The eCoinomics Team - October 2022, #1
This week.
The last time we wrote about Bitcoin, the price had just broken below $45,000 causing a liquidation cascade event. That feels like decades ago now. Since then, Groovy has gone back to his job at McDonalds and I have been jobless and living on welfare. Which explains our absence. It’s almost anti-climatic that more than $1.1bn leveraged positions were liquidated a few days ago triggered by Bitcoin’s move from a low of $19,169 to a weekly high of $21,012. And naturally, Groovy and I hope this represents a reverse in our fortunes. For now, Bitcoin continues to hang around $20,000. Closest resistance is at $21,800 and we can depend on $19,000 to act as support if the reel is rewound. These are the levels we are watching for the week. In other news. A record 55,000 Bitcoin, or over $1.1 billion was withdrawn from Binance a few days ago. While on-chain data doesn’t support that the Bitcoin bottom is in, withdrawal from exchanges can mean Bitcoin hodlers are accumulating and not willing to sell. A decrease in sell pressure equals bullish sentiment. 🤞 We’ll see. Ether/USD.Ether- The token is called Ether or Eth. The company is called Ethereum. You’re welcome🤝- rallied 14% this week after doing its best impression of a stablecoin for weeks. Ether’s price currently hangs around $1,500. The closest weekly resistance is between $1,800-$2,000 while support is at $1,200. These are the levels we are watching for Ether. The macro environment doesn’t present many positives with inflation figures still coming in at a higher than expected level. The US Fed meets next on the 2nd of November 2022 and we expect price volatility to reflect the decision taken. Another 75bp raise in interest rate is expected as quantitative tightening remains the anthem as the US continues to battle historic inflation levels. Next week, we will take a look at how we expect the crunch in oil supply from Russia and China to affect the global financial markets especially risk-on assets like Bitcoin and Ether. 2. Elon Musk acquires Twitter.(3 mins read)Elon Musk has bought Twitter. He offered to buy the company in for $44 billion in April but seemed to change his mind after alleging that Twitter lied about the amount of bots on it. Twitter then sued him to force the sale. The lawsuit was in progress when the deal happened after Elon asked for a stay of trial to allow time to complete the deal. The deal was announced to be complete today, Friday 28th of October. Read more on the topic by clicking underlined title above. Oloye is doing a victory lap as we speak. Anyone who knows me knows why 😂 3. FTX records largest short liquidation event in its history. (1 min read)FTX saw $936.24 million in short trades liquidated over the last 24 hours, the largest such event ever recorded on the exchange. Liquidation happens when the trade engines forcefully close trades due to insufficient margin to keep the positions open. Traders involved in a liquidation lose all their money. In total, the entire crypto market posted about $1.1 billion in liquidation with FTX in first place. Thank you lord SBF. 🙏 Today was the single largest liquidation event on FTX in its history and the runner up isn't even close.
~$600m
Someone get carried out on a stretcher?
Seems excessive given the move. But then again there's like 12 people who understand how their liq engine works. Click on the underlined link above to get the full rundown. 4. Nigerian P2P exchange Scalex gets funding from Adaverse. (2 mins read)Nigerian peer to peer crypto and web3 platform Scalex has announced the successful raise of strategic investment from Adaverse, a Cardano ecosystem accelerator. Scalex CEO, Nnaemeka Nwosu said the undisclosed seed funding will be used to continue building web3 solutions that bridge the gap between traditional finance and decentralised finance by providing on-ramp and off-ramp services for Africans. 👏 5. zkSync ready for mainnet.Ethereum L2 scaling solution zkSync is set to launch on Mainnet on October 28th. ZkSync made the announcement on its official Twitter account recently. What you need to know about zkSync:
To be eligible for the airdrop, it’s advisable that you interact with the zkSync ecosystem by opening a wallet and carrying out transactions here. Follow them on twitter by clicking on the topic. 🔌 6. Aptos. Solana NFT killer? (4 mins read)For Solana which advertised itself as an “Eth killer,” things look to have come full circle. Because Aptos is calling itself the “Sol killer.” We all know how patient, understanding and loyal NFT traders are. We all know they don’t listen to hype and they are only in it for the art. This hasn’t stopped some other “nameless” NFT devs and artistes from taking advantage of the hype that comes with the novelty of a new platform 😂. Remember Near NFTs? Solana can only hope Aptos is as effective at it has been in killing OpenSea. For the full story, nah! I am not repeating myself. 😒 7. Reddit and Polygon’s partnership lead to surge in Reddit avatar NFTs volume. (5 mins read)The Reddit NFT avatar has become one of the most traded NFTs recently, due to the partnership between Reddit and Polygon that was signed one year ago. Reddit users are flocking to Polygon to mint the collectible avatar, which is built on Polygon's scaling infrastructure which provides minimal gas fees and high speed. As a result, the trading volume of Reddit NFT avatar has increased, as well as its floor price on secondary NFT marketplaces. The Polygon token (MATIC) is also up 11% this week. Thanks for reading. For comments and feedback, please write to us at ecoinomicsweekly@gmail.com. Groovy and Oloye.
If you liked this post from ecoinomics, why not share it? |
Older messages
“Sorry for the break in transmission, we rebranded.”
Thursday, October 20, 2022
nu brand, who dis? 😋
January 2022, #1
Friday, January 14, 2022
We discuss the majors' limp into 2022 and upcoming token unlocks schedule for some crypto projects.
eCoinonomics Crypto Report and 2022 Theses.
Saturday, January 1, 2022
Trends, narratives, sectors and tokens we think will dominate 2022.
December 2021, #2
Wednesday, December 8, 2021
We discuss last week's liquidation cascade, Ethereum reclaims support post pullback, introducing Bitpowr, a blockchain solutions company and Zoom-In on Polygon (MATIC) and Bit Torrent Token (BTT)
December 2021, #1
Thursday, December 2, 2021
This week we discuss ranging Bitcoin price action, Ethereum strength, introduce Wicrypt a blockchain based smart internet provider and Zoom-In on Dusk Network (DUSK) and Solana (SOL).
You Might Also Like
Trump’s pro-crypto pledge could see day-one executive orders, industry players hope
Tuesday, December 24, 2024
A Bitcoin strategic reserve, access to banking services, and the creation of a crypto council are among the items on the industry's 'wishlist.' ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
State of the Network’s 2024 Year in Review
Tuesday, December 24, 2024
A data-driven overview of events that shaped crypto in 2024 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
OKExChain: Will the Federal Reserve and Jerome Powell Prevent the U.S. from Creating a National Bitcoin Reserve?
Tuesday, December 24, 2024
In the early hours of today, Federal Reserve Chairman Jerome Powell made it clear during a press conference following the monetary policy meeting that the Fed has no intention of participating in any
Crypto community cheers as Trump names pro-crypto advisors Stephen Miran and Bo Hines for economic and digital ass…
Monday, December 23, 2024
Trump fosters economic expansion and digital innovation with Miran and Hines at the helm of economic and crypto councils. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
📈 BTC-to-Gold ratio hit a historical peak on 17 Dec; Crypto.com renewed its partnership with Formula 1 until 2030
Monday, December 23, 2024
BTC-to-Gold ratio hit a historical peak on 17 Dec; Crypto.com renewed its partnership with Formula 1 until 2030; Crypto.com and the Philadelphia 76ers unveiled Web3 mobile game 'Spectrum Sprint
Bitcoin Hits A New ATH Once Again After Touching $108K
Monday, December 23, 2024
Monday Dec 23, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR In this issue, we dive into: Bitcoin Hits A New ATH Once Again After Touching $108K Avery Ching To Become New Aptos Labs CEO As
Yi He on Binance Alpha and Wallet: Most Projects Are Air, Facing Talent Shortage in Web3, and Wallet as an Airdrop…
Monday, December 23, 2024
This article is a summary of a recent AMA hosted on Binance's official Twitter, focused on the relaunch of Binance Wallet. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Finish signing in to Crypto.com DeFi Research
Monday, December 23, 2024
Here's a link to sign in to Crypto.com DeFi Research. This link can only be used once and expires in one hour. If expired, please try signing in again here. Sign in now © 2024 Crypto.com 1
Reflections and Rest | Black Flag DAO Weekly Rollup
Sunday, December 22, 2024
Catch Up With What Happened This Week in Black Flag DAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Options traders bet big on Bitcoin reaching $120K despite low odds
Sunday, December 22, 2024
High open interest at $120000 strike price shows the market is betting on a big finish for Bitcoin in 2024. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏