Meet The Smartest People on Wall Street Event by TipRanks, OpenSea and Cardano disrupting the markets and much more..
Good Morning FinTech, 17 January
Welcome to the 20 new of you who have joined since Friday. Before we begin,
You're invited to the Top Analysts of 2021 LIVE online Awards Ceremony on January 20th at 11 am EST held by TipRanks. Due to Omicron, this event is happening online and this is an exclusive invite for Inspired Analyst’s army to join for free :), here is the link:-
Now, let’s dive into see what’s happening in the markets:-
NFT Platform OpenSea Hits Record $3.5B in Monthly Ethereum Volume
Leading NFT marketplace OpenSea has seen its monthly trading volume in Ethereum hit a new all-time high above $3.5 billion.
OpenSea, a popular marketplace for non-fungible tokens (NFTs), has recorded a new all-time high in monthly Ethereum trading volume, soaring past the $3.5 billion mark, according to data from Dune Analytics.
With two more weeks to go before the end of the month, OpenSea trading volume has now surpassed both the previous all-time of $3.42 billion recorded in August last year and the $3.24 billion in sales in December.
OpenSea's January trading volume has topped $169 million each day so far, with the platform's largest single-day volume of $261 million recorded on January 9.
Cardano Hits 3-Week High Amid Flurry of Activity
The smart contracts platform Cardano (ADA) is up 8% in the last 24 hours as more projects go live on the network.
The price of ADA, the native cryptocurrency of the Cardano blockchain, surged to a daily high of $1.56 on Monday, its highest point since December 27, according to CoinGecko.
Since then, the token has slightly backtracked, however, still up 8.2% over the day, and an impressive 30.4% in the last week.
On Saturday, SundaeSwap, a Cardano-based decentralized exchange (DEX), announced that its mainnet launch is scheduled for January 20. According to a blog post, projects will be allowed to create pools beginning Tuesday. As the team behind SundaeSwap noted, this will be “a fully-functional beta” release.
The price action follows a flurry of activity around the blockchain, including the launch of Pavia, the first-ever metaverse project in the Cardano ecosystem.
The metaverse seeks to merge virtual, augmented, and physical realities into a unified environment offering a broad range of features such as gaming, social experiences, non-fungible token (NFT) trading, and many more.
Pavia, as stated in the official announcement, comes hot on the heels of similar, fast-growing Ethereum-based projects like Decentraland and the Sandbox Game.
Singapore Regulator Clamps Down on Crypto Advertising
The Monetary Authority of Singapore has taken a firm stance on crypto companies advertising their services to the public.
The Monetary Authority of Singapore (MAS)—the city-state's financial services regulator—has told crypto companies to stop advertising their products to the public.
Digital payment token (DPT) companies, as they are described in Singapore, "should not portray the trading of DPTs cryptocurrencies in a manner that trivializes the high risks of trading in DPTs, and should not promote their DPT services in public areas in Singapore or through any other media directed at the general public in Singapore," the MAS said.
"The public should not be encouraged to engage in the trading of DPTs," the regulator added.
In brief - that crypto companies may only promote their services on their own website, mobile applications, or official social media accounts.
Importantly, crypto companies have also been told not to engage with third parties like "social media influencers" to promote their services.
Spain to begin regulating Bitcoin ads next month
After almost a year of analysis, the advertising of Bitcoin and other cryptocurrencies is set to be officially regulated in Spain next month.
The regulations, which have been amended since their first public consultation in April 2021, have a defined goal to regulate advertising. In any event, it is anticipated that it will clarify which ads must be approved by the CNMV and which commercials must also follow a range of conditions that have previously been established for the promotion of other types of financial products.
Crypto adoption grows in Spain
Notably, progress is being made in Spain on many fronts in terms of Bitcoin legislation. The cryptocurrency economy continues to flourish and spread to new areas despite tightening laws on cryptocurrency exchanges and custodial platforms.
The nation recently signed an agreement that would see another 100 BTC ATMs installed in several Spanish provinces, which, right now, is the European country with the most of these devices.
BTC Market analysis - Bulls Vs Bears
The sell-off this week saw less than 40% of spent volume in profit, reaching levels that historically coincide with capitulation events. Past instances at this level have preceded a bullish reversal, and a period of general risk-on behaviour.(figure 1)
The low levels of profitable coin spends is also evident in the Realized Profit chart(Figure 2), which shows the profitability of BTC moved, on a USD basis. In-profit holders are displaying a notable unwillingness to spend coins, with consistent Realized Profit values below $1 Billion/day. In the face of unconvincing price action, this signals that this cohort of holders are patiently waiting for higher prices to spend their respective supply.
Climbing realized profits, especially above the $1 Billion level and accompanied by positive price performance, signals demand absorption of coins, and is a metric to watch in the coming weeks.(Figure 2)
YouTube Post of the Week
Here is the 2nd episode of the Technical Analysis that we have covered on YouTube, make sure to ask us any questions in the comments:-
That’s it for today, if you would like to support, think of becoming a premium member to get access to my detailed research on solid crypto projects that i invest every week.
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.