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Bitcoin Supply Shock: Reserves Drop To Lows Not Seen Since October 2017

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Bitcoin Supply Shock: Reserves Drop To Lows Not Seen Since October 2017

Bitcoin spot reserves continue the recent trend of decline as values now stand at the lowest since October 2017. This shows the supply shock is tightening its grip.

Bitcoin Supply Shock Narrative Grows Further As Spot Reserves Decline To October 2017 Levels

As pointed out by a CryptoQuant post, BTC spot reserves have dropped down to lows not seen since October 2017.

The spot reserves is a Bitcoin indicator that shows the total amount of coins held on wallets of all spot exchanges.

When the value of the metric goes up, it means there is now an increase in the supply of BTC for selling and altcoin purchasing. Such a change can drive the price of the coin down.

On the other hand, the supply of BTC reduces on spot exchanges when the value of the reserve shows a decline. This behavior can be bullish for the coin in the long term.

Related Reading | On-Chain Data Shows Bitcoin Investors Don’t Want To Sell At This Level

Now, here is a chart that shows the trend in the value of the indicator over the last few years:

BTC spot reserves continue to decline | Source: CryptoQuant

The above graph shows some interesting trends in the value of the indicator. First, during the 2017 bull run, the reserve shot up and attained very high values.

Next, these high values sustained as the curve mostly flattened for years except for a stretch around 2019 where the metric saw even higher values before dropping back to the same levels as before around the start of 2020.

Related Reading | CEO Of Soros Fund Management Confirms That The Family Office Is Invested In Bitcoin

When 2020 hit, however, the trend changed and the BTC spot reserves started dropping off. This continued into 2021, where the values dropped down even faster.

Now, the indicator has reached the same levels as October 2017. That is, the values that were there before the 2017 bull run surged them.

Such a decrease in the reserves could mean there is a supply shock brewing up in Bitcoin. This could end up being bullish for the crypto.

BTC Price

At the time of writing, Bitcoin’s price floats around $54.3k, up 15% in the last seven days. Over the past month, the crypto has gained 18% in value.

The below chart shows the trend in the price of the coin over the last three months:

Bitcoin Price Chart

BTC's price shows a big move up | Source: BTCUSD on TradingView

The coin’s latest sharp move up took it past the $55k level for the first time since May of this year. Today, the crypto surged up to as high as $55.9k before dropping back down to the current price mark. If the supply shock continues like this, then perhaps it will be beneficial for the crypto’s value in the long term.

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Top Play-To-Earn NFT Games For December 2021

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AtariChain

As we are approaching the end of 2021, Play-to-earn NFT games are becoming more and more popular with no signs of slowing down. For this month, there are a couple of exciting new play-to-earn games that are going to hit the mainstream.

The Atari Chain team has been closely watching developments in the market over the past few weeks and months. Several elements are apparent from this:

  • Blockchain gaming and a parallel trend of the metaverse is the future. There is a market of 3.24 billion gamers and growing to attract. The Play-To-Earn element inherent in blockchain gaming is on the cusp of creating an entirely new economy.
  • There is a massive drive from institutions (such as Facebook, Google, Microsoft) to invest in the metaverse. At the same time, there is a bull market for crypto gaming and metaverse tokens.
  • Atari Chain is at a very early stage. Successful video games take years to develop, and experienced gaming studios who know what it takes to ship a product to the market have a tremendous advantage over newcomers.
  • Much of the hype will be temporary, and many projects will fail to take hold. There are hundreds of blockchain games and new crypto projects being launched every day, many by inexperienced game developers.

What’s Hot?

 In reviewing Dapp Radar and looking at the top blockchain games on the market right now, here are a few play-to-earn games that our gamers and NFT enthusiasts can look out for:

  1. Splinterlands – Infamous for being suspended from Twitter earlier this year, it is built on the Hive and WAX blockchains and as of this writing has 581,000 weekly active users, the current #1 spot in this category.
  2. Alien Worlds – Popular for its in-game NFTs, it is built on the WAX blockchain and Binance Smart Chain and as of this writing has 547,000 weekly active users.
  3. Axie Infinity – The famed game was the first blockchain game to gain worldwide notice with the explosion in the price of the $AXS token. However, it has dropped to the #3 most popular game by user count. It is built on the Ethereum blockchain and as of this writing has 370,000 weekly active users.
  4. Crypto Mines – Popular for its volatile in-game cryptocurrency token, ETERNAL, It is built on the Binance Smart Chain and as of this writing has 260,000 weekly active users.
  5. Atari Games –

As you can see from the graphic above, Atari Chain’s cryptocurrency token is a leading player in its category. Under the radar, NFT gaming projects are still under $150 million in total market cap. Atari Chain has the unique advantage that it has a brand name with decades of gaming industry experience under its belt.

Atari Chain is a top-tier gaming developer that is in it for the long-term haul. There are also very exciting short-term developments about to launch.

Entering into the Metaverse

Atari is building a metaverse on the Atari Chain with unlimited space and unlimited future potential games.

Atari is planning to have its own Atari casino and NFT collection. Each user gets a player character to enter and explore the metaverse. The games that will be live upon launch include Blackjack, Poker, Slots, Roulette and more.

The Metaverse will be powered by the $ATRI utility token, which is an ERC-20 token built on Ethereum. Users will be able to seamlessly connect to the blockchain through the Atari Chain digital wallet that is set up when they register for the first time.

There will also be a unique set of digital cards that will be NFTs that users can play to win.

Connect with Atari Chain across social media and the web to make sure you don’t miss a beat!

 

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How Launchpads Will Impact The Future of Crypto

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Shibapad

As more people use Cryptocurrency to diversify their investment portfolio, there

has been a marked increase in the number of investors that have turned to launchpads to further their chances at success when considering where to invest or not. . Launchpads have been around for a while and have established themselves as important players in the crypto and blockchain industries. They’ve progressed to the point where many tokens use them as part of their main strategy to achieve market success and growth. To better understand how launchpads will impact the future of crypto, one needs to understand the following: What is a launchpad? How do they function? What influence will they have on the future of cryptocurrency?

Launchpads

Platforms are critical in the crypto space. There is always a need for a platform to launch new coins and crypto projects – these are called launchpads or IDO’s. Crypto launchpads have garnered attention due to the loopholes in the previously existing crypto investment system, as these launchpads enable investors to spot early-stage cryptocurrency projects and participate in pre-sales, often with lower prices.

How Launchpads Work

Launchpads work as a filter for people to select the “best” or “better” projects that have gone through some form of the vetting process by the launchpad. Direct access to crypto projects and crypto investment is what makes these platforms so sought after. They have received the project proposals, filtered them for the users, and then listed them to their website for further bidding. Many launchpads have a priority system in project distribution. Large shareholders get the guaranteed project share; however, smaller shareholders must go through a lottery system. Launchpads provide tokens to their subscribers, and they can invest these in any crypto project listed on the launchpad.

How Launchpads will Impact Crypto in the Future

Previously, there was a lot of fear for scammers and trust issues about crypto, all of which posed a huge hurdle in the growth of crypto projects. Scammers caused a number of challenges for investors as well as for genuine crypto project owners. Launchpads have entered the market to better serve the people and their growing demand to refine the selection of thousands of projects; although launchpads are also a form of the crypto project due to their name recognition and trust, they are used as a filter to effectively separate scams and genuine crypto projects for both investors and the project owner.

As mentioned, crypto launchpads are reducing risks and increasing opportunities for investors and project owners. Regular investors now have access to previously unavailable opportunities traditionally reserved for venture capitalists and other large-scale investors. More users are looking to and making use of launchpads and investing in the businesses due to the security and accessibility provided by these launchpads. Now anyone can buy tokens, for any amount, with the sense of security from scammers and guaranteed results.

Going forward cryptocurrency is likely to see a much larger number of investors, as the growth of crypto leads to an increase in token prices and competition. The biggest benefit is that investing should be easy and safer due to these launchpads. Crypto launchpads have been shown to improve over traditional fundraising approaches, which the insider community has mostly ignored. However, many launchpads platforms have many rooms for improvement that can be considered, for example, guaranteed investment for everyone, increasing transparency, and ensuring everyone can get a space for investment.

Best Crypto Launchpads

Below is a list of some top crypto launchpads with unique features and facilities. Each Launchpad has its pros and cons, which users have to consider according to their requirements. We have gathered a few of the top launchpads for your reference.

An example of a successful launchpad is BSCPad, which acquired similar aspects to Shibapad by empowering crypto projects, and the power of token distribution which lead to funding. BSCPad started at $0.022 and at its all-time high, reached $6.87, a 31,227% increase.

Another launchpad that can be referenced is ADAPad. ADAPad is similar to BSCPad but it is the first deflationary launchpad for the Cardano ecosystem. ADAPad started at $0.004 and hit an all-time high of $1.23 – a 30,750% increase in price.

Let’s take a closer look at ShibaPad.  ShibaPad is a meme-friendly, community-based launchpad, with the aim of getting the attention of every meme-lover on the Binance smart chain.

In view of the launchpad’s ideals of reliability and trustworthiness, the Shibapad team has produced a launchpad that is controlled and managed by the community itself (the same community that strives to invest) with the possibility to apply and contribute to the launchpad by voting for and holding the $SBP token.

It is the platform’s first governance token, which is currently in its early stages and will provide a secondary income stream through staking. Token Holders will be able to stake $SBP for the opportunity to earn $SBP. Also, it comes with a governance feature that lets token holders vote on important issues by escrowing tokens. Top holders of the project will get Gen1 NFT airdrops, and the portion of their $SBP will determine the launchpad levels.

Launchpads brought new life to the world of cryptocurrency. It provides opportunities to regular investors that were once only for venture capitalists and high-net-worth individuals. Launchpads have become a bridge between investors and projects, decentralizing the world of investment opportunities. The rise in the use of launchpads has created a considerable shift in the cryptosphere, making investments easier, faster, and more reliable.

 

 

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Ethereum About to See “Liftoff” if It’s Able to Hold One Crucial Level

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Ethereum Rally

Ethereum gained pace above the $4,250 resistance zone against the US Dollar. ETH must stay above $4,150 to accelerate higher in the near term.

  • Ethereum started a recovery wave above the $4,000 and $4,250 resistance levels.
  • The price is now trading above $4,150 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $4,150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if it stays above $4,150 and the 100 hourly SMA.

Ethereum Price Gains Momentum

Ethereum found support near $3,350 and started a fresh increase. ETH gained pace for a move above the $3,800 and $3,880 resistance levels. It even broke the $4,000 level and the 100 hourly simple moving average.

Besides, the price climbed above the 50% Fib retracement level of the key decline from the $4,660 swing high to $3,327 low. There was also a break above a key bearish trend line with resistance near $4,150 on the hourly chart of ETH/USD.

The pair is now trading above $4,150 and the 100 hourly simple moving average. It is consolidating near the $4,350 resistance zone and the 76.4% Fib retracement level of the key decline from the $4,660 swing high to $3,327 low.

Source: ETHUSD on TradingView.com

An initial resistance on the upside is near the $4,380 level. The first major resistance is near the $4,400 level. The next major hurdle is near the $4,550 level. A clear move above the $4,550 could send the price further higher. In the stated case, the price could drift towards the $4,700 level in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,400 level, it could start a downside correction. An initial support on the downside is near the $4,300 level.

The key support is now forming near the $4,150 level and the 100 hourly simple moving average. If there is a clear break below the $4,150 support, the price could accelerate lower. The next major breakdown support is $4,000, below which the price could decline towards $3,850.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $4,150

Major Resistance Level – $4,400

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