Crypto market fell below $1 trillion again as Bitcoin BTC/USD is approaching the local bottom of $17,600. On-chain analytics also demonstrate bearish sentiment among market participants.
An example of this is the Bitcoin Adjusted SOPR chart, provided by Glassnode, showing investors cashing in during bear market rallies. This indicator suggests that investors sell to “get their money back” at their cost base, because there is huge resistance at 1, which is the breakeven point. I think the mainstream narrative of a recession and high inflation has caused fear among market participants.
The seasonality of Bitcoin’s monthly price change is consistent with September being a negative month, as seen in the chart above, as 7 out of the last 9 Septembers have been red.
However, Bitcoin is already down more than 5% this month and 7 of the last Octobers have been green. Therefore, if Bitcoin’s seasonality over the past 9 years is anything to go by, this scare could translate into a great buying opportunity.
Ethereum-based metaverse platform Sandbox is teaming up with Renault’s Korean subsidiary to enter the metaverse space. Renault Korea aims to establish its brand presence in the metaverse to expand its customer base, while introducing customers to Renault-based virtual car experiences. Sandbox Korea CEO Cindy Lee said, “This partnership is a great example of collaboration. The Sandbox can develop without industrial borders. We are able to introduce new types of experiences that combine automobiles and digital assets in The Sandbox.”
This isn’t the first time we’ve seen car brands enter the Metaverse, as Nissan, a Japanese automaker, used the Metaverse to help launch the Sakura, an electric car. The company set up a virtual world where potential customers could drive the car in a virtual world that the company set up, allowing them to examine its features.