Crypto Push

​​Avalanche [AVAX] future looks interesting- Here are the top two reasons Avalanche has recently demonstrated more seriousness toward tapping into growth opportunities in the NFT market. One of the recent updates regarding the network reveals expanded support of multiple NFT platforms. A recent AVAX daily post revealed the scope of Avalanche’s focus on the NFT market. According to the announcement, Avalanche now supports at least 16 of the top NFT marketplaces. Why partnerships with NFT platforms are important The NFT market was among the top segments driving growth during the bear market. It is no surprise that blockchain networks have been scrambling to secure more volumes from the NFT market. A potential impact of Avalanche’s increased focus is that the NFT market might boost AVAX’s recovery during the next bull run. The decision might unlock demand drivers from a variety of segments. They include domain names, collectibles, virtual worlds, and GameFi among others. Avalanche will likely achieve higher NFT trade volumes courtesy of the expanded availability on multiple NFT platforms. Notably, NFT trade volumes have notably dipped in the last six months. The highest total NFT trade volume figure AVAX network recorded in the last six months was $8.07 million on 18 June. In comparison, the highest figure recorded in October so far was $1.95 million. As far as volumes are concerned, pricier or premium NFTs are more popular than the more affordable options. The total volume for NFTs worth more than $100,000 has been more active during the last six months than those worth less than $1,000. The above data reveals that most of the NFTs selling on the Avalanche network are high-end NFTs. This information is important, especially for NFT sellers looking to capitalize on the availability of the network across multiple NFT platforms. The potential impact on AVAX The ability to buy or sell NFTs across multiple NFT platforms through Avalanche might benefit creators and sellers. If the network can tap into more NFT volumes, then it might achieve higher demand for AVAX as a payment medium. High enough volumes may trigger more utility for the cryptocurrency, hence more potential value. AVAX traded at $15.97 at press time and was up by roughly 10% in the last five days. Its upside experienced some friction and a slight downside after reaching the 50% RSI level. AVAX’s short-term outlook suggests a significant probability of crossing above the $17 price level in the next few days. That is if it can maintain the bullish trajectory and push toward the 50-day Moving Average. On the other hand, a bearish outcome may lead to another support retest near the $14.6 price level.

​This country is buying more USDC than the rest of the world Coinbase, the largest crypto exchange in the United States, has published a report which takes a deep dive into the adoption of USD Coin (USDC), the stablecoin issued by Circle. Americans buy 3 times more USDC The research conducted by Coinbase found that USD purchases of the second largest stablecoin by market capitalization were three times as much as other currencies around the world. So Americans are buying the most USDC when compared with the rest of the world. The fees levied on conversion have been identified as one of the factors behind the “conservative” adoption of USDC in the world. “In part, this is because, outside of the US, users usually have to pay fees in the process of converting their local currency into USDC, and this is a barrier to broader international adoption.” Coinbase’s report read. Fee waiver to boost adoption To deal with this problem, Coinbase has decided to waive the commission fees associated with USDC conversions. “ Coinbase will waive commission fees when customers buy or sell USDC via any fiat currency on Coinbase, from AUD to ZAR.” the exchange stated. The exchange is hoping that the fee waiver will encourage international users to transact with the stablecoin, leading to an increase in the adoption of the broader DeFi market. It is important to note that USD Coin is a joint project of Coinbase in association with Circle, under a joint venture known as the CENTRE Consortium. Dealing with Binance’s auto-conversion On 5 September 20222, Binance, the world’s largest crypto exchange, announced the BUSD auto-conversion, which would effectively convert all balances of USDC, USDP, and TUSD, to the Binance-issued stablecoin Binance USD (BUSD). This decision was likely taken to increase the adoption of BUSD while decreasing clients’ exposure to major rival USDC. According to data from CoinMarketCap, USDC, at press time, was trading at $1, as per its dollar peg. Its market capitalization stood at $43.9 billion, with a 24-hour trading volume of $2.6 billion.

​​The latest SNX hype may have a stablecoin connection waiting to be explored Synthetix SNX managed to pull off a solid uptick by more than 10% as of 17 October. This performance meant that it had outperformed many of the top cryptocurrencies during the same period. But can SNX maintain the trend? SNX’s performance may not just be a fluke especially if we consider that most of its top counterparts gained in the lower single digits. A deeper dive into Synthetix revealed that the upside may have been associated to its st0ablecoin demand. Synthetix’s stablecoin sUSD experienced a volume explosion within the last 24 hours, by more than 150%. Its 24-hour trading volume grew by slightly over half a million while its market cap increased by over $2 million. This confirmed strong demand for the stablecoin which may have in turn triggered higher demand for SNX. Fuel for the bulls SNX’s latest upside can be considered as an outcome of the bullish performance that it delivered last week. Its $2.34 price of 17 October represented a 25% upside from its recent local low which almost retested June lows. The recent SNX low also meant it had a 137% drawdown from its end-of-July top. Some friction was also expected now that stood around the Relative Strength Index (RSI) level of 50. However, some more upside might still play out if the latest pivot marks the start of a bullish relief rally. A sharp increase in active transactions accompanied SNX’s current upside. This confirmed the return of bullish volumes especially in the last 24 hours. The active addresses observation reflected the current short-term demand characteristics. A look at SNX flows may help provide more clarity with regards to whether this was the start of a bullish relief. SNX’s supply dynamics also revealed a decline in the amount of cryptocurrency on exchanges. Additionally, supply outside exchanges increased by a significant margin in the last seven days. Furthermore, the supply metrics confirmed that a significant amount of SNX moved outside exchanges and into private wallets. While these observation pointed towards a higher likelihood of more bullish times ahead, they did not necessarily provide a guarantee of the said outcome. Higher demand for sUSD might be a clue that traders were preparing for more trading ahead and this was driving up the stablecoin demand. Other forces driving the demand for SNX may also come into play. For example, demand for sports betting may also fuel more upside for the cryptocurrency during the upcoming soccer world cup. Overtime Markets, a sports betting platform built by Thales, was strategically positioned to fuel this demand from the sports betting industry. This is because Thales is native to the to the Synthetix network.

​​Assessing the state of DeFi in Q3 for your ‘more signal, less noise’ strategy Assessing the Q3 performance of the decentralized finance (DeFi) ecosystem, CoinShares found that while the total value locked (TVL) of DeFi protocols increased by just 3% within the 3-month period, revenues across the various sectors that make up the DeFi ecosystem fell by 44% on a quarter-on-quarter basis. Acknowledging the impact of the downturn in the global financial sector on the cryptocurrency market in the last quarter, CoinShares found that in addition to a decline in DeFi revenue, NFT revenues fell by 70% in Q3. The gaming sector suffered the most brunt as revenue fell by 98% since Q2. The joint revenues of Infrastructure Bridges and Liquid Staking platforms totaled $20 million, declining by 34% in Q3. Generally, total sector revenues dropped by 64%. The DeFi sector Interestingly, CoinShares found that Q3 was marked by a growth in the TVL market share of non-Ethereum chains. With $25 billion held in these chains in Q3, their TVL market share rose to 40%. In Q2, non-Ethereum chains held just 36% of the total TVL across DeFi protocols. According to CoinShares, this was attributable to the collapse of the Terra ecosystem, which led to a “sharp rise in Ethereum’s market share.” In addition, of the six sectors that make up the DeFi ecosystem (Lending, decentralized exchanges (DEXes), Bridges, Asset Management, and Staking), the Lending sector logged the highest TVL in the 90-day period under consideration. DEXes recorded a decline in trading volume in Q3. As contained in the report, trading volume across DEXes fell by 36% between July and September. In comparison, centralized exchange (CEX) merely saw an 11% decline in trading volumes within the same period. With regards to trading volumes on DEXes, Uniswap UNI remained the “market leader” with 51% of the market share. It was closely followed by PancakeSwapCAKE and Curve CRV with 13% and 7%, respectively. In addition to DEXes, another sector within the DeFi ecosystem that suffered a decline in Q3 was the Lending sector. As contained in the report, the total revenue made by lending protocols in Q3 equaled $11 million, a 53% decline on a quarter-on-quarter basis. Interestingly, a sector within the DeFi ecosystem that continued to see growth in the last two quarters was the Derivatives sector. According to CoinShares, “Over the last two quarters, nearly $250 billion of volume has been traded on decentralized derivatives exchanges. High trading volumes, scalability of Layer 2s, and a large suite of financial products (options, perpetual futures, structured products, etc.) have led to the sector’s success.”

​​Avalanche’s developments may poke AVAX bulls, but will they step out to play Avalanche AVAX, on 9 October, confirmed that it will host Crypto Royale in mid-October. A timely announcement considering that AVAX has been struggling to bounce off its short-term support. Is this upcoming development enough to bolster AVAX bulls? The announcement that Avalanche will host Crypto Royale this month could bring some weight to it. Play to earn games made headlines in 2021, revealing their potential to revolutionize the gaming industry. This is why it is a big deal that Avalanche will host a play-to-earn game. It has potential to boost demand for AVAX if it will be linked to in-game tokenomics. According to the official announcement, players will get a chance to earn AVAX and the game’s official token, ROY. The curious question on many AVAX enthusiasts’ minds is whether this will be a positive move for the cryptocurrency. The game’s launch on AVAX can potentially boost investor sentiment, but it remains to be seen whether it will be enough for AVAX to blast off from its current support level. Poking the bull As of 9 October, AVAX concluded the second half of last week on a bearish trajectory. This performance meant that its previous rally attempt was capped to within its short-term support near the $16 price range. AVAX traded at $16.90 as of 9 October. However, at press time, AVAX stood at $17 post a 1.5% surge in the last 24 hours. AVAX’s Relative Strength Index (RSI) demonstrated signs of relative strength especially in the last two months. It achieved higher lows since the end of August, despite a price downside. Such an observation is often followed by a major pivot because it indicates healthy accumulation in the bottom range. AVAX bullish volumes have prevailed in the last four weeks. Nevertheless, the cryptocurrency’s on-chain volumes tanked substantially during this period. In other words, there was less sell pressure than there was at around the same time in September. Low bearish volumes make it easier for the bulls to take over. However, there are other signs that may favor a bullish pivot. For example, Avalanche demonstrated strong development activity since the start of October. Investors might find this encouraging, potentially leading to a sentiment shift favoring the bulls. However, the weighted sentiment indicated that investors were still siding with the bears. The current sentiment consensus sat at its lowest four-week level, explaining why the bulls may have not come out to play. We observed a bullish attempt last time that the weighted sentiment was in the same level. A week ago we saw a bullish attempt occur but it failed to deliver as expected. It is likely that another bullish attempt will occur in the next few days given the alignment of factors in favor of. The Crypto Royale game will boot engagement but it remains to be seen whether the same will apply to the price action.

New World Guardians is a collection of 888 unique NFTs supporting handpicked social impact projects worldwide and offering a wide range of advantages to early investors with their first drop. ➡️The mission of the project is to build a Social Impact NFT Community that combines art, technology, and charity and gives those who want to help and need help a virtual home in the Web3. Blockchain meets Social Impact. ➡️ 20 % of NFT sales & ➡️ 25 % of the royalties Whether you are an (impact) investor, an NFT collector, want to support a good cause, or be part of this movement for a better :earth_americas:, the NEW WORLD GUARDIANS NFT collection offers you a virtual family and tons of future advantages for our early holders. 🚨HOLDER BENEFITS:🚨 - Airdrop of Special Edition NFT - Support six NGOs in a fully transparent way - Get an exclusive seat in the New World Guardians- Special NFT Comic auction - Exclusive NFT Exploitation rights - Benefits for our Visionaries along the Roadmap (Whitelist Spots, Guardian Shop Discounts, Airdrops, and many more) ➡️ Check out the Discord: https://discord.com/invite/et4ReZkYmY Website: https://newworldguardians.com/ Early Access Mint: October 30th Public Mint: November 1st

​​Betting against Tron [TRX] in Q4? Read this update first TRONDAO recently released its weekly report that showcased the growth of the network in the DeFi space. It also elaborated on the improvements the network noticed in terms of the number of accounts and transactions. During the time when the report was published, TRX observed growth of 4.12% in its prices over the past week. Will the growth of TRON in the DeFi space combined with its on-chain performance be enough to propel TRX to the moon? Looking at the numbers In terms of DeFi activities, TRX has shown massive growth over the past few weeks. As can be observed from the image below, the TVL witnessed a spike from 22 September to grow from $5.3 billion all the way to $5.7 billion at press time. According to TRON’s weekly report, the number of addresses on the Tron mainnet has gone from 113,696,677 to 1,265,936 over the past week. Thus, indicating that more users are signing up for Tron. One of the reasons for this growth could be Tron’s increasing popularity in the social media landscape. Tron observed a 41% growth in its social mentions and a spike of 66% in terms of social media presence. Although TRX seems to have grown in popularity, the public sentiment had not been on Tron’s side during this period. As can be observed from the chart below, the sentiment for Tron had mostly been negative throughout the past month. This amount of negative sentiment can have a bearish impact on TRX’s price in the near future. Moreover, there was also a decline observed in Tron’s development activity which could be a cause of concern for potential investors. A decline in development activity means that there is less activity on Tron’s GitHub, which implies that the momentum at which updates and upgrades are being made onto the Tron network has declined. TRX’s volume also took a toll and declined by 57.35% according to Messari, a crypto analytics firm. All these factors should be considered by investors who are planning on investing in TRX. At the time of press, TRX was trading at $0.06271 and its price had appreciated by 1.02% in the last 24 hours.

​DeFi ecosystem AirDAO raises $2 Million from DWF Labs AirDAO, the governance DAO of the Ambrosus blockchain, has raised $2 million in a partnership deal with DWF Labs—one of the world’s leading web3 investors globally and a top 5 crypto market-maker by volume globally. Along with investing in the future of Web3 and market-making, DWF Labs also provides projects with a wide range of support and access to their vast network across multiple verticals. AirDAO, previously known as Ambrosus, has recently changed leadership. The new CEO, Lang Mei, has an ambitious vision to make DeFi accessible to the world; and AirDAO will achieve this with its single dashboard for dApps that reduces the complexity of DeFi into an easy-to-use interface. Keep up with AirDAO on their Telegram, Twitter, and Website.

🥳 Celebrate 10m Users with Bybit 🥳 1️⃣ Trade crypto with zero fees on all Spot trading pairs. 2️⃣ Invest in Bybit Earn products and share a $1,000,000 Prize Pool! ✅ Don't have a account yet? Sign up here!

​​Decoding the significance of 17 October for the bankrupt Celsius Network Celsius Network CEL, the New Jersey-based bankrupt cryptocurrency lending company, managed to set the date for auctioning its assets. As per the document filed with the US Bankruptcy Court for the Southern District of New York on 3 October, Celsius will have its final auction on 17 October. Furthermore, a sale hearing would occur on 1 November via Zoom before Chief US Bankruptcy Judge Martin Glenn. This event is anticipated to have the participation of a large number of interested parties. Troubled exchange to find a bidder It was in June 2022 that Celsius suspended asset withdrawals and transfers on its platform, citing “extreme” market conditions. The organization further filed for bankruptcy the following month. The exchange also stated that it had $167 million in liquidity to support its current operations and restructuring its business. Celsius also disclosed that it owed its users $4.7 billion. Since then, 58,000 custodial account holders that together lost $150 million have come together to recover their funds. Last month, the court allowed approved the appointment of Shoba Pillay as an independent examiner to provide a full report on Celsius’ assets and liabilities. However, Celsius was not the only crypto firm to have collapsed this year. TerraUSD stablecoin, hedge fund Three Arrows Capital and crypto lender Voyager Digital also collapsed during the same phase, leading to the global crypto crash. Crypto billionaire SBF considers acquiring Celsius FTX CEO Sam Bankman-Fried “SBF” has been considering to bail out the troubled exchange. The billionaire opined on Twitter that if FTX gets involved, then the bid for Celsius would be determined by fair market price, similar to its dealing with Voyager. Recently, FTX successfully acquired the auctioned assets of Voyager with an offer of about $1.4 billion. Voyager claimed that the bid comprised the actual market value of its cryptocurrency assets at a determined period (roughly $1.3 billion). This was combined with $111 million of what it claimed was incremental value but did not provide any other information. Celsius has been one of the most high-profile casualties of this year’s crypto crash, and how this case proceeds will have major repercussions on the industry.

​​How Ethereum [ETH] is faring amid reshuffled demand Ethereum ETH volumes have been all over the place in the last three months and more so in September. Perhaps an expected outcome, given the drastic changes that have taken place in the crypto market during the month. The demand for ETH also witnessed some volatility during the last four weeks. Nonetheless, recent events highlight interesting changes that many investors may not have expected. For example, the rising global inflation resulted in a stronger dollar and a devaluation of some major global currencies. The Euro and Great Britain pound (GBP) are among some of the major fiat currencies that were negatively affected. As a consequence, their devaluation forced many to seek out alternatives for their wealth. According to a Messari analysis, Ethereum volumes increased against the GBP as investors readjusted their funds. The report also noted that the observation was more pronounced for BTC than for ETH. It further added that the volume spikes were equivalent to normal volumes observed towards the end of 2020 and in the first few weeks of 2021. While the aforementioned observations only focused on the European market, they were not a reflection of ETH’s overall volume. On-chain volumes further dropped by a substantial margin since mid-month despite peaks and troughs in-between. ETH’s social volume was also down considerably as compared to its mid-month levels. It managed to achieve a slight uptick in the last 24 hours, which was a notable change considering the cryptocurrency’s current price level. Calm before the storm? ETH traded at $1,332 at press time, which was a slight upside from its monthly low on 21 September. Furthermore, it stuck with the current level for the last seven days, underscoring the low volatility and lack of strong demand. This performance also reflected the low trading activity highlighted by the low number of daily addresses. The active addresses metric portrayed a similar observation where active addresses tapered out from mid-month levels. Moreover, whales have also contributed to ETH’s sell pressure during the last two weeks. Whales holding between 10,000 and one million ETH contributed the most to the selling pressure since mid-September. Their outflows slowed especially in the last few days and this may explain ETH’s sideways price action. The same whales have contributed some downside pressure this week, thus explaining ETH’s struggle to overcome the current price level. Meanwhile, some of the other top whales have been gradually accumulating at the lower price range. This included whales holding more than one million ETH. Whales accumulating at the lower price levels can be considered a healthy sign for ETH, especially for the bulls as we head into October. However, this does not guarantee that the price is immune from more downside. ETH’s press time level was at a slight premium compared to its 2022 lows and it was not oversold.

​​VeChain’s (VET) mainnet sees ~700k transactions but traders must be aware of… VeChain, a platform that allowed businesses to create and execute decentralized applications (dApp) using VeChain (VET) was trending at press time. From the token trending the green to transactions occurring on the network- things looked optimistic for the #35th ranked crypto. Trusting the future VET, the native token witnessed a 6% surge as it traded around the $0.02 mark. Here’s a glimpse of the said rise on CoinMarketCap. Meanwhile, even transactions on the platform recorded a significant high as shared by the VET community on Twitter. In just over three hours, VeChain pumped out almost 700k transactions for the biggest company in the world (Walmart). ‘No spam, no token shuffling, real world, economically beneficial on-chain activity for 1 company, with thousands to come,’ the tweet added. Meanwhile, on chain metrics such as trading volume and development activity reiterated the same picture on Santiment. Especially the trading volume given the unprecedented hike below. Whereas, the development activity, despite showing a modest high, didn’t quite create the same buzz as the former. But this could increase in the coming days given the upgrades on the network. Piling it up The VeChain blockchain development team chose to design and implement a finality gadget to run dual modes of consensus instead of replacing the Proof-of-Authority (PoA) consensus. The latest stage of PoA 2.0 enabled the latest development. VeChain’s Peter Zhou tweeted that the latest stage of PoA 2.0 (the FOB finality or the VIP-220) has been running as expected on the testnet. He added that he looked forward to the stakeholder vote enabling its mainnet deployment. This upgrade would combine the various types of blockchain consensus to achieve the holy grail of mechanisms for the real-world environment. In addition to this, VeChain and TruTrace announced the list of industries they would integrate into the blockchain platform. As per the announcement, the platform would onboard TruTrace’s legal cannabis, food, apparel, and pharmaceutical industries. Having said that, investors and traders should maintain caution and look for any vulnerabilities before jumping here.

​​Short Binance Coin [BNB] at $300? Here is why a bearish move is likely Binance Coin BNB was ranked 7th on CoinMarketCap and was the largest exchange token by market capitalization. It witnessed enormous gains since early 2021. The bear market of the past year saw the coin fall from $650 in November 2021 to $200 in late June. Binance has also been going strong, and most analysts expect this trend to continue. Years into the future, BNB could be one of the giants of the ecosystem. Yet, in the next month, the picture was not quite as rosy. BNB- 1-Day Chart The support and resistance zones were marked in cyan and red respectively. In mid-May and early August, the $336 mark decisively rebuffed bullish efforts. Moreover, the $300 level was a psychologically important one. Hence, the region around it could be a massive battlefield on the order books as bulls and bears fight for control. At press time, the bears held this territory. Earlier this month, an attempt to scale the $300 heights was pushed back, and a retest of the $260 zone was effected. The market structure was also bearish for Binance Coin since August, when the $300 mark was flipped to resistance. This bias would remain in the weeks to come. Sell when BNB reached $300, and look for buying opportunities around $260. BNB- 12-Hour Chart The higher timeframe market structure was bearish for Binance Coin. This meant that, on the 12-hour chart, a trader can look for shorting opportunities. A bearish order block formed near the $300 mark, once again highlighted in red. The confluence of a key level alongside a H12 order block suggested that high probability short positions could present themselves in the days to come. The Relative Strength Index (RSI) was at 55, which was weakly bullish. This was in response to the bounce from $260. The Awesome Oscillator (AO) was not yet above the zero mark, and showed slight bearish momentum. The Accumulation/Distribution (A/D) line trended upward since June but was flat in the past two weeks. Conclusion The price action strongly hinted at a shorting opportunity at the $300 mark. A move past this level would flip the long-term structure to bullish. Yet, with Bitcoin below the $19.6k resistance, caution was warranted over the next week. A move above $20k could help Binance Coin break its resistance as well. Such a scenario would invalidate the bearish ideas presented in this article. Until then, downside targets would be $260 and $240 after a retest of the $300 region.

​🚀 | 65% APR - 1st DEX on #AirDAO Blockchain | Farm NOW on FirepotSwap @ AirDAO.io AirDAO’s blooming Binance partnership just launched an $AMB/$BUSD pair and tightly integrated $AMB into their platform (Futures, Cross Margin, Convert) 🧨・Highest APR available for the explosive $AMB token, hitting highest volume and hotlist on Binance multiple times. 🧨・Safe, easy and secure. The most trusted DeFi contracts on the market. You know you’ll be safe with our Uniswap V2 and Synthetix contract forks. 🧨・No KYC, no signups, no bullshit. Farm $AMB easily on AirDAO’s gateway to decentralized finance with FirepotSwap. 🧑‍🌾 | Farm on FirepotSwap 🧑‍🎓 | Learn more on the AirDAO Academy 🧐 | Review our Contracts 🎙 | Join us @ Discord・Twitter・Telegram・Medium・Reddit

​​Everything about Voyager seeking repayment of $200M loan to Alameda Court filings made by Voyager Digital indicate that the bankrupt crypto lender is seeking to unwind a loan of $200 million that was extended to Alameda Research, Sam Bankman-Fried’s quantitative crypto trading firm. Repayment details The loan was initiated in September last year against the collateral of $160 million posted by Alameda Research. Upon repayment, Voyager will unlock the collateral, which consists of 4.65 million FTX tokens (FTT) worth $111.6 million, and 63.75 million Serum (SRM) worth $49.25 million. 6,553 BTC ($127.8 million) and 51,204 ETH ($70.2 million) make up the principal loan amount. The loan consists of smaller amounts denominated in several other tokens. The repayment is due by 30 September. When Voyager had voluntarily filed for Chapter 11 bankruptcy on 5 July, Alameda Research announced within days that it would be willing to return all outstanding debts and secure its collateral at the discretion of Voyager. Accumulating cash Voyager Digital’s recent actions suggest that the firm is looking to accumulate cash, likely to counter the hole in its balance sheet, left by multiple creditors defaulting on their loans, including the $650 million loan to the now defunct crypto hedge fund Three Arrows Capital. Voyager had announced on 6 September that it would be liquidating its remaining assets through an auction that was scheduled for 13 September. This news came as a relief to creditors since the auction indicated multiple bids for the firm’s assets. As of 20 September, the auction had not concluded. Sam Bankman-Fried’s FTX and crypto exchange Binance have been identified as the two frontrunners competing to acquire Voyager’s assets in the auction. Deep ties Voyager Digital’s relationship with Alameda or even Sam Bankman-Fried is not limited to the loan or the events related to the recent auction. Following Terra’s crash and the subsequent collapse of 3AC which set off the crypto contagion, Voyager announced that it had signed a term sheet with FTX securing a $200 million credit line after facing financial difficulties. This credit facility carried a 5% annual interest rate. The deal included an additional revolving credit facility for 15,000 BTC However, Voyager’s significant exposure to 3AC rendered FTX’s credit facility useless as the crypto lender announced on 1 July that it was halting all trading activities, followed by the bankruptcy proceedings later that week. On 22 July, FTX announced a joint offer with West Realm Shires Inc. to acquire the digital assets of Voyager Digital, along with absorbing their outstanding debt. This offer did not include the $654 million loan extended by the latter to Three Arrows Capital. Voyager rejected FTX’s offer on 24 July through a strongly worded court filing, stating that the offer from FTX did not reflect optimum value for Voyager’s customers, and was instead harmful to them. Voyager further criticized FTX for publicizing their bailout offer, calling their actions misleading. The letter also accused FTX of undermining the “coordinated, confidential, competitive bidding process”, jeopardizing potential deals for the company, adding that FTX had violated its obligation to the debtors and to the bankruptcy court.

​​Is Binance Coin [BNB]’s burning landmark enough drive to lead the alt to $300 The recent surge in Binance Coin BNB burning activity may have proved that the BEP-95 upgrade was a good decision. Also described as the “Bruno Upgrade,” the BEP-95 was implemented to speed up the BNB tokens burning process. In addition, the upgrade was to use a part of the burned tokens as transaction fees on the Binance Smart Chain. According to BurnBNB, 119,600 BNB tokens have been burned since the Burno upgrade. This record meant that the already burned BNB tokens were worth over $47 million. Waiting on nothing Despite the burn milestone, the BNB price had remained almost unchanged at press time. According to CoinMarketCap, BNB was trading at $276.40— a 0.8% surge from its value in the last 24 hours. And after registering over $1 billion in its 24-hour volume, BNB was not close to it anymore. At press time, the trading volume stood around $654 million. According to Santiment, BNB’s thirty-day Market Value to Realized Value (MVRV) seemed to be in a condition that activates selling. With the MVRV at 27.25%, BNB’s market value was solidly outpacing its realized value. At this stage, investors may need to consider selling off their holdings. In addition, whales seemed to be exiting the Binance Smart Chain (BSC) ecosystem. Santiment revered that the $5 million whale holding supply had significantly declined since 14 September. As such, investors waiting on BNB to hit $300 as it did in August may need to stay longer. Furthermore, an assessment of its circulation in the last 24 hours had remained almost the same from 3 September. This stagnancy meant that BNB movement across wallets was not something to thrill investors. For its NFT volume, there was a positive to pick up as it stood at $946,000. On price action as of 16 September, BNB was showing more of a bearish turnover. The Money Flow Index (MFI) had decreased massively up until 15 September. However, the MFI had increased as it moved from 24.22 to 38.51. Hopes of a price rally may not be in the works anymore due to the momentum displayed by the Moving Average Convergence Divergence (MACD). According to the four-hour chart, the MACD revealed the difference between the 12 and 26 Exponential Moving Averages (EMAs) was below zero. The same was the situation with the buying momentum (blue), which was lower than the sellers’ strength (orange). Hence, expecting an increase up to $300 may not be realistic in the short term.

​​Doodles NFT holders would be happiest to know this latest development NFT creator Doodles has raised $54 in a funding round led by Seven Seven Six, with a valuation of $704. The fund will be used to fund product development and build a team. Founded in 2021, Doodles is an NFT venture that aims to become a leading Web 3.0 entertainment project. Created by artistic entrepreneurs, Doodles today counts some of the leading global artists among its members. In late June 2022, Pharrell Williams joined the company as its Chief Brand Officer. It also announced Doodles Records: Volume 1, produced by Williams in partnership with Columbia Records. As per NFT Price Floor, the 10,000-image rich Doodles collectible is currently valued at a market capitalization of 74,900 ETH ($120.8 million). Today, it is the 11st largest NFT collectible by market cap. Reddit co-founder Alexis Ohanian established the VC firm, Seven Seven Six. FTX Ventures, Acrew Capital, and 10T Holdings also participated in the fundraising round. Future growth of NFT industry A study from the UK-based market research firm Juniper Research has analyzed the trajectory of the NFT market over the next five years, predicting that the number of global NFT transactions will reach around 40 million by 2027. A major reason for this growth will be the increasing adoption of metaverse by brands for boosting their digital presence. A MarketsandMarkets study predicted that the global NFT market is expected to grow from $3 billion in 2022 to $13.6 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 35.0% from 2022 to 2027. The Asia-Pacific region will grow at the highest CAGR during the forecast period, it added. A report by Verified Market Research (VMR) is even more hopeful about the future of the NFT industry. It predicted that the non-fungible tokens (NFTs) are going to occupy a significant position in the market, with their value swelling to $231 billion by 2030, growing at a CAGR of 33.7% from 2022 to 2030. The report valued the NFT market in 2021 to be $11.3 billion. Again, North America is most likely to emerge as the dominant market in the segment. The rising demand for NFTs is related to a number of factors, including their uniqueness, individuality, and transparency. The fact that NFTs have broadened their scope beyond music, movies, and sports to include other streams like metaverse and, in particular, gaming, is one of the primary reasons behind the exponential surge in the global demand for NFTs. The gaming business, especially the play-to-earn blockchain gaming model, has established itself as a significant growth opportunity for NFT.

​​How Uniswap [UNI] landed at this same spot is no mystery – Here’s the catch Automated liquidity protocol Uniswap UNI steered its way to where it was two weeks back, despite many of its counterparts recording good gains. Despite making huge waves a week ago, it was surprising to see UNI’s price at the exact zone it was during the crypto-market’s capitulation. At press time, UNI was trading at $6.54. The crypto’s price performance was particularly underwhelming as it failed to share both Bitcoin BTC and Ethereum’s ETH uptick on the charts. On the contrary, Curve Finance CRV, for example, recorded an 11% hike in the last seven days. Nearing the drop Not only has UNI underperformed price-wise, its position per the Total Value Locked (TVL) has been threatened too. According to DeFiLlama, Uniswap’s TVL lost 13.63%of its worth in the last thirty days. Also, despite the fact that the TVL was $6.29 billion on 10 August, the project’s chains seemed unprepared to face the hurdle of maintaining its fourth position on the rankings. At press time, Uniswap’s TVL was $5.65 billion. Now, while other top DeFi protocols were also down per TVL, Uniswap registered the most significant decline. Using Curve as a point of reference, the latter only lost less than 10% of its TVL value. Where next – Hinder or boost? The prevailing momentum may be of disturbance to investors. Hence, it would be wise to assess where exactly UNI stands. On-chain data platform Santiment recently revealed that UNI’s Market Value to Realized Value (MVRV) was not in the best of states. With the value at -6.04, it was obvious that the realized value was more than the market value. In this instance, UNI has not made sufficient profits for investors to sell. As for its volume, the initial uptick to 152.1 million looks to have taken a step back. However, concluding that UNI’s doom in the short term is inevitable would be wrong. A look at the altcoin’s price charts seemed to underline the same. Based on the crypto’s Relative Strength Index (RSI), for instance, UNI was just acting in line after a former overnight level led to a reversal. However, the RSI had not completely turned bearish. In fact, a look at the On-Balance-Volume (OBV) revealed that UNI was really down per liquidity pumped into its ecosystem. The OBV, at press time, was 201.08 million— A point lower than its levels earlier in the week.

​Bitcoin: What experts think of BTC’s price trajectory in 2022 Source: Unsplash Bitcoin [BTC] has been witnessing some turbulences in the last few days. The price of the king coin and other cryptocurrencies dropped on 5 September. At press, the king coin was changing hands at $19,307 after noting a 2.99% increase over the last day. However, in the past seven days, it declined by 3.85%. So why bullish sentiments? In this regard, Bloomberg analyst Mike McGlone stated, “Bitcoin is a wild card that’s ripe to outperform when stocks bottom, but transitioning to be more like gold and bonds.” Furthermore, as per the analyst, it is “ready” to outperform once traditional markets reach their bottom. McGlone, via his recent post, noted that the stock market direction would be determined by the U.S. Federal Reserve’s tightening. He further claimed that BTC remains a wildcard that could defy the trend. Additionally, many analysts and investors believe and agree with McGlone. What about the bears? Just like some find BTC bullish, there are yet some who believe that BTC stays risk and bear-prone. Bitcoin, at press time, was trying to cross its psychological level of $20,000. Furthermore, risk aversion once again washes through the markets, according to Craig Erlam, an analyst at Oanda, a global company offering leading currency solutions for both retail and corporate clients. Given that the June lows, which were around $17,500, are the next important level below this one, a substantial breach at this time may be quite harmful. Craig’s bearish view is shared by other analysts, too. Naeem Aslam, an analyst at broker AveTrade says, “Bitcoin’s daily range has narrowed massively, and this is giving us an indication that a massive capitulation is coming.” Aslam gave justifications to support his assertions. Additionally, traders have been defying sell pressure to maintain rising cryptocurrency prices. Additionally, according to Reuters, investors and exchanges may run into some difficulties due to BTC’s current price movement. This has seen the top cryptocurrency stabilize in the $17,000–$20,000 area since July. This is due to the price trend showing a sharp decline in BTC’s volatility. Thus, rendering it “boring” to investors who may soon turn to its competitors like Ether. In the meantime, Bloomberg recently reported that investors have been “falling into hibernation” amid the protracted crypto winter. This is because BTC has already been registering alarmingly low on-chain activity. The coin has also been registering significant withdrawals from controlled exchanges. As tricky as it can get Despite analysts’ high price projections, it has proven difficult to anticipate the short-term price of BTC. However, the king coin is likely to remain under pressure as long as inflation stays high and the Federal Reserve continues to tighten financial conditions. This may thus reduce the demand for risky assets.