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Top Analyst Nicholas Merten Says This Crypto Asset Could Be Next Big DeFi Play

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Prominent crypto strategist Nicholas Merten is keeping a close watch on a decentralized finance (DeFi) asset that he says has the potential to more than double its value in the coming days.

On a new DataDash episode, Merten points out to his 378,000 YouTube subscribers that DeFi exchange Loopring (LRC) is consolidating in preparation of the next move up.

“In the sense of technicals here, price action looks good. We’ve got lower highs, higher lows, building towards a consolidated wedge. Volume has faded as we’ve gone through the wedge here. It’s going to be a matter of seeing if we can get a breakout here ($0.45) over the next week or so, above this line of resistance and really start climbing up here. This is the kind of technical patterns you look for in altcoin cycles.”  

In addition to Loopring’s promising technical setup, the trader explains why the project has strong fundamentals.

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“Loopring is a decentralized exchange, or more specifically an automated market maker. It allows you and I to be able to interact with smart contracts and swap between one token to another without the need of a centralized exchange and with the ability to trade anytime of the day without any downtime and probably pay lower fees than most exchanges while being able to trade the initial asset I own to another asset and receive it immediately to my wallet.” 

The trader adds that Loopring is ahead of the curve when it comes to the application of layer-two solutions.

“For those of you who don’t know what zkRollups are, it’s not a problem. It’s a form of layer-two scaling that at the end of the day, to keep it simple, short, and to the point, allows you to do a lot of computational activity off the Ethereum chain and sav[e] on the cost in this case… Overall, this means we can have extremely cheap transactions, fractions of a penny in order to make a swap through a platform like Loopring while also being able to have practically the same exact securities you will have on chain on the Ethereum network.” 

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The crypto analyst also highlights that the total value locked (TVL) in Loopring is also on the up and up.

“The total value locked up here has continued to rally since the beginning of the year, more than tripling here which is really exciting to me personally. I love seeing this kind of growth overall. I want to continue to see this growth if I want to continue to maintain my confidence in Loopring.” 

Source: DeFi Pulse

Merten says he’s expecting the DeFi crypto asset to climb all the way up to $1.00 in early February, representing an ascent of nearly 130% from its current value of $0.44.

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Crypto Traders Most Bullish on Polkadot, Solana, Polygon and 10 Additional Altcoins: Digital Asset Survey

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A new survey unveils that crypto traders are most bullish on 13 altcoins including Polkadot, Solana and Polygon.

The Real Vision Exchange Crypto Survey is designed to track sentiment among investors by allowing participants to scan 30 tokens and choose if they want to have an overweight or underweight allocation for each one. The survey was conducted by Real Vision Bot, which was created by two independent developers and boosted by macro guru Raoul Pal.

Results from voting that happened on the first two days of this week indicate traders prefer an overweight portfolio consisting of smart contract platforms Polkadot (DOT) and Solana (SOL), as well as Ethereum-scaling solution Polygon (MATIC).

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The scalable and interoperable ecosystem Cosmos (ATOM) is fourth on the list, and smart contract platforms Terra (LUNA) and Cardano (ADA) appear tied for fifth. Traders also have overweight allocations for decentralized oracle network Chainlink (LINK), Ethereum competitor Avalanche (AVAX), Ethereum-based token Enjin Coin (ENJ) and decentralized exchange Uniswap (UNI) for the sixth, seventh and eighth places, respectively.

Tied in ninth place are cross-border payment solutions Stellar (XLM) and XRP, as well as decentralized storage network (FIL).

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Source: RealVisionBot/Twitter

Real Vision Bot clarifies that the participants are not necessarily holding the cryptocurrencies that they voted for.

“They can of course vote according to their own positions, but also just based on their sentiment or forward looking. There are many reasons why the own book might not be 1:1 the preferred allocation.”

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Bitcoin (BTC) is conspicuously absent from the list. Pal highlights that the community is responsible for that absence.

“It’s not us – it’s the community who makes the allocation… You guys, to be exact.

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Morgan Stanley CEO: Crypto Won’t Go Away

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Morgan Stanley’s boss is bullish on cryptocurrency but says that demand is scanty so far

Morgan Stanley CEO James Gorman sounded upbeat about cryptocurrencies during the bank’s third-quarter earnings call, claiming that the industry will not go away:

I don’t think crypto’s a fad. I don’t think it’s going to go away.

Morgan Stanley was the first major U.S. bank to grant its wealthy clients access to Bitcoin funds in March.

So far, Gorman does not see a lot of client demand for Bitcoin, but he does not rule out that crypto may start playing a bigger role in its business:

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For us, honestly, it’s just not a huge part of the business demand for our clients. That may evolve and will evolve with it, but certainly it’s not what’s driving our economics one way or the other.

Shares of Morgan Stanley (MS) are up 44% since the start of 2021.

The bank’s investment revenue crushed analysts’ estimations in the third quarter of 2021, reaching $2.85 billion.

Not siding with Dimon

Gorman’s views on Bitcoin diverge from those of JPMorgan CEO Jamie Dimon. While the Morgan Stanley head refrained from making specific price predictions, he opined that the largest cryptocurrency would be here to stay:

I don’t know what the value of Bitcoin should or shouldn’t be. These things aren’t going away.

As reported by U.Today, Dimon caused quite a stir by claiming that Bitcoin is worthless.

While the Bitcoin price is already immune to Dimon’s oft-repeated critiques, his caustic comment certainly did not go unnoticed by the crypto community and market observers.

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A divisive comment

There are some powerful Wall Streeters who share Dimon’s sentiment. Larry Fink, CEO of asset management juggernaut BlackRock, recently said that he was more in the Dimon camp.

Gorman is not the only banker who disagrees with Dimon on Bitcoin. Bill Winters, CEO of Standard Chartered, recently opined that cryptocurrency assets could serve as a hedge against inflation:

There’s a role for non-fiat currencies, especially when parts of the market are concerned about inflation—and there’s good reasons to be concerned about inflation.

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China Crypto Ban: World’s largest Bitcoin mining pool to block IP access from mainland China

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The latest update in the Chinese crypto ban saw the world’s largest Bitcoin mining pool, Ant Pool give in to the regulatory crackdown and announced blocking IP access in mainland China, effective from 15th October. Additionally, amid a global crypto takedown, Ant Pool has also revealed the upcoming launch of its exclusive KYC verification system to further comply with crypto regulations of various countries.

Since the reveal about the Chinese government’s tracking of IP addresses to filter out illicit crypto mining activities in the country, there have been several shutdowns of unregistered mining farms along with registered giants taking steps to comply with the authorities. Earlier this week, the largest Bitcoin mining equipment manufacturer in China, Bitmain announced that it will stop shipping any more Antimers to the country from October 11, in lieu of the ongoing crypto crackdown, that is specially focused on Bitcoin mining.

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“Actively responding to the local government policies of the company’s entities has been Bitmain’s business strategy all along…Strictly abide by the laws and regulations of the locations of the company’s entities is the operating principle that Bitmain has always adhered to. From October 11, 2021, Antminer will stop shipping to mainland China (excluding Hong Kong and Taiwan). For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”, stated the Press Release.

China Crypto Ban nears end as government succeeds shutdown of crypto businesses

However, the Chinese government has no plans to stop unless the crypto industry has completely vanished from the face of China. According to CoinGape’s recent coverage, China’s authoritarian government is now planning to add crypto mining to the “Negative List” of industries. This would mean that the crypto mining industry will be banned or restricted from any investment from both, mainland China investors as well as foreign investors.

The Chinese crypto ban appears to be near the end as more than 20 crypto firms and exchanges announced the suspension of crypto services in the country. Furthermore, foreign crypto exchange giants including Huobi, OKEx, and Binance have also announced the closure of all services by December.

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