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October 22, 2021
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EllioTrades Daily Roundups

October 22, 2021

Bitcoin Is Taking a Breather – but Some Altcoins Are Having a Great Day

Oliver Grah
Oct 22, 2021
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Introduction

Yesterday we witnessed how fast the crypto markets can move: Minutes after publishing this newsletter, Bitcoin decided to experience an impressive multi-thousand dollar flash crash, sending pain especially to traders who were sitting in leveraged long positions. The cooldown seems to continue into the weekend, with Bitcoin dropping below $62k today.

As we pointed out yesterday: Expect increased volatility now that the crypto markets have entered the second phase of this macro bull market cycle – especially once the mania phase in altcoins starts. Major price rises as we have witnessed in the last weeks will almost always be followed by minor or major pullbacks and shakeouts. But don’t be fooled: The fundamentals and on-chain metrics still point towards a continuation of this bull market – it’s just not a one-way street.

Market Outlook

  • In case you wonder what these brutal price moves like we have seen yesterday and today are good for: They shake out over-leveraged and greedy traders and reset both technical indicators and sentiment to more sustainable levels.

Twitter avatar for @rektcapitalRekt Capital @rektcapital
The recent #BTC has shifted sentiment from Extreme Greed to just Greed Euphoric investors from days ago may be second guessing themselves $BTC #Crypto #Bitcoin
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October 22nd 2021

20 Retweets176 Likes
  • Now that Bitcoin is slowing down after its impressive run, we see Bitcoin dominance decrease (for three days in a row) and select altcoins explode in price again. An emotionally tricky game begins: You miss a pump and ask yourself, which altcoin could be next. On the one hand, you don’t want to risk everything in case of a brutal correction led by BTC, but you also don’t want to miss those juicy gains… Remember: The best entries come during sharp dips in bull markets, not after weeks of positive price action.

TradingView Chart
  • There is no right or wrong answer to what’s the perfect approach how to navigate this market. Fundamental-based investing and not chasing green numbers are the biggest cornerstones of keeping your risk-to-reward ratio in check. This implies, however, that you do your work to identify coins BEFORE they attract everyone’s attention with massive pumps.

  • Because of the rising risk levels in the markets, we will lay out breadcrumbs and showcase positive fundamental developments, but we will NOT give you ready-to-go buy and sell recommendations. If you want more breadcrumbs and timely updates, feel free to follow our research team on Twitter (@DecentraThought & @cryptoolii).

  • Here is some advice by crypto trader Michaël van de Poppe that summarizes the current outlook and risk situation quite well. You need to have a strategy in place and remain cool-headed!

Twitter avatar for @CryptoMichNLMichaël van de Poppe @CryptoMichNL
The market can easily give 5-10x returns on #altcoins from here. But please, and I'm dead serious on this. Take your profits and don't look back for 1-2 years. The markets aren't going up all the time. If you make life-changing money, accept and run. Don't become greedy.

October 22nd 2021

49 Retweets435 Likes

Thorchain Back with Strength

  • We have pointed out several times recently that cross-chain trailblazer Thorchain, despite its massive setbacks this summer, has fixed most of its issues and is likely going to come back with strength. Those who had conviction and bought the dip got rewarded now!

  • Let’s hope that Thorchain’s mission to enable trustless cross-chain swaps (one of the “holy grails” of DeFi) will soon be materialized in its entirety. Then RUNE could likely be one of the strongest performers in the next bullish leg of the market.

Source: Crypto Briefing
Twitter avatar for @THORSwapTHORSwap ⚡ @THORSwap
24H Trading Volume spiked to $43m after Ethereum chain restart. @THORChain liquidity black hole is just getting started. $RUNE
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October 22nd 2021

32 Retweets192 Likes

Elrond Back in the Spotlight Soon?

  • It has been rather quiet around Elrond in recent months, with other L1s stealing most of the attention. With an important upcoming catalyst, Elrond might get to enjoy some anticipatory excitement and positive price action in the coming days and weeks.

Twitter avatar for @beniaminmincuBeniamin Mincu ⚡ @beniaminmincu
The Maiar DEX is launching in November. 🌕

October 22nd 2021

706 Retweets1,672 Likes
  • Price-wise EGLD has been consolidating for quite some time…

Corporations and Banks Don’t Want to Miss out on Crypto

  • While we’re waiting for the big retail wave to come into the crypto markets (and potentially mark a cycle top), corporations and institutions are clearly “FOMOing” in.

  • Remember the fake Litecoin-Walmart announcement just a few weeks ago? Well, it seems like the retail giant is getting into crypto after all by installing hundreds of crypto ATMs at its shops.

Twitter avatar for @CoinDeskCoinDesk @CoinDesk
SCOOP: @Walmart is letting shoppers buy #bitcoin at dozens of its U.S. locations via @coinstar kiosks. We checked. In person. At a store. It works. @IanAllison123 reports
Walmart Has Quietly Begun Hosting Bitcoin ATMsThe retail giant is offering bitcoin through 200 of its Coinstar kiosks in a tie-up with crypto ATM firm Coinme. We made sure it’s real.trib.al

October 21st 2021

611 Retweets2,144 Likes
  • This year, we have witnessed more and more banks around the world (especially in the US) starting to roll out crypto services to their clients. Those who have been on the sidelines are now asking themselves how to get involved with crypto as well – if not publicly then at least secretly.

Source: Finbold
Twitter avatar for @0x_bear0xBear @0x_bear
Goldman Sachs report on DeFi just out, with shoutouts to @DefiLlama @0xngmi @scupytrooples @DuneAnalytics. Dropping their new term TradFi 2.0. Are they gonna make it?
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October 22nd 2021

18 Retweets60 Likes
  • Meanwhile, we see FTX breaking historic new ground in crypto marketing by distributing crypto and bringing NFTs to the masses at a live sports event. And FTX is only getting started leveraging its massive sponsorship deals to bring millions of new retail investors to crypto.

Twitter avatar for @APomplianoPomp 🌪 @APompliano
FTX just gave $500 in crypto to every person sitting in one section of the arena for the Miami Heat season opener. Don’t sleep on how powerful this sponsorship will be.
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October 22nd 2021

1,296 Retweets9,871 Likes
Twitter avatar for @FTX_OfficialFTX - Built By Traders, For Traders @FTX_Official
Free NFT-shirt? Say no more! All @MiamiHEAT fans in attendance at tonight’s game will receive a free “You In, Miami?” t-shirt! 👕 By scanning the QR code on the back, they’ll unlock this free, limited edition FTX Arena NFT. The future is here. You in, Miami? #FTXMIA

October 21st 2021

56 Retweets397 Likes

The WorldCoin Controversy

  • A few days ago, a new project started causing debate on Crypto Twitter: WorldCoin. The project has drawn a lot of attention for mainly two reasons: Firstly, it has major backers such as Sam Bankman-Fried, Coinbase, and Andreessen Horowitz. Secondly, it has a VERY unusual distribution mechanism.

Twitter avatar for @cryptomanranRan Neuner @cryptomanran
Worldcoin. Scan your retina in return for free tokens! Did I get it right?

October 22nd 2021

21 Retweets341 Likes
  • In short, what is WorldCoin?

WorldCoin is new, collectively owned global currency that will be distributed fairly to as many people as possible. It runs as a “Layer 2” Ethereum-based cryptocurrency.

  • Not surprisingly, there is a lot of controversy going on with proponents and critics crossing swords on Crypto Twitter. Feel free to form your own opinion since we have no idea yet how this project will look once fully rolled out. We will keep an eye on it!

Twitter avatar for @zhusuZhu Su 🔺 @zhusu
Worldcoin is one of the most ambitious and uplifting projects I've seen so far in crypto Lots of ways to get involved

Sam Altman @sama

Introducing Worldcoin, a new cryptocurrency that will be distributed fairly to as many people as possible. Details about how it works: https://t.co/DLcAmUA4u3 https://t.co/xC3W2U6Xi3

October 21st 2021

59 Retweets534 Likes
Twitter avatar for @mrjasonchoiJason Choi @mrjasonchoi
All in all, for this to be amazing and not a dystopian disaster, development needs to happen under extreme public scrutiny. If it aspires to be a global currency for all people it needs to be held to a much higher standard than your typical shitcoin fork

October 21st 2021

2 Retweets15 Likes
Twitter avatar for @jacksondameDame.eth @jacksondame
omg… worldcoin also has a bonding curve? did they really stack this project with as many red flags as they possibly could? impressive

🌕🔥🐱 @moonfirecat

@0xmons @jacksondame also > Blania told CoinDesk the amount each person receives depends on how early in the project’s roll-out they got involved, with the amount diminishing as more people are onboarded I’m not getting it

October 21st 2021

2 Retweets19 Likes
Twitter avatar for @DeanEigenmannDean Eigenmann @DeanEigenmann
narcware is nothing to be excited about, it’s the antithesis of what crypto is meant to enable. especially when investors get a significant chunk of the UBI it is meant to bootstrap.

$MIGUEL Piedrafita  @ Lisbon @m1guelpf

🔥 I scanned my iris to participate in an experiment for global currency, UBI, biometric sybil-resistance and crypto. Here’s what @worldcoin is, how it works, how it might not work, and why I’m very excited about it anyway. https://t.co/WvZHSnIWXr

October 22nd 2021

10 Retweets50 Likes

Aavegotchi’s First Land Auction Is Coming up

  • If you’re a follower of the early NFT-project Aavegotchi, exciting times are ahead: In just six days the first land auction for Aavegotchi’s highly anticipated Realm Metaverse is kicking off! If you want to participate in the a(u)ction and earn some GHST (yes, for being outbid you can earn GHST tokens thanks to Aavegotchi’s revolutionary “bid-to-earn” mechanism), you can now start preparing yourself by reading the auction guide which got released today.

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