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CryptoPunks NFTs Get $6M in Bids From a Single Account

CryptoPunks NFTs Get $6M in Bids From a Single Account

CryptoPunks NFTs Get $6M in Bids From a Single Account

Sun, 11 Apr 2021 13:00:11 +0000

CryptoPunks NFTs Get $6M in Bids From a Single Account

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NFTs are here to stay.
CryptoArt is hotter than ever.
CryptoPunks keep breaking records.

As Christie’s auction approaches, the demand for the original NFTs rises. Today, an anonymous and recently created account placed bids worth 3,034 ETH for 16 CryptoPunks. At the current price, that’s $6,309,476.33. This fact makes the story even more interesting: so far, none of the bids have been accepted.

Widely regarded as the original NFTs, the CryptoPunks contract was created on June 22nd, 2017. The project consists of 10.000 units. Each one is a 24×24 pixels, 8-bit image. The creators describe them as: “distinctly digital work, comprising both the image of the characters and the blockchain mechanisms for ownership and auction.

John Watkinson and Matt Hall built the mostly automated pixelated character generator that created them. At the very beginning, they were free. To claim a CryptoPunk all you had to do was pay the necessary Ethereum gas to power the transaction.

In the first week, only 20 or 30 found new homes. Nevertheless, Mashable wrote a story about the project and within hours every single one was gone. Except for the 1.000 the creators set aside for themselves, that is. 

Fast forward four short years and the biggest auction house in the world is selling nine of those pieces for $7.000.000. Not only the biggest, one of the most respected. A household name in the art world. What does this mean for the NFT market as a whole?

Christie’s 21st Century Evening Sale will take place in New York on May 13th.

Analysis of today’s $6M bids

Even though they might seem like vanity bids or even drunken bids, there’s something strategical about them. This recently created account got high praise on Twitter for its CryptoPunks selection, “great taste” a few people said. But the thing is, this anonymous person seems to know the market.

Of course, $6M is a lot, but if you check the prices of those that were up for sale another story emerges. The anonymous buyer offered less than the asking price each and every time. And to the ones that were not for sale, the person’s offers were certainly higher than previous bids, but not by a crazy amount. The anonymous buyer knows what it’s doing.

And so do the CryptoPunk holders, because they’re not selling.

ETH to USD, TradingView chart for 09/04/2021

ETH price chart on Kraken. Source: ETH/USD on TradingView.com

Cut to the Artchick.eth Twitter account, reporting live from the CryptoPunks Discord, “200 punks just got bought up for several millions of dollars in the past 2 hours since Christie’s announced a punk sale.” According to her, a rare zombie punk sold for around $800K. That makes it one of the all-time high sales in CryptoPunk’s history.

In a blog post from 2019 titled “CryptoPunks Two Year Anniversary,” the project’s creators said “We’re so happy to see the CryptoPunks still going strong two years after their introduction. We can’t wait to see what happens in year three and beyond!

Nowadays, we know what happened. And things are just getting started.

Photo by Viktor Forgacs on Unsplash

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Ethereum DeFi Trends Set To Dominate 2021

Ethereum DeFi Trends Set To Dominate 2021

Ethereum DeFi Trends Set To Dominate 2021

Tue, 02 Mar 2021 07:00:00 +0000

Ethereum DeFi Trends Set To Dominate 2021

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2020 was the year of DeFi, not just in terms of the explosive price increases – but the technological advances and support from public figures.

From the growth of UniSwap, Chainlink, AAVE, and BNB into the top 20 tokens by market cap to tech billionaire Mark Cuban revealing his positions in the aforementioned tokens, one must wonder what comes next. 

Improved security and auditing of contracts. 

Exploits performed by hackers on vulnerable DeFi smart contracts resulted in the loss of tens of millions of funds throughout 2020 and early 2021.

Flash loan attacks, where hackers can borrow large uncollateralized quantities of ETH and extract funds from exchange through complex arbitrage opportunities between stablecoins or manipulation of price oracles (the price providing part of a smart contract that interacts with market data outside the chain).

Auditing smart contracts before they go live as part of yield farming or lending strategies by third-party firms such as Nexus Mutual is necessary – and becoming the accepted norm for DeFi platforms. Users becoming acquainted with the basics of DeFi development processes and community-led initiatives to ensure complete auditing of contracts are also vital to its long-term resiliency.  

ETH 2.0

DeFi has grown from the Ethereum ecosystem but has reached a point where it is almost impossible to continue in the current Ethereum paradigm. ETH 2.0 promises lower fees – lending itself to the higher scalability that is needed for the financial products of the future. But more than lower fees, ETH 2.0 will hopefully address the first point raised.

As a proof-of-stake chain, Ethereum miners will be unable to modify blocks that have already been validated – ensuring the robustness needed for a secure financial ecosystem. Projects like Binance token (BNB) and Cardano (ADA) plan to capture the DeFi market through their blockchains, but with the overwhelming majority of initial development done on Ethereum, ETH 2.0 would likely place the chain in a dominant position over DeFi. 

Regulatory Pressures

Regulatory focus on crypto has primarily been placed on tax evasion and other fraudulent activity. DeFi. The regulatory framework for DeFi by the governments of the US, China, Russia is nearly non-existent.

Minimizing exit scams, implementing KYC on DEXs (decentralized-exchanges), and preventing money laundering remain pressing concerns.

Overbearing regulation, including policy, targeted explicitly at obstructing DeFi is a critical macro risk that users and project CEOs must be aware of and account for. Government Policy could ultimately end up much favoring centralized exchanges such as Coinbase – which filed to go public on the 25th. 

Featured Image from Unsplash

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Cardano Reaches All-Time High, Ahead of Ethereum in Transaction Volume

Cardano Reaches All-Time High, Ahead of Ethereum in Transaction Volume

Cardano Reaches All-Time High, Ahead of Ethereum in Transaction Volume

Sat, 27 Feb 2021 11:00:00 +0000

Cardano Reaches All-Time High, Ahead of Ethereum in Transaction Volume

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Today has been a monumental day for Cardano. Caught within the recent crypto bull market, its token, ADA, hit a new all-time high price of $1.38 this evening. This marks an increase of approximately 2600% over the past year, as tracked by Messari

In fact, this milestone brings with it more good news for the smart contract platform. Over the past 24 hours, the surge of interest in Cardano has brought its on-chain transaction volume to $19.8 Billion, soaring past Ethereum’s $13.2 billion and second only to Bitcoin at $27.2 billion. 

All this activity has brought ADA’s market cap has exceeded both BNB and USDT to the third highest in the market, behind Bitcoin and Ethereum.

Initially released in 2017, Cardano was created by Ethereum Co-Founder Charles Hoskinson, through his company Input Output Hong Kong (IOHK) and the Cardano Foundation. Although he had previously expressed apathy towards the value of ADA, Hoskinson appears to be celebrating Cardano’s achievements on Twitter:

Cardano as a Smart Contract Platform

Cardano’s recent success comes as a surprise given its lack of major projects utilizing the blockchain. Although it has surpassed Ethereum in terms of transaction volume, Ethereum remains far more popular with regard to blockchain-based applications. This raises the question, will Cardano be able to maintain this success without dApps to legitimize it as a platform for developers?

However, Cardano’s lack of major applications may eventually change due to the publicity of ADA’s recent bull run. Cardano’s previous lack of volume may have acted as a deterrent to developers looking for a platform for their application, ultimately attracted by the ensured popularity of the Ethereum network. 

Alternatively, a developer might also consider the EVM-compatible Binance Smart Chain (BSC), which has found recent success in the realm of smart contracts. BSC remains noteworthy due to its popularity with recent larger applications despite a far lower market cap than Cardano.

This incredible surge of price may act as a resolution to the “chicken and the egg” scenario of lacking dApps due to lower volume and popularity, and lacking volume and popularity due to the lack of major dApps on the Cardano network. This bull market may very well put not only ADA’s future value in question, but Cardano’s future usage as a smart contract platform.

At the timing of writing, ADA remains just beneath its ATH and is holding steady, up 34% over the past 24 hours. Transaction volume continues to grow as ADA shows no signs of backing down.

Featured Image from Unsplash

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Dash FastPass Rollout Across Top Cryptocurrency Exchanges Sparks Bullish Surge

Dash FastPass Rollout Across Top Cryptocurrency Exchanges Sparks Bullish Surge

Dash FastPass Rollout Across Top Cryptocurrency Exchanges Sparks Bullish Surge

Sat, 12 Sep 2020 19:35:14 +0000

Dash FastPass Rollout Across Top Cryptocurrency Exchanges Sparks Bullish Surge

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Dash, has earned the reputation of being one of the longest surviving crypto assets in the market. The project has developed specific standards to enable users to enjoy the best possible user experience. Experience is what will, in the end, drive user adoption, and Dash is paying close attention to this fact.

To keep standards high for its users, Dash has launched the FastPass initiative. Selected partners will essentially commit to meet certain standards set in cooperation with the early altcoin project. Here’s why this is a big deal for cryptocurrency investors and why markets are already responding.


FastPass Initiative Rolls Out On Coinbase, Kucoin, Liquid, Other Top Platforms

Dash’s FastPass initiative acts as a seal of approval implying that users can expect the highest level of user experience when using the digital asset.

The “enhanced” experience is made possible through platforms that integrate ChainLocks or InstantSend, allowing users to access faster and more reliable transactions.

The current roster of companies with FastPass status is filled with major crypto industry powerhouses. It will eventually expand to include “top-tier exchanges and industry-leading cryptocurrency services that offer a wide array of tools to traders such as margin trading, derivatives, OTC, trading bots, analytics, lending, custody, and staking solutions.”

Current accredited partners include Coinbase, Coinbase Pro, Liquid, KuCoin, HitBTC, Hummingbot, Quadency, Bibox, WhiteBIT, Indodax, and many more. Using these platforms and Dash’s fast transactions, even bots won’t be held back thanks to the high-speed altcoin.

The trading portion of the network is now live, but the Dash Core Group is working closely with these same partners to provide education about all that Dash has to offer in a future update scheduled for early October.

Dash Prices Spike in Response, Chart Patterns Show Probable Continuation

Dash was already bullish ahead of the recent announcement, but after a reversal pattern, the FastPass news could cause a breakout of the bullish chart pattern in DASH/USD.


DASHUSD 4-Hour Price Chart | Source: TradingView

After the inverse head and shoulders pattern and an initial rise and throwback to support, an ascending triangle pattern has started forming, showing that bulls are buying up any drops back down to the ascending support line.

A breakout is imminent, and according to previous price targets, DASH USD could retest highs. The cryptocurrency along with other major crypto assets could set another new 2020 high if the current support levels can hold.


DASHBTC 4-Hour Price Chart | Source: TradingView

With the DASH BTC trading pair, a similar pattern has taken shape, but rather than an inverse head and shoulders, the bottom reversal pattern appears to resemble more of a triple bottom. The rise has formed a bull pennant that suggests that Dash is set to outperform the rest of the market – including Bitcoin – in the days ahead.

Is the bullish momentum a surge in interest surrounding Dash, or has this latest FastPass announcement brought yet another significant boost to the crypto asset’s price?

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DeFi Awaits “Rude Awakening” as Bitcoin Rallies: Ex Goldman Partner

DeFi Awaits “Rude Awakening” as Bitcoin Rallies: Ex Goldman Partner

DeFi Awaits “Rude Awakening” as Bitcoin Rallies: Ex Goldman Partner

Wed, 29 Jul 2020 08:25:07 +0000

DeFi Awaits “Rude Awakening” as Bitcoin Rallies: Ex Goldman Partner

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  • A rally in the Bitcoin market has prompted traders to shift their capital from the booming decentralized finance sector.
  • As of Wednesday, almost all the DeFi tokens have plunged sharply on a 7-day timeframe.
  • Kelvin Koh, the co-founder & CIO of the Spartan Group, expects the DeFi’s downside correction to continue further.

A rising Bitcoin market could spell troubles for its neighboring decentralized financial industry, according to Kelvin Koh of the Spartan Group.

The co-founder and CIO said Tuesday that he expects DeFi tokens to experience sell-offs in the coming sessions. He noted that most of these altcoins rose sharply on extensive hype. Traders refused to acknowledge risks associated with buying the tokens at their higher highs, echoing the infamous ICO boom of the late 2017.

“When everything is going up, people don’t think about risks,” Mr. Koh added. “When asset prices go down, everyone will try to get out at the same time, creating a downward spiral. That’s why we advised against trying to chase after unproven lower cap DeFi assets.”

Bitcoin’s Gain is DeFi’s Pain

His comments followed a sharp decline in DeFi tokens in the last seven days of trading. Data fetched by Messari shows that parabolic altcoins, including Aave (LEND), Compound (COMP), Synthetix (SNC), and Kyber (KNC), fell by 13-25 percent in market capitalization.

LEND, Aave, cryptocurrency, crypto
LEND plunged by almost 47 percent after setting an all-time high near $0.384. Source: TradingView.com

The plunge appeared as Bitcoin established a year-to-date high at $11,420. So it seems, traders sold their DeFi tokens to secure profits and moved their winnings into the Bitcoin market. Ethereum, the second-largest cryptocurrency by market cap, also benefited from a similar trading strategy.

A Zero-Sum Game

Mr. Koh, also a former Goldman Sachs partner, called the capital outflow a “rude awakening” for DeFi maximalists. However, he also noted that the recent correction would wash away overhyped projects while leaving behind only those with genuine, long-term business models.

With “overhyped,” Mr. Koh referred to tokens that rose solely on the “yield farming” hype. He noted that certain projects offered higher yields to attract more liquidity and capital. Meanwhile, investors also added leveraged and risk to the system to secure better profits.

Mr. Koh said that, overall, it may become a zero-sum game for all.

“The top projects that have a real value proposition will do fine during this period,” the analyst added. “The weaker ones may not come out of the wreckage in such good shape. Hopefully, that will be a short and not so painful lesson for investors.”

bitcoin, defi, cryptocurrency, crypto
DeFi market covers just 1.5% of the total cryptocurrency valuation. Source: Messari

Ryan Watkins, a researcher at Messari, also noted that DeFi would eventually come on its own as investors start reallocating their capital from worthless store-of-value and “Ethereum killers” tokens (in the top 30).

“It may seem like DeFi has already arrived with it’s recent run, but at just 1.5% of the entire crypto market, it could just be getting started,” he said in a recent note.

Bitcoin was trading at $11,039 at the time of this writing.

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Ethereum Just Shot Up $250 But Don’t Bet on That Resistance Breaking

Ethereum Just Shot Up $250 But Don’t Bet on That Resistance Breaking

Ethereum Just Shot Up $250 But Don’t Bet on That Resistance Breaking

Wed, 24 Jun 2020 10:00:51 +0000

Ethereum Just Shot Up $250 But Don’t Bet on That Resistance Breaking

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While Bitcoin was rejected at the $9,800 resistance, Ethereum has continued to press higher.

The second-largest cryptocurrency is up by around 4% from the past 24 hours’ lows, outpacing Bitcoin’s relatively mild 1-2% gain.

ETH’s latest uptick brings it close to the crucial $250 resistance level. This level has been important over the past few months, acting as resistance on multiple occasions. $250 is also a psychological resistance due to it being a round number.

Unfortunately for Ethereum bulls, there are signs indicating the level may not be broken past.

Ethereum Approaches $250 Again. Not Everyone Is Convinced It Will Pass That Resistance

Ethereum may seem primed to burst past $250.

Investors aren’t betting on it though. A cryptocurrency trader recently shared the chart below outlining this sentiment. It shows that there is a confluence of sell orders (supply) at $250.

The trader shared charts showing that there is a clear sell wall at $250 on Binance, BitMEX, and Coinbase.

Ethereum
Ethereum price chart with order book dominance bands from a crypto trader with the moniker of “Edward Morra” (@Edwardmorra_BTC on Twitter).

Adding to the expectations that Ethereum will top out is other technical signs.

A trader noted that a medium-term divergence has formed between BTC’s price and a specific momentum indicator. They commented:

“This is exactly in line with what Renko tells me with a solid divergence already locked in for $ETH. Tired.”

There is also data from Glassnode showing that 80% of all Ethereum is currently in profit. This is pertinent as the last two times this signal was seen, the cryptocurrency crashed dramatically.

Bitcoin Strength Could Stop An ETH Reversal

A Bitcoin rally could stop a bearish Ethereum reversal, though. After all, BTC leads the rest of the cryptocurrency market on a macro scale.

ETH bulls should be happy to hear that Bitcoin’s outlook is positive.

As reported by Bitcoinist previously, cryptocurrency trader Joe McCann noted that Bitcoin’s one-day MACD is about to see a positive cross. The MACD “is designed to reveal changes in the strength, direction, momentum, and duration of a trend in a stock’s price,” according to Wikipedia.

The last time this signal was seen, the cryptocurrency rallied 50% from the $6,000s to the $9,000s.

Bitcoin
Chart of BTC’s price action over the past four months with the MACD indicator from TradingView.com

Also bullish is the sentiment that capital will flow out of “frothy altcoin markets” into Bitcoin as valuations in crypto normalize.

Ethereum Is Being Boosted By DeFi Hype

Whatever comes next, Ethereum’s strong performance seems to be related to one of two things: DeFi and Grayscale’s ETHE. Decentralized finance has seen strong growth over recent weeks due to extremely high yields on one’s investments.

Due to this, there has been much money flowing into non-ETH altcoins and stablecoins. Yet value is returning to Ethereum and Bitcoin as investors cash out their highly-valued altcoins for a more stable investment.

Featured Image from Shutterstock
Price tags: ethusd
Charts from TradingView.com
Ethereum Just Shot Up $250 But Don't Bet on That Resistance Breaking

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A Fund Manager Just Bashed XRP, Bitcoin Cash, and Other Altcoins

A Fund Manager Just Bashed XRP, Bitcoin Cash, and Other Altcoins

A Fund Manager Just Bashed XRP, Bitcoin Cash, and Other Altcoins

Tue, 23 Jun 2020 12:00:17 +0000

A Fund Manager Just Bashed XRP, Bitcoin Cash, and Other Altcoins

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Save for a few blips, XRP, Litecoin, Bitcoin Cash, and others have been part of the top 10 cryptocurrencies for years. Since the crash of 2018, the altcoins at the top of the pack have largely been unquestioned.

But a prominent researcher and fund manager is challenging the status quo. He wrote in a recent tweet that he doesn’t think that five of the top 10 cryptocurrencies “do NOT deserve” being where they are today.

Related Reading: Bitcoin Exploded by 50% When It Printed This Signal in March. It’s Back 

Top Researcher and Investor Comes Out Against XRP, Bitcoin Cash, Other Altcoins

Simon Dedic, the co-founder of crypto research firm and a managing partner at Moonrock Capital, is challenging the crypto status quo.

The investor wrote on June 21st that he thinks that five of the top 10 cryptocurrencies are overvalued:

“$XRP, $BCH, $BSV, $LTC and $EOS absolutely do NOT deserve belonging to the TOP 10 cryptocurrencies. Actually can’t wait until they vanish and clear the way for solid candidates.”

Not the Only One Expecting a Shake-up

Dedic isn’t the only industry executive to expect a shake-up in the top-10 cryptocurrencies.

Ryan Selkis, CEO of crypto research firm Messari, shared the tweet below on June 21st. Attached, he wrote:

“Overvalued is one thing. Stupid is another. Here’s hoping to flushing out the real garbage.”

His expected top ten cryptocurrencies for 2021 basically forces out a majority of the incumbent top altcoins. Selkis’ list even suggests that XRP and Tether’s USDT will drop out of the top 10, which would be a strong change from their fourth and third standing today.

XRP Could Be the First to Fall: Analysts

While Dedic and others see weakness in many prominent altcoins, XRP may be the first domino to fall.

As reported by Bitcoinist previously, a prominent commodity analyst is suggesting that XRP could plunge 90% in the coming months.

Multi-decade trader and technical analysis author Peter Brandt said that the cryptocurrency recently broke below a crucial support against Bitcoin. The support held on multiple occasions over the past few months. It also acted as a launchpad for the cryptocurrency in 2017.

Should XRP fail to recover that support in the near future, Brandt is expecting the asset to fall to 200 sats. That is equivalent to approximately $0.02 per coin, assuming Bitcoin’s current price of $9,700.

XRP
XRP/BTC chart from Peter Brandt. Chart from TradingView.com

Others have echoed in the skepticism.

One pseudonymous trader suggested that there’s a high chance the cryptocurrency trades above $3.00 or even $1.00 again, calling XRP overvalued.

And another said that while XRP’s growth in 2017 may have been predicated on “promising tech,” there is no guarantee that it will rally.

Featured Image from Shutterstock
Price tags: xrpusd, bchusd
A Fund Manager Just Bashed XRP, Bitcoin Cash, and Other Altcoins

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Accurate Analyst Expects Chainlink To Sustain Over 70% Drop: Here’s Why

Accurate Analyst Expects Chainlink To Sustain Over 70% Drop: Here’s Why

Accurate Analyst Expects Chainlink To Sustain Over 70% Drop: Here’s Why

Thu, 07 May 2020 10:00:03 +0000

Accurate Analyst Expects Chainlink To Sustain Over 70% Drop: Here’s Why

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One of the hottest cryptocurrencies in the past few weeks has been Chainlink (LINK). Compared to Bitcoin, which is up 20% year to date, the asset recently posted a 100% year-to-date gain, rising to become the twelfth largest altcoin by market cap.

Many have looked to LINK’s functionality and adoption, with venture fund Parafi Capital writing in a recent MakerDAO forum post:

“Given its marketcap, liquidity profile, and appetite for speculation, we see value in onboarding LINK into MakerDAO. LINK is valued at over $1 billion and is also one of the most liquid ERC-20 tokens available. The tokens are relatively decentralized with no known “kill-switch” or blacklisting capabilities.”

Yet a trader is fearing the top asset is preparing to undergo a strong reversal from the highs.

Chainlink Setting Up For Bearish Reversal

Chainlink is on the verge of undergoing a more than 70% reversal towards $0.98-$1.00, according to a trader referencing the chart below. Backing this sentiment he looked to the fact the altcoin broke below a key support level while failing to surmount heavy resistance around $4.00.

Chainlink price bearish
Chart from @CryptoCapo_

The analyst who made this prediction called that Bitcoin would fall towards the $3,000s earlier this year when no one thought it would happen. He also predicted XRP could bottom around $0.11-$0.13, which it did.

Adding to this, data from blockchain analytics provider IntoTheBlock indicated that throughout segments of last week, there was a strong bid-ask volume imbalance. The site indicated that there was much more selling pressure than bullish volume, indicative of a distribution pattern near a market top.

It’s Time for Bitcoin to Shine

Whatever your thoughts are on Chainlink’s trajectory, analysts say that Bitcoin will soon outperform a majority of altcoins. Should this assertion hold true, that means a drop in Chainlink’s price (or relative drop against BTC) is somewhat inevitable.

The head of technical analysis at crypto research firm Blockfyre argued that all altcoins are poised to underperform. He cited the fact that Bitcoin dominance — the percentage of the crypto market made up of BTC — has started to trend higher:

“A potentially very painful situation developing if dominance breaks out towards the next resistance. Each 1% rise in BTC.D roughly equates to a 6-12% drop against the BTC pairings for altcoins. Hard to imagine that no matter what BTC does that alts dont see a lot of pain,” he wrote in reference to the chart below.

Bitcoin dominance strength
Chart from @Pentosh1 (Twitter)

In a separate analysis, he wrote late last month that fundamentally speaking, the incoming volatility related to the Bitcoin block reward halving will “rekt” altcoins, Chainlink presumably included.

He continued that from how he sees it, altcoins are always a “game of musical chairs” because they rally for reasons not based in fundamentals:

“The reason the alt pumps are unconvincing is because they have followed the same patterns. IEO’s, Interoperability, privacy coins moving together. It’s coordinated as it has been the last 3 years instead of all ships rising together.”

Featured image from Unsplash

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