Monthly Archives: März 2023

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SNX Revenue and Fees Spike, But Metrics Show Bearish Signs Ahead

18. März 2023 8:53 ⋅

• Synthetix [SNX] achieved a milestone with its Perps V2, reaching nearly $2 billion in cumulative volume and $115 million in daily volume.
• SNX’s fees and revenue spiked due to the increase in volume.
• There is potential bearishness in SNX due to an address transferring 2.66 million SNX to Binance, worth $7.5 million.

Synthetix Achieves Milestone with Perps V2

Synthetix [SNX] recently achieved a milestone with its Perps V2, reaching nearly $2 billion in cumulative volume and $115 million in daily volume. This was a commendable achievement, as only a week ago, Perp V2’s daily volume touched $100 million. Integrators have worked tirelessly to make this possible and it has been celebrated by Synthetix on Twitter.

SNX Revenue & Fees Spike

Due to the massive increase in volume, Synthetix’s fees and revenue also spiked over the last few days according to Token Terminal metrics. This suggested growth for the network but not necessarily for its native token SNX due to an address transferring 2.66 million SNX to Binance at a cost of 7.5 million dollars which could potentially cause selling pressure on the token pushing prices down further.

Current State of SNX

At press time, SNX was trading at around $3 per token with a market capitalization of more than $710 million. But there are some indicators that suggest trouble ahead such as Binance funding rate declining considerably indicating less demand from the derivatives market; Exchange inflow dropping since 15 March indicating less interest among investors; And Unrealized Profit/Loss (UPNL) ratio declining since 16 March implying reduced reward for HODLers who are holding the token for longer periods of time. All these factors could contribute towards bearishness for SNX’s price if they persist over time .

Market Indicators Show Signs of Recovery

Despite all these bearish indicators there is hope yet as market indicators showed signs of recovery suggesting prices may soon increase again after this recent dip perhaps caused by investors cashing out their tokens too quickly or taking profits from their investments following news about Synthetix’s achievements with Perps V2 .

Conclusion

Overall while Synthextix [SNX] continues making news with its achievements there is still potential bearishness ahead particularly related to SNX itself due to certain factors however there are indications that prices may soon recover once again so it remains uncertain what will happen next but investors should keep an eye on how things develop over time .

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BlackFort Launches Layer 1 Blockchain, Bringing Innovation to New Level

9. März 2023 20:36 ⋅

• BlackFort launched its mainnet at the end of January 2023.
• The network has already got close to 10,000 daily transactions and over 60,000 delegators from over 180 countries.
• BlackFort has developed a client-side Web 3 wallet app that comes up with valuable features and provides high levels of security and privacy.

BlackFort Launches Mainnet

BlackFort, a Layer-1 blockchain, launched its mainnet at the end of January 2023 after announcing on January 13, 2023 via Twitter that the mainnet was coming soon. The announcement was met with excitement as more crypto enthusiasts joined the community.

Innovation Redefined

Bringing innovation to a new level, BlackFort created a network that since its launch has already got close to 10,000 daily transactions and over 60,000 delegators from over 180 countries. With an average block time of 5 seconds, the BlackFort network has reached over half a million validated blocks and more than 50,000 validated transactions.

Proof-of-Staked-Authority Driven

The smartchain developed by BlackFort is POSA (Proof-of-Staked-Authority) driven in order to reduce energy consumption and eliminate the need for expensive hardware for validating blocks. This way it aims to provide reliability and efficiency for decentralization through stability, scalability, and lowered energy consumption.

Web 3 Wallet App

BlackFort also developed a client-side Web 3 wallet app that comes up with valuable features such as user friendliness as well as high levels of security and privacy allowing users to store their digital assets offline safely. It’s launch is expected soon.

High Quality Crypto Product

Being among one of the top 10% Certik audited crypto projects ensures investors that it is safe to use Blackfort for their daily crypto related activities while providing good transaction speed, scalability along with great security and efficiency.

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A Look at Bitcoin’s March: Can the King Coin Overcome its Historical Decline?

1. März 2023 8:20 ⋅

• Bitcoin [BTC] may have had a good start for the year, but March could still be a challenge due to its historic decline.
• On-chain data suggests that long-term holders of Bitcoin are more than those held on exchanges.
• Analysts Will Clemente and Willy Woo suggest that the reason behind this trend could be linked to the November 2022 FTX collapse.

BTC’s Price Action in March

BTC’s price action has the potential to go against the usual March decline. Coins that had moved in the last decade were now more than those held on exchanges. Bitcoin [BTC] has the „habit“ of performing woefully in March over the years, making it the second worst month over the years, bar 2013. While the first two months of the year may have been off to an excellent beginning, investors might need to watch out for the red-loving month, Miles Deutscher opined.

Bullish Momentum Despite Historical Precedent

2023 is off to a good start for #Bitcoin, with 2 consecutive green months (assuming today’s monthly close holds). But looking ahead: Historically, March has been the 2nd worst performing month – with an average $BTC return of -5.72% (exc. 2013). What’s your outlook for March?👇 pic.twitter.com/jm3JB0JJ0y — Miles Deutscher (@milesdeutscher) February 28, 2023 Is your portfolio green? Check out the Bitcoin Profit Calculator Can the king coin disregard the trend? During the first 30 days of the year, BTC went on a 40% uptick. Althought he second month was not as impressive, The King Coin gained 6.71% in te last 14 days as shown by CoinGecko. So does te technical outlook support a green continuation or would it end in a fallback? Considering te Exponential Moving Average (EMA), it was possible tat BTC could trend toward its performance ten years back because te 20-day EMA (blue) was above te 50-day EMA (yellow). While te short to mid-term might offer gain opportunities, te Relative Strength Index(RSI) remained in a neutral state at 5098 implying tat momentum at press time did tend in support of strong bullish or bearish sentiment .

Long Term Holders Outnumber Exchanges

In an interesting update , On Chain analyst and Reflective Research co founder Will Clemente shared tat 10 year dormant addresses were more than BTC held on exchanges at press time . This may however not be surprising since it was unusual for long term holders to suddently exit their positions But short term speculators mostly failed to see out te bear market season . Another On Chain analyst Willy Woo seemed unsurprised by te data Noting tat 26 million BTC has not moved within u period ,Woo mentioned tat Chainalysis projected number grow 37 million by 2030 .Well ,te reasons for unmoved addresses outpacing current exchange holdings could be linked November 2022 FTX collapse This was also reaffirmed Santiment as both BTC and Ethereum ETH fi

Reasons Behind Unmoved Addresses

The reasons behind this trend could be linked to November 2022 FTX collapse which reaffirmed by Santiment as both BTC and Ethereum [ETH] find themselves hovering around all time highs .This suggests that people who bought during bull run had planned hold them for long term without selling them anytime soon .Moreover ,Exchange inflows have decreased significantly since USDT supply spiked post January 2021 indicating less speculative activity from traders .It is also posiible tat investors are using non custodial wallets like Metamask where one can store cryptocurrency directly creating storage points away from exchanges Moreover cold storage solutions such as hardware wallet are always preferred option among long term investors given their security features compared ot centralized ones

Conclusion

In conclusion ,March may prove challenging based upon historical precedent but bullish sentiment is still present due increased number of dormant addresses compared ot exchange holdings suggesting long term holders remain confident about crypto market future performance Also factors such as increase usage non custodial wallets Metamask and cold storage solutions suggest investor confidence remains high regardless any potential market downturns

Posted in: Allgemein