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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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November 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 @tbr90
Tyler 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.
3:00 PM ∙ Nov 2, 2021

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 @laevitas1
Laevitas @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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3:06 PM ∙ Nov 2, 2021
23Likes2Retweets
  • In the midterm, there are still massive green flags:

Twitter avatar for @WClementeIII
Will 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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3:23 PM ∙ Nov 2, 2021
602Likes91Retweets
Twitter avatar for @woonomic
Willy 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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12:32 PM ∙ Nov 2, 2021
869Likes141Retweets
  • 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 @ColdBloodShill
Cold 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.
2:51 PM ∙ Nov 2, 2021
423Likes25Retweets

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
7:15 PM ∙ Nov 1, 2021
5,274Likes1,159Retweets
Twitter avatar for @mayazi
Maya 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
nytimes.comRegulators 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.
7:15 PM ∙ Nov 1, 2021
22Likes4Retweets
Twitter avatar for @KMSmithDC
Kristin 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.
10:53 PM ∙ Nov 1, 2021
34Likes2Retweets
Twitter avatar for @jchervinsky
Jake 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.
8:01 PM ∙ Nov 1, 2021
113Likes8Retweets

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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1:20 PM ∙ Nov 2, 2021
191Likes51Retweets
  • Clearly, the perception of crypto in the “TradFi” world is changing fast…

Twitter avatar for @zhusu
Zhu 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
2:42 PM ∙ Nov 2, 2021
930Likes46Retweets
Twitter avatar for @jchervinsky
Jake 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
2:54 PM ∙ Nov 2, 2021
58Likes1Retweet

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_bobby
Rob 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
5:46 PM ∙ Nov 1, 2021
306Likes31Retweets

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 @paraswap
ParaSwap @paraswap
$WEN ⁉️
Intensifies Sooning GIF
7:09 PM ∙ Oct 29, 2021
668Likes85Retweets

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 @ayzdcom
ayzd.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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8:00 AM ∙ Nov 2, 2021
8Likes2Retweets

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 @punk6529
6529 @punk6529
gm nyc
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4:08 PM ∙ Nov 1, 2021
2,018Likes274Retweets
Twitter avatar for @techbubble
Nik Kalyani (at NFT.NYC) @techbubble
Times Square is 🔥 with #NFTNYC
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12:46 PM ∙ Nov 2, 2021
92Likes15Retweets
Twitter avatar for @SushiSwap
SushiChef @SushiSwap
Sushi Times Square takeover 🤌
1:27 PM ∙ Nov 2, 2021
337Likes72Retweets

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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2:52 PM ∙ Nov 2, 2021
171Likes35Retweets

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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November 2, 2021
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1 Comment
Legalmastermind
Nov 4, 2021

Both awesome and useful information, thank you so much!

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