GrayScale FUD Hits the Market

There have been a couple of Grayscale transfers to Coinbase over the last 2 weeks. The speculations about the sell - off were right about the Grayscale's new strategy. GBTC buyers decided to sell their positions and buy other (new) ETFs that they will pay less fees. While there are ETF options with .20%, the fees of Grayscale, around 1.5%, was found rather high by the buyers.

The current red days might be desperate and demotivating buy the little piece of FUD is in the codes of crypto ecosystem. Yet, when we zoom out and look at the bigger picture, things are likely to get much better.

Bitcoin broke a strong support level and the drop triggered sell pressure on almost all other cryptocurrencies. As a result of the sharp drop, several long positions got liquidated and the market's fear and greed index dropped drastically.

The strong resistance levels are likely to be above $43.3K and the next strong support might be around $38K in the daily timeframe. However, there are several other technical levels to follow in Bitcoin.

Meanwhile, not all cryptocurrencies are losing a significant amount of value. For instance, the performance of SUI and DOGE has been impressive. SUI's DeFi incentives enabled the coin to stay strong. On the other hand, DOGE has its own narrative.

DOGE is the first and leading memecoin. Its strong ties with Elon Musk is known by almost all crypto enthusiasts.

2 days ago, Twitter created an account called XPayments. The account might be the first step of payment system integration to the platform. After that news, the rumors say that Twitter also made an agreement with eToro over the transactions. As a result of that, speculators expected an announcement of possible DogeCoin usage in any part of Twitter. Yet, it did not happen.

The speculations were so hot that the price of Doge broke above the recent higher - high levels in its consolidation phase. Who knows, maybe the next bull run will begin with Doge or Bitcoin on X, but we can never assume that Elon takes such an action while there is no clear sign of bullish sentiment.

Among the hidden rules of crypto, you can find " surfing in the FUD " as well. The market cannot go up only. The ups and downs are pretty natural and expected. Not just the retail investors but lots of capitals are on it , as well. For instance Pantera Capital is bullish on the future of crypto ecosystem in its post - ETF and post - halving phases.

Similarly, the data shows pretty bullish signs for crypto ecosystem.

The mass adoption of crypto has the utmost important role for crypto to survive and become a part of global economy. The technology of blockchain and the use of cryptocurrencies mean a lot for the ecosystem to thrive. Though the initial phases of crypto adoption were rather small - scale, now there are more than a half billion crypto users all around the globe.

This is a fantastic number considering the growth rate in years. Yet, remember the fact that crypto is just an infant so far!

Aside from the attention on crypto, there are technical updates, new solutions, and technological advancements in the ecosystem too. For instance, Ethereum holders, with 32 ETH at least, can stake on a validator via MetaMask. Of course, we are still suffering from restrictions of some governments and earlier frauds in the market but crypto never bends the knee.

New coders, developers, projects and coins will always pop up in the course of time. The number of coins in the tracking platforms may reach millions in the near future. What we should do as investors is that we need to adjust the risks we are taking as investors and use our capitals wisely to make better use of return for our future.

Among the popular ways of hunting new projects with great potentials, Initial Coin Offerings (ICOs) and Initial Dex Offerings (IDOs) may provide a decent gains for the early investors.

If you are new in crypto ecosystem and you need some more information and guidance for the IDO launchpads and the promising examples, it might be better to focus on fundraising models and IDO calendar by Coinmarketcap and other crypto tracking websites.

While there are several IDOs with their themes, such as gaming, AI and DeFi, you may find a hidden gem with a couple of clicks and a small amount of investment 🔥

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