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Market pack: Bitcoin’s developments and partnership with Twitter

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Bitcoin is in recovery mode as several indicators point to a sell-off near oversold levels. For example, the Relative Strength Index (RSI) on the daily chart is rising from the resale area.


Bitcoin is in recovery mode as several indicators point to a sell-off near oversold levels. For example, the Relative Strength Index (RSI) on the daily chart is rising from the resale area. But the Bitcoin Fear & Greed Index is approaching extreme levels last seen in May, a bearish sign. At the time of publication, Bitcoin is trading at around $44,800. This is up 3% in the last 24 hours, compared to a 4% increase for ETH and an 11% increase for AVAX Avalanche tokens over the same period.

Altcoins outperformed Bitcoin en-route after taking a relatively bigger hit during a sell-off earlier this week. According to trading data, some traders will buy in the fall, especially long-term BTC holders. However, some analysts remain skeptical of the recent rebound and expect $47,000 BTC resistance to stop the spike. Other traders remain actively looking for investment opportunities outside of BTC, using options and futures strategies. “Over time, many people involved in cryptocurrencies have turned to vanilla (passive) strategies, but have seen that active strategies can gain more alpha and reduce risk,” crypto hedge fund BKCoin Capital said in an interview.

Latest Prices

Bitcoin (BTC), $44,786, +3.5%

Ether (ETH), $3,144, +4.3%

S&P 500: +1.2%

Gold: $1,748, -1.1%

10-year Treasury yield closed at 1.427%

Meanwhile, the Bitcoin Fear & Greed Index is sending a bearish signal. Some analysts see this as a signal to the contrary and expect bullish sentiment to return in the fourth quarter. “Bitcoin lost momentum before hitting greed levels as the new market crash hit and the fear and greed index dropped to frightening levels,” Arcane Research wrote in a report on Tuesday, highlighting current market sentiment. Historically, extreme levels of the Fear & Greed Index preceded BTC price turning points, such as when it hit a record high of around $63,000 in April and fell to a recent level of around $30,000 in July. The exact volume of BTC remains muted as BTC consolidates below the $50,000 price level, suggesting that a slowdown in bearish sentiment could take some time.

Small Bitcoin holders or those with less than 10 BTC have accelerated their buildup of BTC after the big sale, according to blockchain data compiled by Glassnode. The chart below shows the distribution of small Bitcoin holders up to about 13% of the total supply. These holders have increased their holdings in BTC since selling the cryptocurrency in May, indicating investors have remained active for over $30,000, with prices stable over the past few months. Glassnode data also shows that long-term holders continue to collect bitcoins. Therefore, “the decline is likely due to speculators taking risk positions in anticipation of key macro and regulatory risk factors,” crypto research firm Delphi Digital wrote in a blog post.

Altcoins are bouncing back from the sell-off earlier this week: Celebrity tokens like Cardanos ADA, Solanas SOL and Terras LUNA are up between 6% and 25%, said CoinDesk's Lyllah Ledesma. AVAX, the local marker of the open-source platform Avalanche, was up 24%, according to Messari, hitting a record $79.58.

Grape Network raises $1.2 million despite pushing Solana to close: A symbolic sale of the project resulted in Solana being closed for almost a full day last week, but Grape Network still pulled a $1.2 Million funding round back under the leadership of Multicoin Capital. The risky funding comes after last week's overheated $600,000 public sale by bot buyers toppled offline blockchain host Solana, said CoinDesk's Danny Nelson. “We didn't break it on purpose,” Dean Papas, founder and key player of Grape Network, told CoinDesk in an interview. "But we are part of the reason why it broke."

Miami Mayor Suarez said MiamiCoin will go mainstream "faster than Bitcoin": "Integrates much faster than Bitcoin", although holders still cannot buy anything with the token. People can "earn" Home Office by sending STX, Stacks' birthmark, to a smart contract, which directs 30 percent of the contribution to the city's reserved wallet, said CoinDesk's Hein Brown. Last month, the city voted to receive the funding, which is now worth $7 million. Suarez said Thursday that the project generates more than $2,000 for the community every 10 minutes.

Bitcoin (BTC) rebounded above its support zone from $40,000 to $42,000 after oversold signals hit the chart. Initial resistance is expected around $46,000, which could limit further growth in the short term. BTC is trading around $43,700 during press and is up 4% in the last 24 hours. The Relative Strength Index (RSI) on the 4-hour chart is rising from oversold levels that emerged earlier this week. The RSI is not overbought yet, which might keep the buyers active, albeit limited to the $46,000 resistance. However, on the daily chart, the RSI is approaching neutral levels, indicating that further consolidation is needed to recover the momentum. Resistance remains strong at $50,000 as Bitcoin has seen a number of price spikes lower over the past two weeks.

Apple iOS Twitter users can now link third-party tips to their social media profiles. This includes the ability to link Bitcoin addresses and Lightning network addresses. Twitter also announced today that it will be adding an irreplaceable character verification (NFT) feature to the platform, a key step in the development of the growing trend for unique digital art, especially as avatars on social media. There is no specific timeline for features that are still in development. The "Tips" function will be published today in the Twitter app on Twitter and will "soon" be available on the Android system, company representatives announced at a press conference. This feature is part of a broader push to allow Twitter users with large followers to monetize their content. The message did not say if and when the functionality would be expanded on Twitter on the web.

The refund function will depend entirely on third party payment services such as the Jack Mallers Strike app. Twitter is "not in the cash flow" and will not take a percentage of the tip off the tip, the company said. Different payment options or tipping services will be available to consumers in different parts of the world. According to Esther Crawford, who works in Twitter's product department, the exceptions are the Bitcoin and Lightning options, which are available to all Twitter users worldwide. "We have a great opportunity to choose a global option without a hitch," Crawford said during the interview. “And Bitcoin is one of the best options. We know that not everyone in the world is still doing bitcoin transactions, but… we think this is one of the better solutions. "

Twitter CEO Jack Dorsey announced the move and wrote in June that it was "just a matter of time" before Twitter somehow integrated Lightning payments. The Lightning Network is a "second tier" technology that allows users to pay bitcoin fees faster and lower, which is likely critical to the profitability of sending dollars in BTC tips. Dorsey, a longtime Lightning backer, invested in a $2.5 million funding round from Lightning Labs in 2018. Adding Twitter from NFT for review may be just as important as the new notification feature. In the past six months, the use of NFTs as avatars has exploded on the platform, with celebrities like Jay-Z showing off their multi-million-dollar CryptoPunks. Systems to verify ownership and origin of NFTs are likely to strengthen this practice and, in turn, strengthen the wider NFT ecosystem.

Twitter today also announced plans for more automated content controls, more ways for users to control their website experience, and a "Spaces Fund" to provide a "first push" to creators who take advantage of enhanced audio and who are looking for the long term. To generate revenue on Twitter. No updates have been given to the radical Bluesky Project, a small Twitter group of open-source developers that aims to develop decentralized social networking technology.

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