Bitcoin futures data shows retail is cautious now despite long-term optimism
Bitcoin mining paradigm shifts, MLB NFTs latest to hit mainstream
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.
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.
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.
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.
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.
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