Crypto News September 1st, 2022

What is happening in the crypto market?

Sepehr Vafaei

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Photo by JOHN TOWNER on Unsplash

Cardano

The host of Coin Bureau (a popular crypto YoutTube channel) thinks that Cardano (a smart contract platform) will outperform Bitcoin in the short term as traders like himself are hedging themselves against Ethereum’s upcoming transition to proof-of-stake if that doesn’t go as smoothly as planned.

“ADA seems to be overdue for an appreciation against BTC on the weekly chart. This is because ADA has historically fallen against ETH for around eight weeks before seeing a multi-week rally. As you can see, ADA has been falling against ETH for about eight weeks and is showing signs of a reversal.” — Coin Bureau

Ethereum

Crypto analytics firm Santiment thinks ETH has a potentially bullish signal amid the current bear market:

“The Ethereum disbelief is strong from traders during a particularly volatile week of trading. The crowd has shorted, across exchanges, at the largest ratio since June of 2021. Historically, price rises are more prevalent in these conditions.”

According to this firm, the shorting rate for ETH is the highest since the June of last year.

Michaël van de Poppe, a popular crypto analyst tweeted:

Funding on $ETH remains extremely negative, while $ETH is running upwards.

People are eager to short $ETH as:

— Expectations are Merge will fail.

— It’s a bear market relief rally.

— Markets will only drop further downwards.

Maximum pain is on the upside.

MXC

$MXC is listed on Coinbase. MXC is an open-source protocol aimed at revolutionizing wireless communication by enabling wireless devices to efficiently connect and communicate over longer distances.

It is a big deal for a crypto to be listed on Coinbase and increases the public trust in the project so when this happens I usually add the coin to my watchlist on the CoinMarketCap website.

Fantom

Michaël van de Poppe thinks $FTM is ready for continuation and It needs to break and…

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