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The NFT – Faith Connexion

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NFTs

Over the years, Faith Connexion has been a trendsetter in fashion, creating thousands of street-wear garments seen on a number of A-List celebrities. With a style described as chic rock, edgy glamour or street couture, the brand’s clothing is sought by celebrities and trendsetters alike. This is because Faith Connexion stands out from the mainstream, representing an eclectic yet practical wardrobe for people who seek to showcase their individuality.

It was only a matter of time that a brand as innovative and creative as Faith Connexion launches its own NFT, under the name Faith Tribe. Iconic brands like Louis Vuitton and Balenciaga have jumped onto the NFT hype over the past year. But why the hype and what even is an NFT? NFTs are non-fungible tokens of digital content linked to the blockchain. To get one, you need a cryptocurrency wallet, through which you can purchase NFTs on an NFT marketplace. Since NFTs are non-fungible, they are exclusive and not mutually exchangeable, unlike fungible assets (such as Bitcoin). A brand can either release exclusive NFTs, where there is only one copy of the digital work or an exclusive NFT with multiple copies.

At the Art Basel Fair in Miami Beach, Faith Tribe launched its very own NFT initiative and token. However, its NFT release will come with a special spin, unseen from any other brand. Faith Tribe will be launching ten NFT collectibles that will be paired with the brand’s most iconic garments. The garments will be displayed and then sold in Faith Tribe’s showroom during the Art Basel Fair, with the garments embedded with NFT tags that prove ownership upon scanning.

Faith Tribes’ NFTs at Art Basel were complemented with designer sketches and related media. The brand will also potentially invite NFT owners to exclusive virtual and live events. So buyers of Faith Tribe’s NFTs at the Art Basel Fair will not only be purchasing an iconic garment from the brand but will also be purchasing the garment’s story, with the sketches revealing how the garment came to life. They’ll be purchasing a part of Faith Connexion’s history, as the NFTs will be the first of likely many that the brand will introduce. They will also be buying access to the brand’s future, through exclusive invitations to brand events. We want in on this and you should too. Buying one of Faith Tribe’s NFTs doesn’t just mean ownership of a piece of digital work. It means an exclusive, multifaceted and memorable experience, and that’s what the brand’s about. Individuality, excitement and uniqueness.

Faith Tribe’s initiative at Art Basel will be the prelude to the launch of its own token, and its own online marketplace and open-source creative platform, “Faith Tribe”. Faith Tribe will enable users to select a clothing template from more than 10,000 Faith Connexion garments in its archive as a base for their own garment design. Users can then upload their own designs and even set prices, auctions and royalty fees. Faith Tribe’s exclusive token will be used to mint the NFT, with designers and users being able to sell and buy designs on the Faith Tribe marketplace. Designs can be bought and sold with their token. Behind the idea of Faith Tribe, is Faith Connexion’s innate desire to democratize fashion and enable everyone to showcase and profit from their talent, true to its modus operandi of thinking outside of the box.

The Art Basel Fair in Miami will take place in early December for those — rightfully — seeking to get their hands on Faith Tribe’s NFTs.

For more information please visit: Website | Twitter | Instagram | Telegram

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TA: Bitcoin Eyes Steady Recovery, Why Bulls Might Struggle

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Bitcoin started a recovery wave above $36,000 against the US Dollar. BTC must settle above the $38,000 zone to start a steady upward move.

  • Bitcoin is trying to clear the $37,500 and $38,000 resistance levels.
  • The price is now trading above $36,500 and the 100 hourly simple moving average.
  • There is a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a steady upward move if there is a clear move above the $38,000 resistance.

Bitcoin Price Eyes Upside Continuation

Bitcoin price managed to stay above the $35,000 zone and started a recovery wave. BTC climbed above the $36,000 resistance zone to move into a short-term bullish zone.

There was a break above the $36,500 and $36,800 resistance levels. Besides, there was a move above the 23.6% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. It is now consolidating near the $37,000 level and trading well above the 100 hourly simple moving average.

On the upside, an initial resistance is near the $37,400 level. There is also a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first major resistance is near the $38,200 zone. It is near the 50% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. An upside break above the $38,200 resistance could start a steady upward move. The next key resistance is near the $49,200 level, above which the bulls might aim a test of $40,000. Any more gains might send bitcoin towards the $41,200 level.

Fresh Decline in BTC?

If bitcoin fails to start a fresh increase above $38,200, it could start another decline. An immediate support on the downside is near the $36,800 zone.

The first major support is seen near the $36,000 zone and the 100 hourly SMA. A downside break below the $36,000 support zone may perhaps start a fresh decline. The next major support is near $35,400, below which the price could revisit $34,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $36,000, followed by $35,400.

Major Resistance Levels – $37,400, $38,000 and $38,200.

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ARK Invest: Why Bitcoin Could Be Worth $1 Million Per Coin By 2030

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ARK Invest: Why Bitcoin Could Be Worth $1 Million Per Coin By 2030

ARK Invest, the brainchild of savvy investor Cathie Wood, has had a rough go over the past few months. The flagship fund ARKK is down nearly 60% from it’s record high last year, however Wood and her team of analysts aren’t stopping their full-focus on innovative and forward-thinking investments – even when fundamental investments are running the show.

This week was host to ARK’s ‘Big Ideas Summit,’ and ARK crypto analyst Yassine Elmandjra supplemented that material with a boisterous bitcoin tweet that will be music to BTC maxi’s ears.

Cathie Wood & ARK Invest: Notorious Bulls

Elmandjra’s tweet, which can be found below, showcases how a single BTC unit could hit $1M in value, with a couple prime assumptions:

Let’s take a look at that graphic specifically to drill down on the assumptions being made here, and why they’re important:

The core key assumption here, of course, is the staggering growth in bitcoin’s market cap over the next 9 years. In this model, the ARK team is projecting growth from a current market cap of $1.1T to a $28.5T market cap. How does this scale? According to an October 2021 report from securities trade group SIFMA, the U.S. equity markets carry a market cap around $50T – making a $28.5T market cap for a global bitcoin market seem not all that unreasonable. Elmandrja’s graphic also states anticipated breakdown of the use case allocated within the market cap, and it’s representative contribution towards the price per BTC.

Related Reading | Bitcoin Recovers From Seven Month Low Of $33K

ARK Invest Why Bitcoin Could Be Worth 1 Million Per

ARKK, the flagship innovation fund behind ARK Invest, has had a difficult year following strong success. Can growth stocks and innovative investments turn around? | Source: NYSE: ARKK on TradingView.com

More From The Research Desk…

Elmandrja and the ARK Invest team continue on to note that even assuming a $28.5T market cap could be more conservative than ambitious. Elmandrja added, “If Bitcoin does hit $1 million, it will still only represent a fraction of global asset values” and also highlighted the notorious ‘diamond hands’ that bitcoin holders often exhibit, stating that “market participants are maturing and remain long term focused. Aggregate cost basis (realized cap) is at all time highs and more than 13.5 million btc are held by long-term holders.”

This, of course, isn’t likely anything groundbreaking to those who have studied the bottom-line extensively. Compared to other relative global markets, a $28.5T bitcoin market cap today would even be trading at multiples less than comparable markets, such as the global real estate market, global bond market, or global equities market.

Elmandrja’s full thread is a worthy read for these reasons and several others that take deep dive into ARK’s optimism around bitcoin (and crypto at large) as an investment vehicle. You can also read their broader Big Ideas 2022 report here.

Related Reading | Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC

Featured image from ark-invest.com, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC

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Whale eating up BTC

The bitcoin crash rocked the market to its core when the digital asset had lost over 50% of its all-time high value to bottom out at $33,000. It was as a result of market sell-offs across the financial space, sparking a ripple effect that was felt heavily in the crypto market. Market sentiment had crumbled during this time as investors had scrambled to sell their holdings.

However, not everyone saw the declining prices as a signal to sell before prices tank even more. Whales, who control a large portion of the circulating supply, took this as a cue to buy and have been filling their bags with all of the bitcoin being dumped on the market by panicking investors.

Whale Gobbles Up Traded Bitcoin

In a report from CC15Capital, the trading activities of a whale are outlined. In what came out to be a long document, it shows that the whale had been purchasing tens of thousands of bitcoin every few hours while traders dumped their coins. CC15Capital which is an asset allocator tracked the wallet and discovered that a single bitcoin wallet had been purchasing millions of dollars worth of bitcoin.

Related Reading | Market Sentiment Crumbles As Sell-Offs Drags Bitcoin To $33,000

In the event of the past week’s price crash, this single whale had accumulated millions in bitcoin. Each purchase ranged from $2 to $18 million worth of BTC every few hours, averaging 48,000 BTC per purchase.

It looked like the whale was buying up all coins being dumped on the market. By the weekend, the wallet had successfully increased its holdings by a couple of hundred thousand BTC. The more the price dropped, the more bitcoin the whale bought.

BTC trading above $36k | Source: BTCUSD on TradingView.com

CC15Capital, in response, called for bitcoin investors to stop dumping their coins, which are being bought by whales, thereby increasing the concentration of bitcoin supply in the hands of large investors.

Tradable BTC On The Decline

CC15Capital also noted that the volume of bitcoin that is available for sale has gone down. Currently, 14.5 million of the total bitcoin supply is illiquid. This means that this supply has not moved, neither have they been traded. It is the highest concentration of supply which looks to be held for the long-term.

In the same tweet, the asset allocator explains that if the wallets holding this illiquid supply were to increase their holdings by a mere 27%, a total of 4 million BTC, there would be no coins left for sale, driving the supply to zero.

Related Reading | Has Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go

Other whales have also taken advantage of the sell-offs happening in the market. As the exchange supply is dwindling, these large investors are making sure there is no shortage on their end when a supply squeeze happens.

In two months, a whale wallet that had zero BTC in November has managed to gather an impressthatalance of over $1 billion in BTC. This account looks to have started buying with the crash and has continued to do so ever since. At the time of writing, the wallet balance sits at $1,013,777,643.51.

Featured image from TokeneoBit, chart from TradingView.com

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