Crypto roundup: SAND surges; Bitcoin seeks strength; Mercado Libre dives in; Musk vs Binance
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While Bitcoin deliberates over its next move (up, down, or sideways), The Sandbox (SAND) and certain other altcoins don’t seem content to just hang around.
Meanwhile the big industry news, a lot of it still very positive, keeps rolling in. For instance, Latin American e-commerce giant Mercado Libre is hopping on the crypto train, and we’ll touch on that briefly a bit further below.
But first, a look at the overall market at the time of writing – it’s down about 2.5 per cent since this time yesterday, so it has dipped again just slightly, falling down to a market cap of about US$2.696 trillion.
Having fallen back under US$56k for a brief time yesterday, Bitcoin (BTC) has been holding that level as some support today.
For the bullish picture, most technical analysts are looking for BTC to break through the resistance that’s formed around $US60k and flip it back into support.
But, as Dutch trader Michaël van de Poppe points out below, a bounce off further support down around US$53k wouldn’t be the worst outcome for the bulls, either.
#Bitcoin is still consolidating at support here but remains bearish sub $60K.
Might still be looking at a bullish divergence into higher timeframe support here, which is an important reversal tool. pic.twitter.com/12G9cbYta3
— Michaël van de Poppe (@CryptoMichNL) November 23, 2021
Looking at one of the market’s main sentiment tools, the crypto Fear & Greed Index, and it’s showing “Fear” once again. That said, it does flip and churn about like a noob trader’s stomach. It could just as easily be greedy again by this time tomorrow.
Analyst Rekt Capital, however, has seemingly been half hoping/expecting the dial to drop further left and down, towards “Extreme Fear”, in order to shake things out a bit and potentially indicate a real “local bottom”.
Sentiment moves #BTC
Greed drives price up
Fear drives price down
Extreme Greed precedes tops
Extreme Fear precedes bottoms
— Rekt Capital (@rektcapital) November 23, 2021
The index, by the way, determines its level from a combination of metrics, including volatility levels, market momentum and volume data, as well as surveys, coin dominance, trends and, importantly, data drawn from studying social media sentiment.
What’s moving, what’s shaking in the charts today? Not much in the top 10 cryptos, although Ethereum (ETH), is at least a percentage point to the good compared with this time yesterday.
Looking further afield for double-digit gainers in the top 100, and we have: layer 1 smart-contract protocol Fantom (FTM) +15%; gaming metaverse project The Sandbox (SAND) +30%; layer 2 scaler Loopring (LRC) +25%; gaming ecosystem coin Enjin (ENJ) +21%; blockchain interoperability play Quant (QNT) +13%; and decentralised payments solution Amp (AMP) +30%.
There is buzz building about The Sandbox’s launch of its multi-week, play-to-earn Alpha event, beginning on November 29. It’s a testing ground of sorts, in which the project is opening up part of its playable world to 5,000 participants, who will be able to earn up to 1,000 SAND and three Sandbox-related NFTs.
.@TheSandboxGame Alpha Raffle has just started, don't forget to register for your chance to win one of the 1,000 Alpha Pass reserved to LAND owners
👉 https://t.co/6mJPNrcymR#Play2Earn is around the corner in The Sandbox! pic.twitter.com/ofXQmok2yZ
— Sebastien 🏞 (@borgetsebastien) November 23, 2021
There is also talk of a possible new partnership with the sportswear giant Adidas, which could be adding fuel to the SAND rocket right now, too.
Hey @adidasoriginals, impossible is nothing in the Metaverse. What if we invite all of the original thinkers and do-ers to design our future together?https://t.co/xQrfAWHBky pic.twitter.com/fTCaqf6fho
— The Sandbox (@TheSandboxGame) November 22, 2021
Beyond the leading 100 coins, there are several other notable pumpers today. Some of the better ones include: Oasis Network (ROSE), a potentially undervalued layer 1 blockchain, up 17% over the past 24 hours; the beautiful-looking building metaverse Wilder World (WILD) +16%; decentralised music platform Audius (AUDIO) +15%; and decentralised data-sharing platform Ocean Protocol (OCEAN) +14%.
The Californian music platform Audius has announced a new feature, which is definitely the catalyst for its price move today. The functionality will allow for music NFTs to be embedded, through the Solana blockchain, on blogs and social media platforms, including Twitter and Discord. “Probably noth…” actually, probably something.
💥 @AudiusProject has released a new feature that allows artists and fans to embed #NFT into #Twitter and #Discord. To enable this feature, artists need to connect their Audius accounts to the @phantom wallet (@solana cryptocurrency wallet) pic.twitter.com/G1NzsDWNPL
— Stake Service (@stakeservice) November 23, 2021
• Mercado Libre – which you might consider the eBay of Latin America – has revealed it will enable users in Brazil to buy, sell and hold cryptocurrencies, according to reports.
It’s big news, because the e-commerce company is a beast, one of the world’s largest, and certainly the biggest by market value operating in Latin American countries. Not only that, Brazil has one of the world’s largest economies, ranked ahead of Australia and just behind Russia and South Korea.
In a statement, Mercado Libre reportedly said it is entering the cryptocurrency environment in Brazil together with “a world-class custodian” that remains unspecified at this time. The company added that it’s “analysing all financial and regulatory aspects surrounding this technology”.
— Lark Davis (@TheCryptoLark) November 23, 2021
• Meanwhile, the world’s richest man, Elon Musk, has traded Twitter-based blows with the Binance exchange, regarding stuck transactions of Dogecoin (DOGE).
— Binance (@binance) November 23, 2021
The Tesla and SpaceX CEO, and Dogecoin fan #1, was highlighting issues related to DOGE withdrawals from the Binance exchange – a problem that’s apparently been occurring for more than a year. According to reports, some Binance users have received old transactions, while some could not withdraw their Dogecoin.
“The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users,” Binance explained. “We’ve kindly asked those that receive the old transactions to return them, but we’re aware that select users are having trouble accessing some of the wallets.”
Unsatisfied with the explanation, however, Musk then sent another tweet that reads: “Doge holders using Binance should be protected from errors that are not their fault.” He also pointed to a thread by Dogecoin Developers, which indicates that the issues first began more than a year ago.
Providing some clarification the Binance situation: 1) A bit over a year ago, Binance notified us that they had stuck transactions. We were not shown these transactions, but it was suggested that they were 'stuck' due to insufficient fees…
— Dogecoin Developers (@dogecoin_devs) November 11, 2021
And just to cap off this little spat, Binance CEO Changpeng Zhao, aka CZ, joined the fray with this tweet (below), highlighting a Tesla software issue back in October that resulted in recalls of about 12,000 vehicles in the US, according to a Guardian article.
Right, who’s up for an Elon vs CZ MMA fight?