Bitcoin gains momentum as DXY finally cools off. Gary Vee’s popular NFT project, VeeFriends is getting some serious attention and THIS famous NFT artist sounds the alarm and put out an important warning. Stick around to the end to find out! My name is Ben, this is your nightly crypto news wrap up, LET’S GET IT!
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Blast Off or Bear Trap?
In 2022, the story of Bitcoin is basically the opposite of the story of the DXY. Considering the hawkish approach Jerome Powell and the gang are taking against inflation, the dollar has been pumping like no other. Although, since the DXY put in a high at 115 at the end of September, lucky for us, it has fallen just under 4% and has helped Bitcoin once again hover right around that psychological 20k level. Peek at this DXY chart (below) and the important Support/ Resistance level line. What was overhead resistance on September 7th became the new floor on September 22nd. We’re back below that level for now, but I have a feeling a retest is coming, and that will most likely tell the story for Bitcoin. If the DXY continues to fall, we’re smooth sailing, but if it gets back above that S/R line, any ground we gain now will turn out to be a bull trap and it’s hard to tell how far we’ll fall. Fingers crossed that the closed emergency FED meeting yesterday involved a dovish fall-back plan for the rest of the year. This isn’t the only bullish sentiment to hang your hat on either. Bitcoin supply on exchanges is at its lowest level since the end of 2018 and despite the bear market, the amount of people holding bitcoin keeps growing. In fact, IntoTheBlock points out that there’s 42 million addresses currently holding bitcoin, which is 4.5 million more than this time last year. If you want to add bitcoin to your wallet, or if you want to buy Bitcoin for the first time, Be sure to click the link below to Binance where you can get 600 dollars just for signing up! Let’s pass it to Frankie Candles for a Market Watch!
VeeFriends R’ Us
Thanks Frank! Gary Vaynerchuk’s popular NFT project VeeFriends is making a noteworthy push into the mainstream and they’re setting a new standard for what’s possible in the industry. In just a few weeks, starting on October 17th, thanks to their partnership with Toikido, 10 of the VeeFriends characters will be available as plush/ vinyl toys that you can purchase at any Macy’s or Toys R’ Us in the states. Gary Vee and his team are very excited about this development, and since he’s been a long-time toy collector, Gary stated that the deal, “means way more to me than you can ever imagine,” Transitioning outside of the digital realm is important of the NFT companies that want to become popular brands in pop culture, and I think it’s cool that VeeFriends to become toys for kids. I mean, would you put your kid to bed with a stuffed Goblin?
Popular NFT artist Beeple, best known for selling an NFT collage for just shy of $70 million dollars last year, recently issued a dire warning about their discord. It reads, “It appears our discord URLs were hacked to a point to a fraudulent discord. DO NOT go into that discord and do not verify, it will drain your wallet.” He signed off by thanking discord for being garbage. I hope anyone trying to get into that discord gets that message from him. Honestly, I’m really reporting this to make a bigger point about scams and hacks in the crypto and NFT space. Beeple is right, anything to be good to be true, is a scam and to succeed in this industry, you have to have the wherewithal to not let that happen to you. Phishing attacks are very real, and the hackers are only getting more and more sophisticated with the times. Just this year alone, almost $87 million dollars’ worth of NFTs have been stolen, and over 2 Billion has been hacked in crypto. This doesn’t have to be you! Be careful, use common sense and protect yourself. Start off by running a VPN to scramble your IP address, don’t use the same password for every log in, and most importantly, BUY A LEDGER device to store your crypto, and YES, ledger also supports NFTs. It’s 2022, and you’ve seen how bad things can get if you leave your crypto on an exchange. Getting a Ledger is the smartest thing you can do and it’s the safest place for you to hold all of your crypto assets. Link in the description, better safe than sorry. Be careful out there! That’s all I got. Be blessed. BitBoy Out!