Share articles to

Academy Trading Ideas Article
Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

Bitcoin mining paradigm shifts, MLB NFTs latest to hit mainstream

2021.07.12 Adam James

Price action in the cryptocurrency market is starting the week in a lazy fashion as the dog days of summer lead to Monday doldrums. 

The cryptocurrency market is starting the week on an uneventful note — at least when it comes to price action. Its total market capitalization is down 0.2% to $1.45 trillion, per data from CoinGecko, while its leader, BTC, is down a negligible 0.2%. 

Losses among major altcoins are also in the same general range, with most up or down by less than 2%. Only EOS, AAVE and OKB are seeing significant gains of more than 5% out of the top 40 coins or tokens across global cryptocurrency exchanges.

Price swings in the cryptocurrency market on Monday have been largely uneventful. Source: Coin360

New Bitcoin mining paradigm to remain competitive

Leading cryptocurrency headlines this morning is the news that Compute North — a Bitcoin mining facility operator located in the United States — plans to increase its operations by 1.2 gigawatts over the next 12 months. 

The Minnesota company's ambitious plans come at a time when China has cracked down hard on Bitcoin miners in the country — causing an exodus of miners from the region and a dumping of used equipment on second-hand markets. The plans also signal that the industry may remain highly competitive as the cryptocurrency-mining paradigm shifts.

Bitcoin's difficulty saw a historic drop during the last adjustment. Source: CoinWarz

In other news, Q2 2021 saw a notable increase in crypto and blockchain-related venture funding, per research from The Block. During said time, nearly 500 venture deals took place. Additionally, $6.2 billion in private funding went into the industry — not counting the nearly $10 billion Block.one put into cryptocurrency exchange Bullish.

Major League Baseball NFTs leading sector's news cycle

Leading today's news in the nonfungible token sector is Baltimore Orioles first baseman Trey Mancini's new charity-related NFTs. The slugger will reportedly use his appearance in Major League Baseball's Home Run Derby as an opportunity to auction NFTs on the Ureeqa platform for colon cancer — which the 29-year-old himself defeated — awareness through the Trey Mancini Foundation.

Sticking with the MLB, Candy.com also announced last week that it will auction a physical 2020 Los Angeles Dodgers World Series ring amid an NFT drop. These pieces of news follow Topps' issuing of officially licensed baseball cards as NFTs.

Top altcoin gainers and losers: OKB shines, high-profiles lose

  • TRA/USDT +26.09%
  • WING/USDT +16.86%
  • PRQ/USDK +7.14%
  • FLOW/USDT -10.20%
  • STX/USDT -10.44%
  • SAND/USDT -10.49%

The top-performing coins or tokens on OKEx today, per the exchange's default time settings, are all those with extremely small market capitalizations. The best-performing large-cap altcoin, meanwhile, is OKB — the OK Blockchain Foundation's global utility token.

On the opposite end of the spectrum, the three worst performers are all high-profile altcoins. As of the time of this writing, SAND, STX and FLOW are trading places as today's biggest loser after appearing as significant winners last week.

The price of OKB surged earlier today on OKEx. Source: OKEx

BTC technical analysis: Buyers keep defending support

One might be forgiven for thinking that BTC's price action couldn't be any less exciting. The market-leading cryptocurrency is still trapped near the lower bounds of a horizontal range between approximate big-evens 30,000 USDT and 40,000 USDT. Buyers have continued to defend the lower area — which has seen more challenges than the upper area of expected sell interest — but it remains to be seen how long they can keep it up.

A breakdown of support could open the door to a decline toward 26,000 USDT.

OKEx's BTC/USDT 4h chart — 7/12. Source: OKEx, TradingView

ETH technical analysis: Bearish in the short-term

ETH is now very firmly trading underneath the four-hour ribbon of exponential moving averages against BTC — signaling a short-term bear trend. Further losses could lead to another challenge of 0.057 BTC. Regaining the four-hour EMA ribbon could see 0.067 BTC hit.

OKEx's ETH/BTC 4h chart — 7/12. Source: OKEx, TradingView

Not an OKEx trader? Learn how to start trading!

OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

Follow OKEx Insights on Twitter and Telegram.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.