Crypto

Mooners and Shakers: Bitcoin and Crypto Market Benefit from Weekend Surge; OKB and Axie Infinity Pumps – Stockhead

4 minutes read

Volatility made a familiar return to Bitcoin and the crypto market throughout the weekend. Upside volatility, that is.

Bitcoin started its run in the early hours of Saturday morning (AEDT) at around US$21,000, swelling up to nearly US$23.3,000 on Sunday morning. From there, it has since pulled back a bit to trade at around US$22,600.

What caused the pump? It’s not that easy to answer. But remember, the crypto market never really sleeps, so even though the S&P 500 and Nasdaq closed the week positively on Friday, it’s possible the crypto took that correlated bullet and had it. ran a little further down the sideline.

And, despite all the macroeconomic gloom that has dominated the past year and the lingering fears of a global recession, sentiment may have started to change slightly on these factors. US CPI prints showed inflation could be on a downtrend and some are betting the Fed will pivot too long from now and send markets into a frothy sea of ​​green again.

That said, this columnist is still very hesitant about the macro-influenced state of play. Having received no financial advice on this and having no authority to offer any, this doesn’t seem like the worst place to sit at the moment before what the Fed and other central bankers might have in store for us. all.

Bull trap?

But here is what others have said about the current crypto conditions.

Many of the most bullish Twitter-based self-proclaimed crypto analysts mocked another said analyst, “il Capo of Crypto” for the following tweet, in which he described the recent shape of the crypto market (before the weekend punp) as “greatest bull trap I’ve ever seen”:

Dutch trader Michaël van de Poppe, for example, who said he thought a continued run towards US$25,000 “looked likely”, while not completely ruling out a pullback to around US$19,500. .

“Plan B,” meanwhile, which has built a solid reputation for being bullish, is in full belief mode, it seems.

We also looked at Crypto Ed, and we can see that he is on a similar part of the fence as us. He is cautiously optimistic but largely biding the moment.

And here’s Ben Simpson of Australian crypto-education company Collective Shift with a thoughtful take. While acknowledging that the market seems split on what happens next, he essentially thinks a new market average has been formed.

Overview of the top 10

With the overall crypto market capitalization at US$1.07 trillion, down about 1.6% since yesterday at this time, here is the current state of affairs among the top 10 tokens – according to CoinGecko.

So, a reasonable amount of greenery to start the week, which is quite nice. But wait, what is it? The main layer 2 polygon (MATIC), which regularly swapped places in and out of 10 with Solana (SOL), was once again spoofed.

By crypto exchange OKB with a 13% pump. This is not the first time this has happened for the Seychelles-based exchange OKX (founded by Chinese). But it’s still a bit of a surprise. What happens then? No, sorry – there’s no major news we see that could explain this.

We were doing cover it earlier this month and perhaps some of that logic still pushes it forward – for example increased market share in the face of the FTX implosion and increased utility in the realm of “liquid staking”.

Highs and lows: 11–100

Sweeping a market cap range of around US$8.9 billion to around US$402 million across the rest of the top 100, find some of the biggest 24-hour winners and losers as of press time. (Stats accurate at time of publication, based on data from CoinGecko.com.)

DAILY PUMPS

• Axie Infinity (AXS), (market cap: US$1.36 billion) +28%

• Ghost (FTM), (mc: 967 million USD) +9%

• Osmosis (OSMO), (mc: USD 483 million) +8%

• Flux (FLOW), (mc: USD 1.2 billion) +7%

• Aptos (APT), (mc: USD 2.14 billion) +7%

As for the $AXS pump, like OKB, we don’t see much news. It’s kinda weird, actually, like Bitcoin.com Reports that the monthly number of players/users of the NFT game project is actually decreasing.

That said, let’s not forget that this thing was an absolute beast in the 2020/21 bull run, and really kicked off the initial foam for the Web3 gaming market. Like most established and under construction NFT game projects with tokens, it is well below its all time high.

ARE WE DAILY

• Lido CAD (LDO), (market cap: US$1.85 billion) -10%

• Optimism (OP), (market cap: USD 469 billion) -6%

• Frax Sharing (FXS), (mc: USD 734 million) -5%

• Hedera (HBAR), (mc: $1.76 billion) -5%

• rocket pool (RPL), (mc: USD 659 million) -4%

around the blocks

A certain relevance and randomness that marked us during our morning trips through the Crypto Twitterverse.

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4 minutes read

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