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Encryptus Becomes the First Institutional Grade Trading Desk to Enter the Bloktopia Metaverse 

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Encryptus Becomes The First Institutional Grade Trading Desk To Enter The Bloktopia Metaverse 
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The metaverse is rapidly growing to become a world phenomenon, ushering in a new era of the internet age. It is the revolutionary representation of the physical world vis-à-vis the progressing digital world. 

The nascent emerging technology that is Web3 is the focal engine driving the speed at which the metaverse is developing. The metaverse is shaping up a new dimension of growth and opportunities for several industries — enabling people and businesses to connect, engage, collaborate and pilot innovation. 

Recently, major Banks like DBS, JPMorgan and HSBC launched on the Metaverse. Gartner forecasts that by 2026, 25% of people will spend at least one hour per day in the Metaverse. 

While the metaverse is still at the formative stage, forward-thinking companies such as Encryptus are taking advantage of the new opportunities in the ever-evolving sector. Launching its own virtual office in the metaverse, Encryptus has gone ahead to become the World’s first institutional desk to enter the sphere to offer Crypto < > Fiat services on the Bloktopia Metaverse.

The avant-garde trading desk offers crypto exchanges, high-net-worth individuals, sovereign wealth funds, venture capitalists, asset management companies, institutional investors, fund managers, and private investors a compliant and licensed crypto desk for converting their major crypto assets to fiat currency and fiat currency to cryptos. 

With a core focus on technology, compliance, monitoring and sharing economy; Encryptus has automated the user journey right from onboarding to wallet whitelisting. The platform supports BTC, ETH, USDC, USDT and MATIC on the crypto side and supports GBP, EUR and USD on the fiat side  

“We are excited to be the first crypto <> fiat OTC platform to be on the Metaverse. As per one of the reports Metaverses in total are expected to host $800 billion worth of transactions by 2024. Encryptus is thrilled to be on Bloktopia’s Metaverse to start the Metarse journey. The guys have done a great job and are taking a progressing approach to host companies like us,”  commented Shantnoo Saxsena, Founder of Encryptus. 

“Encryptus, together with Bloktopia, aims to create a much more realistic consumer experience where its users can trade on the Encryptus Desk in the metaverse and hold AMAs (Ask Me Anything) and other activities,” Bloktopia team member comments. 

Encryptus’s CMO; Abhinav Mehta commented “ We see metaverse as another operationally efficient vehicle to push crypto education and adoption. Beyond that, it will be a cardinal meeting point for ordinary individuals to converge, share ideas and learn. Soon we will be hosting Institutional Meetup and networking sessions in the Metaverse” 

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Bitcoin Leverage Ratio Hits New ATH, Market In For A Rough Ride?

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On-chain data shows the Bitcoin leverage ratio has surged up to a new all-time high, suggesting the market could be heading towards high volatility.

Bitcoin All Exchanges Estimated Leverage Ratio Sets New ATH

As pointed out by a CryptoQuant post, the funding rate has remained neutral while the leverage has increased in the market.

The “all exchanges estimated leverage ratio” is an indicator that measures the ratio between the Bitcoin open interest and the derivative exchange reserve.

What this metric tells us is the average amount of leverage currently being used by investors in the BTC futures market.

When the value of this indicator is high, it means users are taking a lot of leverage right now. Historically, such values have led to higher volatility in the price of the crypto.

On the other hand, the value of the metric being low suggests investors aren’t taking high risk at the moment, as they haven’t used much leverage.

Now, here is a chart that shows the trend in the Bitcoin leverage ratio over the last few years:

Looks like the value of the metric has been rising up during the last few months | Source: CryptoQuant

As you can see in the above graph, the Bitcoin estimated leverage ratio has shot up recently and has attained a new ATH. This means that investors are taking a high amount of leverage on average.

The reason overleveraged markets have usually turned highly volatile in the past lies in the fact that such conditions lead to mass liquidations becoming more probable.

Any sudden swings in the price during periods of high leverage can lead to a lot of contracts getting liquidated at once. But it doesn’t end there; these liquidations further amplify the price move that created them, and hence cause even more liquidations.

Liquidations cascading together in such a way is called a “squeeze.” Such events can involve either longs or shorts.

The Bitcoin funding rates (the periodic fee exchanged between long and short traders) can give us an idea about which direction a possible squeeze may go in.

CryptoQuant notes that this metric has a neutral value currently, implying the market is equally divided between shorts and longs. As such, it’s hard to say anything about the direction a possible squeeze in the near future might lean towards.

The Bitcoin volatility has in fact been very low in recent weeks, but with such high accumulation of leverage, it may be a matter of time before a volatile price takes over.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.6k, up 2% in the past week.

Bitcoin Price Chart

The BTC value continues to trend sideways | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Discounted Tariff For Crypto Mining To Be Eliminated in Norway

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Miami Mayor Francis Suarez Shares Bitcoin-Centric Vision For Future
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The finance minister of Norway, Trygve Slagsvold Vedum, has proposed that the government do away with a programme that gives crypto data centers a discounted cost on power.

The Norwegian government made a proposal on Oct. 6 that might affect Bitcoin miners by making data centers in the nation pay the same power tax rates as other sectors. The government determined that the discounted tariff should be gradually eliminated due to increased power consumption in certain regions.

The finance minister said:

“We are in a completely different situation in the power market now than when the reduced rate for data centers was introduced in 2016. In many places, the power supply is now under pressure, which causes prices to rise. At the same time, we are seeing an increase in cryptocurrency mining in Norway. We need this power for the community.”

A proposal to outlaw cryptocurrency mining was first proposed by the Norwegian Red Party in May, but it was ultimately shot down by the Norwegian Parliament. At the time, Arcane Research analyst Jaran Mellerud predicted that Norwegian political parties “likely make one more attempt at increasing the power tax specifically for miners.”

Moreover, according to the Cambridge Bitcoin Electricity Consumption Index, several BTC mining enterprises are now active in Norway, using 100% renewable energy sources and contributing 0.74 percent to the worldwide Bitcoin hash rate. Furthermore, many Sortland inhabitants in the north, meanwhile, have voiced worries about miners environmental hazards, mirroring the views of American legislators.

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Reef Finance (REEF) Continues With Green Days; How Long With This Last?

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Reef Finance (Reef) Continues With Green Days; How Long With This Last?
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  • REEF price continues to show the market how it is done as price trends in the green zone for two straight days. 
  • REEF trades above key resistance as price breaks out of range holding above 8 and 20-day EMA.
  • The price of REEF eyes a recapture of $0.01 as key resistance was flipped into support. 

The price of Reef Finance has continued to show its strength as price trends with double-digit gains against tether (USDT) on two separate days in a row. With the crypto market cap bouncing from its weekly low as the market continued to look promising, the price of Reef Finance was not left out as the price broke out of its long weekly range, with the price trending to a higher height. (Data from Binance)

Reef Finance (REEF) Price Analysis On The Weekly Chart.

The crypto market got relief, as anticipated for most crypto altcoins. However, some altcoins have continued in a range-bound movement with the recent surge in price among most crypto assets. 

The price of REEF in previous months has been stocked in a range box as the price could not break out with real volume. REEF’s price continued to move between the region of $0.004 and $0.003 in a bid to break out and trend higher. 

After a long-range movement, with the month looking good for most altcoins, as many call it the month of Uptober, the price of REEF broke out with good volume from its range as price rallied to a high of $0.065 

REEF has a very good use case and no doubt was a catalyst as the price hit an all-time high of $0.3 before seeing its price rejected to a low of $0.003 as the price bounced off this region for a minor relief.

With the current structure, the price of REEF has been maintained; we could see the price going to a high of $0.01 if the relief state of the market remains for a longer time.

Weekly resistance for the price of REEF – $0.01.

Weekly support for the price of REEF – $0.004.

Price Analysis Of REEF On The Daily (1D) Chart

Daily REEF Price chart | Source: REEFUSDT On Tradingview.com

On the daily timeframe, the price of REEF continues to show strength as the price pulled over a 20% gain despite the market looking to have stalled in price movement; after hitting a daily low of $0.003, the price of REEF rallied to a high of $0.005 where the price was rejected into a range of $0.004-0.003 as price struggled to break out.

On a successful breakout, the price of REEF rallied with much aggression as bulls were in control of the price, pushing the price to a high of $0.0067.

The price of REEF currently trades at $0.0053, just above the 8 and 20-day Exponential Moving Average (EMA). The price at $0.0050 and $0.0048 corresponds to the prices at 8 and 20-day EMA for REEF on the daily timeframe. With the price of REEF holding strong and a possible price continuation, we could see a retest of $0.01 in no time.

Daily resistance for the REEF price – $0.00650.

Daily support for the REEF price – $0.005.

Featured Image From Zipmex, Charts From Tradingview

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Dapper Labs Announces Launch Date of NFT Marketplace

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The Fate Of Nfts In The Crypto Winter
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  • Dapper’s Flow blockchain will manufacture NFT collectibles based on video highlights.
  • The partnership between Dapper and LaLiga was initially announced in September 2021.

Dapper Labs’ LaLiga-themed NFT platform will enter closed beta later this month, following in the footsteps of NBA Top Shot and NFL All Day.

Starting on October 27th, a curated user base will have access to LaLiga Golazos, a digital marketplace where the first pack will be released. Over the course of many months, both Top Shot and All Day conducted closed beta testing with a growing number of users before releasing to the general public.

To compete with other similar sports services, Dapper’s Flow blockchain will manufacture NFT collectibles based on video highlights from LaLiga Golazos games, which will subsequently be sold and exchanged like trading cards.

Spectacular Goal 

The partnership between Dapper and LaLiga was initially announced in September 2021, and the platform was supposed to launch this past summer.

Bilingual NFTs with play-by-play commentary, player performance information, and match statistics will be sold by LaLiga Golazos (“golazos” meaning “spectacular goal” in Spanish). This is the first NFT product that provide multilingual support from Dapper. The era of the league covered by the platform’s collectibles extends all the way back to 2005.

El Clásico (FC Barcelona vs. Real Madrid CF), the Madrid Derby (Real Madrid CF vs. Atlético de Madrid), the Basque Derby (Real Sociedad vs. Athletic Club), and El Gran Derbi (Real Betis vs Sevilla FC) are just a few of the LaLiga rivalries whose moments will be featured in the first digital pack of NFT collectibles, set to release on October 27. 

Promoting the LaLiga Golazos launch are players such as FC Barcelona’s Ansu Fati and Marc-André ter Stegen, and Atlético de Madrid’s Joao Félix and Luka Modri.

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Marathon Digital Reveals $81.3M Exposure To Compute North

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Establishment Of Bitdao’s Layer 1 (L1) Proposed By Bitdao Development Team Headed By Bybit
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