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Is MATIC price about to double? Polygon’s Reddit hype pushes exchange balance to 9-month lows

MATIC price could sustain bullish momentum on cues from a mix of optimistic fundamental and technical indicators.

A sharp rebound in the Polygon (MATIC) market in the last four months has increased its price by 200% when measured from its June 2022 bottom of $0.31. And now, the token is showing signs of undergoing another major market rally.

MATIC exchange balance hits nine-month low

Notably, the MATIC supply held by all crypto exchanges fell to 802.15 million on Oct. 26, its lowest level since January 2022. The plunge came as a part of a broader downtrend that has witnessed over 600 million MATIC leaving exchanges in the last four months, data on Santiment shows.

MATIC balance on exchanges versus price. Source: Santiment

A declining crypto balance across exchanges is perceived as bullish by the market since traders typically withdraw their funds from trading platforms when they want to hold the tokens long term.

The MATIC chart above shows a similar albeit erratic negative correlation between its price and supply on exchanges. As a result, a period of decline in MATIC reserves at exchanges has historically coincided with an uptrend in price, and vice versa. 

Therefore, the latest plunge in MATIC supply across exchanges hints at more upside for the token in the coming weeks.

Reddit using Polygon to mint collectible NFT avatars

More cues for a potential MATIC price rally come from the news of Polygon’s adoption by mainstream fintech companies.

Notably, Nubank, a Brazilian neobank bank backed by Warren Buffett’s Berkshire Hathaway, picked Polygon to build its native Web3 ecosystem. Since the Oct. 20 announcement, MATIC price has rallied by nearly 12% and was trading for $0.95 as of Oct. 26.

Furthermore, the massive MATIC outflow from exchanges coincides with the soaring trading and sales volume of Reddit nonfungible token (NFT) avatars. These digital collectibles are minted as NFTs on the Polygon blockchain.

Reddit NFTs sales volumes. Source: Dune Analytics

From a technical perspective, MATIC has broken out of a bullish continuation pattern, dubbed a bull flag, whose profit target sits almost double the token’s current valuation, as shown below.

MATIC/USD three-day price chart. Source: TradingView

MATIC also shows similar strength against Bitcoin (BTC), according to a technical setup shared by Kaleo, an independent market analyst.

“The predominate structure is a HTF [higher timeframe] flag dating back to May of ’21 that looks ready for another leg higher,” the analyst wrote while citing the chart below.

MATIC/BTC daily price chart. Source: TradingView

“I’m expecting a small retrace before breaking out / continuing higher,” he added.

Related: Bitcoin will shoot over $100K in 2023 before ‘largest bear market’ — Trader

The MATIC/BTC setup could propel the pair to 0.000065 BTC by early 2023 versus the current price of 0.0000458 BTC, a 30% price rally.

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 liquidates over $1 billion as BTC price hits 6-week highs

The tally of “rekt” traders keeps mounting as Bitcoin revisits levels absent since September.

Bitcoin (BTC) saw its highest levels since mid-September on Oct. 26 as BTC/USD approached the pivotal $21,000 mark.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bears lose big as Bitcoin climbs

Data from Cointelegraph Markets Pro and TradingView showed the pair tackling $20,700 at the time of writing, up over 7% in 24 hours.

What began as an assault on $20,000 continued on the day, liquidations mounting further after already sealing the biggest shorts obliteration of 2022.

According to data from analytics resource Coinglass, Bitcoin alone accounted for $550 million in liquidations in the past 24 hours.

$704 million in cross-crypto shorts were liquidated on Oct. 25, with the Oct. 26 tally so far standing at $275 million. Including long positions, the total was over $1 billion.

Crypto liquidations chart. Source: Coinglass

November lows still on the table

Discussing what the future could hold for BTC price action, some traders and analysts remained set on previous theories, arguing that the past day’s gains had literal structural impact.

Related: Analyst puts Bitcoin price at $30K next month with breakout due

“The fact that this retracement is happening before taking the last high is a good sign,” Il Capo of Crypto told Twitter followers during the prior day’s moves.

“In my opinion, we will see the last push up to 21k this week. Time pivots are October 27th and November 2nd (interest rates). Potential bottom about mid November. Key levels: 21k and 14k.”BTC/USD annotated chart. Source: Il Capo of Crypto/ Twitter

Fellow commentator Credible Crypto likewise continued to predict that $14,000 would never arrive.

“Nothing I have said in past has changed enough for me to make another vid update- still expecting new ATH in 2023, still not expecting 14k to be met (invalidation), still think we are basing out before our major impulse. Now just waiting for confirmation of the start of it,” he summarized.

The last time that BTC/USD circled the day’s local highs of $20,789 on Bitstamp was on Sep. 13.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

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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UFOs, the Bible, and the Strange Story of the Wheel of Ezekiel

There have been many UFO reports alleged to have come from ancient times, far predating the phenomenon as we know it. Among these, some of the weirdest and most controversial are those that have supposedly popped up in various religious texts throughout histroy. Pretty much every major religious text there is boasts at least one strange encounter that has been attributed to aliens and UFOs, and here we will look at a persistent one from the Bible. 

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The Biggest UFO Secret? Does Something Want Our Souls? An Alien Abduction Connection

There can be very few people who are interested in the domain of supernatural phenomena who have not heard of the so-called alien abduction phenomenon. It’s a subject that has captured the attention of not just UFO enthusiasts, but also the mainstream media and the public, too. To demonstrate how the subject has become part of the mainstream, one only has to take a look at the story of Whitley Strieber’s 1987 book, Communion. In no time at all, Strieber’s book – which told of his very own encounters with abductors that he called “the Visitors” – became a New York Times bestseller. Such a thing was previously unheard of in the domain of Ufology. On top of that, Strieber and his late wife, Anne, received quite literally hundreds of thousands of letters from the readers of Communion, all wanting to share their own, personal stories. Clearly, the phenomenon resonates with people to an extraordinarily high degree. It’s hard to say with one hundred percent certainty when the first alien abduction event occurred. Many, early encounters may have never been revealed, chiefly due to concerns and fears of ridicule.

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Swiss Seba Bank launches NFT custody despite market decline

Seba Bank’s retail and institutional clients can now store tokens of Ethereum-based NFT collections like Bored Apes and CryptoPunks in the bank’s new custodial service.

The decline of the nonfungible tokens (NFT) market doesn’t seem to be a problem for the Swiss cryptocurrency-focused bank Seba as the firm now allows its customers to store NFTs.

Seba Bank has launched a regulated custody platform allowing its clients to store NFTs, the firm officially announced on Oct. 26. The NFT custody solution enables Seba Bank’s retail and institutional clients to store any Ethereum-based NFTs, including tokens from world-famous NFT collections like Bored Apes and CryptoPunks, the firm said.

“There is no marketplace integration with Seba Bank at this time,” a spokesperson for the firm told Cointelegraph. The company will also perform due diligence by client’s request before deciding whether to provide custody for a certain NFT or not. “The custody service offered is by no means restricted to top collections,” the firm’s representative stated. 

Seba’s new NFT custody platform is designed to provide its customers with secure storage of their NFTs without managing the private keys themselves. The feature is integrated into customers’ bank accounts, allowing clients to include their NFTs in the total wealth picture and manage them like any other digital asset.

A representative at the firm pointed out that Seba Bank is the “first regulated bank to offer NFT custody,” expressing confidence in a bright future of NFTs, stating:

“We believe that in the coming years, digital assets, including NFTs, will gain adoption and will be increasingly accepted even by traditional finance operators.”

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, stressed that Seba is regulated by Swiss Financial Market Supervisory Authority (FINMA) and has “core competence” in cryptocurrencies.

Headquartered in Zug, Seba Bank is a major crypto-focused financial institution in Switzerland, known for its close cooperation with local regulators. In 2019, Seba Crypto AG received a Swiss banking and securities dealer license from FINMA. In 2021, the regulator also granted Seba Bank AG with a Certified Information Systems Auditor license, allowing the firm to facilitate an institutional-grade custodian service.

Seba Bank’s NFT custody launch comes amid tough times for the NFT market. The weekly NFT trading volumes plummeted as much as 98% from the beginning of the year as of late September 2022. The median price of an NFT has also fallen sharply, while the overall NFT market continued to worsen further as the average NFT weekly trading volume fell by about 30% In September versus its August.

Source: Dune Analytics

On the other hand, the number of NFT wallets has been growing this year, with the amount of such wallets almost doubling from 3.4 million in January to 6.1 million in September.

Related: Institutional crypto custody: How banks are housing digital assets

Despite the NFT market downturn, many platforms and companies have been rolling out NFT-related solutions recently. Last month, MetaMask Institutional — the institution-compliant version of the MetaMask crypto wallet — announced the NFT addition to its custodial services offerings.

“A lot of investors who held NFTs have continued to stay in the market showing conviction despite the market downturn,” a spokesperson for Seba noted. According to the firm, the NFT space has continued to mature, with institutional investors launching NFT funds and financing new projects. “SEBA Bank is addressing the need for a regulated custodian that can guarantee the security and integrity of NFTs for professional and institutional investors,” the person added.

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Crypto Council for Innovation poll sees crypto voters as a force to be reckoned with

The new data show crypto ownership is comparable to that of other assets and especially strong among the young; crypto is seen more favorably than banks in some quarters.

A poll conducted by the Crypto Council for Innovation (CCI) has shown that a candidate’s position on crypto may impact the outcome of the United States midterm elections. Significant numbers of voters are well-disposed toward crypto and want to see it treated as a serious and valid part of the economy, and bipartisanship is strong in the crypto community.

The CCI commissioned a poll of 1,208 people on Oct. 8-10 about their attitudes toward crypto and the upcoming elections. The poll found that 13% of respondents won cryptocurrency, which is in line with the 16% who owned stocks and 12% who owned mutual funds and ahead of the 5% of bondholders.

CCI chief strategist of political affairs and former Colorado senator Cory Gardner said the numbers indicate a bloc that may exert influence over the coming elections. Gardner told Cointelegraph:

“A percentage here and a percentage there could change the outlook of an election […] especially when an election can be won by thousands of votes, not hundreds of thousands of votes.”

Independents (17%), Hispanic Americans (18%), African Americans (18%) and young voters (20%) owned crypto at higher than average rates. The majority of Latino and African American respondents had a more favorable view of crypto and credit unions than banks. CCI communications director Amanda Russo told Cointelegraph:

“There’s a new segment of the population that this is resonating with as a new onramp to financial access and freedom.”

Another notable finding of the poll was that respondents showed a preference for social media (36%) over traditional news outlets (31%) as sources of financial information. “Regulators have to understand where people get their information from” to understand their mission, Gardner said.

Related: Almost 50% of Gen Z and Millennials want crypto in retirement funds: Survey

While 36% of respondents wanted to see crypto “treated as a mechanism for fraud and abuse,” 45% “want legislators to treat crypto as a serious and valid part of the economy,” and 52% think that crypto needs more regulation. The divide between proponents and opponents of crypto is not divided along party lines, however. Gardner said:

“The partisanship of crypto is not left or right. […] The partisanship of crypto is crypto.”

CCI intends to repeat the poll quarterly.

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Bithumb ex-chairman could face 8 years prison over alleged $70M fraud

The sentencing hearing is set for Dec. 20 and could see the former chairman of South Korean crypto exchange Bithumb behind bars for a maximum of eight years if found guilty.

The former chairman of the South Korean cryptocurrency exchange Bithumb, Lee Jung-hoon, could face a possible maximum sentence of eight years in prison if found guilty on charges related to an alleged fraud worth $70 million.

Local prosecutors asked the Seoul District Court for the sentence on Oct. 25, with the sentencing hearing will be held on Dec. 20 according to a report from Yonhap News Agency.

It’s alleged that Jung-hoon defrauded $100 billion won or $70 million from Kim Byung Gun, chairman of the cosmetic surgery company BK Group in October 2018 during negotiations for Gun to purchase the Bithumb exchange.

Gun alleges he paid $70 million to Jung-hoon as a “down payment” towards buying the exchange on the condition that it lists a token called BXA created by the Blockchain Exchange Allicance which Gun helped to form.

The proceeds from the token listing would’ve allegedly gone towards helping pay for the acquisition, but Bithumb never listed it and the deal fell apart.

“The structure of this case is a typical stock sale contract,” Jung-hoon’s lawyer reportedly said as a defense, adding that it was carried out faithfully according to typical procedures for such a contract.

Related: S. Korean watchdog goes after crypto whales to ensure AML compliance

Jung-hoon said in his final statement to the court that he was “very sorry for making it difficult for employees and causing social pressure.”

Earlier this month Jung-hoon failed to attend a parliamentary hearing on Oct. 6 regarding the $40 billion wipeout of the Terra ecosystem citing a panic disorder as the reason for his absence.

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Friday after-work drinks with Twitter’s new owner Elon Musk, who’s in?

After Elon Musk signaled his intention to continue the deal to buy the social media platform earlier in October, reports are emerging that the acquisition is almost over.

Crypto-friendly billionaire Elon Musk is set to finalize the acquisition of social media platform Twitter by Friday, Oct. 28 which brings to a close the protracted Musk-Twitter saga.

On Oct. 24 Musk vowed to the banks assisting with the roughly $13 billion of financing for the deal that it would be closed by the end of the week and the banks have completed the final credit agreement, one of the last steps before sending the money to Musk according to Bloomberg sources.

Musk has also reportedly notified his co-investors who are helping him fund the acquisition by sending over paperwork for the financing commitment according to Reuters sources which include venture capital firm Sequoia Capital, crypto exchange Binance, and Qatar’s Investment Authority.

During a conference in Saudi Arabia on Oct. 25, Binance CEO Changpeng Zhao reaffirmed his commitment to backing Musk’s takeover, as per Bloomberg.

The latest developments in the deal point to Musk seemingly adhering to a court-issued deadline set by a Delaware judge in early October where Musk filed his intention to proceed with closing the deal at the original $44 billion price after previously wanting to back out in July.

Musk intends to close the transaction at a price of $54.20 per share. Twitter stock prices jumped on the news, closing at $52.78 a share and up 2.45% for the day as per Yahoo Finance.

In the past, Musk has highlighted many areas of the platform he wishes to change with his stated “top priority” being to cut down on crypto scam tweets and at one time planned to charge users 0.1 Dogecoin (DOGE) — much less than half a cent — to post on Twitter but later admitted it wouldn’t be feasible.

Crypto wallets on Twitter?

The news comes a few days after rumors emerged that Twitter may be working on a cryptocurrency wallet according to Security researcher Jane Manchun Wong who made Forbes 30 under 30 for her high-profile tech leak scoops.

On Oct. 25 she tweeted the platform was working on a “wallet prototype” that supports “crypto deposit and withdrawal” but did not provide evidence or a source for her claim. Cointelegraph has reached out to Twitter for comment.

Related: How Crypto Twitter could change under Musk’s leadership

Meanwhile, news of Musk’s deal nearing its end comes as internal documents from Twitter seen by Reuters on Oct. 26 reveal the platform is struggling to retain its most active users, those who log in to the platform up to seven days a week and tweet a minimum of three times a week.

While these heavy users are less than 10% of the total monthly overall users they account for a massive 90% of all tweets on the platform and around half of Twitter’s global revenue.

The leaked research also found over the last two years the topics of interest among English-speaking heavy users have shifted with one of the highest-growing topics being cryptocurrency and interest in news, sports, and entertainment has seen a decline.

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Freeway reveals key factors leading to platform withdrawal halt

The crypto yield platform said one of its trading strategies “appears to have failed” forcing the firm halt services earlier this week.

Crypto staking platform Freeway pointed at the failure of one of its trading strategies, along with market conditions as the leading reason for halting user withdrawals earlier this week.

The crypto yield platform on Oct. 23 announced it was halting various transactions relating to its high-yield “Supercharger” product, citing “unprecedented volatility” at the time, without giving any more details at the time, which saw its token price plummet.

In a 22-part Twitter thread on Oct. 25, Freeway shed more light on the situation, revealing that it was “one of Freeway’s trading strategies” that “appears to have failed” and has “dramatically impacted Freeway’s portfolio” and caused a “substantial loss” to its investors.

Freeway explained that an unprecedented rally of the United States dollar, along with crypto volatility led to the failure of the trading strategy. 

“The trading strategy was executed as it was programmed, but the market volatility caused a spike in margin utilization leading to the loss,” it explained.

The platform offers users up to 43% annual yield wards using its “Superchargers” products. Users can deposit fiat currencies and crypto, which are placed in regulated brokerage accounts that are leveraged for returns.

However, the firm said earlier this week it would be halting buys and deposits and won’t be buying back Superchargers until its new strategies are implemented.

Related: What are DeFi yield aggregators, and how do they work?

In the new post, Freeway said it would be enacting a recovery plan to improve and secure its remaining funds.

The plan would involve bringing in “new expertise” to improve the management of its remaining funds, alternative diversification opportunities for investors, deploy a new product with “impressive projected profitability” (although details have not yet been announced), along with a new “Earn and Protect” feature that gives greater user protection.

The platform has also confirmed that they had moved out of the “loss-producing” strategy.

“In order for us to resume Supercharger buy-backs we need to be in a position to execute safely. We will therefore need to see significant inroads into the losses before that can happen, and that will take time.”

News of Freeway’s service halt caused its FWT token to plummet 81% to approximately $0.00134. The token is currently priced at $0.00152, according to CoinGecko.

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Nigerians’ passion for crypto is stopping short at the eNaira

With less than 0.5% adoption, the central bank of Nigeria is struggling to push its eNaira CBDC to its citizens.

Nigeria’s central bank digital currency (CBDC) is not getting the warm reception expected from its crypto-savvy population.

According to a Bloomberg report, less than 0.5% of Nigeria’s 217 million population are using the government-issued digital currency — the eNaira — a year after its launch.

This comes despite Nigeria being identified by Chainalysis as the top country in Africa for crypto adoption and ranking 11th globally, while a KuCoin report found that 35% of the Nigerian population aged 18 to 60 had owned or traded cryptocurrencies this year.

Bloomberg noted that Nigerians have been confused due to a lack of clarity from the state which cracked down on crypto last year.

In February 2021, the Central Bank of Nigeria banned banks from servicing crypto exchanges in an effort to sever fiat on and off ramps.

Educating people who are generally wary of the state and ruling elite has also become a challenge for the central bank, according to the report.

The #Nigerian eNaira is a central bank digital currency (CBDC) that launched 1 year ago, however only 0,5% of Nigerians are using it.

According to TripleA, more than 10% of the population own #Crypto.

Nigerians want Crypto, but they don’t want Government backed Crypto. pic.twitter.com/WaM8nmHxRg

— Crypto Rand (@crypto_rand) October 25, 2022

Furthermore, the naira has been devalued around six times since 2015 and economists expect a further 20% loss in value next year, as the economy has been further compounded by galloping inflation, which could make the push for a CBDC a hard sell to many of the country’s citizens. 

According to the director at Lagos-based emerging and frontier markets investment bank Renaissance Capital, Adesoji Solanke, “the eNaira does not address any of these basic use cases, so no surprise at its low adoption rates so far.”

The disappointing figures are now prompting the Nigerian central bank to ramp up efforts to increase its adoption, including offering a 5% discount to drivers and passengers of motorized rickshaws that ply the city streets, according to the report. 

Related: Nigeria becomes the most crypto-obsessed nation after April crash

In August, Nigerian Central Bank governor Godwin Emefiele announced the eNaira project entered its second phase in August with an adoption target of eight million users.

At the time, he added that the CBDC has had about 840,000 downloads, with about 270,000 active wallets. By August there had been around 200,000 transactions worth 4 billion nairas — approximately  $9.5 million at the time.

According to the Atlantic Council’s CBDC tracker, Nigeria is one of eleven countries to have fully deployed a central bank digital currency, the other ten are in the Caribbean.

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