Daily Conquest #110
The best daily source of crypto news, insights and alpha.
- NFTs hit the mainstream: Reddit Digital Avatar mania.
- This L2 token is beginning to outperform ETH.
- FTX to reimburse scammed 3Commas users.
- Apple updates NFT terms for Apps. Bullish or bearish?
- The Bitcoin cycle chart that claims the bear market is near an end.
Good Morning Fam,
There’s NFT mania on one of the most popular social media apps in the world, Reddit.
Although, Reddit pulled a sneaky and instead named the assets “digital avatars,” and the 2.8 million users have either claimed or bought one on the social media site since August. The avatars are NFTs built on the Polygon network.
Source: Dune Analytics
Reddit introduced the project to empower artists who have netted over $600,000 since its introduction, but a neat side effect was onboarding 2.8 million people onto crypto wallets and NFTs. Notably, many Reddit users are still unaware the avatars involve blockchain technology.
Reddit has 330 million active users. Total sales and sales volume have reached 22,229 and $6 million, respectively.
The SensesThe Hand #19” sold for 11 ETH
BTC struggled to retain gains from the weekend and continues to be hammered down to the $19k support. The 4-hour chart shows the price rejecting a local trend resistance (red) that began on August the 14th. BTC completed the daily candle down -1.23% to $19,329.
Ethereum layer twos (L2s) are quickly becoming the hottest narrative in crypto after successful campaigns by Arbitrum and Optimism saw the pair jump Solana in TVL rankings this month. Since Optimism’s token release, Ether (ETH) has outperformed OP, but the tide may be turning. The OP/ETH daily chart shows a trend reversal that saw OP gain +20% on ETH in the previous five days. Watch for a sustained uptrend to begin developing to confirm the bullish bias.
FTX reimburses 3Commas phishing victims. Crypto exchange FTX has agreed to reimburse those affected by the phishing scam involving a fake 3Commas website. 3Commas is a bot-trading website that links with FTX via API. Moreover, FTX CEO Sam Bankman-Fried said the phishing scam reimbursement is a one-time thing. FTX will pay an estimated $6m to the three affected people.
- Bank of America downgrades Meta to neutral over metaverse concerns.
- Robinhood lists AAVE and XTZ tokens.
- Coinbase remains wary of ATOM token upgrades.
- Rumors Twitter is creating crypto wallets for users.
- Cathie Wood bought $100k in Bitcoin at $250.
NFT & metaverse update 🐵
- Apple clarifies NFT App Store rules. Apple will allow users to buy, mint, and transfer NFTs within Apps subject to their regular 30% App Store fee. However, the firm stirred controversy by noting that “Apps may allow users to view their NFTs, provided that NFT ownership does not unlock features or functionality within the app” in the terms.
- The Singapore High Court has Noted that NFTs are property in its first written ruling on an NFT case.
The Golden Bull Cycle ratio.
You’ve heard of Bitcoin’s 4-year cycle. How about the Golden Bull Cycle?
The Golden Bull Cycle tracks the period between past bear market bottoms and bull market tops to attempt to guesstimate when bear/bull market cycles start and end.
In the Golden Bull Cycle ratio, Bitcoin halving falls in the middle of a bull cycle.
According to this chart James Bull provided on Twitter, the average bear market lasts 12.5 months. Interestingly, we are currently 11 months into the bear market. Think the Fed could pivot in the next 1.5 months?
Source: Twitter, James Bull
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