So Far Only A Flesh Wound

Ethereum’s latest price decrease was fueled by increased altcoin inflows to cryptocurrency exchanges. Experts attribute the drop in Ethereum’s price to direct transfers from the NFT marketplace OpenSea. OpenSea Transaction Volume Dangerous For Ethereum According to Etherscan data, OpenSea has been unloading thousands of ETH on the market in the last few weeks. Similarly, NFT creators on the platform have profited, according to the statistics. The volume of NFT trading on OpenSea continues to climb in January. Since the start of 2022, OpenSea, the largest NFT marketplace, has seen extraordinary NFT sales. According to Dune Analytics, monthly NFT sales on OpenSea currently exceed $4.5 billion. This sum surpasses their previous monthly sales record of $3.5 billion and is expected to rise further. The volume of Ethereum exiting has steadily climbed over the last two weeks. 21,000 Ethereum were directly transferred from OpenSea’s wallet to Coinbase. Related article | OpenSea Transaction Volume Shows That NFTs Are Not Slowing As the selling of NFTs increases, so do royalties and direct transfers from OpenSea. The precipitous rise of the NFT marketplace may enhance Ethereum inflows to exchanges such as Coinbase. As royalties from OpenSea, an extra 35,300 Ethereum were distributed to NFT issuers. Colin Wu, a Chinese journalist and crypto analyst, argues that the surge of Ethereum inflows from OpenSea to Coinbase spurred the increase in selling pressure. Historically, a surge in selling pressure causes the altcoin’s price to fall. Colin Wu tweeted: “OpenSea and NFT issuers may be one of the pressures for ETH to crash. In the past two weeks, the amount of ETH transferred directly from OpenSea Wallet to Coinbase reached 21,000, and the amount of ETH transferred to royalty distributors reached 35,300.” ​ Analysts have noticed that the net outflow for Ethereum in 2021 was relatively large. The net inflow of Ethereum has increased significantly during the last month. ETH/USD nosedives to $2,200. Source: TradingView IAmCryptoWolf, a pseudonymous cryptocurrency analyst, assessed the Ethereum price trend and forecasted that a bounce in the altcoin’s price around $2,300 would act as strong barrier. $ETH. Working on 78.6fib, monthly 21EMA and horizontal daily and weekly support 2.2-2.3k.Since we lost 3k key support, a bounce in this area will act as strong resistance. In the same area we will also have daily DMA50 curving down together with the WMA50 and WEMA21 resistances pic.twitter.com/ngR2YsCzqC — Wolf 🐺 (@IamCryptoWolf) January 23, 2022 Ethereum Net Position Change – All exchanges. Source: Glassnode However, OpenSea is not the sole cause of the drop in the price of ETH. According to Coinmarketcap data, ether is down more than 35% year to date. Over $746 has been deducted from the value of ETH in the previous 14 days, as it has fallen below $3,000. ETH is presently trading at $2,407, a -3.71% decrease over the previous 24 hours. Other Factors That May Trigger Price Fall Several reasons have contributed to the crypto market crisis, including a broad market selloff in response to a policy shift by the US Federal Reserve Bank. The changing policy direction of Russia toward crypto is among the contributing factors to consider. Market participants, on the other hand, remain bullish on Ether in the long run. Several upgrades that the network intends to roll out this year are fueling these expectations. For starters, the next stage of Ethereum’s journey to becoming a proof-of-stake (PoS) blockchain is planned for this year. Several forecasts claim that the merger will take place in the first half of 2022. This improvement will increase the Ethereum network’s scalability and greatly contribute to making Ether issuance deflationary. As a result, it will encourage adoption and, in the long run, drive up the price of Ethereum. Related article | TA: Ethereum Nosedives, Indicators Show Signs of Larger Downtrend Featured Image from Shutterstock | Charts by Glassnode, and TradingView

Decentralized finance aims to revolutionize financial services like nothing before it ever has. It will make financial services available to anyone that wishes to have them and has been denied access due to many reasons ranging from lack of access to being denied by the institutions. Using DeFi, anyone with an internet connection can get their hands on the best DeFi services in the crypto world. The services can range from DeFi loans, lending, flash loans, prediction market, decentralized exchanges, yield farming, NFTs, margin trading, etc.  All one needs to access these services is a device connected to the internet […]

Is your company ready to buy the Bitcoin dip? Saylor and Dorsey will give you the 411 for free.99. The MicroStrategy World annual conference goes live on February 1st. Learn directly from these two titans of the industry, who have definitely been among Bitcoin’s main proponents and promoters over the last few years.  Michael Saylor has led by example, buying every dip, and is a constant presence in mainstream media. His interviews are more like classes and the attention they get is outstanding. Jack Dorsey, for his part, left Twitter to focus on Bitcoin. Since then, his Block company announced several projects that’ll definitely strengthen the Bitcoin network. About the MicroStrategy World conference, the press release promises it’ll be “focused on Enterprise Analytics and Bitcoin for Corporations. World 2022 is 100% virtual, and—for the first time ever—access to all sections of the conference is free of charge.” That’s an unbeatable price. What Will Saylor And Dorsey Talk About? The conference has two sides, two different events that showcase MicroStrategy’s duality: “The Enterprise Analytics event will introduce bold new ways to think about analytics and business intelligence, and showcase organizations who’ve used data as a strategic differentiator. The Bitcoin for Corporations event will explore the various benefits of incorporating Bitcoin into corporate initiatives.” Join me and Keynote Presenter @jack at the 2nd Annual Bitcoin for Corporations Feb 1 & 2. This free, virtual conference is a must for any corporation considering integrating #Bitcoin with their products & services, or adding #BTC to their balance sheet.https://t.co/V9fIkv633q — Michael Saylor⚡️ (@saylor) January 20, 2022 As you might expect, NewsBTC will focus on the second event. It’s important to say that both Dorsey and Saylor’s companies have Bitcoin on their balance sheet. These two put their money where their mouth is, and then some. In any case, what does MicroStrategy World promise? “An in-depth discussion on Bitcoin between two visionary voices: Jack Dorsey, CEO of Block, Inc., and Michael Saylor, CEO of MicroStrategy Inc. This session will be followed by a discussion on Bitcoin Treasury with Phong Le (President and CFO, MicroStrategy). Bitcoin for Corporations will also feature live interviews with industry experts from Coinbase, Deloitte, Fidelity Digital Assets, Genesis, Jefferies, NYDIG, Paxos, and Silvergate Bank.” It’s noteworthy that Fidelity Digital Assets recently shocked the world by predicting more countries and probably a Central Bank or two would add Bitcoin to their balance sheet in the next few years. Christine Sandler, Fidelity’s Head of Sales & Marketing, will represent the company at the conference.  Saylor ’s Recent Bitcoin History Since MicroStrategy first added Bitcoin to its balance sheet in August 2020, the company has increased the bet every few months. They issued common stock. They sold stocks. They bought, and bought, and bought, and bought. In a recent interview, Saylor explained the strategy and NewsBTC reported: “Look, our long term strategy is kind of like Harvard University. We’re running a university but we have an endowment. MicroStrategy is selling enterprise software. We generate $100 million in cash flow a year – in a good year – and we are reinvesting that cash in our endowment. Our endowment is 100% bitcoin.” Saylor adds that MicroStrategy plans to acquire and hold bitcoin as a balance sheet. As for the operations, the company will continue to sell its enterprise software everywhere in the world.” Related to this, about MicroStrategy’s free conference, Saylor said: “We have gained a wealth of experience and expertise innovating our treasury strategy and evolving our corporate bitcoin acquisition strategy. And we’re pleased to be in a position to share our knowledge—via this curated event—for corporations looking to pursue similar strategies and bold initiatives.” Dorsey’s Recent Bitcoin History For his part, Dorsey’s strategy is much different than Saylor’s. He’s working in infrastructure. Dorsey’s fortifying the network’s weak parts. Among other things, Block announced they’re building a decentralized Bitcoin exchange called tbDEX. Released the Lightning Development Kit. And announced they’re working in an open-source ASIC miner.  On a personal level, Dorsey and rapper Jay-Z put 500 BTC in a blind trust to promote Bitcoin development in Africa and India. And created the Bitcoin Defense Legal Fund to protect developers from all kinds of lawsuits. BTC price chart for 01/21/2022 on Gemini | Source: BTC/USD on TradingView.com The Price Of Bitcoin Despite Saylor’s and Dorsey’s efforts, Bitcoin is bleeding. On one hand, Proof-Of-Stake proponents straight up lied before U.S. Congress in a hearing about Proof-Of-Work’s environmental risks. On the other, there’s a rumor that Russia is considering banning Bitcoin in some capacity. Both of those situations caused panic in the market, and Bitcoin’s price is currently 40% lower than the ATH of $69K.  Will Michael Saylor buy the dip?  Featured Image: screenshot from the conference’s website | Charts by TradingView