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.

Hop on the Crypto Bandwagon Now!

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.

--

--

--

One of The World’s Fastest Growing Cryptocurrency Trading Platforms

Love podcasts or audiobooks? Learn on the go with our new app.

Crypto Hodlers NFT

Bit By Bitcoin — The Luddite Investor

AMA RECAP : CRYPTO CHALLENGERS x ARI10 Venue : CRYPTO CHALLENGERS Date :23 OCT 2021 Time : 12:00…

CoinEx Research Institute: Research Report on Injective Protocol (INJ)

Whitelist Details of Flurry Finance IDO Launch on Cardstarter

Invest in Best Cryptocurrency-check XcelToken Plus (XLAB).

Default Risk and How It Relates to the Cryptocurrency World

How do I Buy Fortune Coin (FOC) on the Kirin Cryptocurrency Exchange?

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Bybit

Bybit

One of The World’s Fastest Growing Cryptocurrency Trading Platforms

More from Medium

THE HISTORY OF CryptoCurrency

FAQ for Novice Secret Network Agents $SCRT (eng)

Sancho on Twitter: “Stader the best of the best staking tool.

Volatility in Cryptocurrency — Is It a Good Thing?