Crypto News 03/11: Bitcoin forms a bull run signal with messages from Polkadot, Chainalysis, Composable Finance, Dogecoin, Solana, Immutable X, Kusama
From the opinion that investors believe that the price of Bitcoin will continue to rise, Elon Musk reveals that he is a fake CEO of Dogecoin. Here are some highlights from the crypto market.
Although Bitcoin hits new highs, data BTC SOPR could be showing current market activity similar to that of an early bull run.
According to the latest weekly report from Glassnode, BTC SOPR shows that the current profit-taking behavior of the market is at a low point despite the fact that the cryptocurrency has just hit a new high.
The Spent Output Profit Ratio (or SOPR) is a bitcoin indicator that shows whether the selling holders are making a profit.
If the indicator has a value greater than 1, it means that, on average, the coins that have been moved in the given period will be sold for a profit.
On the other hand, an SOPR of less than 1 indicates that the holders sold their bitcoins at a loss. A value of 1 means that the market is balanced.
BTC aSOPR change throughout the bull cycle | Source: Glassnode
As the graph above shows, the current Bitcoin market seems to be showing that the holders are profitable. Similar market activity was observed around November 2020. At this point the Bull Run had only just begun and BTC had yet to establish an ATH.
This time, Bitcoin created a new ATH, but the spending behavior shows that the holders are not yet taking any profits.
Trends may indicate that investors are unwilling to sell at current levels because they expect prices to continue to rise.
JPMorgan claims that the fair value of Bitcoin is $ 35,000.
follow report From Bloomberg, Major Bank of the United States, JPMorgan, claims that the fair value of Bitcoin is $ 35,000, 44% less than its current price of $ 63,300.
The bank’s estimate is based on comparing the volatility of cryptocurrencies with the volatility of gold. Bitcoin is currently four times more volatile than gold.
JPMorgan said that while Bitcoin’s value was high, it was “unattractive.” However, the bank notes that there is a good chance that BTC will continue to grow.
The banking giant believes the leading cryptocurrency could hit $ 100,000 by 2022 if its volatility doesn’t decrease.
The Mayor of Miami decided to get his salary in BTC.
On Tuesday, Miami Mayor Francis Suarez, who will run for re-election, said he would receive his next “100% Bitcoin” salary.
Suarez is the man who worked to make Miami the new digital financial hub. Last month he said he was working on a plan to pay city employees in cryptocurrency.
– Mayor Francis Suarez (@FrancisSuarez) November 2, 2021
NYSE Arca is proposing to list shares in Bitwise Bitcoin ETP Trust.
NYSE Arca, a subsidiary of the New York Stock Exchange Corporation (NYSE), wants to list and operate a trust based on Bitcoin ETP products.
In suggest In a rule change with the United States Securities and Exchange Commission (SEC), the NYSE Arca has proposed listing shares in the Bitwise Bitcoin ETP Trust.
The proposal makes it clear that each share in the trust is represented by “permanently undivided beneficial ownership units” so that the shares on the stock exchange are worth the market price of Bitcoin.
In addition, the trust is managed by two third-party companies as the custodian, administrator and transfer agent of the trust.
OKEx Start up Early voting for Polkadot Parachain position auctions.
In order to create incentives for the Polkadot community and to build up its ecosystem, OKEx supports the Polkadot Parachain position auction with an exclusive early voting function.
Users can quickly and conveniently participate in placement auctions on OKEx with no gas fees and receive DOT rewards from OKEx as well as rewards from projects that users vote for.
News chain analysis
The leading blockchain analytics company Chainalysis is open office The first in Canberra, Australia coincides with news that they have partnered with Commonwealth Bank, which plans to offer cryptocurrency trading to 6.5 million app users.
Valued at $ 4.2 billion in a Series E investment round in June, Chainalysis is a blockchain data research platform founded in 2014 by Jonathan Levin and Michael Gronager.
News Composable Finance
Composable Finance has to win 13. Parachain position on Kusama, the Canarian network for the Polkadot blockchain.
The Composable Finance team is developing a parachain on Polkadot (first built under the name “Picasso” on Kusama), which aims to strengthen the entire ecosystem and provide improved access and benefits for parachains.
Tesla CEO Elon Musk has announced that he will become the bogus CEO of Dogecoin.
This comes after Billy Markus, the co-founder of the viral crypto meme, announced who will take the position later today.
It looks like Musk falsified the announcement by volunteering for the position.
– Elon Musk (@elonmusk) November 2, 2021
The sales volume in the secondary market for Solana-based NFTs has reached nearly $ 500 million since early August.
According to data from CryptoSlam, Solana NFT secondary sales reached $ 497.7 million from approximately 348,000 transactions with an average revenue per NFT of $ 1,500.
Solana NFT secondary sales | Source: CryptoSlam
The data shows that Solana saw record secondary NFT sales totaling $ 189.4 million in September.
Solanas TVL reaches ATH.
According to DefiLIama, the Total Locked Solana (TVL) value surpassed previous ATH levels after SOL price hit a new high of $ 231, up 16.7%.
Since Solana is heavily used within the network, the higher transaction volume due to the growth of the DeFi and NFT industries has a positive effect on the price. In order to deploy a decentralized application on the Solana network or to create an NFT collection, users need to purchase SOL tokens.
In the current market, decentralized applications are experiencing a boom that is attracting more investors to Solana again and creating purchasing power for the network.
TVL in the Solana network | Source: DefiLIama
Messages Immutable X
Invariant X (IMX) will behavior launched its token on November 5th via Huobi Primelist.
According to the announcement, Immutable X will conduct a token sale on Huobi Primelist on November 5th at 5:00 p.m. and last until 7:00 a.m. the next morning (Synthetic Team time).
Thereafter, trading for IMX tokens will start on November 5th (UTC) at 8:00 p.m. There are two ways to participate: by queuing and by holding HT.
Previously, Immutable X conducted its IMX token sale on CoinList. The capitalization of the Huobi Primelist batch is $ 960,000, with the price on Huobi Primelist being $ 0.16.
Kusama could face strong upside momentum as it nears TD’s breakout line at $ 441. This important area of resistance has been preventing KSM from rising any further since early September. Successful breach of the barrier This resistance could encourage investors to take a long position. Preparing for a major rally.
Under these circumstances, Kusama will likely target $ 512 for the first time, and if this resistance is broken, the price could continue to rise and retest the ATH at $ 626.68 on May 18.
In the event of a market sell-off, the $ 384 support or the 61.8% Fibonacci retracement level at $ 327 could prevent Kusama from falling lower.
Burger King gives away Bitcoin, Ethereum and Dogecoin to loyal customers.
Burger King and investment app Robinhood are currently giving away Bitcoin, Ethereum, and Dogecoin to Royal Perks loyalty program members when consumers spend $ 5 on the restaurant’s app.
With this promotion, in order to receive coins, users must open a Robinhood account in order to receive daily offers.
– David Gokhshtein (@davidgokhshtein) November 1, 2021
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