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The Long-Awaited Merge!

OTC Weekly Trading Insights - 16 September, 2022
2022-09-16 15:56

  • Arguably this has been one of the biggest weeks for crypto, the long-awaited ‘Merge’ has finally completed. ETH has transitioned from proof-of-work to proof-of-stake, reducing ETH’s energy consumption by 99.5%.
  • As anticipated the lead up to the Merge has seen an increase in buying interest on our OTC desk and convert portal, with volume increasing 16.07%.
  • Surprisingly despite the hype and volume increase driven around The Merge, ETH is currently down -2.4% in the past 7 days!
  • LUNA has seen a huge increase in buying volume this week, increasing 774.2% with price currently up over 57%. LUNA has experienced extreme levels of volatility as S. Korea issues an arrest warrant against Do Kwon, read more here!
Trade our top 5 weekly coins of interest here!
Convert Portal Volume Breakdown
  • Continuing the trend this week, stablecoin swaps were top of the list again with a value of 42.15% increasing 5.6%. This is a third consecutive week in a row where stablecoin swaps have increased. Visit our convert portal for tight spreads!
  • With the hype following crypto this week, second on the list was stablecoin to crypto transactions with a value 21.14% (an increase of 3.01%) as investors piled into positions ahead of The Merge.
  • Crypto to stablecoin came in third this week decreasing 4.53%. With unprecedented levels of volatility following the events that unfolded this week, many investors would move to the sidelines in anticipation of the next move.

Overall market technicals

ETH: Merge or Meh?

  • The run up to the Merge has been an interesting one this week, our Convert Portal saw volume spikes for ETH of over 16% compared to last. Price on the other hand, has done quite the opposite, as ETH is down over 10% in the last 7 days.
  • The transition from proof-of-work to proof-of-stake is an unbelievable technological breakthrough which has been compared to man first stepping foot on the moon. However, this is a tough reminder that positive fundamental events can be quite contrary regarding price!
  • Looking at the charts, since the start of September, ETH made a climb towards $1,750, a strong level that has been flipped as support and resistance throughout the year. ETH briefly traded above it starting this week off, but as the Merge date approached, ETH slipped towards the downside and is now currently trading above $1,400 (a daily support level).
  • As it stands we will need this level to hold with ETH trading in a midterm range between the two levels. If the bearish momentum continues, the next major support level to target will be around $1,000.
  • We are seeing a positive correlation between the crypto markets and traditional markets, so the next move will be determined by the overall macro trend!
  • The Crypto Fear & Greed Index is at ‘20’ showing Extreme Fear within the market.

LUNA: Back from the dead?!
  • The infamous LUNA made an unexpected rally last Friday as the coin pumped over 300%. It still remains unclear what led to the unexpected rally. Since then, however, the narrative has been flipped.
  • Earlier this week S. Korea issued a warrant for the arrest one of the co-founders of the project, Do Kwon. Price was reflected immediately as since peaking at $7.60. It is currently trading around $7.75 (-63%).

    Crypto calendar
09/21/22 - EOS Mandel 3.1 Upgrade
09/22/22 - ADA Vasil Upgrade
09/28/22 - TOKEN2049 Singapore

News events of note
The Merge is done! - The build up to ETH’s merge has had a lot of hype and been the talk of the town as ETH transitioned from Proof-of-work to Proof-of-stake. What exactly does this mean? Find out more here!
Flat white and a NFT? - Starbucks has teamed up with Polygon and is set to begin an NFT-based loyalty program for its customers.
Codename Kelvin - Alex Mashinsky, CEO of Celsius, hints at a plan to resurrect the bankrupt company.
More news found here!
Binance Convert Portal
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