The Ethereum Merge countdown is approaching its final hours.
LUNA crashes again now that Do Kwon is wanted by the authorities.
And can we now interact with NFTs in Grand Theft Auto V and Minecraft?
Stay to the end and find out.
My name is JChains.
This is your nightly crypto news wrap-up.
Let's get it!
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Over the long term,
if this makes Ethereum a better platform,
a better base layer to build off of,
that means there's going to be more development on it
and likely more layer 2 applications
and therefore greater market value in the ecosystem.
So that's good.
So there really is a real revenue opportunity.
But we're talking about it doesn't all happen on day one.
This is a process we're looking at over the next year to two years.
But to take a step back,
you have to get the foundation right
before you can build a house that's going to stand for 100 years.
And so that's the way, you know, we're thinking about this.
It's a critical step,
but it is one step of numerous that will have to happen for the industry.
The Ethereum Merge is, without a doubt, the talk of the town right now.
And it's bullish to see it gets so much attention and national TV coverage.
We know that dominance is an important part of technical analysis,
but in the world we live in today,
social dominance is starting to take on a role of its own.
Because of all the hype built around the Ethereum Merge,
LunarCrush indicates that ETH's social dominance sits just under 15%,
which is up 23% in the last month.
LunarCrush's website adds value by taking social media analytics into account.
And it's a powerful tool to use to know what projects have the most eyes on them.
Right now, all eyes are on Ethereum.
And Mike McGlone from Bloomberg has even gone as far to say
that the Merge will revolutionize the financial world.
If you're wondering exactly when the Ethereum Merge is going to happen,
it's projected to happen within an hour or two after midnight tonight!
If you want to keep track of all the details or even join a Merge viewing party,
check out bordel.wtf.
Will this translate over to the charts?
Let's pass it on over to Frankie Candles for a market watch.
Thanks, JChains!
Alright, guys. Let's do a little market watch here.
We've got Bitcoin coming in at $20,250.
Up about 0.3% on the day
Ethereum coming in at $1,631 right before the Merge
Up about 3.5% on the day
Now, with the Ethereum Merge approaching here in just a few hours,
I did want to show the Ethereum chart
to try to give you guys an idea of what I am expecting now.
I could be wrong.
But I am expecting generally this whole ETH Merge to be either a big nothing burger,
or I think it could result in a little bit of negative price action.
But just to give you guys some levels to watch here,
right now on the 15-minute timeframe,
we did lose this point of control,
a very important level of support.
We lost it.
We were bearishly retesting,
but we just cracked back through it,
and we are now flipping it to support.
If we can hold this support,
and the ETH Merge is not a giant sell-the-news event,
I would expect us to work our way up towards this Value Area High
back up closer to about $1,741.
Now, if it does turn out to be a big sell-the-news event,
and we do wind up losing this point of control right here and bearishly retesting,
I would expect to potentially work our way back down towards the Value Area Low
or the range lows at about $1,497.
Now, guys, obviously, with things like the Ethereum Merge,
it's very, very hard to predict how price is going to react.
But it does seem like a lot of this hype has been priced into the market.
And, again, I could be wrong,
but my general thought is this is going to be somewhat of a nothing burger
or potentially a sell-the-news event.
But we're just going to have to wait another 6 hours and 18 minutes to find out.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Remember a week ago when we told you how bad of an idea it was to FOMO into LUNA?
But after seeing how many lives were ruined earlier this year from LUNA,
the last thing we will ever do is tell anyone this is a good idea.
See?
What did we say?
And exactly a week later,
LUNA and Luna Classic took a good old-fashioned nosedive into the oblivion
on the news that South Korean authorities put out a warrant for Do Kwon's arrest.
There are also warrants out for five other employees from Terraform Labs.
This morning, a South Korean news outlet known as Chosun reported,
"The main charges applied against them are violations of the Capital Markets Act."
In layman's terms,
we would refer this as a Ponzi scheme.
It is known that Terraform Labs team, Do Kwon included, are staying in Singapore,
and Chosun reports,
"Based on the arrest warrant, which is valid for one year,
the prosecution is said to be planning to secure new recruits
through measures such as Interpol red wanted and passport invalidation."
Now that the leader of the LUNAtics is a wanted fugitive,
will he turn himself in and cooperate?
Or will he continue to hide from the fact that he wronged thousands of people?
Also, will the LUNAtics themselves still FOMO into LUNA
regardless of the 1,000 red flags being waved from all over the corners of the world?
Or will they find a project that doesn't have a criminal for a CEO?
You guys have been rugged twice now.
The third time does not have to be the charm.
Have you ever wondered how cool it'd be to interact with your NFTs in your favorite video games?
Well, now, you can.
Enjin and Polkadot parachain Efinity have teamed up to bring us
the MyMetaverse MetaHome NFT collection.
Basically, how it works,
you get your NFTs from mymetaverse.io,
and then you load them into your NFT-powered servers,
where you can interact with them.
Right now, you can do this for Minecraft, Grand Theft Auto V and Infinity Realms.
Simon Kertonegoro, the CEO of MyMetaverse, stated,
"The MetaHome collection is an exploration of blockchain-enabled, cross-game interoperability.
Thanks to Enjin's toolkit,
it is now the first playable NFT within the Polkadot ecosystem."
I couldn't be more excited to see what games they add this one next.
For the record,
MyMetaverse stated that these aren't official integrations from Rockstar or Minecraft.
But it is very cool to see what's possible
when you add special features to games through NFTs.
Now, if Rockstar did do something like this for GTA6,
would it break the internet?
That's all I got.
Have a great rest of your night.