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Ripple (XRP) Adds Over 7% In Value While Others Bleeding In Market.

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The May market crash and its resulting bearish trend caused massive losses for investors. But the Ethereum merge adverse effect was an unforeseen force. The crypto market has recorded more pullbacks than rallies since September 15.

Many analysts, especially Ethereum supporters, hyped the merge, making others believe it’ll reverse the market. Unfortunately, after the upgrade, Ether and other cryptos crashed. Even Bitcoin lost $1000 a few minutes after the event. 

Related Reading: Ethereum Proof Of Work (ETHW) Gains 30%, Is More Upside Coming?

The market is still in the Red

On September 19, many cryptocurrencies were all red in their 1hour price gain, 24 hours, and 7 days trend. The number one crypto started the day in red, causing more panic in the market. BTC lost 2.38%, pushing its weekly losses to 13.58%. 

The same day, there were also massive liquidations across exchanges amounting to $432 million. Fast-forward to September 20, many crypto assets have continued their bearish trend. 

Bitcoin managed to add 1.72% in 24 hours, reducing its weekly losses to 10.90%. But the price is still in red on the TradingView chart.

Bitcoin had lost its grip above $19K earlier today. But after adding some percentage gains, the coin regained footing but fell again to $18,968. With a 0.15% loss in the last hour, as seen on CoinMarketCap, the coin price is still in the red and may plummet further before the market closes.

Ethereum has added 1.03% in 24 hours. Its current price stands at $1,352, showing a 0.37% loss on the previous day. 

Other coins, such as USD Coin, Binance USD, Cardano, Polkadot, etc., are all red. But while the others bleed, Ripple has championed the gainers in 24 hours. 

Ripple’s XRP is currently trading above $0.40. | Source: XRPUSD price char from TradingView.com

Ripple Price Appreciates As Others Fall

 

Ripple XRP is leading in price gains today, September 20. The crypto is currently trading at $0.4075, showing a 5.22% increase in 24 hours. In the early hours of today, XRP added more every hour before losing its momentum. 

XRP is also doing well in its 7 days price gain. The coin has earned over 22% in seven days which is better than Tether, BNB, BUSD, Cardano, Solana, and many others. Tracing Ripple’s price from July to September, it has remained firm at a price between $0.3733 and $0.3421. 

But like other cryptos, Ripple dipped on the merge day, closing the market at $0.3256. Thankfully, it bounced back the next day to $0.35677 and started its upward climb until September 20, when the price reached $0.40

Ripple’s Rise: What’s Behind It

For now, the force seemingly pushing Ripple price might be the ruling in its case with SEC. As of September 19, the case was heading towards a conclusion. Both parties have called on a federal judge to rule it urgently. 

Related Reading: 3 Experts Take On The Bitcoin Price, Will $19,000 Hold Or Break?

This recent development shows that both parties have gathered adequate evidence to prove their case. Ripple maintains that it didn’t violate any securities laws in the United States. The call for ruling assured the Ripple community that the 2-year court case was almost over.

Some community members expressed their relief on Twitter, thereby possibly changing the market sentiment for XRP to positive.

Featured image from Pixabay and chart from TradingView.com

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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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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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