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Cryptocurrencies have moved sideways in the past two weeks, with Bitcoin hovering above the important level of $30,000. Most altcoins have also remained in a tight range with volumes remaining sharply lower. This price action could be a calm before the storm in the crypto industry.
Fear and greed index stalls
A quick look at key gauges in the financial industry provides more color about the state of the market. The closely watched crypto fear and greed index has remained at the neutral level of 56. It was in the greed zone a few weeks ago.
At the same time, the US dollar index has dropped to $102 while the VIX index remains steady below $20. Meanwhile, the fear and greed index that is tracked by CNN Money has moved to the extreme greed area.
Bitcoin and other cryptocurrencies hae remained in a tight range as investors assess the recent ETF applications. Most analysts believe that the SEC will accept the new applications because of the surveillance clauses that the company have implemented. This is an important clause that is intended to prevent market manipulation.
While the SEC is an important entity in this situation, it will not have the final say about the ETF application. A judge in the US could rule in favour of Grayscale, creator of the GBTC Fund. The company sued the SEC for rejecting its plan to convert GBTC into an ETF.
In all, a spot Bitcoin ETF could lead to more demand for Bitcoin as these companies add coins to their custody. However, in the long-term, analysts question whether there will be enough institutional demand for the coin.
The next important catalyst for Bitcoin and other cryptocurrencies will be the upcoming US consumer inflation data. A sign that inflation is falling at a faster pace than estimated will be a good thing for cryptocurrencies since it will reduce the urgency of more rate hikes.
Chancer token sale continues
Meanwhile, Chancer, a new company in the cryptocurrency industry, has raised over $730k in one of the most successful token sales of the year. It has sold over 73 million tokens in less than a month, signaling that there is high demand for the token.
Chancer is a company that seeks to disrupt the fast-growing industry of sports betting and prediction. The developers are creating a betting platform that will be powered using blockchain technology.
In addition to sports betting, Chancer users will be able to create their own markets in the ecosystem. For example, a group of friends can create a betting market and then make money as people place their bets.
The other important feature for the ecosystem is decentralization. Unlike companies like Bwin and DraftKings that are controlled centrally, Chancer’s token holders will have many decisions to make. They will also take part in sharing the platform’s profit.
Is Chancer a good buy?
Chancer is a platform that is disrupting a huge industry valued at billions of dollars. Sports betting and prediction also has billions of users around the world. Therefore, if the developers create a good platform, there is a likelihood that it will gain market share in the next few years.
The market opportunity makes Chancer a good token to invest in. However, there are also risks for investing in the token. For example, there are regulatory risks, as we saw with the recent SEC lawsuits against Coinbase and Binance.
As part of these regulatory risks, there is a possibility that some American exchanges will be afraid of listing it. Still, I believe that the opportunities outweigh the risks for now. In the past, we have seen some tiny cryptocurrencies like Pepe and Keke surge after their debut. Therefore, you should allocate just a small percentage of your funds to Chancer and other tokens. You can buy the Chancer presale here.
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