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November 2, 2021
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EllioTrades Daily Roundups

November 2, 2021

Ethereum and Polkadot Are Coiling up

Oliver Grah
Nov 2, 2021
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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?

Twitter avatar for @tbr90Tyler Reynolds @tbr90
Coinbase hit #1 several days ago and typically that’s been an excellent signal that the market will dump >50% in under 20 days But this time really feels different. ETH breaking ATH and my feed is blasé about it.

November 2nd 2021

33 Likes

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.

Twitter avatar for @laevitas1Laevitas @laevitas1
Pretty high funding rates on Binance and Bybit for alt perps. Looks like the market is positioned for a big run up.
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November 2nd 2021

2 Retweets23 Likes
  • In the midterm, there are still massive green flags:

Twitter avatar for @WClementeIIIWill Clemente @WClementeIII
Comparing the cost basis (realized price) of STHs & LTHs has given us insight into the macro BTC market structure. When STH's cost basis overextends from LTH's, it's time to be cautious. When STH's cost basis is below LTH's, it's time to buy. Currently far from "overheated"
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November 2nd 2021

91 Retweets602 Likes
Twitter avatar for @woonomicWilly Woo @woonomic
While BTC is building up strength for ATH escape velocity, ETH is quietly building even stronger on-chain fundamentals not yet reflected in price.
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November 2nd 2021

141 Retweets869 Likes
  • 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🤓)

Twitter avatar for @ColdBloodShillCold Blooded Shiller @ColdBloodShill
A lot of you falling victim to uptrend boredom. Spending too long absorbing ideas on Twitter. Doubting your own plans, closing good positions because the 5m chart chop flipped your bias 20+ times in a week. Now you’re chasing the pumps again wishing you could go back in time.

November 2nd 2021

25 Retweets423 Likes

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.

Source: U.S. Department of the Treasury
Twitter avatar for @Blockworks_Blockworks @Blockworks_
Biden administration: Stablecoins could transform the way Americans pay for everything - CNBC

November 1st 2021

1,159 Retweets5,274 Likes
Twitter avatar for @mayaziMaya Zehavi @mayazi
The Stablecoins WG came back w/ predictable conclusions: 1. Stablecoin specific legislation is needed to address a real regulatory gap - i.e. which regulator supervises stablecoins 2. They want stablecoin issuers to be under the preview of banking laws
Regulators Ask Congress to Create New Rules for CryptocurrenciesA Treasury Department report says stablecoin issuers should operate like banks to avoid destabilizing runs that could erode financial stability.nytimes.com

November 1st 2021

4 Retweets22 Likes
Twitter avatar for @KMSmithDCKristin Smith @KMSmithDC
4/ First the plus side: the PWG doesn't brush away stablecoins as magic money. Instead they acknowledge that they could be the future of global payments. @BlockchainAssn had a chance to meet w/ members of the PWG & we're glad to see the importance of stablecoins is being noted.

November 1st 2021

2 Retweets34 Likes
Twitter avatar for @jchervinskyJake Chervinsky @jchervinsky
Long story short, it sounds like nothing big will (or can) happen any time soon. That's a good thing in my view, since the report clearly gets a lot of stuff wrong. It will (& should) take time to sort through what makes sense & what doesn't. We'll get there. For now, carry on.

November 1st 2021

8 Retweets113 Likes

Banks Buying Crypto Exchanges

  • Meanwhile, the trend of banks scrambling to jump onto the crypto bandwagon is accelerating – not just in the US.

Twitter avatar for @Blockworks_Blockworks @Blockworks_
BREAKING: SCB, one of Thailand's biggest banks, will acquire a 51% stake in one of the largest Thai crypto exchanges
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November 2nd 2021

51 Retweets191 Likes
  • Clearly, the perception of crypto in the “TradFi” world is changing fast…

Twitter avatar for @zhusuZhu Su 🔺 @zhusu
Within a span of around a year, equity prime brokers have gone from being concerned about crypto exposure of their HF clients to being concerned for their own careers and how to pivot to crypto Will I dunk on them forever? In a word, yes

November 2nd 2021

46 Retweets930 Likes
Twitter avatar for @jchervinskyJake Chervinsky @jchervinsky
@zhusu Within the same span, law firms have gone from being so risk-averse as to refuse taking on crypto clients to being concerned they'll get left out of the billions in capital flowing into the space The dunking will be real & sustained

November 2nd 2021

1 Retweet58 Likes

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.

Twitter avatar for @crypto_bobbyRob Paone @crypto_bobby
Aside from the fiat on-ramp (which I don't know how ever gets decentralized) You can now (almost) live entirely on-chain, without needing a CEX Uniswap - ETH/erc20 Dydx - perps Wormhole/Synapse - bridges Thorchain - BTC Aave/Compound - lending Crazy how far we've come

November 1st 2021

31 Retweets306 Likes

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!

Twitter avatar for @paraswapParaSwap @paraswap
$WEN ⁉️
Intensifies Sooning GIF

October 29th 2021

85 Retweets668 Likes

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…)

Twitter avatar for @ayzdcomayzd.com @ayzdcom
SoftBank Vision Fund 2 led the @TheSandboxGame $93 million Series B round, marking the fund’s first investment into crypto assets.
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November 2nd 2021

2 Retweets8 Likes

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:

Twitter avatar for @punk65296529 @punk6529
gm nyc
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November 1st 2021

274 Retweets2,018 Likes
Twitter avatar for @techbubbleNik Kalyani (at NFT.NYC) @techbubble
Times Square is 🔥 with #NFTNYC
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November 2nd 2021

15 Retweets92 Likes
Twitter avatar for @SushiSwapSushiChef @SushiSwap
Sushi Times Square takeover 🤌

November 2nd 2021

72 Retweets337 Likes

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

Source: CoinTelegraph

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!

Twitter avatar for @Blockworks_Blockworks @Blockworks_
NIKE is going Meta. The company has filed trademarks applications for NIKE, Just Do It, and the swoosh logo for use in virtual worlds. They are also hiring for 2 metaverse positions. H/T @jacqmelinek
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November 2nd 2021

35 Retweets171 Likes

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.

Source: CoinTelegraph

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!

Source: The Block
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Legalmastermind
Nov 4, 2021

Both awesome and useful information, thank you so much!

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