Monthly Archives: Januar 2023

• Holders of the Bored Ape Yacht Club (BAYC) were observed to be in profit as demand for the NFT increased.
• BAYC and related assets made up 50% of the overall Ethereum [ETH] NFT volume in the past week, indicating a high level of interest and demand for BAYC and related assets.
• Sales for BAYC also surged with a 140% increase over the last 24 hours, according to Dapp Radar.

The crypto space has been in a state of flux lately with the price of Bitcoin and other virtual currencies fluctuating greatly. Despite the volatility, holders of the Bored Ape Yacht Club (BAYC) have remained profitable as the demand for the Non-Fungible Token (NFT) associated with the asset continues to grow. According to NFTstatistics.eth, a Bored Ape is now less than 50% of the total value of all the NFTs and coins each BAYC has received since minting.

The growth and adoption of BAYC has also been reflected in the increasing TVL collected by staking the asset. Data provided by Dune Analytics showed that the amount of TVL collected by staking BAYC had increased significantly, indicating growth in the network. However, the APY generated by staking this asset declined, which could be a cause for concern for investors.

The growing interest in BAYC was further evidenced by the fact that it made up 50% of the overall Ethereum [ETH] NFT volume in the past week. This indicated a high level of interest and demand for BAYC and related assets, which was reflected in the growing profitability of BAYC holders.

In addition to this, sales for BAYC also surged with a 140% increase over the last 24 hours, according to Dapp Radar. This is a positive sign for the NFT collection’s future growth and profitability. The average price for Mutant Ape Yacht Club [MAYC] also grew along with the number of holders holding the NFT collection. Its price grew by 14.30% in the last month, according to NFTGO.

Overall, the growth of BAYC and the associated NFTs has been an encouraging sign for investors and holders of the asset. With demand continuing to grow, it is likely that BAYC and its associated NFTs will continue to be profitable, despite the volatility of the crypto market.

• Bitcoin recently experienced a rally that pushed its value up by over 25%.
• Glassnode’s balance on exchanges metric displayed a low volume despite this surge.
• This low exchange balance could indicate a bullish trend for Bitcoin in the near future.

The recent surge in Bitcoin’s value has many investors and traders feeling optimistic about the king coin’s future. In late November and early December of 2017, Bitcoin was trading around the $17,000 mark. However, in the past couple of weeks, BTC has seen a nearly 26% increase in its value, which has pushed it above its level of initial resistance. This surge has led many to believe that the cryptocurrency market may see a further increase in the near future.

However, Glassnode’s balance on exchanges metric revealed something unexpected. Despite the current rise in Bitcoin’s value, the metric showed a low volume of BTC available on key exchanges. On 18 January, the Balance on Exchanges was 2,249,824.148 BTC, a new all-time low. Before this new low, on 19 December 2022, the volume of Bitcoin first fell to 2,249,845.086 BTC.

This low exchange balance could indicate a bullish trend for Bitcoin in the near future. Fewer people holding Bitcoin may sell them on exchanges, preventing a significant market correction. This shift to longer-term holding options, such as cold wallets, may mean an optimistic sentiment among Bitcoin holders. Additionally, with fewer traders selling, the market may be more stable, allowing for a more consistent price for Bitcoin in the future.

However, this is not always the case, as low balances on exchanges can sometimes signify a bearish trend. Investors should stay vigilant and monitor the market closely for any unexpected changes. Additionally, as always, it is important to diversify investments and not rely too heavily on one asset.

Overall, the low balances on exchanges could be an indication of a bullish future for Bitcoin. If more traders move to longer-term investment options and the market remains stable, the king coin may continue to rise in value. As always, it is important to remain vigilant and stay informed of any changes in the market.

• Sam Bankman-Fried, the founder of the bankrupt crypto exchange, released a post-mortem on the FTX-Alameda collapse.
• He listed the combination of three important events that led to its demise, the last one being a targeted crash led by Binance CEO Changpeng Zhao.
• He also gave a peak into FTX US balance sheet, stating that this led to „Alameda’s contagion“ spreading to FTX and other entities.

The founder of the bankrupt crypto exchange – Sam Bankman-Fried aka SBF – has released a post-mortem on the FTX-Alameda collapse. According to Bankman-Fried, the events leading up to the collapse of the exchange began in 2021 when Alameda’s balance sheet had a net asset value of nearly $100 billion, with net borrowing and liquidity on hand standing at $8 billion and $7 billion respectively. Unfortunately, through 2022, the stock and crypto market experienced a significant drop in value.

This event was followed by the investment arm’s failure to „sufficiently hedge its market exposure“. Despite this, it was the last event that directly caused the downfall of Alameda. This event was a targeted crash led by Binance’s CEO Changpeng Zhao. After reports of Alameda’s balance sheet predominately consisting of FTT tokens surfaced, CZ announced that it would sell all of its remaining FTT tokens, causing a market frenzy.

In his post-mortem, SBF said, „But the November crash was a targeted attack on assets held by Alameda, not a broad market move. Over the few days in November, Alameda’s assets fell roughly 50%; BTC fell about 15%–only 30% as much as Alameda’s assets–and QQQ didn’t move at all“. This crash led to a domino effect of Alameda’s contagion spreading to FTX and other entities.

In his post-mortem, SBF also said that he would give nearly all his personal assets to FTX International customers. He also gave a peak into FTX US balance sheet, revealing that on the day of the collapse, the exchange had a net asset value of $2.3 billion, with $2.2 billion in net borrowing and only $100 million in liquidity.

It is clear that CZ’s targeted crash of Alameda’s assets was the main cause of the collapse of the exchange. SBF’s post-mortem provides a detailed insight into the events that led to the demise of Alameda, and the role of Binance’s CEO in the crash. Despite the unfortunate outcome, SBF’s decision to give away nearly all his personal assets to FTX International customers shows his commitment to the crypto community.

• Sandbox [SAND] was an altcoin that surged after Bitcoin [BTC] rose in the new year.
• Technical indicators on the 4-hour chart showed that SAND was highly bullish and may retest or break out above $0.4524.
• If the momentum continues, SAND could rise and reach $0.4524 again, however, a break below the immediate support at $0.4319 would invalidate the bias.

Sandbox [SAND] was an altcoin that caught the attention of many crypto traders and investors in the new year. After Bitcoin [BTC] rose from $16.52K on January 1 to $16.96K on January 4, SAND lifted from $0.38 to $0.44 in the same period. At press time, SAND was trading at $0.4418 and appeared ready to retest the 100% Fib level of $0.4524.

To get a better understanding of the market sentiment, technical analysts looked at the 4-hour charts. The Relative Strength Index (RSI) showed that buying pressure was still strong and was back in the overbought territory. This was further supported by the Directional Movement Index (DMI) which showed that buyers had the upper hand at 36 points, while sellers were at 12 points. There was a slight downward trend on the buyers‘ side, which could indicate a slight decline in buying pressure. Also, the On-Balance Volume (OBV) was reaching new highs, indicating increased trading volume, and further confirming the recent buying pressure and price increase.

If the momentum continues, SAND could rise and reach $0.4524 again. Risk-averse traders can take profits at this level. However, a break below the immediate support at $0.4319 would invalidate the bias. Such a downside move could find new support at the 61.8% Fib level of $0.4228. Weekly SAND HODLers saw gains as volumes and prices rose in the new year and many traders are optimistic that the altcoin will reach new highs in the coming months.

• Dogecoin has posted 7% gains since 31 December, but its higher timeframe charts remain bearish.
• Trading volume has been in steady decline since mid-December and unless DOGE can reclaim $0.078 as support, it is likely to see another move southward.
• A move to the $0.077-$0.079 area is likely to offer a low-risk, high-reward shorting opportunity.

Dogecoin has been one of the more interesting coins in the crypto space recently, with the meme coin seeing some significant price action in the past month. After posting 7% gains since 31 December, Dogecoin has been trading at around $0.071 as of 4 January 2021. However, despite the recent gains, the higher timeframe charts show that the coin is still in a bearish trend.

The trading volume for Dogecoin has been in a steady decline since mid-December, and this is a sign that the bulls are losing their grip on the market. Unless DOGE can reclaim $0.078 as a support level, it is likely to see another move southward in the coming weeks.

On the price chart, there is a bullish order block that was tested in mid-December but the session close beneath $0.071 meant that it had been flipped to a bearish breaker. The market structure is also bearishly biased and will only be flipped on a move back above $0.0789.

A move to the $0.077-$0.079 area is likely to offer a low-risk, high-reward shorting opportunity. There is also a significantly lower timeframe consolidation right beneath the said resistance level at $0.0789. This means that traders should keep an eye on this area for potential shorting opportunities.

Overall, Dogecoin has posted some gains in recent days, but the higher timeframe charts still show a bearish bias. Trading volume has also been in steady decline since mid-December and unless DOGE can reclaim $0.078 as support, it is likely to see another move southward in the next week or two. A move to the $0.077-$0.079 area is likely to offer a low-risk, high-reward shorting opportunity, and traders should keep an eye on this area for potential trading opportunities.