(Edited by James Rubin)Good morning. Here’s what’s happening this morning:Market moves: Bitcoin, ether moved little on Monday, as markets expect “v
(Edited by James Rubin)
Good morning. Here’s what’s happening this morning:
Market moves: Bitcoin, ether moved little on Monday, as markets expect “very choppy” price moves towards the year end. Terra (LUNA) continued its impressive gains since last week.
Technician’s take (Editor’s note): Technician’s Take is taking a hiatus today. In its place, First Mover Asia is publishing a column by Joon Ian Wong, the founding co-president of the Association of Cryptocurrency Journalists and Researchers and a former CoinDesk reporter.
Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.
Prices
Bitcoin (BTC): $46,838 -0.6%
Ether (ETH): $3,918 -1%
Markets
S&P 500: $4,568 -1.1%
DJIA: $34,932 -1.2%
Nasdaq: $14,980 -1.2%
Gold: $1,789 -0.6%
Market moves
The crypto market slowly recovered some losses from a dip that occurred during Asian hours, although at the time of publication, most of the leading cryptocurrencies were down over the past 24 hours. At the time of publication, bitcoin was changing hands under $47,000, down slightly. Ether was also in the red.
“Bitcoin has seen short-term momentum neutralize as it consolidates above initial support near $44,200,” Katie Stockton, founder and managing partner at Fairlead Strategies, wrote in her weekly newsletter on Monday. “An improved daily MACD [moving average convergence divergence] and short-term oversold conditions suggest bitcoin could see stabilization around initial support in the days ahead.”
In her technical analysis, Stockton also highlighted that bitcoin still faces downside pressure in the intermediate term, as the charts suggested that the oldest cryptocurrency is “not yet oversold.”
At the same time, bitcoin’s trading volume across major centralized exchanges remained low on Monday, according to data compiled by CoinDesk.
“Falling trading volumes could complicate what price action happens with Bitcoin,” Edward Moya, senior market analyst at OANDA, The Americas, wrote in his daily market update, noting bitcoin’s price could be “very choppy” in the next few weeks. “Many investors remain long-term bullish and the uncertainty over the potential short-term pain has many traders waiting until bitcoin dips towards the $40,000 level.”
On the alternative cryptocurrency (altcoin), LUNA, the native token of Terra blockchain, continued its rally since last week, logging a new all-time high at over $82, according to Messari. Data from Defi Llama showed that the total value locked, or the dollar value of all the tokens locked in the smart contract built on a blockchain, on Terra had surpassed that on Binance Smart Chain, as of Monday. Shiba inu was up over 5% over the past 24 hours.
Column
The Future of NFTs Is Fungible: The many NFT communities that have sprung up this year are finding that it’s not so easy to manage a community with unique tokens alone. (by Joon Ian Wong, the founding co-president of the Association of Cryptocurrency Journalists and Researchers.)
“Wen token?”
It’s the refrain heard in Discord servers around the world. When is such-and-such project going to airdrop a token to its community members? This question is particularly urgent if a community happens to assemble around a $2 billion NFT project – one like Bored Ape Yacht Club. That’s why BAYC had an answer to the question in October:
Good evening, apes. Been hearing a question around the club a lot:
WEN TOKEN? 🤔
Wen token indeed . . . Some thoughts below.
— Bored Ape Yacht Club (@BoredApeYC) October 8, 2021
As the Bored Ape holders have discovered, it’s super cool to launch a non-fungible token collection and see a community develop around it. But at some point it gets difficult to herd all the cats – especially if said cats are also very rich people. What if there were some way to coordinate them and align their interests? What if you could do all of this on-chain? With a cryptographic token perhaps?
This article is part of Culture Week, which explores how crypto is changing media and entertainment.
This is why the future of non-fungible tokens is fungible. The many NFT communities that have sprung up this year are finding that it’s not so easy to manage a community with unique tokens alone. Fungible tokens created by the community start to become very attractive in theory. Luckily for them, this concept already exists: it’s the world of social tokens – streams of community-centric tokens that are, yes, fungible.
The non-fungible argument
Social tokens have been ably covered in the pages of this fine website for some time. Here’s a great Jeff Wilser feature that dives deep into the genre. But here’s a quick summary of how they’re supposed to work: Suppose you spot a promising young artist from among the selection presented to you by Spotify’s algorithm. You stream their music thousands of times over the years, gradually attending concerts and buying merch. Eventually, the artist breaks through to…
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