Algorand and XRP are the crypto assets that have made the biggest moves over the past week. The former related to his FIFA NFT partnership, the latter still leaning on the positive attitude towards court cases. Meanwhile, Optus data hacker is digging into Monero.
More on that below.
The week is well underway here in Australia, but at the time of writing, Bitcoin and the rest of the crypto market is just “finishing” its week in the States. Some people seem a bit nervous about that.
What is this crypto market “closed”? Isn’t crypto the financial market that never sleeps? Yes, that’s correct, but for the sake of charting and technical analysis (aka mumbo jumbo to the grand uninitiated), it’s generally accepted that the daily and weekly close occurs at midnight UTC. And it’s imminent.
Bitcoin is back below $19,000 and according to Cointelegraph and other analytical minds, BTC’s recent weekly close is likely to be its lowest since 2020 if it stays at current levels.
Trading account Crypto Yoddha expressed the importance of the coming week in shaping the direction of the crypto market…
The whole week was traded in the Monday range. The weekly close will be bearish and look like a header.
Consolidation also at range low. So you need a jump first before you take a position. Next week will be important. (Q3 close + monthly close)#Bitcoin https://t.co/rRrJlWr9wW pic.twitter.com/dwzjiTa4TX
— Krypto Yoddha (💙,🧡) (@CryptoYoddha) September 25, 2022
While economist Alex Krueger seems to think things could get a little worse in the near term before a pretty nice potential bounce. If that’s an accurate assessment, then fine – enjoy the ride.
Think lower than higher
Repeating June CPI week on equities, crypto will outperform once the rally kicks in as it has shown relative strength (strong spot buying over the past two days).
strong bounce =/ new multi-week uptrend https://t.co/3bcg73OH5N
— Alex Krüger 🇦🇷 (@krugermacro) September 24, 2022
Meanwhile, Dutch trader Michaël van de Poppe looks at the ongoing macro/skyrocketing inflation effects, which have really kicked into gear over the last week or so.
#Bitcoin here in a tight range, meaning volatility will kick in over the next week.
– We have a lot of volatility in the markets when things break (currencies/energy/commodities).
– Euro CPI
– U.S. PCE
Test $19.5K -> Breakout likely. pic.twitter.com/7qZUjHihUi
— Michaël van de Poppe (@CryptoMichNL) September 25, 2022
On some daily price movements and other events.
Top 10 overview
With a total crypto market cap of $963 billion and down about 1% since yesterday, here is the current state of the top 10 tokens, according to CoinGecko.
A Bitcoin weekend below $18,800, then and now a slow start to the week for the crypto majors…xRP excluded.
The crypto industry’s most prominent currency rail project continues to make headlines, analysis, speculation and profits at the moment. And judging by this tweet from a member of the XRP community, it continues to attract the attention of whale investors.
I had some loose change lying around, so…
— Jeremy Hogan (@attorneyjeremy1) September 25, 2022
Uppers and Downers: 11-100 – Algorand and FIFA NFTs
Let’s find some of the biggest 24-hour gainers and losers, ranging in market cap from about $7.46 billion to about $386 million in the rest of the top 100 at press time. (Stats correct at time of publication, based on data from CoinGecko.com.)
• Tokenize Xchange (TKX), (Market Cap: $599 million) +8%
• Manufacturer DAO (MKR), (mc: $638 million) +5%
• ApeCoin (APE), (mc: $1.8 billion) +5%
• Algorand (ALGO), (mc: $2.7 billion) +3%
• cosmos hub (ATOM), (mc: $4.1 billion) +3%
• chain link (LINK), (mc: $3.87 billion) +3%
Algorand is a Proof of Stake Layer 1 Blockchain and competitor to Ethereum, Solana, Cardano, Polkadot, Cosmos, Avalanche and more. It can’t be the leading one Daily Price action in this category but it has performed very well over the past week.
In fact, at the time of writing, it’s up more than 32% in seven days.
Why? The fact that it has an official partnership with FIFA to launch World Cup NFTs might have something to do with it!
New users are coming too @Algorand at the launch of the official FIFA World Cup NFTs
— InTheBlock (@intheblock) September 22, 2022
The federation of FIFA has now launched its NFT marketplace FIFA+ Collect. And it’s built on the Algorand blockchain – a massive coup for the Layer 1 project.
Last week, FIFA introduced their Genesis Drop NFTs, which feature notable football highlights (in the form of art/images) from FIFA history. The drop launched with 532,980 issues, each containing three such moments.
• Terra Luna classic (LUNC), (Market Cap: $1.4B) -13%
• Celsius network (CEL), (MC: $612 million) -8%
• Raven Coin (RVN), (mc: $446 million) -6%
• Lido DAO (LDO), (mc: $1 billion) -5%
• working (AR), (MC: $470 million) -5%
Around the blocks: Optus hacker wants Monero payment
A selection of randomness and relevancy that has accompanied us on our morning sweeps through the crypto Twitterverse…
As reported by Alex Turner-Cohen for news.com.au, a person “claiming to be the evil genius responsible for the Optus data breach” has ransomed more than A$1.5 million from the telecom company requires… “privacy coin” Monero (XMR) for payment in crypto.
Optus hacker demands $1.5 million ransom @Monero.
“Optus if you read! The price for us not to sell data is $1,000,000. We give you 1 week to decide”, https://t.co/ERrLYEjMIj
— Amy-Rose Goodey (@amydashrose) September 25, 2022
Why Monero? The XMR token is widely regarded as the leading privacy coin in crypto. These are highly decentralized and controversial assets as they use privacy-enhancing technologies to obfuscate transactions and transaction history, achieving a level of anonymity that makes it very difficult to trace users.
Needless to say, privacy coins are generally not popular with governments.
RUSSIA: The largest exchange, the Moscow Stock Exchange, is preparing to become a cryptocurrency exchange
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) September 25, 2022
Speaking of governments and things that are extremely controversial, however, it is interesting to see Russia’s evolving stance on cryptocurrency.
The Moscow Exchange (MOEX), the country’s largest exchange organization, reportedly wants to enable trading in digital financial assets (DFAs) and securities trading based on a series of bills that are currently being compiled.
The Bank of Russia has also reportedly been considering the possibility of legalizing crypto for the purposes of international/cross-border payments in the near future.
Meanwhile, Washington is still figuring out its stance but is “increasingly changing its perspective on crypto,” according to Coinbase exchange chief policy officer Faryar Shirzad.
— naive (@naiivememe) September 25, 2022
We are part of the solution. November 23 & 24 in Melbourne, here we go!https://t.co/1467CE6a80
— NFT Fest Australia | November 23 & 24 (@NFTFestAus) September 25, 2022
One day a #BTC The bull market will come
— Rekt Capital (@rektcapital) September 25, 2022
Playful bear seems to be dancing in the forest pic.twitter.com/KJZjyinlhj
— Gabriele Corno (@Gabriele_Corno) September 25, 2022