Bitcoin and the crypto market dipped fractionally overnight (AEDT), to varying degrees on various coins, naturally. The market might be taking some cues from sliding US stocks.
And that wouldn’t be a shocker – crypto assets have largely been correlated with US equities this year.
Reports are suggesting that recession fears have reared their butt-ugly head again amongst Wall Street types, and that’s the reason the S&P 500 and Nasdaq have been on a bit of a steep (roughly -4%) five-day decline.
It’s complicated, though, because the US dollar’s also been trending down lately, too. What the greenback does next, along with the Fed next week in relation to interest-rate hikes, will likely determine what happens in the crypto market around the end of the year and into 2023, more than anything else.
Stonks, the Fed, interest rates, recession. Yep, macro… it’s got crypto by the Christmas baubles.
Cheer up, though, an NFT project called The Legend of Cockpunch (yep) just sold out its premint overnight in super quick time and is doing big biz on secondary sales. There’s a tiny bit more info on that further below in “Around the Blocks”.
Top 10 overview
With the overall crypto market cap at US$876 billion, down 1.3% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Although bull goose crypto and market-health barometer Bitcoin hasn’t dipped by much on the daily timeframe, it’s apparently lost some crucial support at US$16.9k. And that’s according to technical analysts such as Michaël “Flying” Dutchman (he flew to Brussels recently for a Binance meet-up) van de Poppe.
Maybe, as he indicates, it can find another level of support down at US$16.5k if it doesn’t claw it’s way back up to US$17k from here in the short term.
Welp, there we go with #Bitcoin, couldn’t hold support and started falling down, just like indices have been showing weakness.
Have been patiently waiting for a long and will continue to do so.
Most likely; longing around $16.5K is valid or reclaim $16.9K. pic.twitter.com/Mj4dWP03WF
— Michaël van de Poppe (@CryptoMichNL) December 7, 2022
The biggest daily and weekly loser in the top 10 by crypto market cap, however, is Dogecoin (DOGE), which isn’t the greatest way to celebrate its ninth birthday.
Thank you for all the Birthday Wishes! ^_^ pic.twitter.com/LPlJDBagzE
— Dogecoin (@dogecoin) December 7, 2022
It’s possible the Twitter Coin rumours circulating have put a slight dampener on speculation around DOGE’s future as the potential premium crypto payments choice for Elon Musk’s newly acquired social media platform.
Uppers and downers: 11–100
Sweeping a market-cap range of about US$6.45 billion to about US$327 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
• Radix (XRD), (market cap: US$428 million) +12%
• Celsius (CEL), (mc: US$333 million) +9%
• Frax Share (FRAX), (mc: US$409 million) +6%
• Trust Wallet (TWT), (mc: US$1.02 billion) +4%
• GMX (GMX), (mc: US$431 million) +4%
• ImmutableX (IMX), (market cap: US$321 million) -8%
• Tokenize XChange (TKX), (market cap: US$533 million) -6%
• Arweave (AR), (mc: US$444 million) -6%
• 1INCH (1INCH), (mc: US$338 million) -6%
• ApeCoin (APE), (mc: US$1.41 billion) -6%
ApeCoin dipping like this is an interesting one, as it’s just released its much-hyped staking protocol this week. As we hypothesised the other day, however, it could well be some “sell-the-news” action based on that event, although the fact American APE holders are geo-blocked from using the protocol really doesn’t help matters much.
With the US geo-blocked from the official ApeCoin staking site, many will find themselves interacting with the contract through Etherscan directly for the first time.
Here’s everything you need to know in order to successfully stake your ApeCoin through Etherscan 1/🧵
— quit (@0xQuit) December 7, 2022
Chainlink (LINK), by the way, has also dipped by at least 2% overnight – it, too has launched its long-awaited staking protocol into the world this week.
As for the gaming- and NFT-focused Ethereum layer 2 scaling network ImmutableX, it’s hard to tell why that one’s leading the dippage in this category today. And that’s because we’re only seeing positive adoption and partnership news regarding the project at the moment – for example:
We’re excited to share that @niftygateway is officially live on ImmutableX!
They are the MOST premium marketplace for NFTs. They are expanding beyond art and into gaming #onIMX where we will work together to onboard the next billion users into web3 🧵
— Immutable 🅧 – $IMX (@Immutable) December 7, 2022
Around the blocks
Some randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…
Only in crypto… an NFT project called The Legend of Cockpunch had its pre-mint last night and sold out fast. It’s the brainchild of US author and podcast host Tim Ferriss and its secondary sales on OpenSea and other NFT markets have since topped US$3.3 million worth of ETH, according to Decrypt.
The hottest NFT drop today? The Legend of @Cockpunch from author and podcast host @tferriss, an “emergent long fiction” project that’s topped sales charts after minting out. news at @decryptmedia: https://t.co/7D36k5AUkA
— Andrew Hayward (@ahaywa) December 7, 2022
That was two sentences
— greg (@greg16676935420) December 7, 2022
Please CZ, not another exchange founder joining a band 🤦♂️ pic.twitter.com/yynmkI0EHD
— Matt Willemsen (@matt_willemsen) December 7, 2022
“SBF is one of the greatest fraudsters in history, he is also a master manipulator when it comes to media and key opinion leaders.”
— @cz_binance on FTX
— Altcoin Daily (@AltcoinDailyio) December 6, 2022
Elon Musk: “If the fiat system becomes overly restrictive, crypto will grow”
Not if, when. #Bitcoin
— Bitcoin Magazine (@BitcoinMagazine) December 7, 2022
Wait, what? Maxine Waters claims that she doesn’t plan to subpoena Sam Bankman-Fried.https://t.co/2v5jSBet9n
— Autism Capital 🧩 (@AutismCapital) December 7, 2022
sorry i can’t come tonight, i’m watching the rock paper scissors simulator season finale pic.twitter.com/n4l5xZtVHV
— juan (@juanbuis) December 6, 2022
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