August saw return of the alts but BTC may not escape September’s shadow
False Amazon rumors create crypto pullback and volatility
The cryptocurrency market is a sea of red today as traders and investors take stock of the situation.
The wider cryptocurrency market is pulling back after yesterday's unsubstantiated rumors that Amazon plans on accepting leading digital currencies — which led to over $1 billion in BTC liquidations — were confirmed to be false.
The total crypto market capitalization has slid by 5.5% over the last day, per data from CoinGecko, while foremost cryptocurrency BTC is down an even 4%. Most major altcoins are down by more than 5%, though still up by double-digit percentages over the past seven days.
Goldman Sachs files DeFi ETF application
Today's top story in the decentralized finance sector comes from Goldman Sachs, which plans to create a DeFi-related exchange-traded fund that "seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Decentralized Finance and Blockchain Index."
The filing with the United States Securities and Exchange Commission also states that the index "is designed to deliver exposure to companies that are aligned with two key themes, the implementation of Blockchain Technology and the Digitalization of Finance" — the latter term being Goldman's definition of DeFi.
As noted by various sources, Goldman's supposed DeFi and Blockchain Equity ETF actually provides virtually no exposure to leading DeFi tokens, companies or protocols.
Shopify offering limited NFT sales support for merchants
The nonfungible token space remains hot, with the sector being bolstered by Shopify's direct-but-limited support for NFT sales for its merchants. The company's president tweeted that Shopify is "making it easier for our merchants to sell NFTs directly through their stores, with one of the first being the @ChicagoBulls NFT store." Harley Finkelstein continued:
"Before Shopify offered this capability, merchants would have to sell through a 3rd party marketplace aka less control of the sale and customer relationship. Once again we are putting the power back into the hands of merchants and meeting customers how and where they want to buy."
Shopify's support comes after the wider NFT market has seen impressive sales figures over the past 30 days. Per data from DappRadar, projects Axie Infinity, CryptoPunks and Art Blocks have all seen triple-digit percentage sales growth during that time period.
Top altcoin gainers and losers: OKT among best performers
- CVC/USDT +31.01%
- OKT/USDT +11.76%
- ETM/USDT +9.80%
- XEC/USDT -8.50%
- PERP/USDT -8.63%
- GAS/USDT -10.63%
The best and worst performers on OKEx today, per the exchange's default time settings, are largely unexciting. In second place, however, is OKExChain's token, OKT.
Though small-cap altcoin CVC has surged by more than 30%, there aren't altcoins with market capitalizations greater than $1 billion anywhere near the extreme ends of the spectrum. XEM is the top-performing large-cap altcoin after increasing by 4.49%.
BTC technical analysis: Volatility expected after rejection
The price of BTC rejected perfectly off our long-outlined area of expected resistance (red). Bullish buyers will now look to keep the leading cryptocurrency above both the four-hour ribbon of exponential moving averages and a key Fibonacci level near 34,000 USDT.
Volatility is expected to continue, so violent price swings may take place on the lower time frames.
ETH technical analysis: Bearish inside descending triangle
The price of ETH continues to underperform against BTC while trading in a large descending triangle formation. Those bullish on the foremost altcoin may be looking to fill longs near the bottom of said triangle — despite it being a generally bearish pattern — while sellers might be looking to fill shorts at the four-hour EMA ribbon.
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