Prediction markets tokens rise as different tokens dip: Gnosis, Augur worth outlook

• Bitcoin has suffered its worst weekly share loss for the reason that collapse of FTX.
• Among the elements behind the dip embody reviews of SpaceX promoting its BTC holdings and the Chinese language property big Evergrande chapter submitting.
• Prime prediction markets tokens have maintained a bullish pattern amid the crypto meltdown.

In what has caught most crypto traders unexpectedly, the worth of Bitcoin (BTC) has decreased by 11.2% to about US$26k. Final week has been the worst week for Bitcoin (BTC) since FTX’s demise in November 2022.

The market crash has not solely affected BTC, seeing that the remainder of the asset class has not fared any higher. Ethereum (ETH) fell by roughly 9.5% to $1.7K and Binance-coin (BNB) dropped by about 9.8% to $217, simply to say just a few of the highest cryptocurrencies by market capitalization.

Whereas many of the high cryptocurrencies skilled a worth dip, well-liked prediction markets tokens like Gnosis (GNO), SX Community (SX), Kleros (PNK), and Augur (REP) registered important positive factors. Chancer (CHANCER), a brand new prediction markets token can be gaining traction as its token presale continues to achieve traction.

What brought on the crypto market to drop?

The value lower was attributable to a variety of causes. They included hypothesis that SpaceX wrote down the worth of its Bitcoin belongings, the collapse of the Chinese language actual property agency Evergrande, and rising yields within the US.

SpaceX Bitcoin holdings

The Wall Avenue Journal revealed a report late final week stating that Elon Musk’s house exploration firm SpaceX marked down the worth of the Bitcoin it had on its books by US$373 million for the years 2022 and 2021. The report claims that the enterprise additionally bought a portion of the BTC it had at one level over the earlier two years. The WSJ has recognized paperwork that it claims provide unusual insights into the enterprise’s funds.

Nevertheless, the WSJ’s assertions can’t be independently verified as a result of SpaceX is a privately held company. Musk acknowledged that SpaceX did purchase Bitcoin throughout a panel look in 2021, however it’s unclear how a lot or when the commodity was bought.

Evergrande chapter 

In a disclosure revamped the weekend, the Chinese language actual property tycoon Evergrande filed for chapter safety in the USA. The company reportedly took motion to safe its belongings whereas nonetheless making an attempt to manage its collectors.

Earlier than proposing a complete off-shore debt restructuring program in 2021, Evergrande skilled a public meltdown and went into default on its obligations. The enterprise at the moment appears to be on life assist.

Traders are frightened that China’s huge actual property market might turn out to be contagious. Nation Gardens and different important builders will not be paying their money owed both, and the trade—which is believed to account for as much as 30% of Chinese language GDP—is in severe want of presidency help.

US Treasury yields

US Treasury yields are skyrocketing and pushing away traders from dangerous markets just like the crypto market and towards saving. Because the US Federal Reserve regularly elevated charges all through the earlier 12 months to achieve a goal price of barely over 5%, bond yields elevated.

As sturdy US financial knowledge retains popping out, yields have elevated this week in anticipation that price rises will proceed. Since 2011, the 30-year US Treasury yield has by no means been larger. Treasury bonds give a excessive, safe yield, which is detracting from the worth of different asset varieties like shares and cryptocurrencies.

Gnosis and Augur worth prediction

Gnosis has risen by 0.2% whereas Augur has registered a 1% surge after a bear week. Previously seven days, Gnosis dropped by 8.8% whereas Augur fell by 11.7%.

Having bounced off the assist at $97.60, the Gnosis (GNO) token is anticipated to check the resistance at $104.75. Nevertheless, that will depend on whether or not the present each day candlestick closes above the decrease band line of the Bollinger Bands indicator.

Augur, then again, appears to have slid into consolidation after erasing many of the positive factors it made between July 19 and July 20. All eyes are on the assist at $0.3246 and the resistance at $2.1844. If the REP worth jumps above the higher Bollinger Bands line, it might check the $2.1844 resistance stage and if it drops under the decrease Bollinger Bands line, it might drop to the assist at $0.3246.

The prediction markets tokens together with Chancer, are anticipated to expertise important worth positive factors as well-liked video games together with the English Premier League and the American MSL collect steam.