Category: nft

Snoop Dogg Partners With Virtual Blockchain World Sandbox — Rapper Plans to Recreate His Mansion and Drop NFTs

Snoop Dogg Partners With Virtual Blockchain World Sandbox — Rapper Plans to Recreate His Mansion and Drop NFTsFollowing the American rapper Snoop Dogg doxing himself as a crypto whale with millions of dollars worth of non-fungible token (NFT) assets, Snoop has revealed he has partnered with the virtual gaming world Sandbox. According to the announcement, Snoop is recreating his mansion in Sandbox and will be launching his new NFT collection. Virtual ‘Trees’: […]

Wormhole Releases Solana and Ethereum NFT Bridge — A Bi-Directional Highway for Blockchain Collectibles

Wormhole Releases Solana and Ethereum NFT Bridge — A Bi-Directional Highway for Blockchain CollectiblesLast Friday, blockchain project the Wormhole Network launched the protocol’s ethereum ↔ solana bridge which enables users to exchange assets from both networks in a cross-chain fashion. Five days later, the Wormhole Network team announced the launch of a non-fungible token (NFT) bridge for transferring NFTs between both blockchains. Wormhole Launches Ethereum ↔ Solana NFT […]

Burger King Launches ‘Keep It Real Meals’ NFT Campaign With Digital Collectibles Market Sweet

On Tuesday, the fast food restaurant chain Burger King announced the company has launched a non-fungible token (NFT) campaign called the “Keep It Real Meals” initiative. The campaign is in collaboration with the NFT marketplace Sweet and will feature celebrities like Nelly, Anitta, and LILHUDDY. Six Million Meal Boxes With Burger King NFTs The NFT […]

NFT Fantasy Football Platform Sorare Raises $680 Million in Series B Led by Softbank

NFT Fantasy Football Platform Sorare Raises $680 Million in Series B Led by SoftbankOn September 21, the non-fungible token (NFT) fantasy football platform Sorare announced the company raised $680 million in a Series B funding round led by Softbank. The capital raise gives Sorare a new valuation of around $4.3 billion and the company plans to open a U.S.-based office. Sorare Reveals $680M Capital Raise Non-fungible token (NFT) […]

Ethereum forming a double top? ETH price loses 12.5% amid Evergrande contagion fears

The pattern's neckline support near $1,984 emerges as Ethereum's downside target.

Ethereum's native asset Ether (ETH) prices slumped on Sept. 20 amid a broad selloff in the cryptocurrency market, led by worries about a potential housing bubble crisis brewing in China.

The ETH/USD exchange rate dropped as much as 12.52% to $2,911 on the Coinbase exchange, hitting its lowest levels since the beginning of August 2021. Elsewhere in the crypto market, Bitcoin (BTC), Binance Coin (BNB), Cardano (ADA), Solana (SOL), and other top tokens plunged in tandem.

The performance of top ten crypto assets in the past 24 hours. Source: Messari

The drop imitated the mood in the broader market as United States equities plunged following a day of red in both the Asia-Pacific and European indexes. On the other hand, the U.S. dollar and government bonds surged on haven-buying.

At the core of Monday's sell-off was a liquidity crisis at Chinese property developer Evergrande. The world’s most indebted property developer faces obligations of more than $300 billion to creditors. That also includes a critical interest payment deadline on its offshore bonds, arriving on Sept. 23.

DW noted that if the Evergrande topples, it could bring many banks down with it, same as the Lehman brothers did during the 2008's housing bubble crisis in the United States.

Although Ether does not trade in sync with global markets, its 30-day correlation with Bitcoin, the leading digital asset exposed to macroeconomic fundamentals, sits near 0.85. As a result, the altcoin appeared to have faced an indirect consequence to China's looming housing crisis.

Bearish pattern triggered

The latest bout of selling in the Ethereum market also triggered a classic bearish pattern, which has a 75% accuracy when it comes to hitting its downside targets.

Dubbed the "Double Top,' the pattern develops after the price rallies strongly, pulls back, rises again towards the previous peak, and corrects all over again — all while standing atop the so-called neckline support. Ultimately, the price falls below the neckline and targets levels located as deep as the distance between Double Top's peak and the neckline.

Ether appears to be halfway through while painting a Double Top pattern. The cryptocurrency's chart below shows that it topped near $4,385 on May 12, fell towards the neckline support of $1,984 and rose back to another sessional peak of $4,030 on Sept. 3.

ETH/USD weekly price chart. Source:

If the Double Top pattern flourishes, the ETH/USD rates could extend their ongoing selloff toward $1,984 for a potential breakdown move afterward. Nonetheless, it does not look feasible for ETH/USD to drop aggressively below the $1,984-neckline.

The level is also near the Ether's 50-week exponential moving average (EMA) (the velvet wave) currently at $2,118, offering another support layer to safeguard Ether's bullish bias. Earlier, the wave acted as an entry-level for bulls following sharper ETH/USD pullbacks.

Related: Ethereum killers or just pretenders? But Ether remains king for now

At the same time, on a daily timeframe, the next support line for Ether appears near its 200-day EMA (the orange wave) at $2,536. Thus, a sharp pullback from the said level could negate the Double Top setup. 

ETH/USD daily price chart featuring 200-day EMA support. Source:


Ether continues to eye adoption against Ethereum's role in backing the booming decentralized finance (DeFi) and nonfungible token (NFT) industry. In the recent SALT conference, Cathie Wood, the CEO of Ark Invest, also said that investors should allocate at least 40% of their crypto portfolios to Ether.

Excerpts from Wood's statement:

“I’m fascinated with what’s going on in DeFi, which is collapsing the cost of the infrastructure for financial services in a way that I know that the traditional financial industry does not appreciate right now.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

Largest NFT Market by Volume Opensea Launches Smartphone Application

Largest NFT Market by Volume Opensea Launches Smartphone ApplicationOn September 17, the largest non-fungible token (NFT) marketplace in terms of volume, Opensea, announced the launch of the platform’s mobile application. Opensea marketplace users can now access a wide variety of NFT collections on their smartphones by downloading the application from Apple’s App Store or the Google Play store. Opensea Launches Mobile App for […]

NFT Market Sales Begin to Improve After Last Week’s Massive Market Slump

NFT Market Sales Begin to Improve After Last Week's Massive Market SlumpSeven days ago, non-fungible token (NFT) marketplaces saw sales nosedive after reaching all-time highs during the month of August. A week later sales have rebounded to a degree and NFT marketplaces like Opensea, Rarible, and Superrare have seen improvements in terms of seven-day trade volumes. Opensea, Rarible, Hic et nunc, Makersplace, Superrare See NFT Weekly […]

Avalanche (AVAX) just hit a new ATH, but what’s really behind the price surge?

AVAX price soared to a record high as heavy inflows enter the protocol through its cross-chain bridge and institutional investors pledge $230 million in funding for the rapidly expanding Avalanche ecosystem.

On Sept.16 Avalanche (AVAX) price hit a new all-time high at $68.89 and over the last few months the project has risen to challenge the Ethereum (ETH) network’s dominance among smart contract platforms. According to the project's website, the layer-one protocol capable of surpassing 4,500 transactions per second (TPS) with a time to finality of less than 2 seconds.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $32.10 on Sept. 7, the price of AVAX has rallied 111% to establish a new all-time high on Sept. 16 as its 24-hour trading volume spiked 200% to $2.8 billion.

AVAX/USDT 4-hour chart. Source: TradingView

Three reasons for the surging price of AVAX include the recent completion of a $230 investment round by large capital funds, the continued migration of liquidity to the Avalanche network and new integrations and protocol upgrades that help improve the user experience.

Big funds back Avalanche

The jump in momentum seen in AVAX price on Sept. 16 came following the announcement that a handful of large funds including Polychain Capital, Three Arrows Capital and Dragonfly capital took part in a $230 million funding round for the project.

This marks the largest investment into the Avalanche ecosystem to date and indicates that larger institutional players are starting to take a keen interest in the Ethereum competitor.

The Avalanche network is cross-chain compatible with Ethereum meaning any tokens or projects that operate on Ethereum can fully migrate to the Avalanche ecosystem and take advantage of its higher throughput capabilities and lower transaction costs.

With no definitive date on when Eth2.0 will be fully operational or what its final capabilities will be, networks like Avalanche now have an opportunity to make the case for why they are a better choice, which could lead to an increase in their market share.

Liquidity migration and rising TVL

A second reason for the building strength seen in AVAX has been the continual migration of assets from networks like Ethereum to Avalanche to participate in its growing decentralized finance ecosystem.

Evidence of the asset migration can be found in the total value locked (TVL) data provided by Defi Llama, which shows that the TVL on Avalanche has been climbing rapidly since Aug. 19 and reached a new record high of $2.17 billion on Sept. 16.

Total value locked on Avalanche. Source: Defi Llama

The rise in TVL is largely due to the launch and growth of several successful decentralized finance (DeFi) protocols on Avalanche including Benqi (QI), Trader Joe (JOE) and Pangolin (PNG).

Related: Bull flag breakout pushes Avalanche toward $80 as AVAX price hits another record high

Partnerships and crypto-related integrations

A third factor that has helped boost the value of AVAX has been a series of partnership and integration announcements that have excited investors and put the spotlight on the project.

The Avalanche NFT ecosystem has seen an influx of interest thanks to a partnership with the sports card and memorabilia company Topps, which launched its “Inception” NFT digital collectibles series on the network.

There is also a vote underway in the Aave community, one of the top DeFi protocols in the cryptocurrency ecosystem, to see if investors want to see AAVE launch on the Avalanche network. A vote of approval could lead to a further increase in TVL on Avalanche as assets held in AAVE on Ethereum have the potential to be migrated to AAVE on Avalanche.

According to data from Cointelegraph Markets Pro, market conditions for AVAX have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AVAX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AVAX spiked into the green and reached a high of 86 on Sept. 13, around 24 hours before the price increased 40% over the next two days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

Dapper Labs and Flow Blockchain to Get a Boost From Big Tech as Studio Partners With Google

Dapper Labs and Flow Blockchain to Get a Boost From Big Tech as Studio Partners With GoogleGoogle is joining forces with the blockchain firm Dapper Labs in order to help bolster Web3 development, blockchain gaming, and non-fungible token (NFT) technology. The blockchain company’s CEO Roham Gharegozlou tweeted about the deal on Tuesday noting that the firm was “amped to welcome Google to the Flow blockchain.” Google to Collaborate With Dapper Labs […]

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