November 9, 2021

BTC and ETH Are Doing Their Thing

Introduction

As we anticipated thanks to on-chain signals and technical analysis, BTC and ETH are capturing all the attention right now, finally breaking out of their macro consolidation structures. While BTC managed to decisively break its old all-time high, ETH followed suit and conquered new highs.

Eight @eight_global

$BTC did it again and made a new All-Time-High!

Green days as we are seeing now are what every crypto investor is yearning for and why observing on- and off-chain signals to build conviction, taking the right entries, and waiting patiently for the price action to unfold are the keys to crypto investing success.

While it always looks easy in retrospect, everyone who has gone through the rollercoaster ride of the crypto markets knows how difficult it actually is to remain level-headed and weather the often overwhelming volatility and omnipresent FUD storms. Congrats to everyone who has made it here!

Will Clemente @WClementeIII

Your conviction during summer will be greatly rewarded during winter

JRNY Crypto @JRNYcrypto

Those of us that are still here after the May market crash deserve this There were many casualties that fell to the bear... but in the end, we won

Market Outlook

• Of course, there is never a lot of time to celebrate wins in the markets, because the next leg higher or correction is always around the corner.

Chris Burniske @cburniske

Easy to become entitled in this market environment. For those who haven't seen a bear, things are not always so free-flowing. Being grateful for things you're getting now creates the goodwill to carry you through a bear. You will look back on these times with awe.

• So, what can we expect going forward? Of course, the risk of a correction is rising with every green day we see in the markets. It’s therefore never wrong to start securing some profits.

• At the same time, on-chain metrics, sentiment, and funding rates indicate that we are nowhere near the overheated levels we reached during the bull market phase earlier this year, so there might be more juice in the current run... Will we reach the same exorbitantly high levels of leverage and greed though, now that many have “PTSD” due to May's crash? It’s definitely reasonable to remain more cautious now.

Source: Santiment

• Here is some advice in case you are struggling to take profits. 😉

Robert Leshner @rleshner

I regret all of the times I pressed the Sell button, on any asset, at any time

Jeff Krantz @JKrantz

@rleshner This is why I created a Chrome Plug-In that replaces "Sell" with "Buy USD"

• Meanwhile, inflation in the US is hitting fresh records, further undermining the credibility of central banks and strengthening the case for Bitcoin. In the mid-term, it is a double-edged sword though (as explained in yesterday’s roundup), since rampant inflation increases the risk of central bank intervention.

Investing.com @Investingcom

⚠️BREAKING: *U.S. PRODUCER PRICE INFLATION JUMPS 8.6% IN OCTOBER, MATCHING LARGEST Y/Y INCREASE ON RECORD

Gabor Gurbacs @gaborgurbacs

“Bitcoin CEO to increase prices to combat inflation.” ✅

Bitcoin’s Taproot Upgrade Is Happening This Week

• It has been quite a while since Bitcoin’s last major upgrade, Segwit, which was implemented in August 2017 and resulted in the launch of the Lightning Network. In just a few days, the next important milestone in Bitcoin’s development will be activated: Taproot. The upgrade will likely be activated on Nov. 14th.

• The Taproot “soft fork” will improve the Bitcoin network’s privacy, efficiency, and smart contracts capabilities.

Dilution-proof @dilutionproof

In 1025 blocks (~7 days), the Taproot #Bitcoin upgrade will be activated 🥕 Taproot will make opening & closing ⚡️ channels more private & enables clever ways of transaction batching, potentially good for privacy & scalability Update your node software if you haven't already ✅

Taproot will implement Schnorr Signatures, an algorithm that will allow users to aggregate multiple signatures into one for a single transaction, reducing the inherent visible difference between regular and multisig transactions.

Zhu Su 🔺 @zhusu

Some tradfi plebs asked last week "what catalysts are left for BTC" I asked if they realized Bitcoin will be doing its first soft fork since Segwit in 2017 and they gasped #Bitcoin $BTC

• In other Bitcoin news, we see the Bitcoin mining space continuing to mature and grow.

Compass Mining 🧭 @compass_mining

Today we're thrilled to launch the Compass Marketplace, a secure and intuitive online platform for miners to buy or sell hardware whenever they want at whatever price they choose. Visit the marketplace: compassmining.io/marketplace Read more: compassmining.io/education/comp…

Blockworks @Blockworks_

JUST IN: Russian Ministries want to legalize #Bitcoin and crypto mining as an entrepreneurial activity

BTC Now, Alts Later – But Be Prepared For a Shakeout in Between

• We have seen it time and time again: When BTC and ETH make major moves like they are doing right now, the huge amount of fresh capital will find its way eventually – at least partially – into altcoins, leading to the massive altcoin seasons everybody has come to love. So, while everyone’s eyes are on BTC and ETH, try to think a step ahead and not miss the catch-up price action by fundamentally sound altcoins…

• To make things a bit tricky, more often than not we get some sort of sell-off after a BTC rally and just before an altcoin season… It would be too easy to just rotate from BTC to alts, right? Well, try to manage your risks and scale in and out of positions. If you play your cards right and catch only 60 or 70 % of major price swings, you’re already outperforming most other crypto investors!

MISSNATOSHI👸🏻 @missnatoshi

Are we having another $MATIC supply crunch. Who remembers last time!

Morales (Ethereum scaling solutions stats) 📊 @morales_eth

There are only 0.2% @0xPolygon $MATIC tokens on exhanges. Circulation supply is now 68% (6.8/10B). Market cap is 13/19B $. 12M tokens left exchanges in the last 30 days. Source: https://t.co/6WMVI5HfkE $BTC $ETH $MATIC

$RUNE Ranger 🔨 @TheRuneRanger

Thorchain liquidity looks like this and you’re not bullish $RUNE anon?

Jay Kurahashi-Sofue 🔺 @jayks17

Yesterday, Avalanche hit ATHs with daily active wallets, avg TPS, and daily transactions. Today, Avalanche hits ATHs with $17.7B+ TVL. WAGMI

Buy The Rumor, Sell the Conference?

• We have witnessed more than once that projects that attract a lot of attention and hype for a period of weeks or months, often start reversing or at least stalling their parabolic price action after major news events. Often these come in the form of conferences, where developers and community members meet, which usually leads to maximum attention and speculation surrounding a project.

• So, what we have seen with Fantom since its conference a few weeks ago, could well play out with Solana as well which hosts a major conference in Lisbon this week. FTM reached its local top during the Fantom Developer Conference in October and has since consolidated below its highs.

• This is of course not necessarily a bad thing, it just means that hype and price action get exhausted in the short term and attention shifts away from a project for a while.

Solana Breakpoint 2021 @SolanaConf

gm #BreakpointLisbon day 2 ☀️ Get ready for another day of news, talks, and fun! Watch the livestream here: twitch.tv/solanatv

• Of course, Solana still has quite a few arguments going in its favor, with a lot of development activity and growing interest in the Solana ecosystem…

stanooooooorrrrr (👻,🐻‍❄️) 👘 🪰🔺 @StaniKulechov

Aave Protocol coming to Solana 👻 https://t.co/yL9xsxkmDf

The Block @TheBlock__

Neon Labs, developer of Ethereum virtual machine on Solana, raises $40 million (via @Yogita_Khatri5) https://t.co/DMOammre2I

Reddit & Discord Embracing Web 3

• After we saw Reddit hint at a major crypto integration a few days ago, today Discord expressed its interest in the Web 3 world, teasing with a “login with MetaMask” feature. The two messaging giants embracing the Web 3 narrative will give crypto mainstream adoption a major boost.

Source:

Source: U.Today

Jason Citron @jasoncitron

@packyM @mariogabriele @discord probably nothing

Packy McCormick @packyM

Imagine a place... - Built for gamers - Home to everyone playing the Great Online Game - Has 150 million MAUs - Generates $130 million in revenue - Is a web3 sleeper @mariogabriele & I teamed up on @discord. We imagine the possibilities...

notboring.coDiscord: Imagine a PlaceA Not Boring x The Generalist Collab on the Internet’s New Home

Have You Claimed Your ENS Tokens?

• If you have registered a .eth domain in the past, don’t forget to claim your ENS airdrop!

ens.eth @ensdomains

$ENS has launched! Eligible users can claim their $ENS governance tokens at: claim.ens.domains No rush: You have until *May 4, 2022* to claim your tokens. Claiming costs gas, so feel free to wait for favorable gas prices. ens.mirror.xyz/5cGl-Y37aTxtok… Blog or 🧵 for more👇 1/

ens.mirror.xyz$ENS Now Available for Claiming — MirrorWe’re pleased to announce the launch of $ENS, the governance token of ENS.

brantly.eth @BrantlyMillegan

after the fact that >137k accounts are eligible for the airdrop, gotta say I love this part of the $ens token allocation

Vee @thedigitalvee

Gm friends! If you missed out on the $ENS airdrop just remember there will be countless more to come… You get paid just to play in this space, settle in and keep having fun!