Daily Crypto Updates (Dec. 8, 2021): Conviction in Cryptocurrencies Remain Strong
Investors are HODL-ing their BTC
The U.S. stock market has staged an impressive comeback today, with all the major indices climbing by at least 2% after it was revealed that the Omicron variant may pose less of a threat to the global economy than previously thought.
Surprisingly, the crypto market — which has been highly correlated with the traditional markets in recent times — did not respond in a similar fashion.
BTC has been continuing its sideway movements above the $50k level with limited upside gains, while ETH has also been struggling to break out of its immediate resistance zone near the $4,400 level.
Despite all these, however, on-chain metrics still currently paint a positive picture with regard to the future of BTC, as the balance of BTC on exchanges has just reached a three-year low.
Even though the massive liquidation cascade that took place in May of this year did see huge net exchange inflows that kept the price moving sideways for a while, the current exchange balance exodus suggests that many investors are still HODL-ing BTC with conviction.
Additionally, some altcoins have also been faring well even through the general market gloom. MATIC, for one, is actually up around 40% from two days ago amid mounting excitement over a huge announcement that the Polygon team will be making at the zk Summit on Dec. 9.
A Gaming Giant Enters the Crypto Space
After spending a few years supporting blockchain startups and exploring the crypto-gaming industry from a distance, gaming giant Ubisoft has finally decided that they are ready to take the full plunge into the crypto space.
The renowned game publisher recently unveiled Ubisoft Quartz, a Tezos-based platform that will enable players to purchase in-game items as NFTs.
The first game that the platform will support constitutes one of Ubisoft’s most popular games of all time, Tom Clancy’s Ghost Recon. Upon this announcement, the price of XTZ, the native token of the Tezos blockchain, soared by nearly 40% in a matter of hours.