Crypto Market Daily Highlights – XRP and SOL Enjoy NASDAQ Support

Key Insights:

  • It was a bullish Friday session for the crypto top ten, with XRP and SOL leading the way.
  • US economic indicators delivered perfect numbers for the NASDAQ Composite Index and the crypto market.
  • The crypto market cap surged by $53.5 billion to end the day at $1,010 billion.

It was a bullish Friday session for the crypto top ten. SOL and XRP led the charge. BTC rose for the second time in six sessions and returned to $21,000 for the first time since October 29.

US economic indicators delivered the NASDAQ Composite Index and the crypto market support. The all-important US jobs report was perfect for riskier assets.

In October, average earnings rose by 4.7% year-over-year versus 5.0% in September, with the unemployment rate up from 3.5% to 3.7%. The unemployment rate rise came despite the participation rate falling from 62.3% to 62.2% and a 261k increase in nonfarm payrolls.

Notably, the earnings figures showed early signs of easing price pressure that could allow the Fed to take its foot off the gas.

In response, the NASDAQ Composite Index ended the day up 1.28%, with the S&P 500 gaining 1.36%.

NASDAQ correlation.
Total Market Cap – NASDAQ – 051122 Daily Chart

Crypto Market Hits $1 Trillion for Second Time Since September 13

It was a bullish Friday session. The crypto market surged from an early low of $953.0 billion to a late high of $1,021 billion before easing back. The US jobs report drove demand for cryptos on hopes that easing wage growth and rising unemployment could allow the Fed to take its foot off the gas.

While coming off the day’s high, the crypto market surged by $53.5 billion to end the day at $1,010 billion. It was only the second visit to $1 trillion since September 13, which coincided with the bearish August US CPI report.

Crypto market cap returns to $1 trillion.
Total Market Cap 051122 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bullish Friday session for the crypto top ten.

SOL and XRP led the way, with gains of 9.38% and 11.20%, respectively.

ADA (+8.21%), BNB (+7.62%), BTC (+4.66%), and ETH (+7.43%) also found strong support, while DOGE (+2.83%) trailed.

From the CoinMarketCap top 100, it was a bullish session.

Loopring (LRC) and polygon (MATIC) led the way, rallying by 33.95% and 22.74%, respectively, with chainlink (LINK) up 12.99%.

However, UNUS SED LEO (LEO) and Chain (XCN) bucked the broader market trend, falling by 8.53% and 2.30%, respectively.

24-Hour Crypto Liquidations Spike on US Jobs Report

Over 24 hours, total liquidations jumped in response to the US jobs report that hit ETH short positions. At the time of writing, 24-hour liquidations stood at $254.03 million, up from $87.96 million on Friday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 90,998 versus 66,960 on Friday morning. Liquidations were down over one and four hours while up over 12 hours.

Crypto liquidations spike.
Total Crypto Liquidations 051122

According to Coinglass, 12-hour liquidations rose from $42.88 million to $185.40 million. However, four-hour liquidations fell from $16.75 million to $13.58 million, with one-hour liquidations down from $6.86 million to $1.92 million.

The chart below shows market conditions throughout the session.

Crypto market steadies late in the session.
Total Market Cap 051122 Hourly Chart

The Once in a Lifetime Reason to Buy Ethereum Right Now

Ethereum is about to undergo a once-in-a-lifetime metamorphosis that will be remembered for decades. My conservative estimate is that Ethereum prices will 2x over the next month and continue to climb higher and possibly faster than it ever has or will. I am not alone in my stance on the world’s largest decentralized finance ecosystem, and (for the time being) the number two crypto asset.

Ethereum vs Bitcoin comparison

I am not going to say that it will be greater than Bitcoin, honestly, they are two different coins with two entirely different purposes and use cases. Bitcoin will always be Bitcoin and no coin, not even Ether can take its place. Bitcoin is the most decentralized, unstoppable, un hackable, and most importantly uninflatable place to safeguard your purchasing power which will never exceed a maximum of 21 million BTC.

Ethereum 2.0 becomes eco-friendly

While the argument for or against PoS vs PoW is a topic that deserves its own report if not dozens, the following that PoS has gained is undeniable and will help Ethereum flourish in the future due to its eco-friendly consensus mechanism. The chart below shows the total number of Ethereum staked already in Ethereum 2.0, illustrating that regardless of price action interest in Eth 2.0 has grown at a steady rate since 2020.

ETH 2.0

Ethereum’s ecosystem and its role in cryptospace

Ethereum on the other hand is a virtual machine, an engine “or brain” of sorts powering the latest and greatest things crypto has to offer, a list that is always growing. Holding Ethereum is not so much an asset used to hedge against inflation rather it is a bet on the future of finance and the endless use cases that have grown to support Ethereum’s ecosystem.

This includes NFTs, yield farming, smart contracts, decentralized finance, and inspired countless similar layer-1 competing chains such as Avalanche, Cardano, and Solana. Not to mention the many layer-2 chains such as Polygon, Arbitrum, and Loopring AND the countless ERC-20 tokens that run on Ethereum, such as Shiba Inu, USDC, Chainlink, and over 4,000 others.

ETH Eco coins

Token dynamics

It shouldn’t be understated what this will likely do to Ethereum. Following the merge creation of new Ethereum coins “Ether” which is currently 2 Ether per block. Last month issuance of newly created coins paid to PoW miners averaged 13,000 per day, this equates to a 4.5% increase in Ethereum’s total supply every year.

After the merge, only stakers will be rewarded with new coins and the issuance will decrease by 90% down to only 1,600 per day! This has the real possibility of making Ether a deflationary asset. Assuming that its usage does not decrease, the gas fees paid to the network which are burned thereafter could easily exceed the newly minted Ether issued to stakers.

More performance

The creation of Eth 2.0 will also increase its throughput for transactions at a much higher multiple while also solving a lot of the scaling issues Ethereum has faced throughout its seven-year history.

Active Ethereum addresses skyrocketing

I will end this piece with a chart that shows the number of active Ethereum addresses on a per-day basis, notice the rapid increase of transactions on the network since 2020 which includes the massive spike in July that almost hit 1 million transactions on a single day! This clearly shows the support and momentum that has been building in anticipation of this once-in-a-lifetime event.

ETH Active adresses

For anyone interested in viewing more articles on Bitcoin, simply click this link.

Crypto Market Daily Highlights – ADA and BNB Lead the Crypto Top Ten

Key Insights:

  • It is a bullish end to the week for the crypto top ten, with Cardano (ADA) and Binance Coin (BNB) leading the way.
  • No cues from the crypto news wires left investors to juggle better than expected US economic indicators and the threat of another 75-basis point interest rate hike.
  • The total market cap increased by $10.12 billion to end the week up $15.25 billion.

It was a bullish Sunday session for the crypto top ten. In another range-bound session, bitcoin (BTC) fell short of the $24,000 handle for the seventh consecutive session. Cardano (ADA) and Binance Coin (BNB) led the way, though the gains were modest.

Recent US economic indicators eased investor jitters over a US economic recession. However, the better-than-expected data has fueled speculation of a one percentage point rate hike in September. In July, the Fed delivered a ‘dovish’ 75-basis point hike, with FOMC members concerned about the impact on the US economy.

ISM-based service PMI and nonfarm payroll figures may have alleviated that concern. However, the Fed will have another round of economic indicators to consider ahead of the September policy decision. The possibility of weaker numbers eased any immediate market stress.

Following the NASDAQ 100’s 0.50% loss on Friday, the NASDAQ 100 Mini was down 49.5 points this morning, leading to a crypto pullback.

NASDAQ 100 correlation
NASDAQ 100 – Crypto 080822 Daily Chart

The Total Crypto Market Cap Ends the Week on the Rise

On Sunday, the total crypto market cap slid to an early low of $1,055 billion before surging to a late high of $1,090 billion. However, weighed by the NASDAQ 100 Mini, the crypto market cap eased back to end the day at $1,075 billion.

Up by $10.12 billion on Sunday, the total crypto market cap increased by $15.25 billion to register a fifth consecutive weekly rise.

Crypto market cap increased to end the week up $15.25 billion
Crypto Market Cap 080822 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a bullish Sunday session for the crypto top ten.

ADA and BNB rose by 3.33% and 2.44%, respectively, to lead the way, with BTC (+0.98%) and SOL (+1.36%) finding support.

DOT (+0.57), ETH (+0.57%), and XRP (+0.27%) trailed the front runners.

From the CoinMarketCap top 100, it is a mixed session.

Oasis Labs (ROSE), Loopring (LRC), and Theta Network (THETA) led the way. ROSE jumped by 25%, with LRC and THETA up by 11% and 8%, respectively.

At the other end of the table, Filecoin (FIL) led the way down, with a 7% loss. Lido DAO (LDO) and Synthetix (SNX) fell by 5%, respectively.

Total Crypto Liquidations See NASDAQ 100 Mini Influence

This morning, 24-hour liquidations remained at sub-$100 million, reflecting the bullish Sunday session.

At the time of writing, 24-hour liquidations stood at $63 million, up from $59 million on Sunday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 27,681 versus 24,204 on Sunday morning.

However, one-hour and four-hour liquidations increased as investors looked ahead to US inflation and responded to the early NASDAQ 100 Mini decline.

Crypto Liquidations remain at sub-$100 million
Total Crypto Liquidations – 080822

According to Coinglass, four-hour liquidations stood at $16.91 million, up from $1.44 million on Sunday morning. One-hour liquidations were up from $0.328 million to $3.89 million (see hourly crypto market cap chart below).

Crypto market cap sees NASDAQ 100 Mini effect
Crypto Market Cap 080822 Hourly Chart

Crypto Price Analysis July 12: MATIC, LRC, SAND, CVX, UNI

Key Insights:

  • Polygon led the few altcoins that were rallying with an almost 10% rise before succumbing to the bears.
  • Convex Finance was among the top losers following the 7.3% decline.
  • Bitcoin and Ethereum both fell to $19k and $1k, respectively.

The total value of the cryptocurrencies in the market fell to $858 billion today, losing the $900 billion mark again.

Plus, with the king coin and the altcoin king both suffering at $19k and $1k, respectively, the rest of the altcoins were bound to fall today.

Polygon (MATIC)

Trading at $0.561, MATIC remained virtually unmoved today following the 7.08% decline in price noted this week.

With the Awesome Oscillator highlighting the beginning of bearish sentiment in the market, the price could take a turn for the worse, falling to the $0.5 mark.

Loopring (LRC)

The altcoin, following the rest of the market, slipped by 9.4% in the span of just five days. Trading at $0.3782, LRC has already lost half of the recovery it made in June.

The Bolling Bands’ convergence highlights that the volatility is reducing, but with the candlestick moving below the bias, the price going forward could witness further price falls.

The Sandbox (SAND)

The second biggest Metaverse token, SAND, is no alien to the bears either, with the altcoins depreciating by almost 14.6% over the past week.

The Chaikin Money Flow has been noting outflows over the same period, making SAND holders just as panicky about possible price falls as other investors.

Convex Finance (CVX)

CVX, unlike the rest of the market, is actually experiencing a downfall but the same only began three days ago this week. This kind of growth of 18.75% fall will be harmful as it could wipe out a significant chunk of the July first week recovery of 82.14%.

The MACD indicator in the case of CVX indicated the oncoming bearishness and a bearish crossover could keep afloat for a while.

Uniswap (UNI)

The biggest decentralized exchange in the market is not safe from the broader market bearish cues either declining by 13.84% to trade at $5.57

The Relative Strength Index (RSI) continues to stay in the bullish zone for a week now, which will help recoup the recent losses for UNI.

Crypto Market Daily Highlights – SOL and DOGE Sink in Bearish Session

Key Insights:

  • It was a bearish start to the week for the crypto top ten, with Solana (SOL) and Dogecoin (DOGE) leading the way down.
  • Market angst over inflation, the economic outlook, and Fed monetary policy fired up ahead of US inflation figures on Wednesday.
  • The total crypto market cap slid by $38 billion to record the fourth decline in ten sessions.

It was a bearish Monday session for the crypto top ten. Bitcoin (BTC) fell for a fourth consecutive day, with DOGE and SOL leading the way down.

Positive US nonfarm payroll (NFP) figures from Friday reverberated across the global financial markets. Following less hawkish FOMC meeting minutes last Wednesday, the NFP number reignited fears of a 75-basis point rate hike this month.

The crypto market tracked the NASDAQ 100 into the red, with investors now looking ahead to US inflation figures due on Wednesday.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 120722 5 Min Chart

Another spike in inflation could assure a 75-basis point rate hike and a more aggressive rate path for the year.

However, riskier assets could find support should US retail sales figures disappoint on Friday.

The FOMC meeting minutes revealed concern over the impact of rate hikes on the economy. Weak numbers could force the Fed to take its foot off the gas to assess the effect of rate hikes on sentiment and consumption.

The Total Crypto Market Cap Slides to Sub-$900bn

A bearish Monday session led the crypto market cap to a day low of $862 billion before ending the day at $867 billion. The extended sell-off saw another $38 billion come off the table.

For July, the crypto market cap is up by just $1.5 billion, with the crypto market now facing the prospect of a fourth consecutive monthly loss.

Near term, the fate of the crypto market sits in the hands of the Fed and global economic indicators.

Crypto - NASDAQ
Total Market Cap 120722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

DOGE and SOL slid by 8.22% and 8.98%, respectively, to lead the way down.

ADA (-6.06%), BTC (-4.33%), and ETH (-6.18%) also struggled.

XRP  and BNB saw relatively modest losses of 3.17% and 3.80%, respectively

From the CoinMarketCap top 100, STEPN (GMT) led the way down, sliding by 12.5%, with THORChain (RUNE), Uniswap (UNI), and IOTA (MIOTA) close behind.

Loopring (LRC), Chiliz (CHZ), and Arweave (AR) bucked the trend. AR rose by 2.16%, with LRC and CHZ ending the day up by 0.25% and by 0.98%, respectively.

Total Crypto Liquidations Spike as Crypto Market Hits Reverse

24-hour liquidations increased through Monday, reflecting the bearish crypto session.

This morning, 24-hour liquidations stood at $177 billion, up from $111 billion on Monday and $60 million on Sunday morning.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 69,448 versus 39,241on Monday.

Four-hour and One-hour liquidations reflected deteriorating market conditions.

According to Coinglass, one-hour liquidations stood at $13.81 million, up from $0.586 million on Monday. Four-hour liquidations stood at $90.91 million.

Crypto liquidations
Total Crypto Liquidations 120722

Daily News Highlights

  • Bitcoin projections got more bearish, with $10,000 called more likely than $30,000.
  • CoinFLEX started the arbitration process to claw back $84 million.
  • XRP showed a muted response to the latest filings and rulings from the SEC v Ripple case.

Crypto Price Analysis July 6: CRV, SAND, LRC, BSV, FLOW

Key Insights:

  • Curve DAO Token is leading the rally with a 10.23% rise today.
  • Loopring is taking charge of the bears, albeit with a 5% decline.
  • Bitcoin and Ethereum continue to trade at $20k and $1.1k, respectively.

The crypto market has seemingly entered consolidation, barely moving over the past 48 hours.

With the entire crypto market’s value still struggling at $885 billion, it does not seem like Bitcoin and Ethereum will be able to kickstart a rally at the moment.

Curve DAO Token (CRV)

CRV has been performing exceptionally well this week, noting a 39.19% growth in the past couple of days. This rally will be crucial in not only recovering the 54.77% losses of June but also in pushing the altcoin above $1 again.

Additionally, the 9.54% rise in the last 24 hours will turn the Awesome Oscillator into absolutely bullish, further supporting recovery.

The Sandbox (SAND)

The Metaverse token made a quick recovery from the June crash when it shot up by 60.35%, and it rallied once again over the last three days marking a 20% rise. This brought SAND’s trading price above $1.25.

Going forward, the possibility of a price rise remains open since the separated Bolling Bands indicate an uptrend as the candlesticks remain above the bias.

Loopring (LRC)

LRC has been oscillating around the $0.4 mark for almost a month now despite declining by 13.89% recently as the altcoin recovered by 8.21%.

The Chaikin Money Flow, on the other hand, clearly exhibits that investors have been optimistic with LRC as inflows have been gradually increasing over time.

Bitcoin SV (BSV)

The Bitcoin namesake and hard fork has been trending opposite to the broader market trend noting a 16.22% decline after a 38.02% rise.

Trading at $53.92, the asset flipped the support of the 50-day Moving Average into resistance which may not necessarily be a good sign for BSV since it closed in red today.

Flow (FLOW)

The Dapper Labs creation has been on a downtrend for the past ten days, only further declining after the 53.23% crash of June.

To make things worse, FLOW has been stuck in the bearish zone for about three months now, with no clear indication of recovery as visible from the Relative Strength Index (RSI).

DeFi Pulse Index Rises by 13% As Underlying Tokens Rally by Almost 30%

Key Insights:

  • The DeFi Pulse Index inclined by 28% in the last three days.
  • The total Value Locked in the DeFi market has been reduced to just $74 billion.
  • Underlying tokens include Uniswap, AAVE, and Loopring, among others.

The growth of the Decentralized Finance (DeFi) market is essential to the growth of crypto if it intends to make web3 mainstream. But the recent market crash dwindled the faith investors had in DeFi protocols resulting in losses far worse than the recent crash.

The DeFi Pulse Index

Also known as DPI, this Index is a digital asset index designed to track tokens’ performance within the DeFi industry. By evaluating the value of each DeFi token, the DPI bases its Index on either positive or negative.

The protocols that are tracked by the Index are not selected randomly, as only the ones that have major use cases and consistent development and maintenance make it to the Index.

During the recent market crash of June, the Index depreciated by 45.31% and closed at a low of $58.3. Since then, the broader market recovery triggered a rise for the Index as well, resulting in the 28.06% rally bringing the value of DPI to $75.6.

While the DPI has recovered slightly, the DeFi market’s total value recovered by $3 billion as well. However, an increase as minute as this will bring no significant change as the market lost more than $160 billion in the span of 2 months. 

This is because as soon as the crypto market was hit with bearishness, it broke the confidence investors had in DeFi protocols as well.

Add to this the depegging of TerraUSD and the fall of the second biggest DeFi chain in the world, Terra, and you get the decline observed.

The Underlying Tokens

Currently, the DeFi Pulse Index tracks 14 protocols’ performances which affect the value of DPI. These include Uniswap, AAVE, Maker, Loopring, Synthetix, Compound, and Yearn.Finance, SushiSwap, KNC, REN, Balancer, Badger, FARM, and Rari Capital

Of these 14 tokens in the last three days, Synthetix has outperformed every major altcoin to become the leader of the rally with a 109% rise in the span of 24 hours.

In doing so, it recovered the entire crash it witnessed this month and is currently trading at $3.05.

Crypto Price Analysis June 07: BTC, ETH, SOL, AVAX, LRC

Key Insights:

  • The price of all the cryptocurrencies combined fell by 3.63%.
  • Altcoins, including Solana and Avalanche, led to the downfall.
  • Even the cryptocurrencies that closed in green only rose by 5% at most.

As the crypto market continues to display sideways, the price of most of the assets in the crypto market consolidated, while for many others, a price fall was on the charts.

Even the king coin and the altcoin king did not fare well over the last 24 hours.

Bitcoin

The crash of May brought BTC down by almost 40%, and the trading price has since been struggling to break free from the clutches of bears at $30k.

The attempts to do the same over the last few days were invalidated yesterday as BTC declined by almost 4% to trade at $30,133 at the time of writing.

Although there aren’t explicit signs of a bearish momentum going forward yet since the MACD’s bullish crossover sustained itself despite the rising bearishness (red bars).

Ethereum

Ethereum, along with Bitcoin, noted a drawdown and was recorded trading at $1794 at press time.

The one distinguishing factor between Bitcoin and Ethereum’s trajectory is the fact that Ethereum, instead of moving sideways, is gradually declining.

Post the crash lows, ETH has depreciated by another 8.2%, pushing it farther away from $2000 as well as the 50 Day Simple Moving Average (SMA) and the 100 Day SMA.

Solana

SOL yesterday was one of the leading altcoins in the active market downtrend as the altcoin lost 6.63%.

Trading at $39.84, the asset slipped below $40, another crucial psychological support level that it needed to maintain, given investors have already witnessed it plummet from its $253 all-time high.

As per the Relative Strength Index (RSI), the asset is still stuck within the bearish, neutral area, and recovery from the same will take a while.

Avalanche

Following in the footsteps of Ethereum, Avalanche is also slipping down day after day since the crash of May 9. Not only did it fall below $30, but since then, the altcoin has noted a 20.47% drop in price.

Although trading at $24.65, the crypto might eventually be on the path to recovery. The bearishness on the Awesome Oscillator is receding, which indicates a trend reversal has onset, and AVAX might observe bullishness soon.

Loopring

Finally, straying away from the persisting trend, LRC has managed to make a sustained recovery over the last three weeks while the rest of the market has been experiencing a downfall.

Up from the lows of $0.39, the altcoin has risen by 33.32% to trade at $0.52 at the time of writing.

The asset might notice some counter to its rise from the active downtrend, as indicated by the presence of the white dots of Parabolic SAR above the candlesticks.

Even so, LRC has a good headstart which will be helpful in recovering further when the broader market bullish cues hit.

Ethereum Layer-two Tokens Tank as TVL Drops to 7 Month Low

Key Insights:

  • Layer-two total value locked has dumped 40% in less than two months.
  • L2 network tokens have also suffered significant selloffs as the bear market deepens.
  • The Ethereum Merge will not reduce gas fees, so there will still be demand for L2 networks when markets recover.

Native tokens for many layer-two projects have tanked to long-term lows as the bears eat away at cryptocurrency market capitalization.

Additionally, total value locked (TVL) across layer-two platforms has dropped to a seven-month low as capital and collateral exit the space.

Crypto Venture Advisor at Presight Capital, Patrick Hansen, pointed out that L2 TVL was at its lowest level this year.

Since the beginning of 2022, TVL across L2 networks has dropped 22.5%. However, since its all-time high of $7.4 billion in early April, the figure has fallen 40%, according to L2beat.

L2 Tokens Tanking

Layer-two networks are used to scale Ethereum for faster and cheaper transactions. They employ a range of technologies such as ‘rollups’ to process some data off the primary blockchain enabling transactions to move quickly and for a lower cost in gas.

L2s surged in popularity this year as Ethereum (ETH) demand skyrocketed with new nonfungible token (NFT) mints and other network activities. Users flocked to L2 platforms such as Arbitrum and Optimism to carry out Ethereum-based transfers on layer-two.

However, the crypto exodus that has accelerated through May has resulted in $1.4 billion withdrawn from L2s since the beginning of the month.

Many of the more extensive L2 networks have their own native tokens, and these too have suffered heavy losses. Decentralized derivatives exchange dYdX, which is the second most popular L2 platform according to L2beat, has seen its token value plummet by 55% over the past month. As a result, the DYDX token is currently trading a painful 93% down from its September all-time high

Loopring is another popular L2 exchange that has seen its LRC token plunge by 35% over the past month despite some prominent partnership announcements such as GameStop [GME]. LRC prices are currently down more than 86% from their November all-time high.

Polygon is another popular L2 network, but it has also seen TVL and token prices tank. The platform’s MATIC token has lost 45% over the past 30 days, and it is down 79% from its December all-time high.

The Merge Effect

Some rumors circulating on crypto social media suggest that the upcoming Ethereum Merge could have a negative impact on layer-two networks. The Merge, which has now been slated for August, will usher in proof-of-stake consensus and end proof-of-work Ethereum mining.

It will not significantly reduce transaction fees as that will only happen with scaling upgrades further down the line. Therefore, there will still be a strong demand for L2 networks when Ethereum demand increases again.

With that in mind, there could be a few bargains from the basket of lower-priced layer-two network tokens during this bear market.

GameStop Delves Deeper Into Crypto With Digital Wallet Launch

Key Insights:

  • The new wallet will be self-custodial and linked to the upcoming NFT marketplace. 
  • The layer-2 Loopring network powers GameStop Wallet.
  • Coinbase has also expanded its trading networks on its crypto wallet.

On May 23, the Texas-based video game, consumer electronics, and gaming merchandise retailer unveiled a new crypto wallet. It stated that the service would allow gamers and customers to store, send, receive and use crypto assets and NFTs across decentralized apps (dapps) without leaving their web browsers.

GameStop [GME] stated that its self-custodial Ethereum (ETH) wallet is a Chrome browser extension. This means it operates in the same way that MetaMask does, as an addition to the web browser.

It added that the wallet would also enable transactions with the GameStop NFT marketplace, which is expected to launch in Q3 this year (the firm’s second fiscal quarter).

Layer-2 Speeds and Pricing

Further details were thin on the ground, but the wallet’s official page revealed that it would be running on the Loopring (LRC) network. Loopring is a layer-2 exchange that uses zero-knowledge rollup technology to increase the speed and decrease the cost of Ethereum transactions.

Swapping tokens using layer-1 Ethereum can cost as much as $50 during peak demand on the network. Loopring transactions, on the other hand, are usually less than a dollar.

Additionally, the wallet is self-custodial, which means that users are responsible for their own crypto keys and security. This is different from wallets from centralized exchanges such as Coinbase [COIN] and Binance that control the keys, and, ultimately the assets stored on them.

The crypto wallet space has been heating up recently, with Robinhood [HOOD] announcing its crypto wallet launch last week. The zero-fee token swap platform is also self-custodial and will feature decentralized finance (DeFi) protocol integration.

Coinbase is also eager to keep up with the wallet competition. In an announcement on May 24, the company unveiled an expansion of wallet trading features to incorporate “thousands of tokens.” The firm has expanded its networks from Ethereum and Polygon (MATIC) to include BNB Chain (formerly Binance Smart Chain) and Avalanche (AVAX). It added that there would be more network expansion in the coming months:

“In the months to come, we’ll be making it possible to conduct swaps on an even greater variety of networks. Not only will trading expand, but we’re also planning to add support for network bridging, allowing you to seamlessly move tokens across multiple networks.”

LRC Price Outlook

The native token for Loopring, the platform behind GameStop’s wallet, surged 30% on the news. LRC has retreated a little since and is currently trading at $0.58 after hitting an intraday high of $0.65, according to CoinGecko.

LRC is one of the few tokens that has made a gain over the past week, notching up 25%, while those around it have tanked. However, the token is still down 84% from its November all-time high of $3.75.

Maker (MKR) Leads Market Recovery, will DeFi Tokens Follow?

With the market on the cusp of recovery as Bitcoin finally established itself above the $36,000 mark some altcoins seemed to be gaining momentum. Maker (MKR), the second biggest DeFi protocol in the crypto market had a lot of eyes on it. The altcoin’s over 5% gains at the time of writing made the market participants optimistic about Maker and DeFi tokens in general, especially after the recent choppy price action in the larger market.

Maker Posting Gains

Over the last week, Maker tested the lower $1614 mark which was last seen in February 2021. In May last year, MKR made a new all-time high of $6,247.16, but the asset was down 69.49% from its ATH at press time.

Maker, FXempire, MKR, DeFi, Crypto
Maker tested the lower $1760 support| Trading View | FXempire

While the token’s gains in the first two quarters of 2021 were commendable the last week’s losses have put close to 36% of Maker HODLers in loss or ‘Out of the Money’ as per data from Into The Block. That said, despite MKR’s close to 15% gains in the last two days, the larger sentiment for the coin was still largely bearish. 

DeFi Tokens to Fuel Recovery?

DeFi tokens like Fantom, Aave, The Graph, and Maker were the first to note recovery as BTC charted close to 2% gains. Notably, Fantom was one of the top gainers in the top 100 coins by market cap and noted over 10% gains. On the other hand, AAVE and The Graph noted 2% and 3.8% gains and Loopring was up 12.36% on the daily chart. 

That said, the total value locked in DeFi protocols had fallen by 2.8% and stood at $195.78 billion at press time. Additionally, looking at MKR’s TVL in DeFi, the same had dropped to $15.08 billion from $17.17 billion a week ago. Notably, MKR’s TVL in DeFi reached an all-time high of $19.9 billion on December 1 when MKR was valued at $3030. 

FXempire, Maker, Crypto, MKR, Defi
Maker TVL | Source: Defilama

While on the short-term MKR’s RSI had recovered alongside price, another price pullback can be expected if Bitcoin makes a u-turn shortly.

For Maker, the next lower price level remains at the $1300 mark while the next bullish price levels would be at the crucial resistances established at the $2240 and $2500 mark. At press time, MKR oscillated at the $1,905.76 mark noting just over 5% daily gains.

Loopring (LRC) Weakness Persists As It Moves Below $1.00

Loopring has recently managed to settle below the psychologically important $1.00 level and is testing the support at $0.95 amid crypto market sell-off.

Three Catalysts Behind the Recent Weakness

There are three main catalysts that triggered the recent downside move, which pushed LRC from $1.50 to $0.95.

From a technical point of view, LRC gained strong downside momentum after it managed to settle below the support level at 1.37.

Rumors about a potential GameStop partnership have not materialized. In addition, GameStop stock fell out of favor and declined from the $250 level in November 2021 (when the rumors have first emerged) to the $100 level as the popularity of meme stock declined.

The current crypto market sell-off, which was triggered by a global move out of riskier assets, served as an additional negative catalyst that pushed LRC below the $1.00 level.

LRC Is Oversold

lrc daily january 21 2022

LRC is currently testing the support level at $0.95. RSI is in the oversold territory and is moving closer to the extremely oversold territory, but there is some room to gain additional downside momentum in case the current crypto market sell-off continues.

In case LRC declines below $0.95, it will head towards the next support at $0.80. A move below this level will push LRC towards the support at $0.75. If LRC manages to settle below the support at $0.75, it will head towards the next support level at $0.65.

On the upside, the nearest resistance level for LRC is located at $1.07. A successful test of this level will push LRC towards the resistance at $1.17. In case LRC manages to settle above this level, it will head towards the next resistance level at $1.37.

lrc h1 january 21 2022

Taking a look at H1 chart, we can see that RSI has recently moved away from the extremely oversold territory, but LRC may still need to go through a period of consolidation to have a chance to get below the support level at $0.95.

Loopring (LRC) Moves to New Lows As Traders Lose Patience Waiting for Catalysts

Loopring gained strong downside momentum and moved towards the $1.20 level as traders continued to sell LRC despite recent rumors about a potential deal with GameStop.

GameStop-Loopring Rumors Have Not Yet Materialized

LRC enjoyed a remarkable rally back in early November amid rumors of a potential partnership with GameStop. GameStop has reportedly launched a division which will develop an NFT marketplace, but no information about Loopring’s potential role has emerged.

It looks that traders are losing patience and are not ready to wait for catalysts. LRC, which touched highs near $4.15 in November, has firmly settled below $1.50 and is moving towards the $1.00 level.

The recent increase in Treasury yields and the general pullback in crypto markets served as additional bearish catalysts for LRC as traders moved funds out of riskier assets.

Loopring bulls should watch Bitcoin dynamics closely, as a successful test of the current support level at $42,600 could push Bitcoin towards the psychologically important $40,000 level, which may lead to a strong sell-off in crypto markets.

LRC Moves Towards the Support Level at $1.17

loopring january 17 2022

LRC managed to settle below the support at $1.37 and is moving towards the next support level at $1.17. RSI has just entered into the oversold territory, but there is some room to gain additional downside momentum in case the right catalysts emerge.

If LRC declines below the support at $1.17, it will head towards the next support level at $1.07. A move below this level will push LRC towards the support at $0.95.

On the upside, the previous support at $1.37 will serve as the first material resistance level for LRC. If LRC manages to settle back above this level, it will head towards the resistance at $1.44. A successful test of the resistance at $1.44 will open the way to the test of the next resistance at $1.50.

loopring h1 january 17 2022

Taking a look at H1 chart, we can see that RSI is very close to the extremely overbought territory, so LRC may need to go through a period of consolidation before it could gain additional downside momentum.

Loopring Shows Bearish Sign Even After Rumors Of GameStop Partnership Spur

Loopring (LRC) has been seen under the radar, despite interest in NFTs. The liquidity token tumbled more than 20% in the recent past.

At the time of writing, LRC crypto currently ranks 58th position based on its market cap of $2.08 billion.

There was a lot of hype surrounding Loopring after GameStop announced that it would be launching a marketplace for NFTs, later this year. This was specifically due to GameStop’s agreements with two undisclosed crypto companies. According to crypto speculators’ predictions, one of these companies is Loopring.

What Is Loopring?

Loopring, founded by a Chinese programmer Daniel Wang, is a blockchain-based project that works on top of the Ethereum network. The project aims to incentivize a global network of users to operate a platform, enabling the creation of different types of digital asset exchanges.

Additionally, Loopring uses what’s called Layer 2, which carries out transactions off the blockchain to avoid congestion and cost. With this tech, the network doesn’t need to confirm transactions, as the Layer-2 solution will be responsible.

Another key feature includes its high speed and low costs through the use of a newer type of cryptography called zero-knowledge rollups, or zkRollups. Loopring is powered by its native utility token called LRC.

Loopring’s Bearish Run

While the other traditional cryptocurrencies struggled hard to bear above the support levels, Loopring quickly recovered from the losses to its initial levels, in late 2021. Nevertheless, it fell again under the bearish trap.

Loopring 1Week Chart

In general, the Loopring price is bearish in both the short and long-term, yet notable consolidation is expected in short-term.

However, Loopring announced on Twitter that they are “constantly optimizing.” The post read that “Loopring L2 can now Mint an NFT for just $2.50,” which is 100x cheaper than minting on Ethereum L1. 

Despite the mention that the optimization has led to cheaper costs to mint an NFT, and with an advantage of having “Ethereum-level security,” it has failed to serve as a bullish catalyst for Loopring.

Like Loopring, NFT tokens such as Axie Infinity’s AXS token, lost more than 20% of its value in the past week, despite interests coming from top companies.

SAND and MANA join the pack with their losses in recent times, according to Coingecko data.

Binance Adds Turkish Lira and Australian Dollar to new Trading Pairs

Popular cryptocurrency exchange, Binance, has added seven new trading pairs to its already exhaustive list. The new pairs are ALICE/BNB, ETH/UST, LRC/BNB, GALA/AUD, OOKI/BNB, ONE/ETH, and ATOM/TRY. Two of these new trading pairs contain fiat currencies.

Binance Adds 7 new Trading Pairs

With over 500 crypto trading pairs on its platform, Binance is one of the few exchanges with an extensive list of trading pairs. These new additions will only give more options to users of the platform. 

While some of the tokens in the new trading pairs are well known, others are fairly new. GALA, the Gala games ecosystem token, was one of the best performing cryptocurrencies of last year with over 26,000% rise in value. So, it’s not surprising that Binance is adding more fiat pairs for it.

On the other hand, OOKI, the native and governance of Ooki protocol, is a new coin. Having just been listed on Binance in December, new trading pairs seem like the next step. Ooki protocol is a decentralized protocol for DeFi and Dapps.

Another new token is Alice which was released in May 2021 for the multiplayer builder game, My Neighbor Alice. Players can buy and develop lands in the game while interacting with neighbors and performing activities. 

Launched in the height of the market, the price rose to an ATH of $42.55, but it’s currently trading below $12.

Binance also added two fiat currencies to the trading pairs with the Australian dollar (AUD) and Turkish Lira (TRY). These two options mean that Binance will see more fiat to crypto purchases for GALA and ATOM.

BNB Loses 5% in 24 Hours

With the addition of these new trading pairs, Binance is once again showing why it’s the number one crypto exchange in the world. Despite its various scuffles with authorities, the exchange has been able to maintain its lead against its competitors.

But the same can’t be said for BNB, its native token. After almost reaching a new ATH in November, the value has fallen significantly along with the rest of the market. In the past 30 days, it has lost around 21% of its value. 

Given more recent trends, its situation is not looking to change soon. BNB has suffered a 1.3% drop in 24 hours and currently trades at $447.

Loopring Rises by More Than 60% as GameStop Rumors Fuel Rally

The cryptocurrency market is currently correcting after the recent rally, but Loopring continues its recent excellent performance.

LRC Surges by More Than 60%

The crypto market has been performing excellently since the start of the month, with Bitcoin, Ether and several other coins hitting new all-time highs. However, Bitcoin is currently down by more than 2% from its all-time high, while Ether has lost more than 1% of its value over the past 24 hours.

Despite the broader crypto market currently retracing, Loopring has been performing excellently. The coin is currently the top performer amongst the leading 100 cryptocurrencies by market cap. LRC is up by more than 60% over the past 24 hours, setting a new all-time high above $3.80 a few minutes ago.

At the time of writing, LRC is up by 59% over the past 24 hours and trading at $3.78 per coin. In the past seven days, LRC has added more than 180% to its value, making it one of the market’s top performers.

Trade Crypto with eToro

The rally was caused by rumors that Loopring has partnered with GameStop on an upcoming NFT marketplace. As a result, investors and traders are taking advantage of this to get in early on the cryptocurrency. Per the rumors, GameStop (GME) is reportedly working on an NFT marketplace and will be powered by Loopring technology.

LRC/USD chart. Source: FXEMPIRE

LRC Could Reach the $5 Soon

LRC has surpassed the $3.5 pivot level earlier today and looks set to reach the $4 mark over the coming hours. This rally could allow it to aim for the first resistance level around $4.4. In the event of an extended rally by the cryptocurrency, LRC could surpass the $5 resistance point before the end of the day.

LRC’s rally has come despite the broader cryptocurrency currently retracting from its recent gains. Hence, it indicates that the LRC token could continue to surge higher in the coming hours and days as long as the frenzy around it doesn’t die down.