Share articles to

Academy Trading Ideas Article
Crypto Market Daily NFT DeFi Ethereum Bitcoin

OpenSea insider trading news goes mainstream as ETH makes a push

2021.09.17 Adam James

Though price action in the cryptocurrency market today has remained somewhat subdued, AVAX has surged.

The global cryptocurrency market capitalization is up a modest 1.4% over the past 24 hours, thanks primarily to altcoins. While the price of BTC remains virtually unchanged, the price of ETH has increased by 3.6%. Meanwhile, Avalanche's AVAX is up 22.1% — bringing its seven-day increase up to 77.2%.

The cryptocurrency market is generally down today, though some altcoins are pulling the total market capitalization higher. Source: Coin360

Though it's been a relatively slow day for the blockchain and cryptocurrency industry on the news front, China is doubling down on its cryptocurrency mining ban. The Development and Reformation Commission of China's Inner Mongolia made known its hiring of a contractor — Inner Mongolia Mengze Engineering Management Limited — to hunt down illegal mining operations.

With much of Bitcoin's mining power having already left China, some in the industry are viewing this as merely a show of power by Chinese authorities — especially given the budget of $46,000, which is currently less than 1 BTC.

NFT Snapshot: OpenSea insider trading goes mainstream

After admitting to insider trading by an executive at the project, OpenSea has gone mainstream — for the wrong reasons. The news has been picked up by mainstream media today, with CNBC, the Guardian, BBC, MSN and others reporting on the discovery.

Amid the controversy, OpenSea is rolling out its dedicated app on Google Play and Apple App Store — a welcome addition for users long looking for a mobile experience.

Top altcoin gainers and losers: AVAX outperforms, FTM fails

  • DYDX/USDT +40.62%
  • WNCG/USDT +29.32%
  • MASK/USDT +19.72%
  • DEP/USDT -12.07%
  • BABYDOGE/USDT -12.99%
  • KAR/USDT -13.18%

The top-performing large-cap altcoin on OKEx today is AVAX, which is up more than 14% — per the exchange's default time settings. No other cryptocurrency with a market capitalization greater than $1 billion is up by double-digit percentages.

On the opposite end of the spectrum, Fantom's FTM is the biggest loser among large-cap altcoins after dropping more than 6% following yesterday's big gain.

AVAX is the top-performing large-cap altcoin on OKEx today. Source: OKEx

BTC technical analysis: Looking to test 50,000 USDT

The price of BTC has regained the wide resistance zone it has been attracted to for weeks and looks intent on testing the zone's upper boundary. Underneath is the four-hour ribbon of exponential moving averages, which may provide support on the way up. Breaking above the zone would be taken as a highly bullish development and could spur on a wave of buyers.

OKEx's BTC/USDT 4h chart — 9/16. Source: OKEx, TradingView

ETH technical analysis: Breaking out against BTC

ETHBTC defied a generally bearish pattern and broke to the upside of a descending triangle. The four-hour EMA ribbon is now underneath the current price and may assist in providing support for a move higher.

OKEx's ETH/BTC 4h chart — 9/16. Source: OKEx, TradingView

Not an OKEx trader? Sign up and claim your new joiner bonus!

OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

Follow OKEx Insights on Twitter and Telegram.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.