Crypto Market Daily Highlights – Ethereum (ETH) leads the Crypto Top Ten

Key Insights:

  • It is a bullish start to the week for the crypto top ten, with Ethereum (ETH) and Polkadot (DOT) leading the way.
  • Investors continued to brush aside fears of a more substantial Fed rate hike, with the recent US economic indicators easing concerns over a US recession.
  • The total crypto market cap is up by $26.61 billion to $1,101 billion.

It is a bullish Monday session for the crypto top ten. In a choppy session, bitcoin (BTC) revisited the $24,000 handle for the first time in eight sessions. Ethereum (ETH) leads the way, striking $1,800 for the first time since June 10.

Better-than-expected US nonfarm payrolls and ISM Non-Manufacturing PMI numbers from last week remained the key driver. Fears of a US economic recession had weighed on the broader crypto market ahead of last week’s stats.

However, in contrast to the US equity markets, crypto investors seemed less concerned with another sizeable Fed interest rate hike. The outcome was decoupling from the NASDAQ 100, which ended the day in the red for a second session.

Following the NASDAQ 100’s 0.50% loss on Friday, the NASDAQ 100 declined by 0.10%.

At the time of writing, the NASDAQ 100 Mini was up 14.25 points.

NASDAQ correlation weakens
Total Market Cap – NASDAQ – 090822 5 Min Chart

The Total Crypto Market Cap Starts the Week on the Rise

On Monday, the total crypto market cap fell to an early low of $1,072 billion before surging to a mid-day high of $1,127 billion. However, another late pullback saw the market cap slip to $1,095 billion before steadying. The crypto total market cap last ended the day at the $1,100 billion mark on June 11.

Up by $26.61 billion on Monday, the total crypto market cap is up by $45 billion for August.

Crypto market cap returns to $1,100 billion
Total Market Cap 090822 Daily Chart

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

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

With one hour remaining, ETH and DOT lead the way, with gains of 4.73% and 4.58%, respectively, with SOL up by 4.01%

ADA (+1.52%), BNB (+0.40%), BTC (+2.78%), and XRP (+1.55%) trailed the front runners.

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

The Graph (GRT) leads the way, rallying by 15.5%, with Flow (FLOW) and NEAR Protocol (NEAR) close behind. With one hour to go, FLOW is up 14.11%, with NEAR up by 10.81%.

However, Lido DAO (LDO) leads the way down, falling by 6.26%, with Decred (DCR) and Theta Network (THETA) seeing losses of 6.25% and 4.19%, respectively.

Total Crypto Liquidations Jump in Bullish Monday Session

This morning, 24-hour liquidations were higher after sitting at sub-$100 million for two consecutive sessions.

At the time of writing, 24-hour liquidations stood at $187 million, up from $63 million on Monday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 57,332 versus 27,681 on Monday morning.

One-hour and four-hour liquidations also increased, reflecting a late market pullback as investors locked in profits ahead of tomorrow’s US inflation numbers.

Crypto liquidations rise.
Total Crypto Liquidations 090822

According to Coinglass, four-hour liquidations stood at $19.75 million, up from $16.91 million on Monday morning. One-hour liquidations were up from $3.89 million to $8.71 million (see hourly crypto market cap chart below).

Crypto market cap eases back.
Total Market Cap 090822 Hourly Chart

Daily News Highlights

  • Crypto.com gets South Korea regulatory approval.
  • Vitalik Buterin sees transaction fees down to as little as $0.02.
  • Beanstalk’s stablecoin relaunches 4-months after a $182 million exploit.
  • Coca-Cola (COKE) celebrates International Friendship Day with Polygon (MATIC).

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

Top 3 Trending Coins: FLOW Continues Upside Momentum, NEAR Breaks Above $5.0 and THETA Above $1.50

Key Points

  • FLOW continued its rally in wake of the recent Meta Platforms integration news on Friday.
  • NEAR is the best-performing top 50 crypto and is eyeing a test of its 100DMA in the $5.30s.
  • THETA hit its highest since mid-May after surging above $1.50 per token, with bulls eyeing a rally to $2.30.

FLOW Surges as Meta Platforms Announces Flow Blockchain Integrations

FLOW, the native token that powers the Flow blockchain, has surged nearly 50% since Wednesday’s close. The cryptocurrency has received a boost on the news that Meta Platforms will utilize the Flow blockchain in order to expand its non-fungible token (NFT) offerings.

Meta this week announced an international expansion of its digital collectibles features that it successfully piloted on Instagram back in May. Meta will now support the Dapper wallet, whose creator Dapper Labs also created the Flow blockchain, as well as supporting the Coinbase wallet.

After nearly rallying as high as $3.0 on Friday, profit-taking has seen FLOW/USD fall back to trading just above the $2.70 mark. The $3.0 area seemed to be an area of resistance in the second half of May.

Further, profit-taking may yet see the cryptocurrency slip as low as its 100-Day Moving Average around $2.35, which comes in just ahead of support in the form of May lows in the $2.20-30 area and then late July highs in the $2.15 area.

 

FLOW/USD
FLOW/USD Chart.

If the cryptocurrency can regain some near-term bullish momentum and push above $3.0, the door would be open to a swift rally above $4.0 per token and towards support in the $4.30 area, which also coincides with the 200DMA at $4.27.

NEAR Protocol (NEAR)

NEAR, the native token that drives the NEAR Protocol’s blockchain, has been propelled higher on Friday by technical momentum following a bullish ascending triangle breakout. The cryptocurrency had been in an uptrend since mid-July but had been struggling to overcome resistance in the $4.70 area.

However, amid a more than 15% on the day jump this Friday, has now leaped above this resistance area and is trading in the $5.10s per token and eyeing a test of its 100DMA at $5.35. According to CoinMarketCap, NEAR is up 15% in the last 24 hours, making it the best performing cryptocurrency in the top 50 by market capitalization.

NEAR/USD
NEAR/USD Chart.

Back at the end of July, the NEAR Protocol opened the door for alternative wallet providers.

Theta Network (THETA)

THETA, the native token that powers Theta Network’s blockchain, broke out to its highest levels since mid-May on Friday after it charged above the $1.50 per token level. THETA/USD was last trading with gains of about 12% on the day just under $1.60, though has admittedly pulled back about 4.0% from earlier session highs in the $1.65 area.

THETA’s latest rally has seen it leave its 100DMA at $1.39 in the dust. With the cryptocurrency having now broken above its range that had been in play since mid-May, the door is potentially open to a run higher towards the next key area of resistance around $2.30, where the 200DMA also resides.

THETA/USD
THETA/USD Chart.

Crypto Market Daily Highlights – Bearish Session Sinks SOL and ADA

Key Insights:

  • It was a mixed session for the crypto top ten, with Solana (SOL) leading the way down.
  • A quiet day on the economic calendar left geopolitical risk to weigh on risk sentiment, leaving the NASDAQ 100 down by 0.16%.
  • The Tuesday mixed session saw the total crypto market cap fall for a fourth consecutive day, with $11.6 billion coming off the table.

It was a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) failed to revisit the $24,000 handle for the second consecutive session. The bearish start to August saw ADA and SOL lead the way down.

There were no cues for the crypto market, leaving investors to continue considering weak US economic indicators. Following a string of weak economic indicators, US job openings disappointed on Wednesday. The numbers came ahead of the all-important nonfarm payroll figures on Friday.

Adding to the market angst on Tuesday was the speaker of the House Nancy Pelosi’s Taiwan visit, which could strain relations between the US and China.

The NASDAQ 100 slipped by 0.16%, while the S&P500 and the Dow saw heavier losses of 0.67% and 1.23%, respectively.

NASDAQ correlation
Total Market Cap – NASDAQ – 030822 5 Min Chart

The Total Crypto Market Cap Falls for a Fourth Day in a Row

On Tuesday, the total crypto market cap slid to a day low of $1,023 billion before rising to an afternoon high of $1,068 billion.

However, a bearish send to the session led to a slide back to sub-$1,039 billion before steadying.

Crypto market cap
Total Market Cap 030822 Daily Chart

The crypto news wires were on the quieter side, leaving geopolitics and investor sentiment towards the US economic outlook to test buyer demand.

Speaker of the House Nancy Pelosi visited Taiwan, drawing condemnation from China. The threat of renewed tensions between the US and China weighed on riskier assets.

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

It is a mixed Tuesday session for the crypto top ten.

BNB and ETH bucked the top tend trend, with modest gains of 0.18% and 0.03%, respectively.

For the rest of the top ten, ADA and SOL led the way down, sliding by 3.12% and by 4.44%, respectively.

BTC (-1.16%), DOGE (-2.82%), and XRP (-2.17%) also struggled.

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

Cronos (CRO), Lido DAO (LDO), and Ethereum Classic (ETC) were among the front runners. CRO rose by 13.17%, with LDO and ETC gaining 10.06% and 4.37%, respectively.

Theta network (THETA), Waves (WAVES), and Chiliz (CHZ) were amongst the biggest losers. CHZ slid by 8.94%, with WAVES and THETA falling by 6.05% and 7.58%, respectively.

Total Crypto Liquidations Continue to Signal Red

Early in the Wednesday session, 24-hour liquidations rose, reflecting the current crypto reversal that kicked off on July 29.

At the time of writing, 24-hour liquidations stood at $208 million, up from $163 million on Tuesday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 78,905 versus 72,497 on Tuesday morning.

The one and four-hour liquidations also signaled a pickup in liquidations at the turn of the day.

Crypto liquidations rise
Total Crypto Liquidations 030822

According to Coinglass, four-hour liquidations stood at $37.01 million versus $12.96 million on Tuesday morning. One-hour liquidations were up from $1.28 million to $5.39 million (see hourly crypto market cap chart below).

Crypto bearish session
Total Market Cap 030822 Hourly Chart

Daily News Highlights

  • Coinbase-backed Nomad Bridge saw $190 million drained in a security exploit.
  • FCA finalized tighter rules for ads promoting high-risk assets.
  • The courts gave crypto lender Vauld three months of protection from 147,000 creditors.

Crypto Price Analysis June 16: EGLD, TRX, SOL, THETA, AVAX

Key Insights:

  • Although multiple altcoins rallied considerably, the crypto market still lost $65 billion.
  • Elrond and Theta led the recovery for the altcoins.
  • Despite the continued depegging of USDD, Tron managed to rise by 9%.

While the crypto market closed in red once again, some altcoins managed to slip past the bearishness and gain considerably. On the other hand, Bitcoin continued to disappoint the investors, falling below $21k at the time of writing.

Elrond (EGLD)

After maintaining red candles for 13 days straight, EGLD declined by 51.74% to trade at $41.59. In the last three days, there was some recovery which built expectations that EGLD might reclaim $60 soon.

But yesterday’s 7.8% drop pushed EGLD back to $50. Regardless, EGLD still gained and, in the last 24 hours, rose by 13%.

Plus, going forward, it might continue down this path, given the indication of an uptrend according to the Parabolic SAR.

Tron (TRX)

Still fixing its USDD depegging and TRX crash debacle, the cryptocurrency attempted recovery yesterday after rising by 13.25%, and even though, at the time of writing, TRX painted a red candle with a 3% decline, it was still among the topmost rallying coins.

The altcoin is gaining support from the investors as the recovery saved it from falling into the oversold zone, and this will also be helpful in reclaiming the 32% loss from the last week.

Solana (SOL)

Following in the footsteps of Elrond, Solana, too, marked a solid recovery in the last two days and plunged by 10.89% today.

Although in the previous 24 hours, it is still up by 11% since the day before, it marked a 21.6% rally. Trading at $30.9, SOL is still far from recovering the 28.5% crash observed this week.

Although it might get some support from the market as price indicators suggest rising bullishness. As per MACD, the coin rejected a bearish crossover, and the active bullish crossover was sustained.

Theta Network (THETA)

Among the day’s top performers was the native token of the Theta Network, THETA, which managed to almost recover all of its losses from this week after rising by 23%.

However, this rally could not sustain for a long time as the broader market bearishness brought the altcoin down by10.37% today. 

Although it is still higher up than where it was two days ago, THETA failed to reclaim the 50-day Simple Moving Average and flip it into support for rising further.

Avalanche (AVAX)

Unlike the rest of the coins, Avalanche actually went the other route of only invalidating all the gains from the day before.

With a 12% recovery, AVAX was inching closer to eliminating the 37% losses from the week early, but a 12% dip today resulted in the altcoin losing all of its growth.

As per the Awesome Oscillator, the chances of recovery are actually further declining since the bearishness (Red bars) continues to grow.

Crypto Market Daily Highlights – June 13 – DOGE, ETH, and BTC Slump

Key Insights:

  • Cryptocurrency market conditions deteriorated further at the start of the week, with the broader market seeing red for a seventh consecutive day.
  • While market apprehension toward Fed monetary policy continued to weigh, news of DeFi lender Celsius suspending withdrawals added to the bearish mood.
  • The total crypto market cap tumbled by $121 billion to sub-$1,000 billion for the first time since February 2021.

It was a bearish start to the week for the crypto market, with the broader market seeing red for a seventh consecutive day. According to CoinMarketCap, Theta Network (THETA) was the only altcoin in the top one hundred to avoid a loss, with a 6.41% gain.

Investor apprehension ahead of Wednesday’s Fed monetary policy decision and forward guidance continued to weigh on the crypto market.

Adding to the market angst, however, was news of DeFi lender Celsius suspending all withdrawals, swaps, and transfers. With the dust yet to settle from the collapse of Terra LUNA and TerraUSD, the prospect of another market event came at the wrong time.

The extended sell-off led bitcoin (BTC) to sub-$22,000 for the first time since December 2020.

Crypto Market Cap Slides to sub-$1,000 Billion Amidst Panic Selling

A particularly bearish Monday saw the total crypto market cap slide by $130.6 billion to end the day at sub-$1,000 billion.

The total crypto market cap last stood at sub-$1,000 billion in February 2021. By contrast, however, the crypto market was in a bull run in February 2021, culminating in a bitcoin November all-time high of $68,979.

Year-to-date, the total crypto market cap has fallen by $1,268 billion.

Crypto market cap slides to sub-$1,000 bn.

With regulators looking to expedite efforts to roll out more stringent policy measures, the news of Celsius suspending withdrawals will likely draw more government ire.

The latest news raises the risk of more collapses in the wake of TerraUSD Classic (USTC) and Terra LUNA.

From the top ten cryptos, ETH and BTC led the way down, with losses of 15.7% and 15.5%, respectively.

BNB (-12.6%), DOGE (-14.8%), and XRP (-9.1%) also saw heavy losses.

ADA and SOL fared better than most, falling by 5.3% and 6.6%, respectively.

From the CoinMarketCap top 100, Aave (AAVA), CurveDAO Token (CRV), NEO (NEO), NEXO (NEXO), THORChain (RUNE), and Zcash (ZEC) saw the heaviest losses.

Tracking gold spot (XAUUSD) into the red, PAX Gold (PAXG) failed to provide comfort, declining by 3.01%. On Monday, gold spot slid by 2.80% to end the day at $1,819.

Total Crypto Liquidations Remain Elevated

Following a rise over the weekend, total crypto liquidation spiked going into today’s session.

According to Coinglass, 24-hour liquidations stood at $1,070 million, well above any levels in recent weeks. Early in the Monday session, 24-hour liquidations had stood at $359.7 million,

One-hour liquidations pointed to a steadying in market cap conditions, with one-hour liquidations at $15.53 million.

Crypto liquidations sky rocket.
Total Crypto Liquidations 140622

Crypto Daily News Highlights

  • DeFi lender Celsius suspended withdrawals, swaps, and, transfers to add to the crypto market ire.
  • JPMorgan announced plans to tokenize US Treasuries to embed them into its crypto strategy.
  • US investors filed a lawsuit against Binance US for illegally selling TerraUSD and Terra LUNA.
  • Former Twitter CEO Jack Dorsey challenged Elon Musk to develop a DOGE-based Web69.
  • XRP investors await a court ruling that could decide the direction of the SEC case against Ripple Labs.
  • MicroStrategy (MSTR) share price tumbled by 25.18% on Monday, with Coinbase (COIN) sliding by 11.41%.

Here’s a Complete Guide to Investing in the Metaverse

Key Insights:

  • A massive boom in metaverse’s popularity was witnessed in October 2021. 
  • Global revenue opportunity from the metaverse could approach $800 billion by 2024. 
  • NFTs, metaverse tokens, and virtual land are ways in which one can invest in the crypto space. 

Metaverse and NFTs were the buzzwords of 2021 as both sectors saw a massive rise in market capitalization and general interest.

A massive boom in metaverse’s popularity was witnessed in October 2021, when Facebook made big news by changing its name to Meta. However, there’s much more to the metaverse than Mark Zuckerberg or the social media.

Over the last years, curiosity about the investment opportunities in the metaverse has often crossed traders’ and investors’ minds. However, before investing in the metaverse, it is crucial to know more about the virtual world that investors and institutions are so excited about.

The Metaverse and its Growth

According to many, metaverse technology is the next big tech as it has managed to attract social networks, online game makers, and various technology leaders globally.

In a more general sense, the metaverse can include virtual reality – characterized by usually purposeful virtual worlds that continue to exist. It also has augmented reality that combines aspects of the digital and physical worlds.

Terms like social, shared, virtual, and persistently 3D are used to describe the metaverse technology. According to many, metaverse technology is the convergence of the digital and physical worlds within the evolution of the internet and social networks. Additionally, the metaverse also makes use of real-time 3D software.

Over the last couple of years, mainstream organizations have started to jump on the metaverse bandwagon as customer demand for the technology rises. The idea of the metaverse revolves around an online space where people get to connect and interact with each other.

In fact, the metaverse mania is so immense that in January this year the Tennis Australia partnered with Decentraland to host the Australian Open (AO), which was the first official tennis grand slam in the metaverse.

Likewise, in March 2022, presenters, performers, and nominees, at the Grammys had a virtual reality experience in the metaverse via CEEK. More recently, in April this year, another project partnered with Decentraland to introduce for people to marrying in the metaverse.

Metaverse-centric organizations such as Decentraland, Meta, The Sandbox, and others are also building promising metaverse platforms and projects. Prophecy Market Insights predicted that the Global Metaverse Market accounted for $337.23 million in 2020 and is estimated to be $1003.06 million by 2030. The sector is anticipated to register a CAGR of 11.50% over the years.

A Citibank report highlighted that the metaverse economy could be valued between $8 trillion and $13 trillion by 2030.

So, for a market growing at such a high pace, what are the ways in which one can invest in the space? This article will highlight how one can, directly and indirectly, invest in the metaverse.

Investing in Metaverse for Beginners

A Bloomberg report presented that the global revenue opportunity from the metaverse could approach $800 billion by 2024. With investment opportunities in the metaverse on the rise, it could be a good space for beginners to explore. However, the crypto and metaverse market is a tricky sector that often leaves new investors overwhelmed.

Much like cryptocurrencies, the metaverse allows almost anyone to invest and earn from the space. It’s essential to note that investing in metaverse is not limited to buying crypto-assets infact one can also invest or trade-in stocks of metaverse firms.

There are quite a few publicly traded companies from the metaverse space. Furthermore, beginners can choose from different industries in the metaverse space, including real estate, video games, and entertainment.

Decentraland is one firm that offers users the opportunities to buy virtual land in the metaverse. On the other hand, Meta is one traditional finance firm offering investments in the growing space.

That said, some ways a newcomer can invest in the metaverse include purchasing virtual land and prefabricated metaverse properties. Investors can also look at buying metaverse crypto, which offers a decent exposure, especially to beginners.

More seasoned investors can also look at investing in a metaverse ETF which is often considered to be a lot safer and less volatile. Furthermore, one can look at buying metaverse stocks and creating and flipping NFTs.

Directly Investing in the Metaverse

While investing in metaverse can be done indirectly, too, directly investing in metaverse projects has lured many investors. Over the last year and a half, investing in cryptocurrencies and the metaverse has been one of the most exciting areas in the finance space.

Even though many new investors think of investing in cryptocurrencies like bitcoin and ether as similar to investing in the metaverse, it isn’t always mutually exclusive. In fact, one can invest in cryptocurrencies and the metaverse by taking various approaches.

One way of directly investing in the metaverse can be via cryptocurrencies and digital assets like NFTs in the metaverse space. Another way could be by investing or trading metaverse cryptocurrencies like Decentraland (MANA), The Sandbox (SAND), and Enjin Coin (ENJ).

These metaverse cryptocurrencies can be bought or traded directly from any major crypto exchange like Binance or Coinbase. Multiple assets across the metaverse can be used for buying products and services.

One can also invest in metaverse stocks from prominent firms such as Meta Platforms, Roblox, Microsoft Corporation, NVIDIA, and the Boeing Company, among others. Metaverse real estate is another industry that has seen tremendous growth over the last year.

Market reports have estimated that real estate sales in the metaverse could double in the year 2022. New investors and traders play a huge role in pumping the metaverse space by paying millions of dollars to buy real estate in the metaverse.

One can buy lands on the metaverse with cryptocurrencies like ether, SAND, and MANA. AXS, MANA, THETA, and ENJ are some of the most popular metaverse cryptocurrencies in use. Thus, buying one of these crypto-assets could be the first step to owning land on the metaverse.

As the metaverse technology gains more traction, entrepreneurs and business leaders stand to gain by looking into the space and investing in virtual real estate. Platforms like Decentraland and Otherside offer exciting opportunities in the virtual real estate market.

Staying Safe is the Key

While investing in cryptocurrencies and the metaverse is often seen as a glamorous, get-rich quick scheme investing in projects for their value, ecosystem, market cap, and macro growth is one thing that needs to be kept in mind.

That said, one of the most crucial things in the space is to stay safe and make informed decisions. Most importantly, it is vital to do your research in the market and assess the volatility of this growing space well.

Crypto Market Daily Highlights – June 9 – BTC, BNB, GMT and SOL

Key Insights:

  • A bitcoin (BTC) fell back to sub-$30,000 for a ninth consecutive session before wrapping up the day at $30,000 levels.
  • On Thursday, inflation jitters and a NASDAQ sell-off weighed on the broader market.
  • From the crypto top 10, Solana (SOL) found strong support, with Chainlink (LINK) on the move following this week’s staking news.

It was yet another mixed Thursday session for the crypto market. Market reaction to network news updates provided modest support.

Bitcoin (BTC) saw red for a third consecutive day and revisited sub-$30,000 for the ninth day in a row.

A 2.75% slide in the NASDAQ contributed to the bearish sentiment, though the correlation weakened through the US session. Bitcoin managed to avert a late dive in the US session.

Late in the Thursday session, the inverse correlation between bitcoin and WTI crude oil remained evident, however.

BTC inverse correlation with WTI
NASDAQ BTC WTI 100622 5-Minute Chart

Crypto Market Cap Avoided sub-$2,000 Billion for a Second Day

Modest losses across the crypto majors ensured that the total crypto market cap avoided sub-$2,000 billion for a second consecutive day.

After falling to a day low of $1,202 billion on Wednesday, the total market cap declined to a day low of $1,205 billion before returning to $1,210 billion levels.

For the broader market, avoiding another heavy sell-off is essential. Steering clear of sub-$2,000 billion levels will be the key. However, headwinds remain that could force another sell-off and revisit the May 12 low of $1,082 billion.

crypto market cap avoids sub-$2,000 bn
Total Market Cap 100622 Daily Chart

These include US inflation and Fed monetary policy, market sentiment towards the economy, and crypto regulatory news updates. Later today, US inflation figures for May will draw plenty of attention ahead of the Fed monetary policy decision and forward guidance on Wednesday.

Progress of the Lummis and Gillibrand bill on Capitol Hill would ease some of the regulatory uncertainty that plagues the market.

On Thursday, Chainlink (LINK) rallied by 6.40%, with STEPN (GMT) and Solana (SOL) rising by 2.47% and by 2.93%, respectively.

Chainlink network news and the announcement of LINK staking continued to provide LINK support.

From the top 100, Polkadot (DOT), Polygon (MATIC), UNUS SED LEO (LEO), FTX Token (FTT), Uniswap (UNI), VeChain (VET), Tezos (XTZ), Theta Network (THETA), Helium (HNT) and OMG Network (OMG) also found support.

However, for most of the crypto top ten, Thursday was a bearish session.

ADA saw a five-day winning streak come to an end, with a 1.40% decline.

BTC (-0.38%), with ETH (-0.18%), and XRP (-0.10%) also seeing red.

BNB (+0.45%) and DOGE (+0.07%) ended the day relatively flat.

Total Crypto Liquidations Ease Back from Thursday Levels

Over 24 hours, total liquidations continued to fall back from levels seen earlier in the week.

According to Coinglass, 24-hour liquidations stood at $103.5 million, down from $158.58 million on Wednesday. Earlier in the week, 24-hour liquidations had stood at $300 million levels.

1-hour liquidations suggested stable market conditions

At the time of writing, total liquidations over one hour stood at $2.93 million.

Total liquidations steady.
Total Crypto Liquidations 100622

Crypto Daily News Highlights

  • Tether announced the launch of USDT on Tezos, making it the thirteenth blockchain.
  • Fidelity and Charles Schwab plan to offer cryptocurrency services.
  • SEC got a win, with the courts upholding the Terraform Lab subpoenas.
  • CFTC Commissioner Summer Mersinger sees the CFTC as the lead regulator for the crypto sector.

Bitcoin and ETH Regain Traction, Why LUNA’s Rally Isn’t Over Yet

Key Insights:

  • Bitcoin gained pace above the $42,500 resistance zone.
  • Ether (ETH) is still well below $3,200.
  • LUNA is eyeing a crucial upside break above $100.

Bitcoin

Recently, bitcoin price saw a decent increase above the $42,000 resistance zone. The bulls were able to push the price above the $42,500 resistance.

It even spiked towards the $43,000 level and settled above the 21 simple moving average (H1). BTC is now consolidating gains near the $42,500 level. An immediate support is near the $42,250 level and a connecting bullish trend line on the hourly chart.

Bitcoin

The next major support is near the $42,000 level. On the upside, there is a major resistance forming near $43,000. A clear move above the $43,000 level could set the pace for a fresh rally.

Ethereum (ETH)

ETH attempted another increase above the $3,150 level. However, the bulls are still struggling near the $3,165 and $3,170 levels.

It is currently consolidating near the $3,150 level. An immediate support is near the $3,110 level and a connecting bullish trend line on the hourly chart. A downside break and close below the $3,110 support level may perhaps open the doors for a drop to $3,020.

Ethereum (ETH)

On the upside, the price is facing resistance near the $3,165 level. The next key resistance is now near $3,210, above which ether price might surge.

Terra (LUNA)

LUNA started a downside correction from the $120 resistance zone. There was a move below the $110 and $105 levels.

The price even traded below a key bullish trend line with support near $98 on the daily chart. However, the bulls appeared near the $80 zone. A low was formed near $77 and the price started another increase.

Terra (LUNA)

There was a move above the $80 and $85 resistance levels. It is showing positive signs above the $95 level the 21-day simple moving average. Today, the price started a fresh increase and gained pace above the $98 level. It is up over 5% and the current price action suggests more upsides above the $100 resistance.

If the bulls succeed, the price could rise towards the $120 level. If not, it might correct lower and test the $90 support. The main support is now forming near the $80 level.

ADA, BNB, and DOT price

Cardano (ADA) is slowly moving higher towards the $0.988 resistance zone. A clear move above $0.988 might send the price towards $1.05.

Binance Coin (BNB) is gaining pace above the $420 level. If there is a move above $424, the price could rise to $430. The next key resistance is $435.

Polkadot (DOT) is consolidating near the $19.20 level. It seems like the bulls are aiming a test of the key $20.00 resistance.

A few trending coins are SOL, TRX, and THETA. Out of these, TRX gained over 15% and broke the $0.07 level.

Top 5 Cryptocurrencies to Watch This Week – BTC, SOL, NEAR, THETA, AAVE

Key Insights:

  • BTC’s bullish momentum has pushed the crypto market cap above the $2 trillion mark.
  • However, as BTC is still around the $45,000 mark, bullish action in altcoins seems to be weakening too.
  • SOL, NEAR, THETA, and AAVE were a few coins that noted higher gains at press time. 

After a relatively bullish fortnight, bitcoin’s price is still around the $45K mark attempting to hold above its closest support level. BTC charted close to 30% gains in the second half of March, paving the way for altcoins to note gains. 

At the time of writing, data from CoinMarketCap presented that the global crypto market cap stood at $2.14 trillion, a 0.68% decrease over the last day. As traders closely watched BTC consolidate near the $45K mark, the total crypto market volume in the previous 24 hours saw a 9.60% decline. 

Of the top cryptocurrencies, Solana (SOL), Near Protocol (NEAR), Theta (THETA), and Aave (AAVE) could be the tokens to follow in the coming week. To better understand what to expect from these coins, let’s look at their price movements as a new week begins.

Bitcoin (BTC)

At the time of writing, the king coin traded at $45,860.66, noting a 0.82% decline in 24-hours and a 2.68% decrease over the last week. BTC faces an intense tussle from bulls trying to keep the coin’s price above the key $46,500 mark and bears aiming to keep it under the same. 

BTC’s price is still under the 2022 yearly open price of $46,200. However, with the beginning of another quarter, fresher capital pumping into the top coin can further provide bullish momentum to BTC’s trajectory. 

FXempire, BTC, Crypto
BTC Price Action | Source: FXEmpire

At the time of writing, the daily RSI for BTC was lower than the March-end levels highlighting a drop in buying pressure. The 200-day simple moving average (SMA) at $48,276 can be a critical bullish level for the coin. 

A push above the $48,200 mark in the near term can put BTC bulls back on track, and BTC could then expect another run to $52,000. 

Solana (SOL)

Solana’s recovery from the under $100 mark fueled a rally for the sixth-ranked asset by market cap. SOL’s uptrend began on March 15, and the asset has gained over 55% price since then. 

At the time of writing, Solana traded at $134.64, noting a 3.48% fall in price on the daily and a 22.39% rise in price on the weekly. Solana’s rally was confirmed after the coin rose above the crucial $120 resistance mark. 

FXempire, Solana, Crypto
Solana Price Action | Source: FXEmpire

Over the last three days, SOL’s trajectory has slowed down with the $141 mark acting as a strong resistance. Bears are cautiously defending the $141 mark and a move above the same if bulls push harder could see the altcoin rise to the $173 mark. 

However, if the bullish anticipations are invalidated, SOL could turn to the lower $120 level, where it would find support. For now, though, buying pressure was still high as RSI oscillated in the overbought zone. 

In the near term, profit-taking from traders at the current level could see selling pressure increase thus negatively affecting prices. 

Near Protocol (NEAR)

At the time of writing, NEAR traded at $15.84, noting a 5.10% fall in price on the daily and a 19.74% price rise over the week. The token ranked 19 on Coin Market Cap, and its trade volumes presented decent buying around the $15 mark. 

FXempire, NEAR, Crypto
NEAR Price Action | Source: FXEmpire

NEAR made an all-time high of $20.39 on January 17 this year, and its recent run instilled hopes of a new ATH for the coin. However, for the last two days, the coin’s price has been consolidating just under the $17.26 resistance. 

Nonetheless, NEAR has made higher highs since March 22 which reinstigates hopes of a new ATH for the token. However, with the coin’s RSI in the overbought zone, if bears take over ease in buying pressure could further pull the token’s price down to the $14.24 level. 

Theta Network (THETA)

THETA’s price has been range-bound between $2.50 and $4.25 for the most part of this year. At press time THETA traded at $3.86 noting 5.10% fall over the last 24-hours. 

Since the price has maintained above the crucial $3.50 mark, the same signifies traders holding their position. However a break below the $3.80 mark could see THETA fall down to the near $2.7 level. 

FXempire, theta, Crypto
THETA Price Action | Source: FXEmpire

The 20-day EMA at $3.54 could play a key support for the token in the near term. That said, RSI for THETA saw a return to from the overbought zone indicating selling pressure taking over in the market. 

If the price slides below the 20-day EMA, the next level to watch would be the 50-day SMA at $3.17. 

Aave (AAVE)

After breaking its downward price trend on March 29, AAVE saw a 60% price rally. The AAVE gains indicated a potential change in trend as trade volumes for AAVE saw a healthy uptick. 

Establishing the 200-day EMA at $226 as support was crucial for the coin’s trajectory. While bulls have tried to push price below the $226 support AAVE trades at $236.60 at press time noting 37.88% gains over the last week. 

FXempire, AAVE, Crypto
AAVE Price Action | Source: FXEmpire

As the $226 level acts as support, AAVE’s price at press time saw a 24-hour dip of 4%. However, a push from bulls could send the coin above the $250 mark in the short term. 

With the larger market moving in a rangebound trajectory short-term gains for AAVE might not be in store. That said, AAVE’s RSI on a daily chart saw a decline indicative of weakening buying pressure.

Theta Network (THETA) Is Up 45% in the Last Seven Days

Over the past week, the cryptocurrency market has gone up almost 11%, from $1.76 trillion to $1.97 trillion. Some coins like THETA have outperformed other big coins such as BTC, ETH, and BNB, according to CoinMarketCap.

As of the time of writing, Theta Network (THETA) is up 13%, Theta Fuel (TFUEL) is up 2%, and ThetaDrop (TDROP) is up 4.8% in the last 24 hours.

Yesterday, the social activity volume reached its peak in THETA, rallying 495% in the last week according to LunarCrush data.

Theta Labs is the team behind the Theta Network, a decentralized video streaming platform for streaming excellent video quality that runs on the Theta blockchain. THETA is used for staking and securing the network in order to become a Validator or Guardian node.

TFUEL’s function is to pay the transactions in the Theta network and works as micropayments for the Edge Nodes. Lastly, TDROP is the NFT liquidity mining token on Theta’s NFT marketplace ThetaDrop.

What’s Behind the Rally?

The Theta ecosystem was very hot over the past week with exciting things happening surrounding its network.

Yesterday, Replay, a “blockchain-based video tracking & payments platform for content owners”, partnered with Theta Labs and announced the launch of the first blockchain-powered video tracking and payments platform using Theta’s infrastructure.

Three days ago, on February 8, Theta Labs, the team behind Theta Network partnered with Freemantle, a television production company. With this partnership, the famous television game show on CBS “The Price is Right” is launching during its 50th season, its first NFT drop.

“The Price is Right” NFT collection will be dropped soon on the ThetaDrop marketplace and will include some of the show’s famous games such as Plinko, Cliff Hangers, and Punch-A-Bunch.

Resorts World Las Vegas and Theta Labs partnered last week to promote its premier brand through utility NFTs on Theta Network.

THETA Price Actions Over the Last 30 Days

Although THETA’s recent rally seems exciting, the cryptocurrency is still down 72.46% from its all-time high around $15 in April 2021.

THETA is the 38 biggest cryptocurrency by market capitalization with $4.1 billion, according to CoinMarketCap. It is trading at $4.13 and is up 13% in the last 24 hours.

THETA found support at $2.30 and it has been on an ascending channel since. The cryptocurrency has recovered the losses from the mid-late January drop. Now is on its resistance zone around $4, as you can see below:

THETA/USD Chart – Source: FXEmpire.

As the crypto market recovers, coins like THETA have recovered much faster than others. Especially this month when Theta ecosystem doesn’t seem to be slowing down and THETA’s fundamentals have been reflected in its price.

Probably, as Web3 adoption increases, coins related to Web3, such as THETA, will perform best, but the real question is whether THETA can keep up with this momentum.

THETA Rallies Ahead of the TDROP Launch Next Week

THETA is recovering from its recent lows, with social activity around the cryptocurrency rising over the past few days.

THETA Adds 10% to its Value in the Last 24 Hours

Theta is a decentralized video delivery network. According to the developers, the network is powered by the users as it operates on a dedicated blockchain. The value proposition of this project is to reduce the costs involved in content delivery by creating a mesh network of shared content.

It was initially launched as an ERC-20 token, but Theta has been running on its mainnet since 2019. THETA, the native coin of the ecosystem, has added more than 10% to its value over the past 24 hours which made it one of the top performers in the market at the moment.

According to the data obtained from Lunar Crash, Theta Network’s social activity volume has increased by more than 40% in the past week.

THETA’s rally comes despite the broader cryptocurrency market slightly retreating over the past 24 hours. The total cryptocurrency market cap has dropped below $1.7 trillion, with Bitcoin trading around $36k again.

The major catalyst behind THETA’s ongoing rally is the TDROP launch expected to take place in five days. The Theta Network team announced a few hours ago that it had updated its Theta Explorer with support for TNT-20 tokens, TNT-721 NFTs, and exact TFUEL token burn amounts for each transaction.

TDROP is the NFT liquidity mining token for the Theta ecosystem, and it is designed to work with THETA and TFUEL tokens to incentivize onchain transactions volumes and blockchain security.

THETA’s Technical Indicators are Slowly Improving

The THETA/USD daily chart is still bearish, thanks to the coin’s poor performance in recent weeks. However, the technical indicators are slowly improving as the cryptocurrency performers excellently.

THETA’s RSI is still in the oversold region. Source: FXEMPIRE

At press time, THETA is trading at $2.9770, below its 50-day moving average of $4.20. The MACD line is below the neutral zone following the recent bearish performance. The RSI of 39 shows that THETA is still in the oversold region.

If the rally continues, THETA could break past the first major resistance level at $3.3 before the end of the day. Unless there is an extended rally, the second major resistance level at $4.02 should cap further upward movement in the short term.

Here’s How $2 Million Worth Of Theta Was Recovered From A Trezor Wallet

The crypto-verse is a tricky place but there are a few things that don’t change for anyone like lost crypto wallet keys that can never be recovered, or at least that’s what the notion was until now.

Recently, a computer engineer and hardware hacker revealed how he managed to crack a Trezor One hardware wallet containing more than $2 million worth of cryptocurrency in funds.

One of a Kind Hack

The New York-based entrepreneur and crypto enthusiast Dan Reich was finally relieved after a hardware hacker helped him recover over $2 million from his Trezor One hardware wallet. In 2018, Reich along with a friend decided to spend $50,000 worth of Bitcoin on Theta tokens, which were valued at just 21 cents back then.

Initially, the tokens were held on a China-based exchange but within weeks after a broad crackdown on cryptocurrency by the Chinese government, they had to transfer everything to a hardware wallet.

That’s when Reich and his friend chose a Trezor One hardware wallet to set up a PIN, but a couple of years down the lane the unthinkable happened — The two forgot their PIN.

After 12 unsuccessful attempts to recover the PIN, the two decided to quit before the wallet automatically wiped itself after 16 incorrect guesses. However, last year after the price of Theta token hit an all-time high above $15 and their initial investment briefly rose above $3 million, Reich decided to renew their attempts to get access to the wallet.

Without a wallet’s seed phrase or PIN, the only way to retrieve the tokens is through hacking, here’s where Joe Grand, a Portland-based hardware hacker, comes into the picture.

Breaching Trezor Security

In a YouTube video, Grand explained that Trezor One wallets temporarily moved the PIN and key to the RAM during a firmware update and once the update is complete, the information is moved back to flash.

Grand found that in the version of firmware installed on Reich’s wallet this information was not moved but copied to the RAM, this meant that if the hack fails and RAM is erased the information about the PIN could be stored in flash.

Thus, Grand uses a fault injection attack — a technique that alters the voltage going to the chip. Since Grand could surpass the security the microcontrollers had to prevent hackers from reading RAM and this helped him obtain the PIN needed to access the wallet and the funds.

The hacker further explained:

“We are basically causing misbehavior on the silicon chip inside the device in order to defeat security. And what ended up happening is that I was sitting here watching the computer screen and saw that I was able to defeat the security, the private information, the recovery seed, and the pin that I was going after popped up on the screen.”

While the hack must’ve left Reich and his friend ecstatic, not everyone was pleased with the vulnerability found in Trezor wallets, and the same led to some panic.

In response to this, Trezor Tweeted that this vulnerability that allows it to read from the wallet’s RAM is an older one that has already been fixed for newer devices.

Lindsay Lohan is Launching her “Experiential NFTs” on Superfandom

Lindsay Lohan is entering the Non-fungible token space with her experiential NFTs. The tokens will be available for sale on the Superfandom marketplace. 

The famous actress will also serve as an adviser for the platform, helping them attract more users and similar celebrities.

Experiential NFTs Offer Holders a new Level of Experience

With her foray into NFTs, she joins several celebrities and entertainment stars who have issued NFT tokens. Many more are even in the space as collectors, and some go as far as starting their own NFT companies. 

Experiential NFTs are unique as they offer special utility for holders. They allow the fans to interact with the celebrity or get special access. For example, a singer who issues these digital tokens might give holders premium access to shows and listening parties. 

Built on the Stacks Blockchain, Superfandom is for celebrities who want to monetize their fame and fans who wish to have special access to these stars. 

The platform already has actors such as Riya Sen and Jake Busey, singer Jubin Nautiyal, and home improvement celebrity Richard Karn on its list. Lindsay Lohan, however, will be the biggest star to join the platform so far.

This is a strategic move for Superfandom as the Rare Sense subsidiary tries to get more stake in the space. Superfandom was one of the successful projects in the first cohort of Stacks accelerator. 

According to its CSO Sophia Pervez, experiential NFTs are like regular NFTs. They’re better for creators than the typical NFTs, which are digital artworks.

For Lindsay Lohan, this won’t be her first move into the crypto industry. Earlier this year, the Hollywood star promoted All Coins Yield Capital (ACY Capital), a platform that gives users exposure to meme coins, DeFi, and NFTs. Thus, she’s quite familiar with the field and is only looking to expand her portfolio.

Interests in NFTs Continue to Spike

This year, NFTs have been getting lots of attention from the public, with OpenSea already breaking its monthly trading volume record. 

We have witnessed the incursions of traditional firms like Samsung investing in the space. Apart from that, top celebrities like Eminem have also made notable investments into the space this year.

Popular automakers Lamborghini and Mercedes Benz also recently announced that they’d be launching their NFT collections soon. 

However, despite the boom, it has not translated to a steady green run for tokens in the industry like AXS, GALA, THETA, and others whose run mimics the broad crypto market.

THETA Rallies After Payment Option Goes Live on the Curate Marketplace

The first part of the Theta and Curate partnership has been completed, and the second part will see Theta NFTs launch on the Curate marketplace.

THETA/TFUEL Payment Options Now Available on Curate

Theta is a decentralized video delivery network. The platform is powered by the users and operates on a dedicated blockchain (Theta Network). The network is designed to reduce the costs involved in delivering content by creating a mesh network of shared content.

On Monday, the Theta Network team announced that the first part of its collaboration with the Curate marketplace is complete. This means that THETA and TFUEL payment options are now available on the Curate marketplace.

Theta Fuel (TFUEL) is the operational token of the Theta Network. It is used as the gas token to complete transactions on the network, such as deploying or interacting with smart contracts.

The Theta team said they are now working on the second part of the partnership, which will involve Theta nonfungible tokens (NFTs) being tradable on the Curate app.

THETA has been performing well in the last few hours. At press time, THETA is trading at $4.1, up by more than 5% in the last 24 hours.

THETA Could Break Past its 50-day EMA Level Soon

The THETA/USD daily chart shows that the cryptocurrency is bullish at the moment. THETA looks likely to top its 50-day moving average price of $4.52 over the next few hours if the positive performance is maintained.

THETA’S RSI is out of the oversold region. Source: FXEMPIRE

The MACD line is still below the neutral zone as THETA has been underperforming in recent weeks. The RSI of 46 shows that THETA is out of the oversold zone and could move higher if the bulls remain in control.

THETA reached an all-time high of $15.72 on April 16, 2021. However, the coin has lost more than 73% of its value since then.