The markets might be moving sideways, but look under the hood: crypto never sleeps!
With TerraForm Labs’ DoKwan dropping clues surrounding a secret announcement, we also take a look at the correlation between traditional markets and crypto markets, Bitcoin dominance, and the ETH/BTC pairing, all of which indicate that an alt season could be around the corner.
In other news, the largest democracy in the world seems to be adopting crypto (and fast!).
Let’s dive in.
- Luna’s big reveal!
- Shakeout before breakout?
- Alt season incoming?
- $1 billion dollar guarantee.
- World’s largest democracy (finally!) adopts crypto.
LUNA continues to push adoption
Terra LUNA finally revealed the second out of three big announcements in the form of a community proposal to partner with “one of the legendary sports franchises and a household name in one of the major four American professional sports leagues – the NFL, NBA, NHL, and MLB.” in an exclusive 5-year partnership deal.
Additionally, the process has been decentralized and community led, proving the potential of scope, power and efficiency of Decentralized Autonomous Organizations (DAOs) – They certainly needed some good press after the Wonderland debacle!
It’s exciting stuff. The partnership could help boost mainstream adoption of Terra’s ecosystem, while broadening the scope of how the Terra community could democratically deploy DAO capital in the future.
Shakeout before breakout?
The NASDAQ is rallying after taking a serious beating.
Definitely a positive sign. Has it bottomed? And what does it mean for crypto?
Just check out Su Zhu’s tweet:
Alt season incoming?
As Bitcoin continues to range sideways, all eyes are on the Bitcoin Dominance chart (BTC.D). Having rallied after testing the range lows just below 40%, the question remains whether it will print another lower high and precipitate an alt season?
Crypto is legal in India. Period.
In a groundbreaking turn of events, the Indian government announced its plans to tax transactions of virtual digital assets like crypto and NFTs, thus, legally recognizing crypto in India which is an extremely positive macro sign for the crypto industry.
Binance’s $1 billion insurance fund
With the current increase in hacks resulting in theft of assets from exchanges and crypto marketplaces, CZ, the enigmatic CEO of Binance announced an update to its Secure Asset Fund for Users (SAFU), which is valued at $1 Billion.
This emergency insurance fund was created to protect user’s interest in 2018 and Binance committed a portion of its transaction fees in order to grow it to where it is today.
This is very promising for all Binance users around the world, and steps like this should motivate other exchanges to follow suit.
Banter’s take
The Crypto tides are turning, and right now, it seems like the last dip was just a brutal shakeout. Do not overexpose yourself to crypto assets (especially if you haven’t taken any “bottom” positions). Instead, use this sideways market to DCA (dollar-cost average) and wait for confirmation before increasing your exposure!
We’re seeing some major announcements in the crypto space. Remember, once again, that when the tide turns in this market, it turns quickly. Never be scared to buy into fear, but always exercise caution and practice risk management. Pick winning investments (protocols that will change the world) and wait for them to do their thing!
