masks – which will be available on NFT marketplace OpenSea. It unlocks a premium beta of the game that will go live from the end of January up until the end of June.

The premium beta has installed for the players prizes up to 1 million USD in NGL and NFTs. Players won’t be able to access the mainnet until Q3 without a mask, a very special NFT that gives you super perks and bonuses.

 



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Rabu, 28 Desember 2022

Bitcoin Price Grinds Lower, More Losses Seem Imminent

Bitcoin price is slowly moving lower from the $17,000 resistance. BTC could continue to move down towards the $16,000 support zone.

  • Bitcoin started a fresh decline after it failed to clear the $17,000 and $17,200 resistance levels.
  • The price is trading below $16,700 and the 100 hourly simple moving average.
  • There is a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could drop further if there is a clear move below the $16,500 support zone.

Bitcoin Price Extends Losses

Bitcoin price failed to gain pace above the $17,000 resistance zone. BTC started a fresh decline below the $16,800 support zone to move into a bearish zone.

The price even traded below the $16,650 support zone and the 100 hourly simple moving average. It traded as low as $16,453 and is currently consolidating losses. The price is clearly trading in a bearish zone below $16,700 and the 100 hourly simple moving average.

Bitcoin price is now facing resistance near the $16,580 level. It is close to the 23.6% Fib retracement level of the downward move from the $16,961 swing high to $16,453 low. There is also a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair.

The first major resistance is near the $16,700 zone and the 100 hourly SMA. It is close to the 50% key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The main hurdle is still near the $17,000 level. A proper close above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,200, above which the price rise towards the $17,500 resistance zone.

More Losses in BTC?

If bitcoin fails to start a recovery wave above the $16,700 resistance, it could continue to move down. An immediate support on the downside is near the $16,450 level.

The next major support is near the $16,200 level. A downside break below the $16,200 support might spark a move towards the $16,000 level. Any more losses might send the price towards $15,550.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $16,450, followed by $16,200.

Major Resistance Levels – $16,700, $17,000 and $17,200.



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Why The Bitcoin Price Could Kick Off 2023 On The Wrong Foot

The Bitcoin price has finally shown signs of life, albeit to the downside, a direction that might dominate the charts in 2023. During the holidays, the cryptocurrency was stuck on a single level, but the end of 2022 might see 

As of this writing, Bitcoin trades at $16,600 with a 1% loss in the last 24 hours. On higher timeframes, the cryptocurrency records similar losses. Across the crypto market, red is the predominant color as significant assets follow BTC into the downside. 

Bitcoin price BTC BTCUSDT

Bitcoin Price Bound For A Spike In Volatility

The decline in trading volume due to the holiday season has led the Bitcoin price to move sideways. This status quo is poised to change in early January when market participants return to active trading. 

However, the bulls might have issues pushing the price beyond local resistance at around $17,500 and $19,200, two levels that used to operate as critical support. Historically, the first month of the year is among the worst performers. 

Since 2013, the Bitcoin price has traded in the red for 60% of its monthly performance during January. According to a pseudonym analyst, this period has ended in adverse price action for the benchmark cryptocurrency. 

In addition to negative performance, the Bitcoin price often experiences sudden changes in its value. During this month, the cryptocurrency sees a spike in volatility which historically favors the selling side. The analyst said while sharing the chart below:

We can also see how the percentage change on average in January is quite major. Both up and down. Will January bring some volatility back into the market? (…). Keep in mind that this data is not a reliable indicator for future returns. Use in confluence.

Bitcoin price BTC BTCUSDT Chart 2 After The Storm, Will Bitcoin Bounce?

On a positive note, February is one of Bitcoin’s best-performing assets. Last year, the Bitcoin price ascended from a new all-time high of around $30,000 to $60,000. As seen in the chart above, February brought double-digit gains for BTC since 2021. 

Thus, while BTC might see a negative first month in 2023, February and March might become more favorable. This possible future performance coincides with some positive developments in the macroeconomic landscape, including a decrease in inflation and a short-term cap in interest rates hike from the U.S. Federal Reserve (Fed). 

However, these conditions could apply for a limited time. NewsBTC reported that the traditional market would determine much of what happens with the Bitcoin price and the crypto market. 

If equities can rebound from their current levels and kick off 2023 on a high note, the benchmark crypto might follow. According to a report from Coinbase, BTC’s long-term bullish thesis remains strong: 

(…) the value proposition for bitcoin has only strengthened this year as sovereign currencies around the world have shown signs of stress and central banks continue to grapple with policy credibility.



from NewsBTC https://ift.tt/HujTE2q
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