Qrafty is questioning the certainty of ETFs approvals, gaming and AI coins jump and NFTs are just about dead

***Qrafty rolling out the red carper for you***

Welcome, digital coins enthusiast!

I am Qrafty - the crypto lovin’ honey badger 🦡 !

Welcome to Coinqraft – the daily crypto newsletter for busy but curious people who don’t have time for the crypto drama!🌟

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1. Are We Sure About Approval Of ETFs?

2. Gaming And AI Coins Jump

3. NFTs Dead, Completely Dead

Bonus: After being hacked, Strike says no hack happened 🤪 

Are We Sure ETFs Will Be Approved?

Bitcoin’s up this year, it seems like the bear market days are behind us and life’s good, right? Even more, the world of cryptocurrency is buzzing with the rumor mill working overtime and at the center of it all is none other than Gary Gensler, the SEC Chair.

It's almost like we're in the midst of a financial thriller, and there's talk of an "amazingly sadistic" move in the works. What's the plot twist, you ask? Well, there's a tantalizing possibility that Gensler might just decide to pull the rug out from under those coveted Bitcoin spot ETFs, leaving the entire cryptoverse in jaw-dropping disbelief.

The SEC doesn’t have to approve the ETFs. So there are two scenarios:

• the deadline comes and the SEC approves one or more Bitcoin ETFs 😁 

• the deadline comes and the SEC decides to reject all ETFs for whatever reason. 😶‍🌫️ 

While the former is the most sought after scenario, the latter is the one that damages the hopes and dreams of pretty much all crypto fans and small players. But it definitely creates a massive advantage for the bigger ones.

Why would they do that, Qrafty?

Because an expectation has been created. An expectation for growth. And the shattering of that expectation after a bear market means disillusionment for pretty much everyone except smart money. This would give them time to accumulate more and position themselves in the best way for the near future (if they haven’t done so already).

But please bear in mind that this is just a hypothesis and most likely we will see Bitcoin growing and kinda forcing the approval of ETFs.

Now, let's rewind to the origins of this financial telenovela. The SEC has been playing hard to get with Bitcoin spot ETFs, while embracing the futures versions for Bitcoin and Ethereum. Their reasoning? Well, they're waving the flag of "investor protection," claiming that spot products are like knights without armor, unable to defend us against market manipulation.

The reality, Qrafty?

The reality is simple, it’s the difference between spot ETFs and futures ETFs: futures are just a contract that doesn’t affect the market at all. A spot ETF, on the other hand, requires buying the underlying asset. This means that the ETF issuer needs to dip its dirty little hands into the market and buy Bitcoin.

Such a coincidence that we are facing approval of these spot ETFs just now, at the beginning of the new bull cycle, isn’t it? Such a coincidence…

Remember: there are no coincidences when it comes to crypto and money!

🙃 Qrafty hopes that today’s main story brought brave badgery value to you! Now it’s time for a break, you deserve a bit of fun! 😇 👇️

Gaming Coins Jump With Bitcoin

It's Bitcoin's world, and we're all just living in it. But in the midst of the Bitcoin recent jump, gaming and metaverse tokens are the ones making all the noise this week. The anticipation of a Bitcoin spot exchange-traded fund (ETF) approval has set the crypto market on fire, but it's the gaming and metaverse tokens that are setting the stage on fire.

First up, AXS, the governance token of Axie Infinity. This play-to-earn monster-battling game has seen a 28% surge in the past week, now rocking a price of $5.76 (as of this writing). It even flirted with the $6.00 mark on Monday!

Then there's ApeCoin (APE), the Ethereum-based token in the Bored Ape Yacht Club's playground. After months of playing it cool, APE decided to step into the limelight, with a sizzling 20% gain in the past week, boasting a current price of $1.36. It even dared to reach $1.42 on Sunday, a bold move from its all-time low of $1.01 back in October.

MANA, the token of the Decentraland metaverse game, is showing off a 21% jump this week, with a current price comfortably above $0.37. Also, Sandbox's SAND token worth mentioning with an almost 15% gain in the past week, hitting a current price of $0.35.

SBF’s Lawyers Trying To Gaslight Jury

It was courtroom theater at its finest as Sam Bankman-Fried faced an intense cross-examination during his trial on seven counts of fraud and conspiracy tied to the dramatic downfall of FTX. The lead prosecutor had Bankman-Fried agonizing, seeking answers to some tough questions. But what seemed to capture the spotlight was Bankman-Fried's remarkable ability to claim a case of convenient amnesia regarding the pivotal events in question.

But the legal theatrics don't stop there, so enter the legal maneuvering. Sam Bankman-Fried's legal team is attempting a strategic move by bringing English law into the spotlight. They're hoping it might just be the ace up their sleeve, potentially leading to a "not guilty" verdict on some of the fraud charges haunting the exchange founder.

Here's their legal gambit in a nutshell: "For misappropriation to have occurred, according to the Government's theory, there must have existed a trust, fiduciary relationship, or something akin to it between FTX and its customers." However, here's the twist—under English law, the Terms of Service paint a different picture. They don't establish any trust or cozy fiduciary relationship between FTX and its customers. No siree. And according to English law, any post-agreement representations to customers won't magically create a trust relationship or a similar fiduciary bond.

Yeah, legalese isn’t easy.

NFTs Are Completely Dead. Time To Buy?

I think it’s time to break it gently: the NFT rollercoaster has ground to a screeching halt, and that so-called bubble? It's burst like a balloon at a kid's birthday party.

Let's be honest, from the get-go, it was a bit baffling why people were shelling out insane amounts for digital collectibles. Now, those head-scratching purchases seem to be a distant memory. What caused this dramatic twist of fate, and can NFTs pull off a Hollywood-style comeback?

NFTs have been around for a while, but they really hit the big time in 2021. It was like the hottest fashion trend - everybody had to get their hands on NFTs. Even Sotheby's, that grand old auction house founded in the days of wigs and quill pens, couldn't resist the allure of NFTs. They raked in more than $20 million selling 101 Bored Ape NFTs in September 2021, but now they're dealing with a lawsuit from a disappointed buyer. It’s one of those situations where laundering money doesn’t turn out exactly as you would expect… tough times all around.

But let's call a spade a spade here: greed was the main driver behind NFT purchases. People saw the prices skyrocketing and thought they could cash in on the craze. They're essentially a fancy form of gambling. But it seems the thrill has fizzled out, much like a deflated balloon.

Google searches for "NFT" have plummeted, trading volumes are in the dumps, and NFT prices? Well, they've taken a nosedive. Bored Ape NFTs? Down over 90% from their peak. The CryptoPunks? Slightly less disastrous, but they've still shed about 80%.

Unless NFTs find a purpose beyond making some people rich and others bored, they're destined to slip further into the shadows, occasionally flickering to life like a dying ember, much to the chagrin of their die-hard fans.

Now, the question is: will some of them get back up? Is it worth buying some and just seeing what will happen? Of course this isn’t financial advice. Qrafty believes that there is a chance that some of the bigger and known ones might be suitable for big growth. So take your pick!

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Tomorrow is like a cryptic fortune cookie - you can't always predict what it holds, but you can't resist taking a bite.

Qrafty’s thought of the day

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Unibot exploited

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Market Whispers

So, Tuesday: Bitcoin already took Monday's low at ~$34,740, so now it can go to new highs. The price action so far looks like it wants to go higher first and then we could see a bigger correction.

We will have more data once we retest the highs at $36k. If it finds support above, considering the mini range has formed here, after the pump, well... we might see $48k. Cheers to that! But, the most expected scenario is to take the highs at $36k, reject, do a bit of a correction, with lows not more then $32k and up again. The monthly candle looks goood! But, again with the "but"... looking on a higher timeframe (weekly/monthly) it really needs to pass $35,8k and convert it into support.

Ethereum can't catch a breath... as soon as it decides to go up, Bitcoin decides to go down and it takes ETH along. Today it tested Fibonacci golden pocket twice, and the range highs at ~$1,810, three times. That's some price action for a day! And we still don't have a clear picture for it.

Also, ETH/BTC pair is having a hard time, passing under an important S/R level at ~0.053. Hoping is just a deviation and it goes back inside the range. Until it does that, and ETH/BTC catches some strength, unfortunately we can't expect much from ETH/USD pair.

Qrafty ends channeling his inner trader.

Today is HALLOWEEN!

That’s all from Qrafty 🦡 for today! Qrafty thanks you and wishes you to live each moment as if you are listening to the music you love most!

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