BTC$ has injured the short-term trading support between $58,000 and $60,000, and short-term implied volatility is rising across the board.
Despite the SEC not allowing VanEck to issue a spot-based ETF on Bitcoin there has not been any major negative news this entire week.
The next important support level is at roughly $53,000. And bitcoin is currently trading at $56,000, (just a notch above the support level), and due to the open interest in options at $60,000, the market should move towards this level again as volume always attracts volume, especially when close to an expiry.
Most of the altcoins are trading lower and are also finding themselves at important support levels. The spread between ETH and BTC has not changed a great deal and is currently slightly above 0.07.
After a brief consolidation, the Metaverse coins, e.g. MANA and SAND rallied again and are reaching new all-time highs. (MANA $4.23 / SAND $4.26).To get an idea as to what is happening in this space, have a look at the attached article:
DeFi has now been with us front and centre for over a year. The astronomical rise in numbers, interest, ideas, and overall success is astonishing. This space is still at a nascent stage, and is still evolving. One of the most recent developments is a collection of solutions that aims to address some of the shortcomings of liquidity-dependent protocols. Despite the explosive growth in the past, there have been new solutions touching upon the idea of “Protocol-Controlled Liquidity”. Instead of relying on LPs to bootstrap and maintain liquidity, the protocols own their own liquidity.
We plan to bring you more on DeFi 2.0 in upcoming market commentaries.
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