The ETH ecosystem is lit as Layer-2s, exchanges, staking platforms, DeFi platforms, and everything Ethereum are all poised for action with the Merge fast approaching. Unprecedented macro events continue to be the backdrop for a crypto industry that is dogged by FUD yet inspired to keep innovating.
At a glance...
- Brazil breaches 1 million crypto users
- ETH Merge engines are fired and ready
- An NFT market will be available on TV
- LUNC surprises us all
- Web3 startup raises $300M
Top Market Trends:
- Brazil tax authority reported that a record 1.3 million registered crypto users made a crypto purchase in June of 2022.
- The UK mourned the loss of Queen Elizabeth II this week, just days after the monarch appointed a new, potentially crypto-friendly prime minister.
- Ethereum core developers successfully launched the Bellatrix upgrade, initiating the ETH merge on the backend consensus layer, readying for next week's main Merge.
- Mysten Labs raised $300M led by FTX at a $2B valuation for its Web3 startup founded by former Meta developers.
Movers and Shakers
Top 7-day Gainers:
Top 7-day Losers:
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Bitcoin (BTC) is getting a lot of attention around the PoW energy use issue, which is not helped by Ethereum’s mining-free upgrade set to happen next week, plus energy crises gearing up worldwide. Despite all that, Bitcoin is becoming legal tender in a Swiss city and was called a “Wild Card” set to outperform by a top Bloomberg Analyst.
- BTC dipped to $18,650 this week, reversed, and is now pumping past the 21k support zone.
- Hawkish approaches by the EU and the US in raising rates until inflation ebbs may dampen investors’ risk appetite for Bitcoin.
- BTC’s Relative Strength Index (RSI) fell below 30, closing in on a 4-month low.
You cannot stop Proof of Work mining.— Braiins | bitcoin mining tools (@braiins_systems) September 8, 2022
Your best chance was in 2008, and now it's too late.
Short-term Bitcoin TA
As the US markets woke up on the 9th of September, the rest of the world witnessed a BTC pump just a few days after a dump.
The pump marks the breakout of a channel that Bitcoin has been trapped in for the last two weeks. Now don't let this breakout get you too excited; the Macro still has yet to look good for BTC.
Long-term Bitcoin TA
On the Bitcoin 1-Week chart, the price is still oversold and still under the 200 MA.
BTC has been fighting to cross above the 200 MA since May, with only 2 successful weeks trading above it. Right now, it looks like BTC will remain under the 200 MA with a line of support of around 19k.
Altcoins on the Move
It’s an interesting time for altcoins, most notably Ethereum and all its ecosystem assets. Bitcoin has always been the market leader, but it appears that mainstream media is focusing on Bitcoin’s carbon footprint. Could the energy savings of Ethereum’s new consensus layer added to all the Merge hype push it to become the dominant cryptocurrency?
- Ethereum domain names (.ENS) briefly topped Bored Ape NFTs in 7-day trading volume on OpenSea.
- Ethereum mining revenue outpaced BTC mining by $100M in August as the last weeks to mine ETH 1.0 come to a close.
- $LUNC woke from the dead, soaring 88% in 7 days on the news of an airdrop and a new 1.2% burn tax for swaps.
Dogecoin took a hit in May, but now it may be on a path of vengeance.
Currently, Dogecoin is trading in a channel; now if the market momentum shifts upward, we could see Doge set up for a nice push upwards where the 200 MA and former point of resistance become a good take profit line.
- Macro events: Russia closed its gas supply line to Europe until sanctions lift, opened talks on cross-border stablecoin settlements to skirt USD, and faced a dual Ukraine offensive. Meanwhile the ECB and the US are set to continue raising rates.
- In NFTs: LG Electronics, the 3rd largest TV manufacturer, launched an NFT platform for TV viewers while yOOts launched the tOObs collection, briefly ranking #1 on OpenSea.
- Exchange news: Bitpanda announced support for commodities trading, Binance will auto-convert all stablecoins to BUSD, and Coinbase is backing a Tornado Cash lawsuit.
- Platform Upgrades: Algorand (ALGO) introduced cross-chain communication, Arbitrum saw transactions quadruple after its Nitro upgrade; and rumors of the upcoming launch of Quadency’s QUADX are in the air!
Spotlight on: Lido DAO (LDO)
We delved into Lido DAOs liquid staking protocol for Ethereum in our weekly Coin Profile. Find out LDO’s tokenomics and learn about staking liquid tokens (sETH) vs. Ethereum staking.
Read the full Lido DAO (LDO) Coin Profile
Pro tip: Maintain a diversified portfolio through the Merge
Volatile times await as crypto markets head into the merge. Use Quadency’s Portfolio Rebalancer to take the worry out of rebalancing your portfolio every time the market heads in a new direction.
We looked into: What could happen after the Merge?
Forbes names it the biggest event since the foundation of #Bitcoin!— Quadency (@quadency) September 7, 2022
But what is all the hype about the upcoming $ETH #merge? Why are we even doing this? What are the risks? What are the benefits?
A thread 🧵 pic.twitter.com/QNFmxwjp71
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.