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DAILY CONQUEST #107
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Overview
- Glassnode: Bitcoin volatility is on the way!
- Maker (MKR) testing major downtrend resistance after a 91% climb.
- News: No stablecoin bill anytime soon.
- zkSync is one step closer to mainet.
- Introducing FIFA World on Roblox.
Good morning Fam,
Volatility is coming!
At least, that’s the narrative the most recent Glassnode newsletter is pushing.
The Glassnode analysts use a variety of charts to show that when Bitcoin reached such low realized volatility in the past, volatile moves were soon to follow. For example, in the chart below, the analyst highlighted the blue areas that resulted in significant rallies and sell-offs.
Futures open interest is at record levels despite the drawdown in price. This metric highlights the enormous levels of speculation and hedging positions that could add fuel to any significant moves. Open interest has increased by 80% since May this year.
The report concluded with this summary:
“The Bitcoin market is primed for volatility, with both realized and options implied volatility falling to historic lows.”
and
“Volatility is likely on the horizon, and Bitcoin prices are not known to sit still for very long.”
BTC/USDT 1D
Traders sold off BTC during the US session after it reached a high of $19.6k in the early morning. While US equities continued strong, the crypto market struggled. Like the previous two weeks, every rally is met with strong resistance and hammered back down to the ever-present $19k support level. BTC completed the US session down -1.14% to $19,327.
High-resolution chart
MKR/USDT 1D
The most widely trusted decentralized stablecoin provider, Maker (MKR), has seen quite a rise in the charts in the previous 30 days. After reaching a yearly low of $581 on September 22nd, the MKR token has been one of the best-performing assets in crypto. Since the low, the price of MKR has climbed 92% to a high of $1,131.27 and looks set to break the downtrend resistance (red) that began in August 2021. MKR completed the daily candle up +1.08% to $1,103.
High-resolution chart
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No stablecoin bill this Congress. During a financial conference on Tuesday, Representative Jim Himes ended speculation about whether Congress would pass a stablecoin bill when he said, “A stablecoin bill is not passing anytime soon.”
The EU looks to crack down on crypto mining. The EU commission looks to crack down on crypto mining ahead of a tough winter while the region battles energy shortages. The commission is developing an energy-efficiency label for blockchains that may lead to load shedding by miners.
zkSync completes Proof Merging. zkSync 2.0 is officially the world’s first-ever zkEVM running on a public testnet. Mainnet is set to launch on October 28th after significant testing by the developers.
IRS expands Tax Language to include NFTs. New drafts have updated the language from “virtual currency” to broader “digital assets” to encompass NFTs for 2022. So don’t forget to pay the taxman if you made some profitable NFT trades.
News Tidbits:
NFT & metaverse update 🐵
My five cents…
Source: CoinGecko
APT — the new L1 Aptos’ native token — took quite the plunge out of the gate. The token’s introduction saw it fall from $13.73 to a low of $6.93, losing half its market cap value. Even at these levels, with a Fully Diluted Valuation (FDV) of $7.8 billion, APT remains a tough buy.
Gabriel
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