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Today’s Cryptocurrency Headline
According to OpenSea, the turnover of NFT project Loot reached 50,440 ETH in the past week, second only to Mutant Ape Yacht Club (51,808 ETH) and CryptoPunks (30,059 ETH). Loot is a meta-MMORPG game, a “game of games” and an unprecedented open experiment. And this experiment is just beginning to unfold on the Ethereum blockchain. Due to the open nature of Loot and its smart contract infrastructure, the project is essentially a “cultural Lego” that can be easily connected to other Web3 projects.
Bingbon’s Bitcoin Chart
Bitcoin was able to successfully reach the $50,000 mark last week. After reaching nearly $52,000, Bitcoin appears to have secured the $50,000 mark. The bulls continue to gain momentum and BTC is now under pressure between $51,000 – $55,000. Once that zone is crossed, Bitcoin is expected to retest its new high.
From the weekly chart, Bitcoin is still rising but in the short term, traders need to be alert for the risk of Bitcoin retracting to the support level at $49,300. There is a risk of short-term liquidation in the leveraged futures market due to the increased bullish sentiment. Once the Bitcoin price moves down to this level, it is highly possible to break the upward pattern of the daily chart, increasing the downside risk.