Crypto Price Extreme Greed As Bitcoin Prepares For Big Week And NFT Bomb

[ad_1]

The following is an excerpt from the daily CryptoCodex email newsletter. Register now for free here

Greed is good

The cryptocurrency market has burst into the new month, with high expectations that bitcoin could break its historically poor performance in September. A look back at monthly price data since 2013 shows that bitcoin closed September in the green just twice in eight years in 2015 and again in 2016, but even then with only small gains. Cointelegraph has a full account. With bitcoin looking healthy today, many are anticipating a pump thanks to the attention bitcoin expects from El Salvador’s cryptocurrency adoption tomorrow.

The crypto market continues to climb despite the shift from sentiment to ‘extreme greed’.

CryptoCodex

Elsewhere, cryptocurrencies across the board continue to climb. Chainlink, a crypto darling of 2020, led the main market higher with a 15% increase in the past 24 hours and adding to gains of nearly 40% last week. Ethereum retains its huge gains of over 20% over the past seven days, but was unchanged at this time yesterday. Among the crypto top ten, Ripple’s XRP payment token leads the pack, up 10% from the past 24 hours. Dogecoin also outperforms other tokens with a gain of 5% as an upgrade continues to improve confidence.

Now read this: Cryptocurrencies: Developing Countries Offer Fertile Ground

Solana, one of many Ethereum rivals scrambling for attention, has now climbed to seventh place among the world’s 10 largest cryptocurrencies, after its price tripled in about three weeks. giving a value of over $ 42 billion, according to CoinMarketCap. The market could turn dangerously hot, however, with the Crypto Fear & Greed Index, a measure of market sentiment, showing traders are back in the “extreme greed” mindset. With a score of 79/100, the gauge is only 16 points from its historic upper zone, an area that has triggered corrective action in the past.

The New York Times Big Crypto Coverage Weekend:

– The rapid entry of cryptos into the banking sector raises the alarm in Washington

– Crypto banking and decentralized finance, explained

– Bitcoin uses more electricity than many countries. How is it possible?

FTX betting on NFTs

Sam Bankman-Fried, CEO of FTX and Crypto Billionaire

2021 Bloomberg Finance LP

NFT for All: FTX, the derivatives-driven bitcoin and crypto exchange that has seen its volumes explode this year, is stepping up its support for non-fungible NFT tokens that digitize all kinds of different assets and have become a craze for them. collectors. This morning, FTX chief executive Sam Bankman-Fried tweeted that the exchange would offer the ability to strike NFTs directly on its platform.

Minted: FTX users, including on the US FTX.US, will be able to create their own artwork and mint them as NFT directly on FTX, then sell them on its marketplace, with the exchange hoping to gain market share at from dedicated NFT platforms such as like OpenSea to be sold in its market. Other crypto exchanges, notably Binance and OKEx, also offer NFT marketplaces to varying degrees and on a mix of blockchains. The FTX NFTs will be cross-chain, through the ethereum and solana blockchains, according to Bankman-Fried. Ethereum remains by far the most popular NFT blockchain despite its exorbitant fees. Bankman-Fried and FTX have strong ties to Ethereum rival Solana.

The big question: is bitcoin losing its leadership position in the crypto market?

Crypto craze 2.0: The NFT market has roared in recent weeks, defying suggestions that the bottom fell from the market after Beeple’s $ 69 million sale in March. Last week, the one-day sales volume of the NFT CryptoPunks collection alone reached $ 150 million, according to data from NFT tracking site CryptoSlam. Last month, Visa set the market on fire by announcing that it had bought CryptoPunk # 7610 for 49.50 ethereum, or roughly $ 150,000 at the then price.

Patience Test: Bankman-Fried’s scribble of the word “test” with the caption “I’m testing an NFT DIY listing on FTX.US” has already hit a price tag of $ 1,100 with 19 bids. But FTX does not distribute NFT for free: it will charge the buyer and seller 5% per sale, or a 10% fee in total, The Block noted.

Now read this: Meet the self-hosts, taking over the internet one server at a time

The Week Ahead This week will be historic for bitcoin as El Salvador moves forward with its plan to make bitcoin an integral part of its economy and society. Starting tomorrow, September 7, bitcoin will be used as the country’s official currency alongside the US dollar. On Wednesday, the bitcoin network is expected to strengthen for the fourth time in a row as those who secure the bitcoin blockchain with computing power return after their expulsion from China. China’s ban on bitcoin and cryptocurrency mining dispersed miners to the wind in May, but they have recently reverted to mining in effect around the world. Gamestop GME, the king of meme stocks that trades similarly to bitcoin and other cryptocurrencies by users of Robinhood and other popular apps, will release its results on Wednesday. Its stock price is currently up 2,500% from the same time last year, and significant price deflation could herald a crypto sell-off.

Don’t Miss: Father and Son Helping Customers Find Forgotten Crypto Passwords Believes Trillions of Lost Bitcoin is Recoverable

[ad_2]