Bitcoin, Crypto, and Stocks Dip While USD Rips as Money Flows into the Private Market

September is turning out to be a historically accurate month so far.

More than half of the month is gone, and Bitcoin’s price hasn’t done anything but either drop or trade sideways.

After starting the month above $47,000, the price of bitcoin went on to hit $53,000 before the first week of September was over. But from there, we only dropped lower to as low as $42,000 before even Sept. 8 was here.

Since then, not much has occurred with Bitcoin, keeping between $43k and $49k.

Like Bitcoin, Ether rallied from about $3,400 to just past $4k only to drop to $3k.

As of writing, BTC/USD is trading around $44,500 and Ether $3,100, with the total market cap also back around $2 trillion.

As we reported earlier this month, September has historically seen an average return of negative 7.8%. And currently, Bitcoin is about 4.2% down from where it started the month and Ether about 7.3%.

While the majority of the cryptocurrencies are down, some altcoins did outperform in the first half of the month, such as Solana, Avalanche, and Cosmos. SOL -13.93% Solana / USD SOLUSD $ 132.02
-$18.39-13.93%
Volume 5.61 b Change -$18.39 Open $132.02 Circulating 296.97 m Market Cap 39.21 b
5 h Bitcoin Price Flash Crashes to $5,400 on Solana-based Oracle Pyth Network Causing Liquidations 9 h JPMorgan says Ether Is Overvalued at Current Prices and DeFi’s Institutional Adoption Is Above 60% 11 h Bitcoin, Crypto, and Stocks Dip While USD Rips as Money Flows into the Private Market
AVAX -19.02% Avalanche / USD AVAXUSD $ 57.01
-$10.84-19.02%
Volume 2.35 b Change -$10.84 Open $57.01 Circulating 220.29 m Market Cap 12.56 b
10 h Even Ethereum Layer 2 Solutions Are Earning Significantly Higher Fee Revenue than Bitcoin 11 h Bitcoin, Crypto, and Stocks Dip While USD Rips as Money Flows into the Private Market 3 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero
ATOM -23.10% Cosmos / USD ATOMUSD $ 33.88
-$7.83-23.10%
Volume 3.47 b Change -$7.83 Open $33.88 Circulating 221.69 m Market Cap 7.51 b
11 h Bitcoin, Crypto, and Stocks Dip While USD Rips as Money Flows into the Private Market 1 w More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits 2 w “Moon” Is Not the Limit for Bitcoin, says Chainalysis CEO But be Wary of Downside Risk & Level of Retail Mania

Dollar Is Showing The Strength

The crypto market, however, is not alone in seeing losses. S&P 500 has also been on a decline this month, having dropped 2.5% after hitting a new all-time high right at the beginning of September at 4545.85.

Tech-heavy Nasdaq, which also hit a new peak this month, has been down for less than a fortnight, down just over 2.3%.

As for the Dow Jones Average Index, it has slipped 3% since reaching a new high in mid-August.

While the stock and crypto market are both going down, the USD Index has been on an uptrend since last week to hit 93.432 on Monday, the second-highest level this year. The greenback aims for a 2021 high of 93.74, which it hit on August 20 and before that seen in early November 2020.

As the dollar shows strength, gold isn’t faring any better either. The bullion is trading at $1,758.71 per ounce, on a decline since early August 2020 ATH of $2,075 per ounce. Between March and May, the precious metal did get some relief rally of 14.3% above $1,900 but is now back down.

We Don’t Need Institutions Anymore

Yet another weekend of sell-off action saw $818.55 million of liquidations, with 40.86% of it happening on Bybit and 19.2% on Binance.

Due to this, open interest on Bitcoin futures dropped $1.34 billion in just two days, and Ether’s slid $360 million in four days.

While public markets are not doing well, showing a lack of institutional capital inflow, private markets see exactly the opposite.

In the month of August, the crypto and blockchain sector raised nearly $2.1 billion in private investment across over 100 rounds. The highest rounds at 65 were recorded in Seed and Pre-Series A but amassed the lowest amount at $190.6 million. The later stage gained the highest amount at $663 million but the lowest rounds, just 4.

“The overall funding environment for crypto this year – the depth, breadth, quality and size – is the single biggest factor that would lead you to believe the “four year cycle” that has historically driven crypto is likely coming to an end in real time,” commented Travis Kling who’s running Ikigai Fund, on the amount of capital being invested in the crypto infrastructure.

According to Three Body Capital, with crypto here to stay as people adopt it as money, crypto no longer needs institutional validation or capital as it is getting both from people, who are the ones that matter.

“TradFi institutions remain hamstrung by the very rules and regulations they put in place to cement their prominence,” it noted.

“We think crypto’s breakthrough moment is now in progress, finding product-market fit with the average person on the street, not in DeFi or trading, but in ‘normie’ things like gaming and art.”

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Author: AnTy

SLP Farming Is Turning Out to Be Very Lucrative, While Axie Infinity (AXS) Has the Lowest P/E Ratio

SLP Farming Is Turning Out to Be Very Lucrative, While Axie Infinity (AXS) Has the Lowest P/E Ratio

As we reported about 10 days back, Axie Infinity has been one of the very few projects generating positive revenue amidst the ongoing sideways boring market.

And, the adoption of play-to-earn games is only soaring.

The most popular NFT project right now is Axie Infinity, seeing record growth across the board. Interest for the search term “Axie Infinity” on Google Trend is also at its peak, while for “NFT,” it’s on a downtrend after topping out in March.

One of the top gas guzzlers on the Ethereum blockchain, Axie Infinity is actually the highest revenue earner in the past 30-days at $49.1 million, with no one coming even close as PancakeSwap, the second-highest one is earning $12.5 million, according to Token Terminal.

As for if this is sustainable, as ​​Spartan Black for crypto fund The Spartan Group noted, “none of the mainstream gamers even know about Axie….”

The project’s revenue is growing thanks to it amassing close to 500,000 daily active users (DAU).

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And this growth is reflected in the token AXS, which is up a whopping 3,425% YTD. AXS price is enjoying the gains and leading in almost every time frame so far this year.

Every other day, AXS is surging to a new all-time high; the latest one hit today at just above $21. This month alone, the crypto asset is up 275% as the platform continues to gain traction.

If we look at the Price to Earnings ratio, Axie has the lowest among the most popular Dapps.

The token AXS was actually launched by Axie’s parent company Sky Mavis, a Vietnamese studio that raised $7.5 million in May for the game with backers including billionaire investor and Dallas Mavericks owner Mark Cuban, to bootstrap the growth of the company.

The blockchain-based game uses non-fungible tokens (NFT) to reward players financially in the form of Small Love Potions (SIPs), which can then be converted into fiat currency on cryptocurrency exchanges.

In the Philippines, the game has become extremely popular, as the company shared in its short documentary called “Play-to-earn: NFT Gaming in the Philippines,” which came out in May.

According to Dapp Radar, these decentralized play-to-earn games led by Axie Infinity that are reaching the masses could be the missing piece towards the mass adoption of blockchain technology.

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Author: AnTy

Visa to Settle Payments in USDC on Ethereum; ‘Major Turning Point in Mainstream Crypto Adoption’

Visa to Settle Payments in USDC over Ethereum; A ‘Major Turning Point in Mainstream Crypto Adoption’

The second-largest stablecoin has added 7 billion to its total supply of almost 11 billion in just the three months of 2021.

Digital payments service provider Visa has announced support for stablecoin USDC as a native currency and settlement system on its network.

The USDC will now be used to settle the transaction with Visa over Ethereum ETH 7.83% Ethereum / USD ETHUSD $ 1,821.24
$142.607.83%
Volume 22.76 b Change $142.60 Open $1,821.24 Circulating 115.25 m Market Cap 209.91 b
10 h Decentralized Exchange, Uniswap, Accounts for 80% of The Daily Active DeFi Users 10 h Visa to Settle Payments in USDC over Ethereum; A ‘Major Turning Point in Mainstream Crypto Adoption’ 2 d “We are Believers in Bitcoin,” says Oakland A’s President on Accepting BTC & HODLing it
instead of the legacy banking system.

“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers.”

Cuy Sheffield Head of Crypto at Visa

This bridge between digital and traditional fiat currencies is made possible with Visa’s pilot program with payment and crypto platform Crypto.com. The exchange reported “record-breaking growth” over the last year.

Visa is also working with Anchorage, the first federally chartered digital asset bank, which is its exclusive digital currency settlement partner.

Throughout last year, Visa was working on establishing a pathway for digital currency settlement within its existing treasury infrastructure, a platform that the company says moves billions of dollars each day across thousands of institutions in more than 200 markets and 160 currencies.

All of this will also allow Visa to support central bank digital currencies (CBDC) directly.

The settlement layer for the world

USD Coin (USDC) is a fast-growing stablecoin whose supply has increased 7 billion in just the three months of 2021 to a total supply of almost 11 billion, the second-largest stablecoin after Tether (USDT). Last year, USDC supply went from a mere $521 million to nearly $4 billion.

“This is massive news, and marks a major turning point in mainstream adoption of crypto,” said Jeremy Allaire, co-founder & CEO of Circle, which along with Coinbase, created USD Coin.

The Ether community is excited, calling it “another step on Ethereum’s journey to becoming the settlement layer for the world.”

With this connection to existing global networks, it will “accelerate (USDC’s) adoption as both a store of value and medium of exchange,” said Allaire.

Now any customer who has a USDC in a wallet and a card attached to their wallet can spend their USD-backed crypto at any Visa accepting merchant.

“This is “Over-the-Top” (OTT) money, and a major step in our mission to build a new global economic system on a more open, global, safe and inclusive foundation built on crypto and blockchain tech.”

Jeremy Allaire Co-Founder & CEO of Circle

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Author: AnTy

Bitcoin’s Moon Target Set at $318,000 in Dec. 2021 by Citibank Report

With Bitcoin turning bullish, the mainstream institutions are also taking a special interest in the leading digital asset. The latest is Citibank, whose bitcoin technical analysis sees lofty price targets at over $300k per BTC by the end of 2021.

Thomas Fitzpatrick, Global head of CitiFXTechnicals product, the author of the report, traces the historical price performance of Bitcoin, which reflects that timeframes for the rally are getting longer, which puts this rally to peak in December 2021 at $318k.

“Improbable though that seems it would only be a low to high rally of 102 times (the weakest rally so far in percentage terms),” with arguments in favor of Bitcoin at their most persuasive ever, he wrote.

The report notes how Bitcoin is all about “unthinkable rallies followed by painful corrections” but a type of pattern that sustains a long term trend.

As such though it’s to be seen if such lofty levels will be hit, “the price action we are looking at clearly suggest the potential for a major move higher nonetheless in the next 12-24 months,” reads the report whose snippets were first shared by trader and economist Alex Kruger.

Although “this kind of technical analysis is of little value,” Kruger noted, “what matters here is Citi’s clients being exposed to the bitcoin moon.”

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Citibank compared the digital asset’s first rally that took it to the mainstream with gold, which similarly “was allowed to float in the early 1970s after 50 years of trading in a $20-035 range.”

And that was a “structural change in the modern-day monetary regime” ushering in a world of fiscal indiscipline, deficits, and inflation. As for Bitcoin, its move happened in the aftermath of the Great Financial crisis.

In 2020, with all the MMT, gold is likely to gain from this, but the author of the report noted that gold has restrictions such as storage, non-portable, and could possibly be even called “yesterday’s news” in terms of a financial hedge.

“Bitcoin is the new gold,” reads the report.

The leading digital asset has a limited supply, is easy to move across borders, and offers opaque ownership. But the author also says that Bitcoin may be subject to more regulatory constraints going forward.

The report further mentions CBDC, which though a much more effective mechanism for distributing stimulus, “makes capital confiscation easier.” In both the scenarios, Bitcoin will give us the digital equivalent (Bitcoin versus Fiat digital) of what we saw in the 20th century when the financial regime changed (Gold versus FIAT paper).

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Author: AnTy