The all-time highs of cryptocurrencies in 2021 seem like a distant memory as major crypto assets lost value following the 2022 crypto collapse, which ended their historic bullish trend. However, as investors have been steering clear of riskier assets, cryptocurrency has been hammered particularly hard. Additionally, institutions and other major players in the space that made investments close to the market’s peak are under pressure due to the recent crypto crash.
Investing in cryptocurrencies comes with its own risks, just like any other investment. However, we’ve put together three crypto projects worth considering following the bear market. Chiliz (CHZ), Near Protocol (NEAR), and the latest project, Proprivex Token (PPX), have features that make them worthy of consideration.
Chiliz (CHZ) – Bringin Sports Fans Together
Alexandre Dreyfus, the CEO and creator of Socios created Chiliz in 2018 to bring together sports fans and their preferred teams. Socios developed the Chiliz network and Socios platform after raising $66 million in a private placement fundraising round headed by Jump Trading. As part of a significant partnership with Juventus, Socios launched its platform in 2019, enabling users to exchange CHZ for JUV tokens. Since then, Socios has collaborated with several champions league soccer teams, including FC Barcelona.
The Chiliz (CHZ) network is connected to a secondary sidechain or blockchain used by the fan token platform. Sports organizations can decide to put up their sidechain and tailor the number of fan tokens they want to circulate. The Chiliz network charges transaction fees to teams who choose to issue fan tokens. The native cryptocurrency of the Chiliz network is CHZ, enabling users to buy Fan Tokens on Socios.com. The token was initially released as an Ethereum-based ERC-20 token. Still, after entering into a strategic collaboration with Binance, it also started offering Binance Smart Chain BEP-2 versions of the token.
Near Protocol (NEAR) – The Community-led Token
The NEAR Protocol (NEAR) was designed as a community-run cloud computing platform and featured a public Proof-of-Stake (PoS) blockchain with smart contract functionality. NEAR, created by the NEAR Collective, aims to compete with Ethereum and other top smart contract-enabled blockchains like EOS and Polkadot by being built to host decentralized applications (dApps). The native token of Near Protocol, also known as NEAR, is used to cover transaction and storage costs. Token owners who take part in reaching network consensus by acting as transaction validators may also stake NEAR tokens.
Near Protocol aims to provide a platform that is both user and developer friendly. Near Protocol has included features like enabling new users to connect with dApps and smart contracts without ever needing to create a wallet to fulfill this aim. As well as the option to develop human-readable account names rather than just cryptographic wallet addresses. Mintbase, a non-fungible token(NFT) minting platform, and Flux, a protocol that enables developers to build markets based on assets, commodities, real-world events, and more, are examples of projects based on the Near Protocol.
What Is Proprivex Token (PPX)?
Proprivex Token (PPX) is a platform for trading and managing portfolios focused on digital assets and currencies. Usually, traditional financial assets are managed differently from
digital assets based on laid-down standards. Also, the markets, risks, volatility, and security hazards are all completely different since the bulk of their features varies. The crypto project aims to make it easier for crypto investors to manage multiple portfolios from a single location. Proprivex Token aims to make blockchain accessible to all users with ease and comfort.
Proprivex Token is constructing an intuitive ecosystem to alter public perceptions of blockchain technology and digital assets. Because of the ecosystem’s efficient and safe capabilities, various crypto assets can be traded, staked, managed, and fully secured. Previously, specific self-acclaimed individuals and organizations have promised to help crypto investors manage their portfolios effectively, all to no avail.
To find out more about Proprivex Token (PPX), follow the links below:
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Burry highlights the deteriorating situation in the white-collar workforce.
The Fed has used the robustness of the job market to allay recession concerns.
Inflation has devastated economies throughout the world. The macroeconomic situation will deteriorate as predicted by Michael Burry, an experienced investor and the founder of Scion Capital. Burry sprang to fame when he correctly anticipated and profited from the collapse of the subprime mortgage market. Burry highlights the deteriorating situation in the white-collar workforce.
It is his opinion that the white-collar job market is experiencing a bubble bust, which might lead to a long-term fall in employment. In addition, according to Burry, remote work will be blamed for the decline in job prospects in the future. On Thursday, the US Department of Labor will disclose the US initial unemployment claims.
Rising Interest Rates
Inflation in the United States is nearing crisis levels. To combat rising prices, the Federal Reserve is adopting a hard line. To maintain price stability, the Fed has raised interest rates. Quantitative tightening is also being implemented, with the company selling off assets from a financial sheet that grew rapidly during the outbreak. The Fed raised interest rates by another 75 basis points after the August CPI report indicated higher inflation.
A major increase of 100 basis points is also expected by experts by the end of 2022. The Federal Reserve may be more hawkish if the job situation continues to improve. In the present economic climate, jobless claims are also significant because of another factor.
The Fed has used the robustness of the job market to allay recession concerns. However, a drop in the number of white-collar jobs available is often a precursor to a recession.
A white paper titled “Australian CBDC Pilot for Digital Finance Innovation” was published.
On December 31st, at least 12 use cases will be chosen for further investigation.
On Monday, the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre (DFCRC) unveiled the pilot project’s (eAUD) white paper for the central bank digital currency. Coincidentally, Dilip Rao, a former executive of Ripple, is now in charge of the CBDC trial.
Just as the summary judgement in SEC v. Ripple draws closer, the XRP price saw a tremendous spike. Within a week, the price surged by more than 40 percent, fueled by a daily trading volume increase of more than $6 billion.
A white paper titled “Australian CBDC Pilot for Digital Finance Innovation” was published on September 26 by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC).
XRPL Use Cases Likely
The RBA and DFCRC will test the eAUD CBDC in order to learn more about its potential uses and the technical, legal, and regulatory framework that surrounds it. Participants may also ask to put their use case to the test in the pilot project and show its usefulness.
On December 31st, at least 12 use cases will be chosen for further investigation as per the DFCRC. It is expected that all participants in the use cases would be properly licensed and registered. In addition, use case pilots will start on January 1 with a final report due on June 30 of next year. It’s important to note that participants are responsible for paying their own way during the pilot.
Interestingly, Dilip Rao, a former executive of Ripple, is now the programme director of the CBDC initiative and is overseeing the pilot research. From 2014 to 2019, Rao helped pave the way for the financial sector to embrace Ripple’s XRPL. The eAUD will be built on a permissioned, private Ethereum network, although XRPL use cases are more likely.
Tron (TRX) holders have been on rough terrain since August with the bears dominating the market. The tables might be turning though in favor of the bulls as shown on the charts.
TRX bulls hint at a comeback after a long period of takeover by the bears
TRX price down by 0.87%
RSI divergence hints at increased investor optimism
According to CoinMarketCap, TRX’s price has plunged by 0.87% or trading at $0.0596 as of this writing. Apparently, Tron is trying to bounce back from its weekly low that registered at $0.056.
It seems that the token is still traversing in the same range which validates a strong rebound from that level.
TRON Market Demand Waning?
Hence, there is evidently poor demand for TRX in the market which is normal whenever crypto tries to switch lanes from bearish to bullish.
Whale activity looks to be insufficient at this point and not gaining enough traction. Regardless, the supply of TRX has increased for the whales.
There is hope as investor optimism ought to be amplified with the recent developments happening for Tron.
Tron’s weighted sentiment index has shown no significant changes in the market. TRX is still stuck in its lower monthly range which explains the failed uptrend happening over the weekend.
On the other hand, there are a couple of signals that promise the possibility of the bulls pivoting in the coming days.
TRX Bulls Waiting For The Next Big Wave
TRX price might prevail and rebound from the support zone as further validated by its RSI. The RSI divergence shows increased optimism that the price may escalate in terms of buying pressure.
On-chain metrics for Tron also feature the increase in demand over the derivatives markets as seen in the past couple of days.
Observation of the funding rates provides critical data because it validates the change in the derivatives market. These observations are usually tied up to the spot market.
While there are signals that hint at a bullish uptrend, the market sentiments reveal that the TRX bulls are on the sidelines and just waiting for the right timing to jump in when the crypto market improves.
On TRX price predictions, although the stablecoin is making progress, it still continues to drop which could go on for the next couple of trading sessions.
Tron’s price may hover below the $0.054 level before September ends. More so, there is also a possibility that TRX’s price could slide below the $0.045 range.
With the crypto market currently struggling, TRX prices could also move in the same direction. The bearish thesis will only be proven wrong if and when the price shoot above the $0.066 mark.
TRX total market cap at $5.5 billion on the daily chart | Source: TradingView.com
Featured image from CCN.com, Chart: TradingView.com
Grayscale’s website states that GBTC has $11.9 billion in assets under management.
GBTC has always traded at a significant premium over spot Bitcoin pricing.
Shares of the Grayscale Bitcoin Trust (GBTC), the biggest Bitcoin fund in the market, reached a record discount of 35.18% last Friday and showed little sign of recovering.
By purchasing GBTC shares, investors may get exposure to the fluctuating value of Bitcoin by trading in shares of trusts that hold pools of Bitcoin. The goal is to reduce the risk for institutional investors by providing exposure to the main cryptocurrency without requiring them to purchase and hold any coin.
GBTC has been around since September of 2013 and has always traded at a significant premium over spot Bitcoin pricing. Despite the high 2% annual management charge, this was a popular choice among investors for a long time.
GBTC Cannot Be Redeemed
After the introduction of multiple Bitcoin ETFs in Canada at the end of February last year, the trust became negative and started trading at a discount to spot Bitcoin values. The ability to purchase Bitcoin “shares” at a discount to the NAV may seem like a steal to investors. But there’s a catch: GBTC can’t be exchanged for anything at the moment.
This effectively puts an end to the arbitrage transaction in which cheap shares are purchased, redeemed for the actual asset, and then sold for a profit.
Grayscale’s website states that GBTC has $11.9 billion in assets under management at the present time. Grayscale has long argued that the ideal solution is to transform its GBTC product into a Bitcoin ETF—an exchange-traded fund backed by actual Bitcoin.
However, the business is hampered by the fact that the U.S. Securities and Exchange Commission (SEC) has not yet authorized a spot Bitcoin ETF for American investors while having approved a number of Bitcoin futures ETFs.
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The Bitcoin price continues to trade in a tight range between the mid area around $18,000 and $19,500. The cryptocurrency has been moving sideways after a rejection from the $20,000 level which has led to a spike in fear and uncertainty across the nascent sector.
At the time of writing, the Bitcoin price trades at $19,100 with a 2% profit in the last 24 hours and a 1% loss over the last week. The bearish sentiment and fear in the crypto market hint at a potential relief rally which might coincide with the macro forces influencing global markets.
Bitcoin Price Forms A Bottom… For Now
After last week’s U.S. Federal Reserve (Fed) announcement of a new interest rate hike, the Bitcoin price has been dominated by selling pressure. Bears managed to push the cryptocurrency close to its multi-year low at $18,000.
These levels have been operating as critical support as BTC’s price trends to the downside from an an-all time high of $69,000. As selling pressure gained momentum, Bitcoin has stayed about these critical levels.
Analyst Justin Bennett believes BTC’s price is re-creating a price action displayed back in early 2022. At that time, the Bitcoin price was recovering from a massive crash and formed a channel between $37,500 and $49,500.
The cryptocurrency traded sideways inside this pattern for several months only to be pushed down by macroeconomic developments. This led to another massive crash in May 2022.
Bennett believes the Bitcoin price might be forming a similar channel since late June with $27,500 potential operating as critical resistance. As seen below, the analyst believes BTC hit the bottom of the pattern and might be prepared to re-test the top at around $26,000 before crashing below $18,000.
The analyst wrote: “Same structure for $BTC as Feb-April, only we’re missing a retest at $26,000”.
Macroeconomics Ready To Support A Bitcoin Price Relief Rally
Additional data provided by Senior Analyst for Messari, Tom Dunleavy, suggests the crypto market might benefit from a bounce in traditional markets. As the Fed hikes interest rates, risk-on assets, such as Bitcoin and stocks, have shown a high correlation.
(1/5)Could be in for another rough week, but everyone always says a bottom comes when we reach peak bearishness.
Are we almost there?
Some interesting data points: In futures positioning, leveraged accounts are new short more than they have been in a year, by a wide margin pic.twitter.com/VsXwFHj6na
At the time of writing, bearish sentiment in financial markets seems to be reaching levels last seen in 2020, during the start of the COVID-19 pandemic. This is usually an indicator of a market bottom and potential relief as short positions piled up in the market.
According to Dunleavy, the Put/Call Ratio (P, a metric used to measure the number of call (buy) option contracts versus put (sell) option contracts is reaching a level of 1. This can be translated into a high bearish sentiment in global markets.
The last time the Put/Call Ratio was at its current levels, the Bitcoin price and the crypto markets went into a multi-year bull run and entered price discovery toward an all-time high. While the current macroeconomic scenario might cap any bullish price action, the momentum could be strong enough to hit $26,000, as Bennett proposed.
When the leading Japanese companies came together to usher in the era of Web3, the smart contracts platform Astar Network was able to run a national newspaper ad with the most brands in a single ad, setting a new global record. On September 26th, Nikkei published an ad for which 329 blue-chip firms collaborated.
The Japanese Blockchain Association has chosen Astar Network as the most popular blockchain in Japan. Formerly, Japan was a hub for the crypto industry. Astar is leading the charge to make the nation a forerunner in blockchain technology once again. Japan, the world’s third-biggest economy, went through its fair share of growing pains before settling on Astar Network as its preferred blockchain.
The Japanese government now includes Web3 in its overall national policy, and Astar Network CEO Sota Watanabe is guiding the government and many major Japanese corporations ahead in Web3. To prove its dedication, Astar aired this ad with the support of 329 other companies. If implemented properly, Web3 might have a significant impact on the national economy. Large financial institutions and well-known corporations like GMO, DeNA, Accenture, Microsoft, Amazon Web Services, and others support the plan because they want to see Japan succeed.
Sota Watanabe, founder and CEO of Astar Network said:
“Web3 is all about community. And we are proud that we could make this epoch-making ad supported by 329 companies including the biggest banks, reputable Internet companies and branch officers of a foreign companies like Microsoft and Accenture. This ad reflects the strong unity of the Japanese ecosystem. As Japan’s leading blockchain project, we will do our best to accelerate Web3 innovation through Astar.”
As part of the promotional effort, NFTs will be given out for free via QR codes. Those interested in receiving a non-transferable NFT may do so by scanning the QR code located in the ad’s bottom right corner of the Nikkei newspaper. If a user does not have a wallet address, the QR code will create one for them.
Astar Network facilitates the development of decentralized applications (dApps) utilizing EVM and WASM smart contracts with cross-consensus messaging (XCM) and a Build2Earn model that allows programmers to earn money through a dApp staking mechanism for their work. In addition, the network’s Polkadot and Kusama development teams may make use of Astar Space Labs’ Incubation Hub for top TVL dApps.