Crypto Market Drops Below $1 Trillion Again, As Bitcoin Bitcoin / US Dollar It is approaching the local bottom of $17,600. Chain analyzes also show bearish sentiment among market participants.
An example is the Bitcoin modified SOPR chart, provided by Glassnode, which shows investors making money during bear market rallies. This indicator indicates that investors are selling “to get their money back” on a cost basis, as there is significant resistance at 1, which is the break-even threshold. I think the prevailing narrative of stagnation and high inflation has caused fear among market participants.
The seasonality of the monthly Bitcoin price change corresponds to September as a negative month, as shown in the chart above, where 7 of the last September 9 members were in red.
However, bitcoin has already fallen more than 5% this month and last October 7 was green. So, if Bitcoin’s seasonality over the past nine years is anything to go by, this fear could lead to a great buying opportunity.
The Ethereum-based Metaverse platform, Sandbox, is teaming up with the Korean subsidiary of Renault to enter the metaverse space. Renault Korea aims to establish its brand presence in the Metaverse region to expand its customer base, while offering customers Renault-based virtual car experiences. Sandbox Korea CEO Cindy Lee said, “This partnership is an excellent example of collaboration. Sandbox can be developed without any industrial boundaries. We are able to offer new types of experiences that combine automobiles and digital assets in The Sandbox.”
This isn’t the first time we’ve seen car brands enter the metaverse, as Japanese automaker Nissan used the metaverse to help launch the Sakura, an electric vehicle. The company has set up a virtual world in which potential customers can drive the car in a virtual world set up by the company, allowing them to examine its characteristics.