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    Gaming tokens surge, in spillover effect from Bitcoin price rally: GALA, SAND, ENJ, BEAM, APE

    Fonte Fxstreet
    01/03/2024 08:00
    • Bitcoin’s price rally to a local top of $64,000 created winners in different altcoin categories like gaming tokens. 
    • Gaming assets like GALA, SAND, ENJ, BEAM and APE prices have surged even though BTC price fell to the $61,000 level on Friday. 
    • Traders realized a record high $5.54 billion in profits on their BTC holdings on February 28, on-chain data shows.

    Prices of several gaming tokens increased sharply on Friday, a surge that can be broadly attributed to the overall recent growth in cryptocurrency markets but more specifically to the recent Bitcoin (BTC) price rally to a local top of $64,000. 

    Profit-taking by BTC holders peaked on Wednesday, making it likely that these investors have realized gains and rotated these profits into other sectors in the market such as gaming tokens.

    Also read: ApeCoin price climbs 5% as gaming narrative revitalizes social metrics for APE

    BTC profit-taking surge precedes rally in gaming tokens

    Gaming tokens such as GALA (GALA), The Sandbox (SAND), Enjin Coin (ENJ), Beam (BEAM), and ApeCoin (APE) have noted a price increase between 2% and 9% on Friday. 

    The rally in gaming tokens is likely catalyzed by the rotating of capital by market participants who realized profits in Bitcoin on a large scale. Santiment data shows that on Wednesday BTC traders realized $5.54 billion in gains, the largest profit-taking event in the history of Bitcoin. 

    BTC

    BTC Network Realized Profit/Loss. Source: Santiment

    This may have catalyzed gains in several crypto sectors, gaming tokens included. 

    Gaming tokens

    Gaming tokens gains on Friday. Source: Coingecko 

    A key catalyst for this recent upside move is whale activity. Data from Lookonchain shows that a large wallet address changed their position from PEPE to Shiba Inu (SHIB), Decentraland (MANA), The Sandbox (SAND) and GALA (GALA). The whale sold their 1.97 trillion PEPE holdings, worth $6.07 million, at a profit of $3.49 million. 

    The wallet address then accumulated 75.9 billion SHIB (worth $893,000), 1.6 million MANA (worth $1.07 million), 2.43 million SAND (worth $1.48 million), and 36.88 million GALA ($1.46 million). Sustained buying pressure from large wallet addresses is likely to drive further gains in  gaming tokens. 

    Isenção de responsabilidade: Apenas para fins informativos. O desempenho passado não é indicativo de resultados futuros.
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    USD/JPY extends upside to 155.00 amid caution ahead of US data, BoJ policyThe USD/JPY pair advances to historic highs of 155.00 in Wednesday’s London session.
    Fonte  Fxstreet
    The USD/JPY pair advances to historic highs of 155.00 in Wednesday’s London session.
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    FX option expiries for Apr 24 NY cutFX option expiries for Apr 24 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0550 565m 1.0575 400m 1.0600 440m 1.0610 1.1b 1.0650 1.1b 1.0700 2.3b 1.0705 645m 1.0725 860m - GBP/USD: GBP amounts 1.2450 613m - USD/JPY: USD amounts 153.00 452m 153.50 1.5b 154.00 902m 155.40 1b - USD/CHF: USD amounts 0.9150 765m - AUD/USD: AUD amounts 0.6325 500m 0.6400 472m 0.65425 335m - USD/CAD: USD amounts 1.3600 600m 1.3650 625m 1.3680 914m - EUR/GBP: EUR
    Fonte  Fxstreet
    FX option expiries for Apr 24 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0550 565m 1.0575 400m 1.0600 440m 1.0610 1.1b 1.0650 1.1b 1.0700 2.3b 1.0705 645m 1.0725 860m - GBP/USD: GBP amounts 1.2450 613m - USD/JPY: USD amounts 153.00 452m 153.50 1.5b 154.00 902m 155.40 1b - USD/CHF: USD amounts 0.9150 765m - AUD/USD: AUD amounts 0.6325 500m 0.6400 472m 0.65425 335m - USD/CAD: USD amounts 1.3600 600m 1.3650 625m 1.3680 914m - EUR/GBP: EUR
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    Silver Price Analysis: Silver price in steep sell-off after touching top of four-year rangeSilver (XAG/USD) price has continued to sell-off after being rejected by the top of a long-term range at just below $30.00 (green line) on April 12.
    Fonte  Fxstreet
    Silver (XAG/USD) price has continued to sell-off after being rejected by the top of a long-term range at just below $30.00 (green line) on April 12.
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