Solo Climber: The Lone Crypto Surging 11% In Top 100 Roster On A Weekend

Injective (INJ) has defied the prevailing downward trend to secure significant gains. While most crypto assets experienced losses, INJ has emerged as the sole gainer among the top 100 cryptocurrencies. The cryptocurrency’s price climb comes as a welcome relief to investors navigating the tumultuous waters of the market.

As the cryptocurrency market grapples with a bearish start to the day, Injective (INJ) stands out with a remarkable performance. With a 10.7% rally in the past 24 hours and seven-day gains of 2.0%, INJ has managed to buck the trend and secure positive momentum. 

Crypto market analysts and enthusiasts are keeping a close eye on INJ’s price movement, eager to see if it can maintain its upward trajectory.

A Bright Spot In A Sea Of Red

Market data from CoinGecko reports INJ’s current price at $7.82. A price analysis reveals that the cryptocurrency’s potential breakthrough of the $7.96 resistance level could trigger further upward movement, potentially setting the stage for a test of the next resistance at $8.50.

However, should the bulls fail to breach this critical level, a period of consolidation or a minor correction might be on the horizon for the crypto.

The technical analysis of INJ augments the optimistic outlook for the coin. TA indicators signal a bullish sentiment, with oscillators positioned at a ‘neutral’ level and moving averages aligned towards a ‘buy’ recommendation. 

Injective (INJ): A Closer Look 

This alignment of technical indicators suggests that INJ’s current performance is underpinned by robust market dynamics, reinforcing the notion of a potential sustained upward movement.

What adds more intrigue to INJ’s ascent is its well-timed tokenomics upgrade. The rise in INJ’s value aligns closely with the blockchain company’s release of a major tokenomics overhaul.

This upgrade includes a mechanism that increases the weekly burn rate of INJ through the Injective Token Burn Auction, effectively reducing the overall supply. 

Additionally, the company has eliminated the limits on how much decentralized apps (dApps) can burn from their transaction fees. This move could potentially enhance the scarcity of INJ and contribute to its current price surge.

Amidst a market dominated by red, Injective shines as a beacon of positivity. Its remarkable gains, coupled with a bullish technical analysis and a well-timed tokenomics upgrade, have contributed to its standout performance. 

As investors and analysts continue to monitor the market, INJ’s trajectory will be a focal point, revealing whether it can sustain its momentum and potentially pave the way for a trend reversal in the broader cryptocurrency landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from National Geographic/Jimmy Chin

OpenSea Makes Shift To Optional Royalty Model – A Deal-Breaker For Yuga Labs?

Yuga Labs – creators of the popular Bored Ape Yacht Club (BAYC) NFT collection – has unveiled its plans to cut ties with NFT marketplace OpenSea. This comes as a response to the platform’s proposed shift to an optional royalty system.

On Thursday, August 17, OpenSea announced that it is changing its creator fees framework, making royalties optional for new collections after August 31, 2023. The NFT marketplace also disclosed that it would disable the Operator Filter, a feature that enforces creator royalties.

According to the announcement, NFT collections that utilized the Operator Filter up until August 31 will have their creator royalties enforced till February 29, 2024, when the fees will become optional. 

In the blog post, OpenSea explained the rationale behind its decision, saying the Operator Filter was designed to empower creators with greater control. However, the marketplace claims that it has not received the much-needed acceptance in the web3 ecosystem.

Yuga Labs Responds To OpenSea’s Decision 

On Friday, August 18, Yuga Labs published an open letter on X (formerly Twitter), subtly criticizing OpenSea’s decision to make creator fees optional on all secondary sales for all collections by February 2024. The BAYC creator also disclosed its plans to wind down support for OpenSea’s SeaPort, a marketplace protocol that enables the buying and selling of NFTs.

Daniel Alegre, CEO of Yuga Lab, said in the response:

Yuga Labs will begin the process of sunsetting support for OpenSea’s SeaPort for all upgradable contracts and any new collections, with the aim of this being complete in February 2024 in tandem with OpenSea’s approach.

Alegre noted that while the purpose of NFTs has been to revolutionize true ownership of digital assets, it has also been about empowering artists and creators. “Yuga believes in protecting creator royalties so creators are properly compensated for their work,” he added.

Yuga Labs’ stance will likely be a significant blow to OpenSea, but perhaps not one the marketplace wouldn’t have foreseen. In January, the BAYC creators blacklisted about four marketplaces – with an optional royalty model – from its Sewer Pass collection.

OpenSea Halts Support For The BNB Smart Chain

OpenSea also recently announced its decision to disable the minting and listing of NFTs on the BNB smart chain. According to the post on X, this move was informed by the marketplace’s “need to align resources with the most promising efforts”.

The NFT platform wrote in the announcement:

Starting today (August 18, 2023), you will no longer be able to create new listings for or make new offers on BSC NFTs. However, you will still be able to view, discover, and transfer BSC NFTs on our site.

This latest development brings OpenSea’s total supported chains down to 10, including Arbitrum, Avalanche, Ethereum, Optimism, Polygon, Solana, and the recently-added Base and Zora.

OpenSea

Litecoin Price Plunges To Sub-$70 Territory – What Traders Should Expect

Litecoin (LTC), the altcoin often dubbed as “silver to Bitcoin’s gold,” has found itself caught in the downward spiral of the cryptocurrency market, mirroring the struggles of its larger counterpart.

While LTC’s association with Bitcoin has long been a double-edged sword, the recent price crash is putting on the spotlight the intricate interplay between these digital assets.

As Bitcoin (BTC) grapples with a precipitous decline, currently trading below $26,000, the impact reverberates across the broader crypto landscape. LTC, trading at $64.15 according to CoinGecko, has encountered a 1.5% drop over the last 24 hours, contributing to a week-long slump of 23.2%.

Litecoin Loses Grip On The $70 Handle

This downturn prompted a cascade of over $1 billion worth of position liquidations within a 24-hour window, a testament to the market’s heightened volatility.

In the midst of intraday trading, Litecoin momentarily dipped to the $60 mark before staging a recovery. This decline has pushed LTC to year-to-date lows, ominously edging toward the lows witnessed in December 2022.

Yet, understanding the dynamics behind LTC’s struggle requires delving into its intricate relationship with the alpha coin

Litecoin Price Dependence On Bitcoin

The intrinsic connection between Litecoin and Bitcoin has both bolstered and hampered LTC’s journey. Historically positioned as a complementary alternative to Bitcoin, Litecoin carved its niche by embracing faster transaction speeds and a different mining algorithm.

However, the symbiotic relationship between these two cryptocurrencies also makes Litecoin susceptible to Bitcoin’s market movements.

Litecoin’s recent setback underscores this interdependence. Analysts contend that Litecoin’s price trajectory has often mirrored Bitcoin’s, with downturns accentuated by its role as a secondary asset.

While Litecoin offers distinct utility, its fate remains intertwined with the broader market sentiment and Bitcoin’s performance. This connection has led to LTC’s price behavior echoing Bitcoin’s, both in its drops and potential recoveries.

Navigating The Path Ahead: Key Levels To Watch

As Litecoin navigates this challenging terrain, crucial support and resistance levels come into play. Analysts are closely monitoring a potential consolidation of losses within the range of $56 to $70, contingent on Bitcoin’s further losses. The $70 mark represents a pivotal point, indicating bullish intent if breached, and an edge for the bulls only above $75.

Litecoin

Key resistance levels lie at $70 and $78.5, acting as hurdles on LTC’s potential recovery journey. Conversely, essential support levels rest at $50.5 and $42, indicating the critical junctures that could either exacerbate LTC’s downturn or potentially pave the way for resilience.

As the market continues to evolve, the lessons from these fluctuations offer valuable insights into the evolving nature of digital assets and the nuanced relationships that underpin their value fluctuations.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Coin Insider

SEC’s Ethereum Futures ETF Approval: A Resounding Victory For ETH’s Security Status?

According to Bloomberg, in a key development for the cryptocurrency industry, the US Securities and Exchange Commission (SEC) is reportedly set to allow the launch of exchange-traded funds (ETFs) based on Ethereum (ETH) futures.

This move marks a significant win for numerous firms that have long sought to introduce such products. While the SEC has previously hesitated to approve ETFs directly tied to cryptocurrencies, the decision to greenlight an Ethereum futures ETF could have profound implications for Ethereum’s classification as a non-security. 

This development also holds potential ramifications for other cryptocurrencies, as the SEC’s stance on where the line between security and non-security lies becomes a subject of litigation.

Ethereum Paradigm Shift

According to Bloomberg’s report, sources familiar with the matter claim the SEC is unlikely to block the ETFs based on futures contracts for Ethereum, which is currently the second-largest cryptocurrency by market capitalization. 

Nearly a dozen companies, including prominent names like Volatility Shares, Bitwise, Roundhill, and ProShares, have filed applications to launch these ETFs. While it remains unclear which funds will receive approval, insiders suggest that several may be granted the green light as early as October.

This anticipated approval of an Ethereum futures ETF by the SEC could have far-reaching implications for the regulatory treatment of cryptocurrencies. 

The SEC’s reluctance to approve ETFs directly tied to cryptocurrencies has spurred speculation that derivative-based products would offer a potential pathway to market access. 

On this matter, crypto analyst Adam Cochran has highlighted that the SEC potentially approving an ETF based on Ethereum futures contracts implicitly acknowledges that Ethereum itself is not considered a security. 

This decision challenges the notion that Ethereum should be regulated as a traditional financial security, considering its proof-of-stake mechanism, purpose, and usage.

Cochran further believes that the SEC’s approval of an Ethereum futures ETF bolsters Ethereum’s non-security status and sets a precedent that could impact other cryptocurrencies facing regulatory scrutiny. 

The ongoing legal battle between the SEC and Grayscale Investments over rejecting their Bitcoin trust’s conversion into an ETF highlights the agency’s concerns regarding investor protection, manipulation risks, and price volatility. 

However, this approval could provide a compelling argument in favor of distinguishing between the underlying asset and how it is sold, bolstering the Torres Doctrine and potentially influencing the outcome of similar cases, such as the XRP appeal.

The SEC’s approval of an Ethereum futures ETF holds tremendous significance for the cryptocurrency industry. If confirmed, it would mark a pivotal moment for Ethereum’s classification as a non-security, further solidifying its position as a commodity or currency. 

The decision also highlights the regulatory challenge of defining clear boundaries between securities and non-securities in crypto. 

As the industry evolves, approving an Ethereum futures ETF could shape the regulatory landscape, paving the way for increased adoption and investment opportunities in the cryptocurrency market.

Ethereum

However, the news is not entirely favorable for ETH as it trades at $1,660, following a downward trend similar to Bitcoin and the overall cryptocurrency market. The market has experienced a substantial outflow of liquidity, leading to a significant decline in most digital currencies.

Over the past 24 hours, ETH has declined more than 4% after breaking its previously established range between $1,895 and $1,830. Additionally, it has suffered a notable loss of 10% within the seven-day timeframe.

Featured image from iStock, chart from TradingView.com

Bitcoin Bulls Beware: Sub $20,000 Nightmare Looms, Analyst Foresees Extended Downturn

In a shocking twist, Bitcoin (BTC), the undisputed king of cryptocurrencies, has plunged to levels not seen since the early days of 2023.

The battle-hardened Bitcoin bulls have suffered another crushing defeat, leaving investors on edge, anxiously pondering whether the dreaded sub $20,000 abyss will haunt them again.

With relentless uncertainty gripping the market, the burning question lingers: Has Bitcoin truly hit rock bottom, or is BTC in for an even darker descent?

Bitcoin Path Aligned With 1930 Stock Market Crash

According to Mike McGlone, Bloomberg’s Senior Macro Strategist, Bitcoin’s current trajectory bears an uncanny resemblance to the US stock market crash of 1930. 

In his analysis, McGlone highlights the clear rollover pattern and downward trend evident in Bitcoin’s 100-week moving average (MA) graphic. 

Bitcoin

The implications of this pattern, combined with the fundamental principle of “not going against” the Federal Reserve (Fed) and the potential for reversion of one of history’s best-performing assets, warrant serious consideration.

Adding to the potential headwinds for Bitcoin, US Treasury two-year notes yield nearly 5%, marking a historic high in the crypto realm.

Bitcoin, born in the aftermath of the 2008 financial crisis and during a period of highly low-interest rates, may now be facing an extended period of retracement.

According to Mcglone, in an era of near-zero and negative interest rates, the allure of a digital equivalent to gold can be captivating. However, the landscape is shifting as the world’s safest securities offer approximately 10% total return over two years. This shift may pressure the prices of riskier assets, including Bitcoin.

The significance of the US Treasury two-year note’s approximate 5% yield has historical parallels. It harkens back to before the financial crisis and the birth of Bitcoin. This correlation suggests potential headwinds for most risk assets. 

McGlone’s analysis, focusing on the 100-week moving averages, reinforces the prevailing downward biases observed in Bitcoin, particularly when compared to the steepest Treasury yield competition witnessed in almost two decades.

Analyst Warns Of Potential Sub-$20,000 Levels

Bitcoin’s recent price trajectory has left many investors uncertain about its future, with some analysts drawing parallels to historical price crashes. Material Indicators co-founder Keith Alan has shared insights on the current market conditions.

Since the beginning of the bear market, Alan has been closely monitoring Bitcoin’s price movements and sharing a chart that suggests the potential for retesting sub-$20,000 levels. 

While acknowledging the possibility of short-term scalping opportunities, Alan advises caution and limited exposure to preserve capital for what he believes could be a generational buying opportunity. Notably, Alan emphasizes that he does not believe the bottom has been reached for Bitcoin. 

Bitcoin

The chart highlights various downrange levels, showcasing Alan’s belief in the potential for further downside movement. 

As depicted in Alan’s chart, the Bitcoin market faces a critical juncture where the strength of support at $25,000 is crucial for the bullish case in the near term. Failure to hold this level could lead to a revisit of the December 2017 bull market peak at $19,800.

Adding to concerns for Bitcoin, there is the possibility of continuing the downside momentum, potentially reaching a four-year low around the June 2019 bull market top of $13,800. This scenario would catch many bulls off guard, especially considering the prevailing belief throughout 2023 that the crypto winter was ending.

The momentum has shifted for the most prominent cryptocurrency in the market, and the bulls must defend their remaining support levels to avert an extended decline throughout the remainder of the year.

Bitcoin

BTC has briefly reclaimed the $26,000 threshold; however, it remains down by over 7% in the past 24 hours.

Featured image from iStock, chart from TradingView.com

Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges

Algorand’s (ALGO) performance on the charts has been nothing short of a rollercoaster. According to data from CoinGecko, yesterday, the asset’s value plummeted to a historical bottom, and it’s currently down by nearly 10% in the past 24 hours.

Algorand Records New Low

Just yesterday, amid the significant downturn in the crypto market, Algorand’s price fell below notable support. The asset dropped to a price of $0.0905 despite maintaining its stability and striving to hold its ground above the $0.11 mark over the past week.

This price move resulted in more than $50 million being wiped away from the asset’s market capitalization in the past day. Algorand’s market cap stands at a valuation of $755 million, a 7.1% drop from its earlier record of $808 million on Thursday.

Despite the bloodbath the asset’s market cap and price currently suffer, its trading volume has moved in the opposite direction. ALGO’s trading volume has surged from a low of $46.5 million yesterday to as high as sitting above $73 million at the time of writing.

Algorand (ALGO) price chart on TradingView

This isn’t surprising as it indicates a potential violent sell-off. Furthermore, it is worth noting that before ALGO’s current bloodbath, the US Securities and Exchange Commission Chairman once recognized Algorand as a “great technology.”

However, despite receiving positive reviews, even from the SEC, the asset eventually became entangled in legal disputes, leading to its inability to maintain stability and ultimately hitting a historic low.

Legal Complications Taking A Toll?

Besides ALGO’s price action, the last few months have been tumultuous for Algorand. Two lawsuits have cast long shadows over its progress. In its suit against the cryptocurrency exchange Bittrex in April, the SEC hinted that ALGO is a security under US laws.

This classification opened Pandora’s box of regulatory challenges for Algorand, impacting its perception among investors.

Further complicating matters for Algorand was another SEC lawsuit aimed at the behemoth crypto exchange, Binance, in June 2023. This litigation mentioned ALGO, exacerbating its woes and dragging it to its recent historically low prices.

When reviewing a potential cause for ALGO’s bearish moves in the past months, both of these high-profile legal disputes within a short time frame could be considered one of the reasons, as external factors such as regulatory challenges can significantly sway investor sentiment.

Featured image from iStock, Chart from TradingView

XRP Pain May Not Be Over Following This Decision In The Ripple Vs SEC Case

The United States Securities and Exchange Commission (SEC) has reopened old wounds after a federal Judge grants the regulator’s request to file a new appeal against Ripple.  

Ripple And SEC Legal Battle Continues

Ripple, the crypto firm behind XRP cryptocurrency, had secured a partial victory in July in its case against the SEC that had raged on for almost three years. However, the regulator has not taken this lying down as on Thursday, August 17, Judge Analisa Torres reportedly gave official approval to the SEC’s motion to file an interlocutory appeal against XRP cryptocurrency. 

According to the court proceedings, the SEC will file its motion in court from Friday, August 18 until Friday, September 1. This gives the regulator the opportunity and ample time to develop and provide a compelling argument for its allegations of XRP being a security. 

This is because the appeal will be focused on the judge’s decision on Ripple’s programmatic sales and direct sales and offerings of XRP tokens as a trade for goods and services. 

The new filing is not an official approval of an appeal by the judge but a gateway for the SEC to file its motion. But regardless, this new development could be bad for Ripple who recently celebrated Judge Torres’ declaration that secondary sales of XRP did not count as a security. 

Ripple’s Chief Executive Officer, Brad Garlinghouse, and Chief Learning Officer, Stuart Alderoty have addressed the SEC’s decision to put forward an appeal motion. They publicly opposed the SEC’s interlocutory appeal, detailing that the Judge’s ruling on July 13 refutes any allegations the SEC may harbor of XRP being a security. 

“We oppose the SEC’s request for an interlocutory appeal. There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal,” Alderoty stated in a Twitter post

On his part, CEO Brad Garlinghouse commented

Reminder – the request for appeal (even if granted) doesn’t change the fact that XRP is not a security. That’s not up for debate/trial. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP is not a security. That’s utter nonsense.

Ripple (XRP) price chart from Tradingview.com

SEC Regulator Criticizes Judge Ruling

The SEC’s move to file an interlocutory motion does not come as a surprise as the regulatory body has previously made complaints about the proceedings of Judge Torres’s ruling in the XRP case. The regulator made criticisms of the case’s outcome by questioning the ruling’s alignment with legal principles and stating that the verdict was “wrongly decided.”

The regulator has also been adamant about an interlocutory review and has stated that the case requires a higher review and better clarification by higher judicial authorities, to ensure legal proceedings are executed according to established laws and legal principles. 

“Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion, as reflected by an intra-district split that has already developed,” the SEC said in its new filing.