Ground breaking news, a continued sideways market with a late week dip, and industry expansion defined the last seven days in crypto markets as they continue at full throttle through the bear market.
The Week in Crypto
Let’s start with some of the biggest trends:
- Play-to-Earn blockchain gaming has attracted heavy interest from investors, with hundreds of millions flowing into the sector just this week as game-fi users are skyrocketing.
- Major NFT tokens, including Enjin, Axie Infinity, and Sandbox, fell this week but at the same, an NFT selfie collection on Opensea made someone a millionaire.
- In the Metaverse, investors are leaning into digital real estate in a big way. Meanwhile, iconic mainstream publication, TIME Magazine, now has a newsletter dedicated to the Metaverse.
- US crypto exchanges made big acquisition moves this week:
- Sports & crypto continue to converge with Mike Tyson tweeting out about Solana (SOL), UFC Fighter, Francis Ngannou, announcing that he’s getting paid in Bitcoin, and Crypto.com becoming the official crypto exchange of the Australian Football League.
Movers & Shakers
Difficult to find assets in the Top 100 by Market Cap in the green this week after the major sell-off during Asian's trading session this Friday:
Bitcoin, rolling in the dip?
For the second time in January, Bitcoin has dipped below $40,000, with a price of $38,190 at press time. This represents a 9.2% drop in the last 24 hours and 10.2% decrease over the week. This sell-off could be explained by multiple factors including:
- Crypto markets have been sitting on a critical support level for some time and a weak and pessimistic macro environment can cause sell-offs on riskier investments.
- The Lunar New Year is approaching and is often leading market sell-offs.
- Over-leveraged trades occuring on Binance, OKEx or Bitmex can re-inforce the intensity of these price drops as positions are liquidated.
Altcoins, following the trend
This week, Altcoins took a bigger hit compared to Bitcoin. Ethereum (ETH) fell to last April's ATH, which is also a crucial support around $2,800. Out of the top 10 cryptocurrencies by market capitalization, the average drop is near 13% over the last seven days. Only ADA and LUNA are sustaining minor losses of 4.1% & 6.1%.
- Google is in the exploration process of adding crypto functionality through a digital card along with partners Coinbase and BitPay. Read more.
- Curve, a DeFi market maker platform, launched on Layer-2 rollup protocol, Optimism.Read more .
- Intel unveiled plans to create the Bonanza Mine ASIC chip designed for energy efficient Bitcoin mining.Read more .
- Artist Damien Hirst minted his first NFT collection called “The Currency”, which now has a dedicated price index thanks to Chainlink oracle network. Read more.
- Coinbase begins listing NFT digital real estate tokens just as a report comes out shedding light on the “Coinbase Curse”, which notes that Filecoin investors saw a rapid decline in the first few weeks of listing on Coinbase. Read more.
- Blockchain games doubled last year to almost 400, while Web3 gaming company Animoca Brands doubled down by investing $360 million into building an “open” Metaverse, as opposed to centralized Meta and big gaming companies. Read more.
Spotlight on: QUAD Staking
Quadency has introduced a simplified staking program for its native platform token, QUAD. Simply use your free Quadency account to purchase QUAD and earn 64% APY until the launch of the Quadency Exchange later in Q1 2022.
Pro Tip of the Week
Appart from making sure you know your bases, building a well balanced portfolio can help you during bear markets and dips. You can let Quadency’s Portfolio Rebalancer Bot help you! Use the bot to automate your diversified portfolio by selecting the crypto assets you want and setting up your configurations, such as:
- Choose a market currency, i.e. what you’re selling against.
- Target allocations can be adjusted with a slider and/or by adding more digital assets.
- Select how often you want your portfolio balanced automatically, such as hourly, daily, or monthly.
- Pick a threshold to keep a specified percentage of each asset, which adjusts automatically as prices fluctuate.
- Survive the bear market by adding automation strategies at Quadency
- Learn everything you need to know about Candlestick Charts
- Discover QUAD tokens and start staking!
Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.
Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.