Coinbase is joining the non-fungible token (NFT) arms race.

The U.S. crypto exchange is launching “Coinbase NFT,” a marketplace that will allow its users to buy and sell Ethereum-based digital collectibles, the company announced Tuesday. Coinbase’s NFT platform is expected to launch by the end of the year, sources told CoinDesk.


The move comes just a day after rival exchange FTX.US announced a marketplace for Solana-based NFTs, with plans to support other blockchains, including Ethereum, in the future.

If FTX’s bet on Solana is a signal that other blockchains are poised to take a slice of Etheruem’s hold on the NFT business, Coinbase is sending a different message – Ethereum’s NFT dominance has room to grow.

Coinbase’s product will take a direct swing at juggernaut marketplace OpenSea, which is currently home to the majority of Ethereum-based NFT trading.

OpenSea has seen remarkable usage during the NFT market’s red-hot run in the past four months, completing as many as 80,000 transactions per day at its peak. For some, however, the experience of navigating a browser-based crypto wallet remains a challenge.

“If you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking,” Coinbase said in a blog post. “Coinbase NFT will make minting, purchasing, showcasing and discovering NFTs easier than ever. We’re making NFTs more accessible by building intuitive interfaces that put the complexity behind the scenes.”

Users can join the Coinbase NFT waitlist here.source

Bitcoin’s price dipped below $57,000 on Tuesday as analysts said the extreme buying in the market could mean the rally may soon be running out of steam.

They pointed to the bitcoin Fear & Greed Index, which entered “extreme greed” territory last week and is at the highest level since early September, which preceded a sharp sell-off in bitcoin.


Comments from J.P. Morgan CEO Jamie Dimon at a conference on Monday contributed to a sour mood across crypto markets. Dimon stated that governments will regulate bitcoin, which he personally thinks is “worthless.”

On the regulatory front, “China’s domestic energy and power crunch has led to increased scrutiny of mining projects in various regions, such as the seizure of idle mining machines in inner Mongolia,” WuBlockchain wrote in a Monday newsletter.

Some analysts consider the recent rally in crypto prices is being driven by continued speculation the U.S. Securities and Exchange Commission (SEC) will finally approve a bitcoin exchange-traded fund (ETF), although others are skeptical an approval will have a beneficial effect on bitcoin’s price.

Latest prices
Bitcoin (BTC): $55,336, -3.7%
Ether (ETH): $3,466, -1.5%
S&P 500: -0.2%
Gold: $1,761, +0.4%
10-year Treasury yield closed at 1.566%
“The market is over-emphasizing (SEC Chairman) Gary Gensler’s public comments about support for the [Chicago Mercantile Exchange] and futures,” Jeff Dorman, chief investment officer at Arca, a digital asset management firm, in an email to CoinDesk. “We believe the concerns the SEC has raised historically regarding market manipulation of bitcoin and unregulated exchanges have not been solved.”

Still, some analysts remain optimistic, pointing to improving blockchain data and bitcoin’s rising price trend.more information

Computer scientist Billy Markus, who founded Dogecoin together with Jackson Palmer in 2013, has taken to Twitter to talk about Beanie Babies toys surging in price from zero in 2007 to much higher in 2021.

From being worth “almost zero” back in 2007, according to Markus, who goes by a Twitter nickname Shibetoshi Nakamoto. Now, he has been told, the price of these toys is ranging near “tens of thousand dollars”.

“No one knows the future price of anything, folks”, he tweeted as if hinting at the prospects of Dogecoin.

🤣 it has been brought to my attention that, while libearty beanie babies were worthless in 2007, they are actually selling for tens of thousands right now so here comes the ol’ trademark ¯\_(ツ)_/¯

— Shibetoshi Nakamoto (@BillyM2k) October 9, 2021
In a comment to this tweet, the DOGE co-founder did acknowledge, though, that he is not sure if anyone is buying these toys.

Hm or not actually selling just listings. Seems the value is between 0 and tens of thousands but who knows who is actually buying, if anyone

A Twitter user in the comment thread stated that this is a good analogue of crypto.

Still a good analogy of Crypto though hahasource

The Decentralized Finance (DeFi) space have continued to attract the attention of crypto enthusiast worldwide.
To keep our readers informed, we had compiled a list of some of the top 10 DeFi updates last week. These top DeFi updates include WOO Network strategic partnership with Perpetual protocol and Kava Labs partnership with CertiK.

1. WOO Network Partners With Perpetual Protocol
Last week, WOO Network announced a strategic partnership with Perpetual protocol. Therefore, the association aims to introduce institutional liquidity to the Perpetual protocol. Also as improving on-chain derivatives trading for the WOO network.


2. Kava Labs Partners with CertiK
Kava Lab is focused on securing its ecosystem. To achieve this, Kava has partnered with blockchain security firm CertiK. As a result, CertiK will receive part of the USD 185 million Kava ignition fund. Finally, the fund will be directed at routine security assessment to real-time threat monitoring of the Kava ecosystem.source

Activity in the crypto market and DeFi has taken a hit as prices either dump or trade sideways. When it comes to the Ethereum network, gas prices have fallen to early DeFi summer levels, a mere 10 gwie which skyrocketed to 2,000 gwei for a brief period in May. Amidst this, the total stablecoin supply has reached nearly $108 billion, adding more than $47 billion in just the last three months. trader CL of eGirl Capital said,

“The rate of USDC minting concerns me, the more money-seeking yield in crypto, the more alpha decay in futures curve. The pool of yield-seeking money only gets bigger, leverage traders seem to perpetually lose money. 1 day we might never see quarterlies above 20% again.”
While “good for price… it will make speculation way more competitive,” he added. In the meantime, this growth in stablecoins supply is crypto market participants looking for risk-off yield farming opportunities or even traditional market participants bypassing directly investing in crypto. Glassnode noted,
“Among the bearish sentiment, liquidity remains strong on-chain as core DeFi participants seek out the highest yields in stablecoins, accumulate governance tokens, and continue to hold spot ETH.”
https://twitter.com/wilburforce_/status/1407875281122119686 However, yields have already started to contract as demand for leverage slows. With funding on perpetual contracts normalizing and going negative, yield in DeFi is bound to go down even more as well. Meanwhile, the low volatility interest rates have arisen, giving stablecoin farmers and short-sellers access to cheap borrowed capital. Glassnode says,
“As long as liquidity stays strong and demand for borrow lessens, yields will continue to stay low in borrow/lend markets.”
The latest sell-off in the market saw Bitcoin crashing 55% from its all-time high and Ether experiencing a drawdown of over 66%. But while short-term ETH holders see their unrealized gains evaporate as the loss enters the capitulation zone, long-term holds remain firmly in profit. Unlike previous times of capitulation, this time, these long-term holders have the opportunity to deploy their assets in DeFi. Fiskantes said,
“One of the reasons this down cycle could be shorter than 2018-2020. Money don't have a reason to leave if they can stay in stables -> compressed yields -> higher yield seekers increase risk appetite -> buy pressure for “productive assets.”
https://twitter.com/AndreCronjeTech/status/1407686500825841670 As we reported, both the lending protocols Aave and Compound have seen over $4 billion in outstanding deposits. These protocols allow ETH holders to borrow stablecoins against their deposited crypto asset, which can be used for attractive risk-off yields or speculate on token prices and gain governance tokens, stablecoin balances, and crypto assets by buying the dips, all the while keeping their exposure to ETH. “Stablecoin yield farmers remain healthy profiteers during downturns,” states Glassnode, noting the competition is waging on in the Curve Finance ecosystem as Yearn, Convex Finance, and Stake DAO compete for deposit dominance.source

During his June 25 CNBC appearance, Guggenheim CIO Scott Minerd said that $10,000 would be Bitcoin’s “real bottom” based on the current technical picture.   

However, he concedes that such an uber-bearish price target would be “a little extreme,” thus settling with a more conservative $15,000 price call:

The real bottom, when you look at the technicals, $10,000 would be the real bottom.  You know, that's probably a little extreme, so I would say $15,000.

No hurry
Bitcoin’s quick recovery to the $35,000 level ended up being a bull trap. The cryptocurrency has now slid below $32,000, with bears seemingly having the ball in their court.         

Minerd claims that investors who want to get into the flagship cryptocurrency shouldn’t be in a hurry:

I don't think people need to be anxious to be putting money in bitcoin right now.   

The largest cryptocurrency would need to correct another 68 percent in order to reach Minerd’s most pessimistic target.
BTCsource

Key highlights:
Binance Coin is up by a small 3% today as the cryptocurrency battles to reclaim $300
Despite today’s small rebound, BNB is still down by a total of 16% over the past week
Against Bitcoin, BNB dropped as low as ₿0.008 this week but has since pushed back above ₿0.009
Binance Coin price   $308
Key BNB resistance levels   $325, $360, $37, $380, $400
Key BNB support levels   $280, $260, $250, $225, $210
*Price at the time of publication

Binance Coin is down by a steep 16% over the past week of trading, but the bulls are currently involved in a battle to reclaim $300.

Our last analysis highlighted that BNB was trading in a symmetrical triangle pattern and that the breakout was imminent. Well, over the course of the week, BNB, unfortunately, fell toward the downside of this consolidation pattern and started to plummet. It quickly lost ground at $320 and even dipped as low as $226 during the BTC spike below $30K.

It has since rebounded from this low and is trading directly at $300 at the time of writing as it wrestles with resistance there provided by the 200-day MA level.



The fundamental side for BNB continues to stay quiet during this market downturn. Investors are eagerly anticipating the next Initial Exchange Offering (IEO) from Binance. It seems that the IEOs have started to slow down when we consider that their last IEO ended around 16 days ago for the Automata Network. Before that, the previous IEO was over two months before for My Neighbor Alice.

You can find a complete list of all the IEOs on Binance here.

The latest Binance Community Vote has ended recently, and we can expect a new token to be added pretty soon. The coin that won the vote was called MeSPAM BANble Data Token, a project designed to allow data buyers to exchange data securely and anonymously.

Binance Coin remains ranked in the 4th position as it currently holds a $46.5 billion market cap value.

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Binance Coin price analysis


What has been going on?
Taking a look at the daily chart above, we can clearly see BNB trading in a period of consolidation last week as it was trapped inside a symmetrical triangle pattern. The coin broke toward the downside of the pattern over the weekend and eventually fell beneath the June support at $320 on Monday.

On Tuesday, BNB continued to fall as it fell further beneath $300 and spiked as low as $225 during the time when BTC took a brief dive beneath $30K. Luckily, the bulls quickly regrouped and allowed BNB to close the daily candle at $260. This was the low-day closing price for BNB during the May capitulation.

From there, BNB has since rebounded and is attempting to reclaim the $300 level. There is major resistance here provided by the 200-day MA, and an increase in volume will be required to overcome the level.

Binance Coin price short-term prediction: Neutral
BNB remains neutral as it sits above $300. However, if it was to close beneath the May LDC at $260, it would turn bearish in the short term. On the other side, BNB would need to break beyond the June highs at around $440 to turn bullish in the short term.

Looking ahead, if the bears push lower from there, the first level of support lies at $280. This is followed by support at $260, $250 (.786 Fib Retracement), $226 (this week’s low, $210, and $200.

Where is the resistance toward the upside?
On the other side, if the buyers can cleanly break above $300, the first strong resistance lies around $325, provided by a bearish .236 Fib Retracement. Above this, resistance lies at $350, $370 (100-day MA), $390 (50-day MA), and $400 (bearish .382 Fib Retracement).

Additional resistance beyond $400 is expected at $440, $450 (bearish .5 Fib Retracement), and $480.

BNB/BTC price analysis


What has been going on?
Against BTC, BNB dropped beneath the June support at ₿0.009 this week, provided by a .5 Fib Retracement level. After breaking the support, it continued beneath the 50-day MA until support was found at ₿0.008.

Luckily, the bulls have since regrouped from here and have pushed BNB higher to the current level, around ₿0.009.

BNB/BTC price short-term prediction: Neutral
BNB still remains neutral at this moment in time. It would need to fall beneath the May low-day closing price around ₿0.0074 to turn bearish. This support is further bolstered by a .618 Fib Retracement. On the other hand, it would need to break resistance at ₿0.011 (June highs & bearish .786 Fib Retracement) to turn bullish in the short term.

If the sellers push lower, the first support lies at ₿0.0085, provided by the 100-day MA and a short-term .618 Fib Retracement. This is followed by ₿0.008, ₿0.00791 (downside 1.414 Fib Extension), ₿0.00743 (May LDC and long term .618 Fib Retracement).

Beneath this, additional support lies at ₿0.007 ₿0.0067 (200-day MA), ₿0.0065, and ₿0.0061 (.786 Fib Retracement).

Where is the resistance toward the upside?
On the other side, the first strong resistance lies at ₿0.00947 (beraish .5 Fib & 50-day MA). This is followed by ₿0.01 (bearish .618 Fib Retracement), ₿0.0105, and ₿0.011 (bearish .786 Fib Retracement & June highs).

Keep up to date with the latest BNB predictions here.source