Friday, September 16, 2022

34 [F4M] MONTANA - Anyone want to have a conversation?

Good evening!

Honestly, I have friends...but I don't have friends. We are all older with responsibilities and busy schedules; work, kids, events, dinner, laundry, dishes, sleep, repeat. I talk with my coworkers, the customer service employees, the cashiers, the baristas. I talk with my family members about family things.

But...I haven't actually sat down and had a real conversation with another adult about cool stuff in a long time!

It would be so nice to just talk about anything and everything!

I prefer to talk with an adult age 31 to 45. I have snap. Which is the only platform I will voice call on.

I wont share social information.

These are topics I'm into:

  • current events

  • history

  • travel

  • food and recipes

  • fashion

  • 90s nostalgia

  • conspiracy theories

  • jerks

  • spirituality

  • climate change

  • holistic medicines

  • skincare

  • meaning of life

  • popular movies

  • art making

  • comedy

  • rap music

  • House of the Dragon


THINGS I DON'T WANT TO TALK ABOUT:

  • Politics

  • religion

  • racism

  • money

  • bitcoin

  • star wars

  • lord of the rings


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Cosmos (ATOM) In Green While Entire Market Bleeds

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A day after the much-anticipated Merge, many cryptocurrencies have lost more than they gained. The entire market is red, and even the top performers are not showing signs of price gains. Many investors predicted a downtrend reversal after Ethereum’s upgrade to a proof-of-stake mechanism. 

But right now, the reverse is the case. For instance, the number one crypto has remained red in its 1 hour, 24 hours and 7 days price gains. Currently, the Bitcoin price is $19.659.95 representing a 2% loss in 24 hours. 

Related Reading: Ethereum Faces Test Of Survival After Merge, Can $1,400 Support Hold?

September 16 data shows that Bitcoin lost 0.61% in 1 hour, 1.88% in 24 hours and 6.26% in 7 days. 

Apart from Bitcoin, Ethereum has lost more. ETH’s price is currently at $1,451.49, showing a move away from the previous $1700+. The Merge hasn’t resulted in the price push as many expected. 

But while many cryptos are recording pullbacks in prices, Cosmos ATOM has continued its gains. 

Cosmos ATOM Gains Amid Price Crash  

Cosmos ATOM price currently stands at $16.16 after adding 11.49% in the last 24 hours. The coin ranks number 20 on the CoinMarketCap crypto ranking. ATOM has recorded some price growth in this period, even when others struggle. 

Its price chart today, September 16, showed a continuous rise in green. There were some dips, but not to the red zone. For instance, ATOM’s price stopped at $14.65 on September 15. This morning, it rose to $14.73 and continued climbing until its current price of $16.16 at press time. 

Analysts studying the price movement have noted that ATOM highs and lows remained within the ascending channel trendlines. Also, the price recorded a bull break outside the channel and tapped a 200-day moving average before correcting to the midline and 20-MA, confirming each support. 

After testing the support, ATOM price continued its uptrend and is trading in the current range topside. Analysts believe it might retest the 200-day MA to flip its level to support. 

ATOM’s price is currently trading at over $15.70. | Source: ATOMUSD price chart from TradingView.com What Factors Are Pushing Cosmos Coin Many factors could be linked to the growth of ATOM. One such event is the move of many protocols from Terra to Cosmos Hub SDK. In early September, Delphi Digital announced it would build new projects on the Cosmos network. 

As more DeFi protocols and decentralized apps (DApps) flood the ecosystem and participate in its interchain security system, ATOM value skyrockets. The AMMs, DeFi, and DApps operating on the network boost staking and fees, thereby increasing stakers rewards. 

Related Reading: Why Cardano (ADA) Could Be Registering Another Decline, Analyst Explains

Data reveals that ATOM offers 17.75% APY, and 66.75% of the coins in circulation are staked. Also, Cosmos is planning to launch a liquid staking feature that will increase buy pressure on ATOM when deployed in DeFi platforms across blockchains. 

All these increased activities in the ecosystem are pushing ATOM prices upwards. Analysts expect to see more gains as the network grows. 

Featured image from Pixabay and chart from TradingView.com


Bitcoin Open Interest, Funding Rates Point To Growing Bullish Sentiment

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Bitcoin has seen fluctuating sentiment lately. With numerous dips and recoveries, it is no surprise that investors have had a hard time deciding on which side of the fence to sit on. However, while retail investors seem to be uncertain about the market, there has been some growth in both the funding rates and the open interest over the last week, showing that positive sentiment may be stabilizing.

Funding Rates Recover Over the last couple of weeks, bitcoin funding rates have been consistently below neutral. This coincided with the times when the market was struggling, ushering in a new bear trend. But with the last week’s events, there has been a remarkable recovery in the funding rates.

Toward the end of last week, the funding rates had returned to neutral levels for the first time in one month. It followed the recovery in bitcoin’s price last Friday before it slid back down. The bitcoin funding rates have since lost their footing at the neutral territory but continue to maintain higher levels before the BTC recovery on Friday.

Funding rates return to neutral | Source: Arcane ResearchWhat this shows is that there is still demand for both bitcoin longs and shorts. This means that while it does look to be swinging in the favor of the bulls due to the elevated levels, it is still an uncertain market. Additionally, last week’s recovery to neutral levels did not really change much about the current trend, as funding rates have now spent nine consecutive months at or below neutral levels.

Bitcoin Open Interest Say ‘Short Squeeze’ Despite the decline in the bitcoin price, the open interest has not had a hard time of it like the rest of the market. Instead, BTC-denominated open interest has hit multiple new all-time highs this year, leading to various short squeezes in the market.

Open interest continued to see favorable market conditions as it hit a new all-time high of 421,000 BTC last Wednesday. Even the short squeeze that was recorded on Friday did not do much to bring down the open interest, which remained elevated at 418,000 BTC at the start of this week. 

The depressed market sentiment suggests that this elevated trend is unlikely to continue for very long. Bitcoin’s price decline also points to this, given that the elevated open interest coincided with a period of price recovery. It also means that bears have been in control of the market for the period where the open interest has been high. Bitcoin’s fall below $20,000 is a testament that short traders continue to control the market. 

Featured image from PYMNTS, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…


Ethereum traders shorted ETH price in record numbers during the Merge — 50% crash ahead?

Ethereum successfully completed its long-awaited transition to proof-of-stake via "the Merge" on Sep. 15, while traders have been increasingly shorting Ether (ETH) in anticipation of a sell-the-news event.

Ethereum funding rate plumme

Ether's futures funding rates across leading derivatives platforms dropped below zero—to their worst levels to date—before the Merge. The rate dropped to as low as -0.6% on BitMex.

_ETH funding rates history. Source: Coinglass_Funding rates are a percentage of the fee paid to either short or long position holders. The platform decides the fee based on the difference between the perpetual futures contract and the spot price.

Therefore, traders consider a market bullish when the funding rate is positive. Conversely, a negative funding rate hints at a bearish sentiment in the market. Let's understand why with an example.

Currently, Ether's funding rate average is around -0.1%. In other words, traders with a $1 million short ETH position are willing to pay those with long positions $1,000 every eight hours (based on when platforms recalculate the funding rates).

That shows traders' conviction in a potential spot Ether price drop after the Merge.

However, a consistently negative funding rate also increases the possibility of a short squeeze. A short squeeze occurs when an asset moves higher and short traders decide to cover their position or get forced to do so via margin calls, thus adding more upside strength to the asset's price.

ETH price technicals hints at 50% breakdown

From a technical perspective, Ether's price risks dropping by 50% in the coming weeks due to the formation of a symmetrical triangle on its longer-timeframe chart.

Notably, symmetrical triangles are trend continuation patterns, i.e., they typically prompt the price to continue in the direction of their previous trend after a consolidation period. So, Ether's symmetrical triangle pattern appears bearish, particularly as it has formed after the token's 80% decline from its November 2021 highs.

_ETH/USD three-day price chart featuring 'symmetrical triangle' setup. Source: TradingView_Theoretically, a bearish symmetrical triangle's downside target is calculated after subtracting the triangle's maximum height from the breakdown point. That puts ETH's profit target in 2022 around $850.

Capital rotation into Bitcoin

In addition to negative funding rates and the symmetrical triangle setup, Ether also faces downside risks from a renewed buying interest in Bitcoin (BTC), the leading cryptocurrency by market capitalization.

On the daily chart, ETH/BTC dropped to 0.078 BTC on Sep. 15, almost a week after topping out at 0.085 BTC. The pair's correction came after a strong bull cycle, wherein its price rose by more than 75% in less than three months.

ETH/BTC daily price chart. Source: TradingView"ETH's underperformance ahead of the merge indicates that some traders attempt to front run a potential "sell-the-news" event," noted Arcane Research in its weekly report, albeit adding:

"Whether or not the merge will turn out to be a 'sell-the-news' event remains to be seen."

In another weekly report, investment management firm CoinShares reported a substantial decline in the capital of Bitcoin and Ethereum-based investment products.

Related: Analyst on $17.6K BTC price bottom: Bitcoin 'not there yet'

However, Ether funds witnessed withdrawals worth $61.6 million in the week ending Sep. 9 compared to Bitcoin's $13 million.

More sell-the-news cues come from a recent rise in Ethereum's balance across all crypto exchanges. Notably, the Exchange inflow volume reached a one-month high of 22,723.289 ETH (7-day MA).

_Ethereum balance on exchanges. Source: Glassnode_Traders typically increase their cryptocurrency deposits on exchanges when they want to sell their holdings. In other words, a rising ETH balance on exchanges increases downside risks.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Most of the crypto market is down, but Cosmos (ATOM) price is up — Why?

The Ethereum Merge has finally happened. It’s over, and fortunately it went smoothly without any major hiccups. As predicted by many, the event turned out to be a “buy the rumor sell the news” style event, or perhaps, the hotter-than-expected consumer price index print on Sept. 12 was the real catalyst that pushed the market in its current direction.

Regardless of the reasons for this week’s downturn, the Merge is over and in its wake, bulls are left holding a whole lot of nothing. It’s likely that a new bullish narrative will need to emerge, or analysts will need to keep a close eye on smart money to see what assets they elect to rotate into.

Remember, “The Merge,” according to so many “smart” people, was meant to be a bullish event that would possibly send Ether price higher and the treasure trove of hardfork ETH POW tokens was meant to magically materialize multi-billions of dollars in liquidity which would likely inflow to Bitcoin and help the ailing asset to break out of its current range.

Well, none of that happened. It’s not to say that it won’t happen, but the current reality is a market painted in a bright shade of red. Bitcoin’s Sept.15 drop below $20,000, induced a market-wide correction resulting in double-digit losses for a majority of altcoins and at the moment, there isn’t an easily graspable story for investors to interpret as bullish.

Not everything is dumping

There does happen to be an outlier, and its name is Cosmos (ATOM). To the surprise of some, it’s one of the few green assets on the charts on Merge day. Currently, the altcoin reflects a 9.4% gain and it has rebounded strongly off its Sept.14 low at $13.19.

Previous analysis discussed how ATOM price trades within an ascending channel, riding above the 20-day moving average and suggested that dips to and under the moving average reflected good purchase opportunities. A simple technical analysis of ATOM’s price action would focus on:

  • ATOM price continues to make higher lows and higher highs while trading within the trendlines of an ascending channel.

  • ATOM price saw a brief bull break outside of the channel, tapping the 200-day moving average and then correcting back to the channel midline and 20-MA to confirm each as support.

  • After testing support, price resumed the uptrend and now trades in the top of the current range and is likely to retest the 200-MA in an attempt to flip the level to support.

Let’s briefly investigate a few of the possible factors behind ATOM’s bullish momentum.

Related:Crypto traders eye ATOM, APE, CHZ and QNT as Bitcoin flashes bottom signs

Protocol migration, liquid staking, a rising TVL and the potential of IBC

A number of protocols pivoted away from Terra after its implosion and re-launched on the Cosmos Hub SDK. In September, analytics firm and protocol builder Delphi Digital also announced that it had selected Cosmos as its primary blockchain to build new projects on.

When projects build on Cosmos Hub, value accrual to ATOM often results because DeFi protocols and other DApps will participate in the network’s interchain security system which works over IBC. Inter-Blockchain Communication protocol (IBC) is basically an “internet of blockchains” and a bridge that allows the cross-chain transfer of tokens and secure interoperability between different blockchains.

Typically, the DApps, AMMs and DeFi-style platforms built on blockchains offer staking and the fees generated from this are oftentimes shared among stakers.

Staking ATOM currently offers a 17.75% APY and according to Staking Rewards, 66.75% of the available circulating supply is being staked. Cosmos is set to launch liquid staking, a phenomenon which when deployed in other DeFi platforms on other blockchains resulted in increased buy pressure on the ecosystem’s native token(s).

Data also shows a steady increase in the number of unique delegation addresses in the network.

_7-day increase in unique delegation addresses on Cosmos. Source: Staking Rewards_Multiple Cosmos ecosystem platforms, including COMDEX, are set to launch their own stablecoin (CMST), and it is likely that assets locked and staked within the platform will “back” the $1 peg of said stablecoins. Given the structure of the Cosmos Hub and IBC, it seems likely that ATOM will be one of the primary assets used in the “minting” process.

Of course, the total value locked (TVL) within the Cosmos ecosystem collapsed as DeFi and the wider crypto market succumbed to the bear trend. This figure has yet to recover in a notable way, but the chart below shows notable inflows in the last 7-days. This will be a figure to keep an eye on, alongside ATOM’s price.

_Protocols within the Cosmos Hub (ATOM) ecosystem. Source: Defi Llama_Additional growth metrics that should raise investors eyebrows are Cosmos’ 180-day supply side revenue, protocol revenue and daily trading volumes.

Supply side revenue reflects the amount of transaction fees that are allotted to validators while total revenue is the total transaction amount paid by protocol users.

Protocol revenue, on the other hand, is the amount of transaction fees that go to protocol, who are holders of ATOM and possibly sharing a portion of this revenue with platform users and stakers.

Cosmos circulating market cap and supply side revenue. Source: token terminalCosmos circulating market cap and protocol revenue. Source: token terminal_Cosmos circulating market cap and ATOM trading volume. Source: token terminal_Essentially, what we see is Metcalfe's law in effect. As the ecosystem grows, the network grows, total value locked increases, liquid staking gives additional utility to staked assets, which also enter a cycle of being purchased, staked, minted to stablecoin or IOUs and then used within the ecosystem to fuel additional growth.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin Maxis React to Ethereum’s Merge Event

https://www.cryptoglobe.com/latest/2022/09/bitcoin-maxis-react-to-ethereums-merge-event/