rn Bitcoin price dipped to lows of $55,625 early Friday in a move market participants said was driven by derivatives.Ki-Young Ju, CryptoQuant CEO noted that traders taking short positions in the perpetual futures market had contributed to the Bitcoin drop.Fears that the finalization of settlement claims against defunct crypto exchange Mt.Gox and resolution of the ongoing court battle between Ira Kleiman and Craig Wright for rights to Satoshi Nakamotou2019s 1.1 million BTC wallet may bring selling pressure to the market also alluded to the drop.Matthew Dibb, chief operating officer at asset manager Stack Funds says on the Mt.Gox settlement claims “Those affected will receive a large sum of bitcoin, likely happening in Q1 or Q2 of 2022.This has brought some fear into the market on a longer-term horizon,”.Across the Altcoin space, Metaverse coins remain the ”hype” as traders seek to capitalize off the new trend.Notably, gaming tokens are outperforming the rest of the market.
MOBOX (MBOX), Wilder World (WILD), Bloktopia (BLOK) are among the few cryptocurrencies seeing gains on Nov.19 with Bitcoin (BTC), Ethereum (ETH), and most of the market in the red.MOBOX is an innovative Gaming Platform that combines the best of DeFi Yield Farming and GameFi NFTs (MOMOs) to create a truly free-to-play and play to earn ecosystem.MOBOX just announced its collaboration with Binance NFT Marketplace in a bid to support and accelerate the Metaverse and NFT interoperability through the METAfund.
The Metafund is an incubation fund that will assist game developers to bring their titles to life on the blockchain & MOMOVerse.MBOX has notched nearly 100% gains since the beginning of the marketwide slump, reaching highs of $8.39 on Nov.19.
BLOK is the native token of Bloktopia, a decentralized metaverse built & backed by 0xPolygon.Bloktopia is rising following an oKEX listing.Bloktopia also welcomed its metaverse built on Solana which it dubbed ”A new HQ and a focus on technical integrations in the NFT space”.Crypto analyst, Rekt capital speaks on the BLOK price action ”BLOK breaks out from the range entirely, rallying +48% in the process”.BLOK has recorded nearly 70% gains since Nov.17 to reach highs of $0.11 today.
XYO is a geo mining company that uses location data in smart contracts.XYO is up on the day following its listing on Crypto.com on Nov.17.
XYO Network also has an upcoming release of XYO 2.0, which will enable third parties to more easily integrate with and develop on the network while providing real-world functionality.
rn What Should Traders Expect on the Market? rn Bitcoin had recovered to $57,322 at press time while Ethereum traded at $4,166.Analysts are now cautious about Bitcoinu2019s short-term price direction given the recent loss of upside momentum.Crypto fear and greed index which measures market sentiment is presently at fear.
rn Courtesy: Alternative.me rn Analysts see this as necessary for the market to rebound, as the market often moves in the opposite direction away from the crowd sentiment as ”Typically, a bit of crowd fear will be necessary to have prices fully rebound”.rn Crypto analyst, Rekt Capital says ”Investors are getting fearful towards #BTC extreme Fear precedes Bitcoin price reversals”.Further saying ”Strong market-wide selling is going on, Undoubtedly, Seller Exhaustion lies ahead, Watch for high sell-side volume bars in the short-term.These tend to signal bottoming out after constant selling & precede either a strong bounce or an entire trend reversal”.
However Matthew Dibb, chief operating officer at Stackfunds believes with the constant selling pressure, Bitcoin may seek support in a downside continuation at $53k.To OANDA analyst Edward Moya, the outlook remains mixed “bitcoin’s long-term outlook remains bullish, But the waters over the next few months will be rough as institutional investors look to see if the Fed will be forced to raise rates sooner and trigger a broad-based selloff of risky assets that include bitcoin.” Generally, Altcoins continue to follow Bitcoin’s lead in the markets.rn Image Credit: Alternative.me, Shutterstock rn.
