The market leaders push upward as Terraform Labs continues BTC buying spree.
The total cryptocurrency market is up nearly 4% today. BTC and ETH continue their dominance, both up 2%. In the face of Ethereum’s imminent move to proof-of-stake, ETC sees more growth, up over 9%.
Traders continue to watch the Terraform Labs’ wallet for any movement of funds to Binance. Around 12 hours ago, another 125 million USDT was moved from the address, and many suspect it was used to move BTC above 44,000 USDT. Terra founder Do Kwon has clarified that his strategy to use the leading crypto as reserves for stablecoin UST is still in sight.
DeFi Digest: ExxonMobil to use excess gas for Bitcoin mining
On Thursday, Bloomberg reported the American oil and gas giant Exxon Mobil is running a pilot program using surplus energy from gas consumption to fuel Bitcoin mining rigs. The company is working with Crusoe Energy Systems to extract gas from the Bakken Shale in North Dakota to power mining servers nearby.
According to Bloomberg, oil companies like Exxon are constantly under regulatory pressure for the harmful fumes they emit into the atmosphere. Instead of wasting fuel that would otherwise be burned, Exxon is utilizing them.
Exxon Mobil launched the program in January last year and expanded it in July. The company is looking at similar plots in Alaska, Nigeria, Argentina, Guyana and Germany for future developments. Such initiatives may help address Bitcoin’s carbon footprint — a common criticism of proof-of-work cryptocurrencies.
NFT Snapshot: Two charged in NFT “rug pull”
The United States Department of Justice charged two men who allegedly committed money laundering and wire fraud as part of a nonfungible token project called “Frosties.” The two convinced buyers they were in it for the long haul, advertising a detailed roadmap and plans to develop Frosties with revenue generated from sales. Shortly after the project sold out, the fraudsters deleted the project’s website and Discord server, running away with over $1.1 million.
According to U.S. Attorney Damian Williams, the defendants “promised investors the benefits of the Frosties NFTs, but when it sold out, they pulled the rug out from under the victims, almost immediately shutting down the website and transferring the money.”
“Rug pulls” — i.e., when developers siphon off investors’ funds and abandon a project — are unfortunately common in crypto and nonfungible token projects. The charges come as a small win and provide a glimmer of hope for those left holding the bag of deserted projects in the past.
Top altcoin gainers and losers: PEOPLE up big
- PEOPLE/USDT +17.74%
- LOOKS/USDT +9.42%
- FTM/USDT +7.36%
- SUSHI/USDT -1.17%
- NEAR/USDT -2.11%
- SLP/USDT -5.91%
The token from the ConstitutionDAO, PEOPLE, leads most altcoins today. Since taking the status of memecoin, the token has seen erratic jumps over the past few months.
Meanwhile, NEAR is cooling off after surging past 12 USDT yesterday.
BTC technical analysis: Nearing key pivot
After surging on Thursday, BTC now reaches a massive battleground if it wants to push higher. The 45,000 USDT mark has failed to break and hold since early February. Bulls hope the tailwinds from Terra’s big buys will push the price higher. Otherwise, a retrace seems likely.
ETH technical analysis: Looking to flip resistance
Like BTC, ETH is at prices that bulls have been unable to defend since February. Each time ETH has neared the 3,200 USDT level, it has been smacked down lower. With bullish sentiment rising in markets, ETH will need the fuel to flip this area from resistance to support for upside continuation.
Altcoin technical analysis: APE stays relevant
Despite many predicting prices to sell off due to the nature of the airdrop, APE continues to trend up. After rocketing immediately after launch, the token dropped to just under 10 USDT but has slowly moved up again to trade above 13 USDT. Traders have tried to classify the token as both a metaverse and nonfungible token play — two categories that have seen positive price action recently.
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Source: https://www.okx.com/academy/en/btc-eth-grind-higher-altcoins-follow-crypto-market-daily/