Bitcoin falls on inflation and regulatory fears, EOS, SNX, IMX, March 6

BTC loses 4.7% as negative sentiment weighs. EOS eyes revival with EVM. SNX tops the week with a gain of 21%. IMX gains on Warner Bros deal.

BTC

Bitcoin’s rally faced resistance with a 4.7% drop on the week as traders fear higher inflation and regulation.

The chairman of the Securities and Exchange Commission (SEC), Gary Gensler, rattled the crypto markets again with his comments about crypto exchanges. Gensler’s statement — part of prepared remarks before a virtual public meeting last week — followed a Feb. 15 vote by SEC commissioners to expand asset custody rules to include cryptocurrencies.

Based on how crypto trading and lending platforms generally work, investment advisors cannot rely on them today as qualified custodians. To be clear: Just because a crypto trading platform claims to be a qualified custodian does not mean that it is.

His comments mean that institutions and professional investment advisers may find it difficult to deal with certain exchanges.

An announcement the following day by Coinbase said the US-listed exchange had acquired One River Digital Asset Management. ORDAM is an SEC-registered investment adviser and Coinbase will have SEC benefit for a qualified custodian, so the company was obviously waiting for the SEC vote.

European inflation rose last week, and the continued expectation of high interest rates is hurting Bitcoin. BTC traded at $22,455 on Monday with support at the $21,500 level. A lower break would target $20,000 again.

EOS

EOS was once a regular player in the top ten cryptocurrencies by market cap. The rise of decentralized finance and other crypto technologies saw the coin fall out of contention, and it is now at number 40.

However, the project is looking for a revival with an upcoming upgrade in April. EOS has a new development team and is targeting other sectors, such as gaming and the metaverse. EOS was a big name in the early days of crypto, with the project raising $4 billion in its initial coin offering (ICO) and the token reaching a market cap of $14 billion.

EOS Network Foundation’s new CEO, Yves La Rose, is leading plans for a consensus mechanism upgrade, an Ethereum Virtual Machine (EVM) solution, and a new growth strategy. The EVM network is slated for an April 14 release, with updates and improvements planned in the weeks and months that follow.

“By combining the performance of EOS with the familiarity of Ethereum, Solidity developers are in for a treat,” tweeted Rose.

With 800+ exchanges per second, the $EOS EVM will be BY FAR the fastest EVM, benchmarked 3x faster than Solana + BNB and 25x faster than Avax.

With this development, total value locked (TVL) has already increased by $50 million since the start of this year ahead of April’s EVM launch.

The price of EOS is now trading at $1,214 and looks set to push higher with resistance at the $1,500 level.

SNX

Synthetix’s native token SNX has been one of the few cryptocurrencies to find a bullish bias over the past two weeks.

Synthetix recently announced a new milestone that has the potential to increase its liquidity drive, with Synthetix V3 now live on the mainnet. This is an important milestone for the network because it will facilitate a transition to a distributed pool model, compared to the previous debt pool of the liquidity method.

The main advantage of the transition is that liquidity providers can now contribute to liquidity in various pools across several markets. Synthetix plans to make the pools permissionless and hopes to lure liquidity providers to the chain, increasing TVL. There was some excitement at the initial announcement with Synthetix joining the list above most used smart contracts among the top 100 ETH whales.

Finally, SNX’s chain volume indicator reached its highest 4-week levels in late August, showing that there is robust demand for the project.

The price of SNX has now moved to $3.21 and is testing the 50 moving average. A move above could target the $4.00 level.

IMX

Immutable X has continued to capitalize on its partnership with Warner Bros with the launch of the web3 mobile game Blocklete Golf from Discovery Sports on Immutable X.

Last month, Warner Bros added a web3 quiz game to create Bleacher Report Watch-to-Earn (B/R W2E game.) In addition, Warner builds on its partnership with Immutable by migrating Blocklete Golf from Flow to Immutable X. Migration is reportedly due to “fast transactions and gas-free NFTs backed by Ethereum’s robust security and decentralization.”

Andrew Sorokovsky, VP of Global Business Development at Immutable, said “

Last month, Warner Bros added a web3 quiz game to create the Bleacher Report Watch-to-Earn (B/R W2E game.) In addition, Warner continues its partnership with Immutable by migrating Blocklete Golf from the Flow blockchain to Immutable X. The migration is reportedly due to “fast transactions and gas-free NFTs backed by Ethereum’s robust security and decentralization.”

Blocklete Golf is an interactive traditional mobile golf management game that allows players to guide golf characters across virtual links in PvP matchups and tournaments. The game features the evolved Play-and-Earn model, which has become the standard for many games looking to move away from the Play-to-Earn model, which saw Axie Infinity rise to stardom during the last bull run.

Blocklete Golf looks to set the game apart from other web2 mobile games by allowing players to collect, train and trade unique NFT-based avatars or use them to compete with others.

The price of IMX is trading at the $1.03 level and has the potential to retest the $1.30 resistance level.