Gas Guzzler

Chart of the Day

Having just attained a new all-time high on Tuesday, BTC is now experiencing a downside correction. However, its price is holding strong above the $65k support level and the 100 hourly simple moving average. Further, BTC's trading volume, though slightly elevated during its breakout above $68k, has remained considerably muted despite the bullish price action. In contrast, during the breakout in December 2020, trading volume spiked rapidly alongside the surge in liquid supply. The low trading volume of the current run points toward an increasingly illiquid BTC supply — a good sign for BTC. It suggests that BTC HODLers currently have a strong conviction in the coin for the mid-to-long term, as fewer of them are choosing to move their coins into exchanges to realize profits. BTC's downside correction has also brought down the price of ETH from its latest peak. However, optimism surrounding ETH breaching the $5,000 mark remains strong, as evinced in Ethereum network fees climbing to a local high that was last seen in mid-May of this year. 

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Talk of the Town



Amidst all the buzz surrounding the metaverse and the virtual reality space, Reddit co-founder Alexis Ohanian and the Solana Ventures Team have joined forces to launch a $100 million Web 3.0 social media initiative. The initiative aims to fuse social networking with crypto in an unprecedented way to create products that will "empower users with real ownership." How this partnership plays out remains to be seen, as despite numerous lofty promises and substantial commitments, the Web 3.0 social platforms landscape remains relatively underdeveloped, and is often overshadowed by the robust DeFi and NFT spaces.