Bitcoin is unable to get back above the $60,000 mark, but the market remains optimistic about mid-term price — Futures Friday Bitcoin has continued to oscillate over the past week, not showing any decisive bullish moves even though the total cryptocurrency market cap is back around $2 trillion. Since altcoins have outperformed it in recent […]
The office shut-down at the start of the Covid-19 pandemic last year spurred huge investment in digital transformation and a wave of tech companies helping with that, but there were some distinct losers in the shift, too — specifically those whose business models were predicated on serving the very offices that disappeared overnight. Today, one of the companies that had to make an immediate pivot to keep itself afloat is announcing a round of funding, after finding itself not just growing at a clip, but making a profit, as well.
SnackMagic, a build-your-own snack box service, has raised $15 million in a Series A round of funding led by Craft Ventures, with Luxor Capital also participating.
(Both investors have an interesting track record in the food-on-demand space: Most recently, Luxor co-led a $528 million round in Glovo in Spain, while Craft backs/has backed the likes of Cloud Kitchens, Postmates and many more).
The funding comes on the back of a strong year for the company, which hit a $20 million revenue run rate in eight months and turned profitable in December 2020.
Founder and CEO Shaunak Amin said in an interview that the plan will be to use the funding both to continue growing SnackMagic’s existing business, as well as extend into other kinds of gifting categories. Currently, you can ship snacks anywhere in the world, but the customizable boxes — recipients are gifted an amount that they can spend, and they choose what they want in the box themselves from SnackMagic’s menu, or one that a business has created and branded as a subset of that — are only available in locations in North America, serviced by SnackMagic’s primary warehouse. Other locations are given options of pre-packed boxes of snacks right now, but the plan is to slowly extend its pick-and-mix model to more geographies, starting with the U.K.
Alongside this, the company plans to continue widening the categories of items that people can gift each other beyond chocolates, chips, hot sauces and other fun food items, into areas like alcohol, meal kits, and non-food items. There’s also scope for expanding to more use cases into areas like corporate gifting, marketing and consumer services, and analytics coming out of its sales.
Amin calls the data that SnackMagic is amassing about customer interest in different brands and products “the hidden gem” of the platform.
“It’s one of the most interesting things,” he said. Brands that want to add their items to the wider pool of products — which today numbers between 700 and 800 items — also get access to a dashboard where they monitor what’s selling, how much stock is left of their own items, and so on. “One thing that is very opaque [in the CPG world] is good data.”
For many of the bigger companies that lack their own direct sales channels, it’s a significantly richer data set than what they typically get from selling items in the average brick and mortar store, or from a bigger online retailer like Amazon. “All these bigger brands like Pepsi and Kellogg not only want to know this about their own products more but also about the brands they are trying to buy,” Amin said. Several of them, he added, have approached his company to partner and invest, so I guess we should watch this space.
SnackMagic’s success comes from a somewhat unintended, unlikely beginning, and it’s a testament to the power of compelling, yet extensible technology that can be scaled and repurposed if necessary. In its case, there is personalization technology, logistics management, product inventory and accounting, and lots of data analytics involved.
The company started out as Stadium, a lunch delivery service in New York City that was leveraging the fact that when co-workers ordered lunch or dinner together for the office — say around a team-building event or a late-night working session, or just for a regular work day — oftentimes they found that people all hankered for different things to eat.
In many cases, people typically make separate orders for the different items, but that also means if you are ordering to all eat together, things would not arrive at the same time; if it’s being expensed, it’s more complicated on that front too; and if you’re thinking about carbon footprints, it might also mean a lot less efficiency on that front too.
Stadium’s solution was a platform that provided access to multiple restaurants’ menus, and people could pick from all of them for a single order. The business had been operating for six years and was really starting to take off.
“We were quite well known in the city, and we had plans to expand, and we were on track for March 2020 being our best month ever,” Amin said. Then, Covid-19 hit. “There was no one left in the office,” he said. Revenue disappeared overnight, since the idea of delivering many items to one place instantly stopped being a need.
Amin said that they took a look at the platform they had built to pick many options (and many different costs, and the accounting that came with that) and thought about how to use that for a different end. It turned out that even with people working remotely, companies wanted to give props to their workers, either just to say hello and thanks, or around a specific team event, in the form of food and treats — all the more so since the supply of snacks you typically come across in so many office canteens and kitchens were no longer there for workers to tap.
It’s interesting, but perhaps also unsurprising, that one of the by-products of our new way of working has been the rise of more services that cater (no pun intended) to people working in more decentralised ways, and that companies exploring how to improve rewarding people in those environments are also seeing a bump.
Just yesterday, we wrote about a company called Alyce raising $30 million for its corporate gifting platform that is also based on personalization — using AI to help understand the interests of the recipient to make better choices of items that a person might want to receive.
Alyce is taking a somewhat different approach to SnackMagic: it’s not holding any products itself, and there is no warehouse but rather a platform that links up buyers with those providing products. And Alyce’s initial audience is different, too: instead of internal employees (the first, but not final, focus for SnackMagic) it is targeting corporate gifting, or presents that sales and marketing people might send to prospects or current clients as a please and thank you gesture.
But you can also see how and where the two might meet in the middle — and compete not just with each other, but the many other online retailers, Amazon and otherwise, plus the consumer goods companies themselves looking for ways of diversifying business by extending beyond the B2C channel.
“We don’t worry about Amazon. We just get better,” Amin said when I asked him about whether he worried that SnackMagic was too easy to replicate. “It might be tough anyway,” he added, since “others might have the snacks but picking and packing and doing individual customization is very different from regular e-commerce. It’s really more like scalable gifting.”
Investors are impressed with the quick turnaround and identification of a market opportunity, and how it quickly retooled its tech to make it fit for purpose.
“SnackMagic’s immediate success was due to an excellent combination of timing, innovative thinking and world-class execution,” said Bryan Rosenblatt, principal investor at Craft Ventures, in a statement. “As companies embrace the future of a flexible workplace, SnackMagic is not just a snack box delivery platform but a company culture builder.”
In the recent video, crypto KOL George Tung from CryptosRUs discussed 7 altcoins under $150M in market cap that he believes are poised to explode.
Rally (RLY) is the first altcoin on the list, a decentralized network for creators to monetize and align themselves with their community. As a community-owned network, the community is in charge of making the decisions for how the network evolves, not the Rally team itself.
“This is a brilliant idea! It’s a very easy way for creators to basically launch a token and interact and engage with their fans”, the trader says.
Moreover, excitingly, Rally recently launched a cryptocurrency dubbed Creator Coin that will help influencers, content creators, and streamers run their own virtual economies. The analyst also cites the news that Grammy-winning artist Portugal.The Man has also joined as a coin partner.
“All these entities have big followings and they’re adopting Rally”.
Terra Virtua (TVK)
Next on the list is Terra Virtua (TVK). Terra Virtua is a cross-platform non-fungible token (NFT) ecosystem that offers a curated marketplace for NFT creators and collectors to interact. The Terra Virtua Kolect platform spans web, PC, and mobile AR/VR environments.
“Terra Virtua has launched a line of Godzilla vs. Kong NFT collectibles created in collaboration with film production giant Warner Bros. — among the first-ever NFT drops to coincide with the release of a major film”, Tung says.
He further adds that if there is anything more than places Terra Virtua uniquely in the NFT and blockchain space, it is the partnerships the project has bagged over the last 3 years, including Paramount Pictures, Legendary Entertainment, and more in the space.
Next on Tung’s radar is Revv (REVV). REVV is designed to leverage the blockchain assets concept of interoperability, wherein a token can be utilised across multiple connected products.
“Revv is specifically created for games. Having one utility token for multiple game titles offers various benefits to players and game publishers and will encourage players to explore the other games that are part of this connected ecosystem, and has the additional potential benefit that any content or tokens could increase in utility as the larger token ecosystem expands”.
Tung also shares his bullish view on the coin that given the current strong fundamental grounds, the coin will pump to the moon really soon.
Nuls (NULS) is the next potential low market cap altcoin on the video.
NULS is an open-source, enterprise-grade, adaptive blockchain platform that offers fast-track business solutions for developers. Featuring microservices, smart contracts, cross-chain interoperability, and instant chain-building, NULS sets a new industry standard in streamlining blockchain adoption.
“The coin has been finally climbing, crawling up and they’re finally above 100 million, 127 million to be exact, and you know what, hopefully, they could continue to momentum and gain and go back to their previous highs”, Tung says.
Next on the list is Frontier (FRONT), a chain-agnostic DeFi aggregation layer.
“To date, the coin has added support for DeFi on Ethereum, Binance Chain, BandChain, Kava, and Harmony. Via StaFi Protocol, they also enter into the Polkadot ecosystem, and will put vigorous efforts towards Serum”, he says.
The sixth altcoin is EasyFi (EASY), a universal layer 2 lending protocol built for DeFi focused on scalability, composability, and adoption.
Tung points out that the one of the most interesting features is that the network design is ethereum compatible and blockchain agnostic that facilitates the expeditious settlement of assets over different blockchain networks while retaining custody with the asset owner’s network.
Lastly, the crypto KOL lists out Bepro (BEPRO), a utility token that enables token holders to setup applications on BEPRO, participate in the network, and earn token rewards by providing value.
The trader says that BEPRO Network Staking on Kucoin has been increased recently as the previous hardcap of 330M BEPRO has been increased to 430M BEPRO.
He also comments that although this is still an early coin, looking at the technology, communities and its partnerships, he believes that this coin would soon begin its rally.
Despite the best efforts by bulls for what has been several weeks now, Bitcoin price can’t seem to get back above $60,000 and spend any meaningful time above it. Fundamentals are as bullish as it gets for the top cryptocurrency, but bearish technicals might have finally caused sellers to step in.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price bull run on the ropes as technicals face off against fundamentals
Bitcoin price has had its best year on record yet dollar for dollars and fundamentals, the stock-to-flow, and just about all other data suggests that the bull run isn’t near finished yet.
Technicals have been long overheated given the strength of the showing by bulls, leaving a large string of green monthly candles on the price chart without any serious corrective behavior. The once trending strong cryptocurrency has begun to slow, struggling specifically with anything around $60,000.
Indicators such as the logarithmic MACD are turning down on weekly timeframes for the first time since the bull phase began, and the quarterly candle just closed with the first-ever bearish divergence in history. Yet the top cryptocurrency hasn’t corrected anywhere near it has in the past.
At press time, Bitcoin unexpectedly turned around to increase more than $ 2,100, while the top cryptocurrencies also increased sharply, pushing the total market cap to $ 1,980 billion.
Over the previous 24 hours, Bitcoin’s price traded as low as $ 55,758 billion and as high as $ 58,231 billion. Trading volume reached 53 billion USD, capitalization increased sharply to 1,088 billion USD.
Many other cryptocurrencies also climbed following Bitcoin such as Ethereum up 4.7% to $ 2,094, Binance Coin up 9% to $ 418, XRP up 10.9% to $ 1.05, Cardano up 2.5% to $ 1.22. , Polkadot increased 3.6% to $ 41.7… As a result, the total market capitalization reached 1,980 billion USD, up 4.2%.
Bitcoin’s price has risen sharply since the beginning of the year, thanks to increasing interest in the cryptocurrency market by businesses and financial institutions. Many other large investment institutions also announced that they are considering investing and accepting the currency as a form of payment. Private bank Donner & Reuschel of Germany announced it will provide crypto buying and depository services to its customers.
JP Morgan Bank predicts that Bitcoin can reach a theoretical level in the long term of $ 146,000 when it starts to compete with gold.
According to Citibank analysts, the digital currency price could reach $ 318,000 by the end of this year. Strategist Mike McGlone suggests that Bitcoin could be traded for over $ 400,000 by 2022 if the market follows previous trends, which we have seen throughout 2013 and 2017.
The information has continued to give investors an optimistic view about the future of Bitcoin in particular and the crypto market in general.
Bitcoin price extended its decline below the key USD 57,000 support level. BTC even broke the USD 56,200 support, but the bulls were active near USD 55,500. It is currently (04:30 UTC) consolidating above USD 56,000, and it is facing many hurdles near USD 57,000 and USD 57,200.
Similarly, most major altcoins are still in the red zone. ETH broke the USD 2,000 support before the bulls appeared near USD 1,940. XRP/USD is trimming gains and it is now trading near the USD 0.900 level.
Total market capitalization
After a clear break below USD 57,000, bitcoin price extended its decline. BTC even dived below USD 56,200, but the bulls were able to protect the key USD 55,500 support zone. The price is now recovering and trading above USD 56,000. An initial resistance is near the USD 57,000 level. The key resistance for a steady increase is now forming near the USD 57,200 level.
On the downside, the USD 56,000 level is a short-term support. The main support is now near USD 55,500, below which the bears might gain strength.
Ethereum price also followed bitcoin and it broke the key USD 2,000 support. ETH traded close to the USD 1,930 support and it is now correcting higher. There was a break above USD 1,980, but the bulls are facing many hurdles. The first key resistance is near USD 2,020, followed by USD 2,050.
On the downside, USD 1,950 and USD 1,940 are decent support levels. Any more losses might call for a drop below USD 1,900.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) recovered losses and it is back above the USD 380 level. BNB is testing the USD 395 resistance, but the key breakout zone is near USD 400. A successful close above USD 400 may possibly increase the chances of a fresh increase towards USD 425.
Cardano (ADA) tested the USD 1.150 support zone, where the bulls took a stand. ADA is rising and it could soon attempt an upside break above the USD 1.200 and USD 1.220 resistance levels. The next key resistance is near the USD 1.285 level.
Litecoin (LTC) trimmed most of its gains after it failed to clear the USD 245 resistance. LTC declined below the USD 225 support, but it found bids near USD 212. The price is now moving higher, but it must gain strength above USD 225 for a steady increase to USD 245.
XRP price topped near USD 1.10 before starting a downside correction. XRP broke the USD 1.000 support and it even tested USD 0.900. It is now consolidating above USD 0.900, with an immediate resistance at USD 0.945. The main resistance is now near the USD 1.000 level.
Other altcoins market today
Many altcoins declined over 8%, including BTG, HNT, XEM, BTT, QTUM, FLOW, XLM, NEO, SNX, EOS, ONT, NEAR, LINK, MATIC, and BSV. Conversely, WRX was able to rally and it cleared the USD 4.50 level.
Overall, bitcoin price is showing a few bearish signs below USD 57,000 and USD 57,200. However, BTC could attempt a fresh increase unless there is a clear break below the USD 55,500 support.
Find the best price to buy/sell cryptocurrency:
Data from on-chain analytics provider Glassnode has reported that Bitcoin’s average hash rate hit a new all-time high this week, crossing a daily average of 178 exahashes per second for the first time in history.
Bitinfocharts confirms the record high, reporting the current hash rate at 176 EH/s. It topped 150 EH/s twice in February and has remained at these high levels for the past two months, steadily increasing.
Hashrate is often considered as computing ‘horsepower’ for the Bitcoin network and a strong sign of its security. The higher the hashrate, the harder it is to attack the network.
The bullish on-chain metrics were observed by data scientist Rafael Schultze-Kraft [@n3ocortex], who added that mining difficulty has also hit a new all-time high.
1/ A thread on #Bitcoin miner metrics.
First, some fundamentals.
Bitcoin’s average hash rate hit a new ATH yesterday – crossing a daily average of 178 exahash / sec for the first time in history.
Miners keep spinning up machines – hash rate is up only.https://t.co/SEdtQGNsT7pic.twitter.com/vIjVGyH8QC
— Rafael Schultze-Kraft (@n3ocortex) April 6, 2021
Mining Never More Profitable
The analyst noted that Bitcoin miners have been making more than $50 million per day for the past month. He put this into perspective by pointing out that a year ago, this number was around $12 million – so current earnings are a fourfold increase despite the block subsidy being cut in half in May 2020’s halving.
Miners are also now holding on to the new coins they’re minting as the net position has flipped back to green, according to Glassnode. In the run-up to the $40K price level, miners were aggressively selling off to cover their costs, but they’ve now switched back into accumulation mode.
“In fact, the Bitcoin unspent supply (BTC that has never left the original mining addresses), has started to increase again after a quick and sharp drop of around 15k BTC at the beginning of the year. More hodling than spending.”
He added that direct BTC transfers from miner to exchange wallets have been going back down significantly, and even USD-dominated miner to exchange volume has decreased despite a stable price. However, miner activity represents a tiny fraction of BTC trading volumes as a whole.
The analyst concluded that these metrics are very bullish, and miners have little incentive to cash out now or capitulate as many predicted after the halving.
Bitcoin Price Update
At the time of press, Bitcoin was trading down 1% on the day at $56,700, according to Coingecko. It is down at the same time last week by 3.4% but remains within the month-long range bound channel it has formed.
Bitcoin has not dropped below $50K for over a month, which is also a bullish sign that support is holding strong.
Legendary video game maker Atari has announced it is launching a blockchain division and exploring new opportunities in non-fungible tokens (NFTs), among others. The company plans to use blockchain technology to develop games and a cryptocurrency that players could spend on virtual items.
Most recently, Atari made ETH 47.582 (USD 95,000) through an auction of NFTs that are 3D models of the Centipede game cartridge once offered for the company’s Atari 2600 console. The Atari Capsule Collection was created in partnership with blockchain gaming business Animoca Brands and its digital collectibles offshoot Quidd.
Atari said in a statement it has seen “a tremendous amount of success in licensing the Atari-related brands for the use in NFTs” and it anticipates the trend will play an increasing role in its licensing strategy in the upcoming years.
With this in mind, all Atari products and services related to the blockchain business will be grouped into the division “to focus on the immense possibilities of crypto and blockchain-enabled games,” the company said. The company is also opening a second division, Atari Gaming.
Atari rose to prominence on the turn of the 1970s and 1980s, securing popularity among gamers with titles such as Space Invaders, Pac-Man, Asteroids, and Missile Command, among others. The so-called video game crash of 1983 triggered the sale of the company’s home console and computer divisions. However, after years of financial woes, the last years have allowed Atari to benefit from the video game nostalgia which brought some of its retro properties back into the spotlight.
“The Atari brand is alive, more than ever, and this organization in two divisions will help us adapt to the changes in our business line,” said Frédéric Chesnais, CEO and a major shareholder in Atari.
Cryptocurrency regulations across different countries continue to be a hot topic, and Spain is the latest to join in. The nation’s watchdog has asked industry participants, investors, and consumers for their opinion, and they have until April 16th to respond.
Spain’s Regulator Looks for Crypto Legislation
According to a report from La Informacion, The National Securities Market Commission (CNMV), Spain’s watchdog overseeing the securities markets, has initiated the first steps of nationwide crypto regulations.
The process has started by sending emails to representatives of the cryptocurrency industry, investors, and customers. They have less than two weeks to prepare statements with their comments on the proposals and send them back to the agency.
The coverage outlined that the potential regulations could affect almost all areas of the cryptocurrency industry. However, the legislation could exempt some professional activities, assets that are exclusively used as means of payment, and non-fungible tokens (NFTs).
Interestingly, the US also hinted at new rules regarding NFTs recently, but they seemed significantly more strict. The Internal Revenue Service (IRS) may implement taxes on NFT purchases made with profits of digital assets, as CryptoPotatoreported recently.
Apart from the aforementioned potential regulations on crypto assets, Spain has also explored developing a central bank digital currency. The country’s central bank said in late 2020 that releasing a CBDC is among the priorities in the next three years.
Regulations in Other Countries
The exponential growth of the entire crypto space in the past year or so has caught the attention of global regulators. Consequently, numerous countries have started looking into inserting legislative frameworks.
Spain’s northern neighbor, France, called for a new and robust approach towards crypto regulations in February this year. The chairman of the nation’s financial regulatory body (AMF) believes that the current legal structures are insufficient when it comes down to new asset classes such as digital currencies.
Continuing north on the map and Britain’s Finance Minister, John Glen, urged the country to firstly focus on regulating stablecoins rather than the entire market, while the FCA has repeatedly issued warnings.
In some countries, such as South Korea, the implemented regulations have caused troubles for some of the firms operating within their borders. The East Asian nation introduced new AML legislation last month, and several cryptocurrency exchanges announced closing doors for their respective South Korean branches in response.