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Crypto market falters as Art Blocks Curated hit by block-reorg

2021.09.28 Adam James

The cryptocurrency market is, once again, experiencing widespread declines as it struggles to gain any bullish momentum.

The cryptocurrency market has pulled back after a solid start to the week. Over the past 24 hours, its global market capitalization has fallen by nearly 4% to $1.96 trillion — during which time the prices of leaders BTC and ETH also declined by roughly 3% and 4%, respectively. Only Axie Infinity’s AXS stands out from the crowd after gaining roughly 5%.

The cryptocurrency market is a sea of red today, with only a handful of altcoins seeing gains. Source: Coin360

NFT Snapshot: Art Blocks Curated auction hit by block-reorg

The latest auctioning of nonfungible tokens from Art Blocks Curated failed to go over smoothly after a representative confirmed on Discord that the popular NFT platform experienced a “block-reorg” — which means that transactions once confirmed on the Ethereum blockchain were replaced by a different block of transactions. 

In effect, some users who paid ETH for NFTs from artist Piter Pasma’s Skulptuur collection never received their tokens.

The high-profile auction highlights one of the key flaws with the Ethereum-based NFT marketplace today — namely, that miners can all but rig the system by exploiting their positions as transaction verifiers for profit.

Skulptuur #445 was allegedly minted by two separate accounts. Source: OpenSea

Top altcoin gainers and losers: WAVES and UNI lead large caps

  • CFG/USDT +40.80%
  • MON/USDT +29.30%
  • SOC/USDT +23.98%
  • ORS/USDT -8.32%
  • ALV/USDT -8.95%
  • LITH/USDT -9.63%

The most notable altcoin performer on OKEx today — per the exchange’s default time settings — is WAVES. The coin with a market capitalization of more than $2 billion has increased by roughly 8%. Not far behind is Uniswap’s governance token, UNI.

WAVES is outperforming major cryptocurrencies on OKEx today. Source: OKEx

BTC technical analysis: Holding on for dear life

The price of BTC is still holding on for dear life above a key area of support located around 41,000 USDT. However, the four-hour EMA ribbon continues to push downward and may continue to apply pressure as a form of resistance. If buyers fail to step up in the immediate future, the leading cryptocurrency could experience further declines down well below 40,000 USDT.

OKEx’s BTC/USDT 4h chart — 9/28. Source: OKEx, TradingView

ETH technical analysis: Rejected against BTC

The price of ETH against BTC found rejection at the area of key resistance mentioned yesterday. It is also in danger of turning the four-hour EMA ribbon into resistance, which could push the foremost altcoin back down to 0.067 BTC.

OKEx’s ETH/BTC 4h chart — 9/28. Source: OKEx, TradingView

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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.



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