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    Gate.io Blog Daily Flash | Flow Skyrocketed Amid Zuckerberg’s Announcement of NFT Integration Across 100 Countries, Crypto Market Continues Trading Sideway with Lower Volume and Volatility
    Market Insights

    Daily Flash | Flow Skyrocketed Amid Zuckerberg’s Announcement of NFT Integration Across 100 Countries, Crypto Market Continues Trading Sideway with Lower Volume and Volatility

    05 August 10:53

    Today's Headline - FLOW jumps 50% amid Instagram adoption euphoria

    Meta's founder and CEO, Mark Zuckerberg, confirmed that the social media giant has started to roll out non-fungible tokens (NFT) across 100 countries in Africa, the Asia-Pacific, the Middle East, and the Americas in a post on Facebook.

    “In honor of expanding digital collectible NFTs to 100 more countries on Instagram and launching new integrations with Coinbase and Dapper, I'm sharing my soon-to-be NFT old little league baseball card, which someone recently found and sent to me... Metropolis Comics & Collectibles has the backstory on my baseball card,” Zuckerberg posted.

    The high-profile integration helped FLOW surge 54% to reach an intraday high of $2.83 a token. Interestingly, the token's massive upside move accompanied a spike in its daily trading volumes, confirming some weight behind the bullish trend.

    Flow is a layer-1 blockchain with its namesake FLOW token acting as a tender for network participation, transactions, and governance. Notable ecosystem partners include Warner Music, Ubisoft, National Basketball Association, Ultimate Fighting Championship, Animoca Brands, Circle, Binance, OpenSea, and now Meta.

    Chart of the Day - Bitcoin Realized Profit & Losses: Glassnode report

    Bitcoin investors continue to realize a larger magnitude of losses vs profits on spent coins.
    Realized Losses = $319M/day
    Realized Profit = $226M/day
    This is typical of bear markets, and a reversal is often associated with a pick-up in demand.

    As of this writing,
    Bitcoin (BTC) is changing hands at around $22,917, down 1.29% in the past 24 hours,
    while Ether (ETH) is trading at $1,657, or down 0.04% during the same period.
    Major altcoins are showing a mix of weak gains and losses, with Cardano (ADA) down by 0.17%, Solana (SOL) +0.41%, Polkadot (DOT) +0.89%, Avalanche (AVAX) -0.1%, and Cosmos (ATOM) +0.64%.

    Notable gainers include:
    Flow (FLOW) at $2.59 (+35.8%),
    Trust Wallet (TWT) at $1.18 (+13.8%),
    Ontology (LDO) at $0.327 (+18.3%).

    Notable losers include:
    Optimism (OP) at $1.92 (-10.6%),
    DeFiChain (DFI) at $1.01 (-5.9%),
    Ethereum Name Service (ENS) at $16.08 (-5.6%).

    On Thursday, Bitcoin (BTC) and Ether (ETH) traded lower for the 7th consecutive day, while ETH has been moving closely around its weekly support ($1,612) since Aug. 2, and both volume and volatility have been declining.

    BTC found support around the 20-day EMA ($22,596) but has fallen below its 50-day EMA since Jul. 31, while the RSI (relative strength index) has declined to 49.8, signaling that Bitcoin's price momentum is now neutral. The daily volume of BTC fell short of its 20-period moving average, indicating that both bullish and bearish investors are reluctant to add to their positions.

    According to a CoinDesk analysis article by Glenn Williams & Jimmy He, the average true range (ATR) for BTC has been declining since June 19, demonstrating a contraction in volatility for the largest cryptocurrency by market cap. BTC and ETH have declined 46% and 25% respectively. ATR is a market volatility indicator that measures the difference between the high price, closing price, and low price of an asset over time.

    The contraction of ATR implies reduced volatility. While both BTC and ETH have registered successive declines in price, those declines have been muted in the aggregate as a result of lower volatility.

    Influencer of the Day - U.S. Senator Warren Wants OCC to Withdraw Crypto Guidance for Banks: Decrypt report

    Senator Elizabeth Warren of Massachusetts is asking fellow Senators to sign on to the letter that would ask the Office of the Comptroller of the Currency (OCC) to withdraw crypto guidance that banks have relied upon and plans on sending a final version of it to Acting Comptroller Michael Hsu, who leads the office.

    Hsu’s predecessor, Brian Brooks, supported crypto innovation and made the legal interpretation that it was okay for banks to use blockchain technology and stablecoins to facilitate payments under the Trump administration.

    In November, the OCC issued a joint statement with the Board of Governors of the Federal Reserve System and FDIC, outlining a roadmap to determine whether banks engaging with crypto in certain ways is legally permissible, including the issuance and distribution of stablecoins and loans collateralized by crypto-assets.

    However, the OCC clarified on its website,

    “The statement from the agencies does not alter any existing agency rules or regulations.”

    According to Bloomberg News, Warren wrote,
    “We are concerned that the OCC has failed to properly address the shortcomings of the preceding interpretive letters and the risks associated with crypto-related banking activities, which have grown more severe in recent months.”

    Buzzes of Yesterday - #CME Group to Launch Euro-Backed Crypto Futures by EOM, #Japan Brings Back Crypto ATM

    Slope Wallets Blamed For Solana-Based Wallet Attack

    Alchemy Integrates Astar Network to Support Web3 Developers in Polkadot Ecosystem

    OpenSea NFT Gifting Feature Raises Concerns About Mislabeled Transactions

    Tinder Owner Ghosts Metaverse and In-App Currencies

    Robinhood Faces the Wrath of NYDFS, Fined $30 Million

    CME Group plans to launch euro-denominated Bitcoin and Ether futures

    Portuguese Banks Are Closing Crypto Exchange Accounts

    Japan brings back its first crypto ATM After 4 Years

    Paraguay’s Electricity Authority Requests Higher Rates for Crypto Miners, Partial Veto of Mining Legislation

    Author: Gate.io Researcher Peter L.
    This article represents only the researcher's views and does not constitute any investment advice. Gate.io reserves all rights to this article.
    Reposting the article will be permitted provided Gate.io is referenced.
    In all other cases, legal action will be taken due to copyright infringement.
    ETH + 0.34%
    BTC + 0.31%
    SOL -0.71%
    LDO -0.67%
    ASTR -3.26%
    DOT -1.84%
    FLOW -1.46%
    TWT + 1.30%
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