November 2, 2021
Ethereum and Polkadot Are Coiling up
Introduction
With Ethereum hovering just above its old all-time highs and Bitcoin a few thousand dollars below its high, tension and excitement are certainly rising in the crypto markets. Will we see ETH lead BTC into price discovery mode as we have seen previously this year? Or will we see another flush-out before to dampen crowd expectations?
Market Watch
There are a few short-term “orange flags” when it comes to on-chain metrics and funding rates. While sentiment towards ETH is still relatively subdued, euphoria among altcoin investors is rising fast with many double-digit gainers across the board.
In the midterm, there are still massive green flags:
Certainly, this part of the bull market is one of the most challenging, with many investors constantly fighting thoughts like “Should I buy more?” or “Is it time to sell?” Even though it’s hard, for many it’s probably best to just sit on their hands and let things play out (and take profits from time to time🤓)
No Surprises in the Freshly Released Stablecoin Report
As expected, the White House released its report on stablecoins yesterday. Also as expected, no imminent threats have emerged from it. Below are some takes by reputable crypto regulation experts.
Banks Buying Crypto Exchanges
Meanwhile, the trend of banks scrambling to jump onto the crypto bandwagon is accelerating – not just in the US.
Clearly, the perception of crypto in the “TradFi” world is changing fast…
How Far Crypto Has Come
In the middle of a historic bull market with prices exploding all around, it can be easy to forget the immense technological innovations the crypto space has already achieved. Those who have been in the space a bit longer will remember how for example just a year ago, decentralized exchanges like Uniswap started to become a thing. In the years prior the only thing crypto investors could do is to bet on whitepapers and projects with big dreams and visions. It’s great to finally be in a time where these get achieved.
Of course, we are still early in the grand scheme of things with many of these novel crypto innovations being in an early adoption phase and far from mainstream-ready.
Another Airdrop Inbound?
If you haven’t done so already, we highly recommend you to try out one of the best DEX-aggregators in town, ParaSwap. Yes, it’s not cheap with Ethereum’s high gas fees but today the project hinted at the imminent launch of a Paraswap token – so it might be well worth speculating on a retrospective airdrop!
Sandbox Reaching for the Stars
The timing couldn’t be more ideal: After Facebook kicked off the Metaverse party sending $SAND up almost 300 % in two weeks, the Sandbox yesterday announced a $93 million funding round led by SoftBank, Animoca Brands (of course), True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios and Samsung Next. The future for the Sandbox seems certainly bright (that doesn’t mean that you should necessarily buy $SAND now…)
Time Square Taken by the NFT Community
NFT.NYC, the biggest annual NFT event is taking place in New York this week and it has delivered quite some excitement and cool impressions. Here are a few awesome ones:
Sfermion Jumps Into The Metaverse
It’s an ideal time to build a metaverse if you’re a tech company founder. The sector is smoking hot, and investors are pretty much begging companies to take their money.
Sfermion has managed to raise $100M from investors like Chris Dixon, the Winkelvoss twins, and Digital Currency Group for NFT and Metaverse Ventures
Nike Joining the Metaverse Party
Facebook seems to have started a massive wave with its Meta keynote. Now, investors are scrambling to get their hands on the Metaverse trend and one company after the other is following Facebook’s lead!
Huobi Launches an NFT Marketplace
Huobi is throwing its hat into the ring of NFTs and GameFi with the launch of its own NFT marketplace. It seems like every major exchange is now planning on launching an NFT marketplace... Will they gain traction or will decentralized NFT marketplaces prevail? You know what we think.
Fat Finger NFT Debacle
In an intriguing turn of events, an NFT investor made a costly mistake by “fat-fingering” his or her Crypto Punk listing and selling it for a price 95% below the floor price.
The Punk sold for 4.444 ETH (approx $19k). It is assumed that the price the owner meant to sell it for was 4,444 ETH (19M)… Ouch!
Both awesome and useful information, thank you so much!