Logan Paul and Dillon Danis will be in one of the most hyped-up boxing bouts of the year on Saturday night.
The YouTuber-turned-WWE superstar and the MMA superstar will step into the ring at Manchester Arena in England.
Paul is a heavy favorite to win the bout, with Oddschecker having him as a -580 favorite just to win. (In order to win $100, a bettor must wager $580.) Danis is currently sitting at +450 (a $100 wager would net $450), while a draw is +1200.
Drake came to the defense of a fan after throwing a towel her way and causing a commotion in the stands.(Prince Williams/Wireimage/Getty Images)
Rapper Drake is expecting a victory for Paul, but as noted, he’d have to fork up a lot of cash just to win, so the juice may not be worth it. However, he found a way to pocket some extra cash for a Paul victory.
The rapper, who just released his eighth album “For All The Dogs” last week, placed an $850,000 bet on Paul to win the match by knockout.
Given the specific winning method, the odds are much more in Drake’s favor. If he were to place that wager on Paul to win at -580, he would pocket just $146,551 if it were to hit, but Paul by KO is a +159 ticket.
Logan Paul is interviewed before the Premier League match between Arsenal FC and Fulham FC at Emirates Stadium on August 27, 2022, in London, England.(David Price/Arsenal FC via Getty Images)
Paul said that Drake’s wager, which he shared on his Instagram story, is “easy money.“
Drake often places wagers on Stake, which uses cryptocurrency to place wagers.
The rapper has often been the butt of jokes that he is a curse. Often after meeting athletes, their teams lose, notably the 2016 Golden State Warriors and Alabama Crimson Tide in the 2019 national championship. Most of the jokes have been put to rest since his hometown Toronto Raptors won the NBA Finals in 2019, but it’s still a bit of a thing.
Drake performs during Wicked (Spelhouse Homecoming Concert) Featuring 21 Savage at Forbes Arena at Morehouse College on October 19, 2022, in Atlanta, Georgia. ((Photo by Prince Williams/Wireimage))
You may not be able to decipher what’s in every photo, but now your iPhone can. With Apple’s new iOS 17 feature, “Visual Look Up,” you can do just that. ‘Visual Look Up’ lets you snap a picture and search for information about various objects and scenes in your image.
Whether it’s a famous landmark, a beautiful flower, a cute animal or a delicious dish, ‘Visual Look Up’ can help you identify and learn more about it. Get this: ‘Visual Look Up’ can also identify food in a picture and suggest related recipes. It can also search for sounds in your videos, like clapping. Pretty cool, right? All you need is your camera and your curiosity. Apple will do the rest.
How to use ‘Visual Look Up’ to search for sounds in videos
You can also use ‘Visual Look Up’ to search for sounds, such as music, laughter, applause, clapping, cheering, sirens, animals and more. Here are the steps to do that:
Open the Photos app
Then tap on the Search tab on the bottom right
Then type in the word Videos in the search bar and tap the word videos below it
‘Visual Look Up’ can work for videos as well!(CyberGuy.com)
Now type in the sound you want to locate in the search tab next to where you typed Videos, such as laughter or clapping, and tap on it
Tap the See All button
Now you can swipe through your videos, and you’ll notice a blue bar on the timeline above where the sound was identified
‘Visual Look Up’ can also identify sounds in videos.(CyberGuy.com)
As you swipe through your videos, it will start your video right where that sound you searched for started
‘Visual Look Up’ uses artificial intelligence and natural language processing to analyze your videos and provide relevant information.
Kurt’s key takeaways
With ‘Visual Look Up,’ you can turn your photos into learning opportunities and have fun at the same time. You can also share your findings with your friends and family or save them for later reference.
Are you wowed by advancements in image recognition technology, like ‘Visual Look Up’ in iOS 17, or does it creep you out? Do you feel like our smartphones are getting too smart? Let us know by writing us atCyberguy.com/Contact.
For more of my tech tips and security alerts, subscribe to my free CyberGuy Report Newsletter by heading toCyberguy.com/Newsletter.
Kurt “CyberGuy” Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life better with his contributions for Fox News & FOX Business beginning mornings on “FOX & Friends.” Got a tech question? Get Kurt’s CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.com.
A lot was said about the metaverse when the Microsoft deal to acquire Activision Blizzard was announced in January 2022. The attention mainly was on business communications, rather than gaming. If public statements and leaked documents are any guide, the Activision deal could promise more for the future of crypto than the metaverse.
The metaverse had high visibility in Microsoft’s announcement of its deal for Activision in January 2002. “This acquisition will accelerate the growth in Microsoft’s gaming business […] and will provide building blocks for the metaverse,” Microsoft said in the first paragraph. Microsoft CEO Satya Nadella said, “Gaming […] will play a key role in the development of metaverse platforms” a few paragraphs later.
Nadella elaborated on his vision for metaverse development in an interview the following month. Nadella told the Financial Times:
“We are building, quite frankly, metaverse applications, if I could call them that. Or experiences in business applications, in productivity tools, and meetings and games — all three on a common platform.”
Nadella’s emphasis on work is telling. He listed four things and referred to them as “all three” – apparently “meetings and games” count as one. Microsoft’s metaverse platform, Mesh, which began previews this month, is positioned as a complement to its Teams business communications platform.
Mesh contains a gaming component too. While promising “you will transform your two-dimensional (2D) meeting into a 3D immersive experience,” it added:
“Play built-in interactive games for team bonding within immersive spaces. To get started, you can see a few designated areas to roast marshmallows, throw beanbags, answer fun icebreaker questions, and more.”
The metaverse went unmentioned in the Microsoft Gaming statements at the beginning and completion of the deal on Oct. 13, and Microsoft Gaming CEO Phil Spencer made it clear later in 2022 that his enthusiasm for it was weaker.
Spencer questioned what the metaverse even is in an interview with Bloomberg in August. “My view on Metaverse is that gamers have been in the Metaverse for 30 years,” he said. He said little about the Web3 metaverse except that he was “cautious” about play-to-earn. He was later quoted as calling the metaverse “a poorly built videogame” and saying “Building a metaverse that looks like a meeting room, I just find that’s not where I want to spend most of my time.”
Today is a good day to play. We officially welcome Activision Blizzard King to Team Xbox. Together, we’ll create stories and experiences that bring players together, in a culture empowering everyone to do their best work and celebrate diverse perspectives. https://t.co/KBCESknYYhhttps://t.co/jTHOeH48Wx
Activision CEO Bobby Kotick is enthusiastic about the metaverse. He said in 2021, “We’re going to get to a place where that original vision that Neil Stephenson had in Snow Crash or what you see in [Ernest Cline’s] Ready Player One is going to start to materialize as something that is very real.”
In an interview on CNBC on the day the Activision deal was announced, Kotick and Spencer appeared together on CNBC. Kotick said, “We’re beginning to see what the metaverse will be like, and in that race for the metaverse, it started to become apparent that there were a variety of resources and talent that we needed,” Kotick said. Spencer did not mention the metaverse.
Kotick will remain with Activision through the end of the year.
Spencer may be more bullish on cryptocurrency, however. Leaked internal documents reportedly revealed that Microsoft planned to integrate crypto wallets into Xbox. Spencer downplayed the leak, saying “so much has changed,” but did not deny any of the information. If the plans to incorporate crypto have not changed, they could potentially be expanded throughout the new Microsoft games holdings.
Deshaun Watson will be on the sidelines during the Cleveland Browns game against the undefeated San Francisco 49ers on Sunday. Watson injured his shoulder on a running play during a win over the Titans in Week 3.
The Browns officially ruled the quarterback out for this weekend’s game due to a bruised rotator cuff. September 22 marked the most recent date that Watson was able to practice fully.
He has since practiced on a limited basis, but he was expected play in Week 4 against the Ravens. Watson was medically cleared before kickoff, but he experienced some throwing issues during a pregame workout. He ultimately sat out for the game against Baltimore.
Deshaun Watson, #4 of the Cleveland Browns, looks on during the Cleveland Browns mandatory veteran minicamp at CrossCountry Mortgage Campus on June 7, 2023, in Berea, Ohio.(Nick Cammett/Diamond Images via Getty Images)
Rookie Dorian Thompson-Robinson stepped in for Watson but largely struggled. The fifth round draft pick finished the game with 121 passing yards and three inceptions in the loss to the Ravens.
Browns coach Kevin Stefanski initially said it was Watson’s decision not to play in Week 4, but general manager Andrew Berry later clarified that the decision was made mutually by the quarterback and the team.
Because of the mixed messaging, Watson has been criticized in some circles for not playing with what seems like a minor injury.
Browns offensive coordinator Alex Van Pelt, though, said it’s unfair to judge Watson without knowing the extent of his injury.
Deshaun Watson, #4 of the Cleveland Browns, looks to pass against the Pittsburgh Steelers during the first quarter at Acrisure Stadium on September 18, 2023, in Pittsburgh, Pennsylvania.(Joe Sargent/Getty Images)
“I would never, ever, ever doubt his toughness,” Browns offensive coordinator Alex Van Pelt said. “I’ve seen him play. I’ve seen him do some amazing things, fight through things. That is not the issue at all whatsoever. If I’m a running back, and I can’t run full speed, I don’t know if I’m going to be able to make it.”
The Browns had a bye-week in Week 5, and the team likely hoped the extra time would allow Watson to make his way back to the football field for the matchup against the Niners. The three-time Pro Bowler has thrown for 678 yards with four touchdowns, against two interceptions.
Cleveland Browns quarterback Deshaun Watson looks to pass during an NFL football practice at the team’s training facility Wednesday, November 30, 2022, in Berea, Ohio.(AP Photo/David Richard)
Watson’s on-field performance has largely been disappointment since he signed an unprecedented five-year, fully guaranteed $230 million contract. Cleveland has failed to score more than 27 points with Watson under center, and has scored 14 or fewer points in four of the quarterback’s nine games.
The Philadelphia Phillies got the last laugh Thursday night against the NL East rival Atlanta Braves.
After Bryce Harper was doubled up to end Game 2 of the NLDS, Orlando Arcia said, “Atta boy, Harper,” taking a shot at the two-time MVP in celebration of the victory.
When Harper went deep in Game 3, he stared down Arcia as he rounded the bases. Philadelphia won the series Thursday, and players were spotted with T-shirts that said “Atta Boy Harper” during their clubhouse celebration.
Orlando Arcia of the Atlanta Braves runs to the dugout before Game 4 of a division series against the Philadelphia Phillies at Citizens Bank Park in Philadelphia Oct. 12, 2023.(Kevin D. Liles/Atlanta Braves/Getty Images)
Arcia became public enemy No. 1 in the City of Brotherly Love and was heavily booed every time his name was announced in Games 3 and 4.
The trolling didn’t stop in Game 4, but Arcia decided to have some fun with the fans in the middle of an elimination game
Arcia was caught on video making hand signals, laughing and yelling at several Phillies fans seated near the Braves’ dugout.
Bryce Harper of the Philadelphia Phillies rounds second base and stares down Orlando Arcia (11) of the Atlanta Braves during Game 3 of the NLDS Oct. 11, 2023, at Citizens Bank Park in Philadelphia. (Rich Graessle/Icon Sportswire via Getty Images)
At one point, Arcia even stuck his tongue out at fans while inside the dugout, mocking the Philly faithful. When that happened, Ronald Acuña Jr. twice turned him around to face the field and get his focus on the game.
It seemed like an about-face from Arcia, who was critical of the media for reporting his comments about Harper. It even created debate among media members about clubhouse confidentiality. Then, Arcia seemed to embrace the villain persona.
The Philadelphia Phillies celebrate in the clubhouse after beating the Atlanta Braves 3-1 in Game 4 of a division series at Citizens Bank Park Oct. 12, 2023, in Philadelphia. (Tim Nwachukwu/Getty Images)
A trending move in an asset class attracts traders, while a dull price action drives investors to the sidelines. Bitcoin (BTC) has largely been stuck in a range for the past several months, which could be one of the reasons for the drop in spot volumes. Bloomberg reported on Oct. 11 that Coinbase’s spot trading volume plunged 52% in Q3 2023 compared to Q3 2022.
While the short-term remains uncertain, traders need to be watchful because long consolidations are generally followed by an explosive price action. The only problem is that it is difficult to predict the direction of breakout with certainty. Considering that the bulls have not allowed Bitcoin to dip back below $25,000 in the past few months, it increases the likelihood of an upside breakout.
Investing legend Paul Tudor Jones said in a recent interview on CNBC that he is not bullish on the equities markets as he believes that an escalation in the Israel–Hamas conflict may bring about a risk-off sentiment. If that happens, it will be bullish for gold and Bitcoin, Jones added.
Wil bears sink Bitcoin below the immediate support and could that cause a further? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin sliced through the 20-day exponential moving average ($27,148) on Oct. 11 but the bears could not tug the price below the 50-day simple moving average ($26,634).
The bulls successfully defended the 50-day SMA on Oct. 11 and Oct. 12 but they are struggling to start a rebound. This suggests a lack of demand at higher levels.
The bears will next attempt to sink the price below the 50-day SMA and come out on top. If this level gives way, the BTC/USDT pair could retest the strong support at $26,000. This level is likely to witness aggressive buying by the bulls.
A rally above the 20-day EMA will be the first indication of strength. The pair could then climb to the stiff overhead resistance at $28,143. This is an important level to watch out for because a close above it could signal the start of a short-term up-move.
Ether price analysis
Ether (ETH) dipped to the critical support at $1,531 on Oct. 12 but a minor positive is that the bulls successfully held this level.
The RSI is showing signs of a positive divergence, indicating that the bearish momentum may be weakening. The bulls will try to push the price to the moving averages where the bears are again likely to mount a strong defense.
If the price turns down sharply from the 20-day EMA ($1,606), it will suggest that bears remain in command. The ETH/USDT pair could then crumble below $1,531 and start its descent word $1,368.
If bulls want to prevent the fall, they will have to kick the price above the moving averages. The pair may then climb to $1,746 where the bulls may again face strong selling by the bears.
BNB price analysis
BNB (BNB) fell to the strong support at $203 but the long tail on the candlestick shows that the bulls are protecting the level with force.
The bulls will have to quickly thrust the price above the moving averages and the downtrend line to indicate that the bears may be losing their grip. The BNB/USDT pair could then start an up-move to $235 and later to $250.
On the contrary, if the price turns down from the moving averages, it will indicate that every minor rise is being sold into. A break below the $203 support will complete a descending triangle pattern, which could start a downward move to $183.
XRP price analysis
XRP (XRP) fell below the uptrend line on Oct. 11, indicating that the bullish pressure is reducing. The drop suggests that the price will continue to oscillate between $0.41 and $0.56 for a while longer.
There is support at $0.46 but if it cracks, the XRP/USDT pair may tumble to the important level at $0.41. The bulls are expected to buy this dip aggressively, which could keep the range-bound action intact.
On the upside, a break and close above the moving averages will be the first sign of strength. The buyers will then make one more attempt to drive the price to the overhead resistance at $0.56. A break and close above this level will indicate the start of a new potential uptrend.
Solana price analysis
Solana (SOL) slipped below the 20-day EMA ($21.72) on Oct. 12, indicating that the bears are maintaining their pressure.
Both moving averages have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. The bears will try to strengthen their position by dragging the price below the 50-day SMA ($20.44). If they do that, the SOL/USDT pair could slump to $17.33.
On the other hand, if the price turns up and rises above $22.50, it will tilt the short-term advantage in favor of the buyers. The pair could then rise to the neckline of the inverse head and shoulders pattern.
Cardano price analysis
Cardano (ADA) has formed long tails on successive candlesticks since Oct. 9 but the bulls failed to start a recovery. This suggests a lack of demand at higher levels.
The ADA/USDT pair is near the $0.24 support and the RSI is showing signs of a positive divergence. This suggests that the selling pressure is reducing and a relief rally is possible. The first stop on the upside is likely to be the moving averages. If this resistance is crossed, the pair may reach $0.27 and then $0.28.
Contrary to this assumption, if the price continues lower and skids below $0.24, it will indicate that the bears are in no mood to relent. That could clear the path for a fall to $0.22 and eventually to $0.20.
Dogecoin price analysis
Dogecoin (DOGE) has been trading below the $0.06 support since Oct. 9, suggesting that the markets have accepted the lower levels.
The bears will try to sink the price to the vital support at $0.055. This level is likely to witness strong buying by the bulls. If the price rebounds off this level, the DOGE/USDT pair may consolidate between $0.055 and $0.06 for some time.
The downsloping moving averages and the RSI near the oversold zone indicate that bears have the upper hand. If bulls want to make a comeback, they will have to quickly propel the price above the moving averages. That could start a recovery to $0.07.
Toncoin (TON) has been in a corrective phase for the past few days. Profit booking by the traders pulled the price below the 50-day SMA ($1.98) on Oct. 12.
The bulls are trying to reclaim the level and push the price back above the moving averages over the next few days. If they manage to do that, it will indicate that the break below the 50-day SMA may have been a bear trap. That could open the doors for a possible rise to $2.31.
Instead, if the TON/USDT pair turns down from the moving averages, it will suggest that the sentiment has turned negative and every relief rally is being sold into. That will increase the risk of a fall to $1.60.
Polkadot price analysis
Polkadot (DOT) continued its decline in the past few days and reached near the target objective at $3.50 on Oct. 12. This level is likely to act as a solid support.
On the way up, the 20-day EMA ($3.95) is the key level to keep an eye on. If the price turns down from the 20-day EMA, it will signal that traders are selling on relief rallies. That could enhance the prospects of a drop below $3.50.
Contrarily, if bulls drive and sustain the price above the 20-day EMA, it will indicate that the markets have rejected the lower levels. That may trap the aggressive bears, resulting in a short squeeze toward the downtrend line.
Polygon price analysis
Polygon (MATIC) continues to weaken toward the critical support at $0.49, indicating that the bulls are not risking a buy at higher levels.
In a range, traders generally buy near the support and sell close to the resistance. In this case, the bulls are likely to buy the dips to $0.49 with vigor. If the price turns up from this level with strength, the MATIC/USDT pair may reach the moving averages.
If the price turns down sharply from the moving averages, it will increase the likelihood of a break below $0.49. If that happens, the pair could plunge to $0.45.
On the contrary, a rally above the moving averages will signal that the range-bound action may extend for a few more days.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Head coach Brian Daboll announced Friday that quarterback Daniel Jones will be sidelined for Sunday’s game against the Buffalo Bills after he sustained an apparent neck injury during last week’s loss to the Miami Dolphins.
Bradley Chubb (2) of the Miami Dolphins tackles Daniel Jones (8) of the New York Giants during the first quarter at Hard Rock Stadium Oct. 8, 2023, in Miami Gardens, Fla.(Megan Briggs/Getty Images)
“He won’t make the game,” Daboll said. “He’ll be out.”
Daboll noted Jones is “getting better,” but “not good enough to play this game.”
Jones was injured on Miami’s sixth sack of the game when he was taken down on a blind-side hit by Dolphins edge rusher Andrew Van Ginkel in the fourth quarter. He walked off the field and was replaced by backup quarterback Tyrod Taylor.
Daniel Jones of the New York Giants reacts during the first half of a game against the Miami Dolphins at Hard Rock Stadium Oct. 8, 2023, in Miami Gardens, Fla. (Megan Briggs/Getty Images)
“Tyrod’s a pro. He comes out every day and approaches it the right way,” Daboll said of Taylor. “He’s had a good week. He’s prepared well, but he does that every week.”
For the second week in a row, Jones played through a physically demanding game. In the Giants’ Week 4 loss to the Seattle Seahawks, he was sacked 11 times. New York’s offense has now allowed an NFL-high 30 sacks.
Daboll is returning to Buffalo for the first time since he left his post as offensive coordinator to take the head coaching job with the Giants. He’ll be doing so with a depleted roster.
Seattle Seahawks defensive tackle Myles Adams (95) sacks New York Giants quarterback Daniel Jones (8) during the fourth quarter of a game Oct. 2, 2023, in East Rutherford, N.J. (AP Photo/Frank Franklin II)
Star running back Saquon Barkley is still questionable after he was sidelined in Week 2 with an ankle injury. Left tackle Andrew Thomas, rookie center John Michael Schmitz, outside linebacker Azeez Ojulari and backup tackle Matt Peart will also be out for Sunday’s contest.
“Certainly not how we wanted to start the season, but that’s where we’re at,” Daboll said Friday. “So, you make no excuses. You get ready to play a really good team on the road in a great environment.”
San Francisco 49ers tight end George Kittle said Thursday that he expected to be fined by the NFL after pulling up his jersey and revealing a shirt disparaging the Dallas Cowboys on Sunday.
It appears that Kittle’s expectation was spot on.
George Kittle #85 of the San Francisco 49ers celebrates after a touchdown catch during the third quarter against the Dallas Cowboys at Levi’s Stadium on October 8, 2023, in Santa Clara, California.(Thearon W. Henderson/Getty Images)
Kittle was fined $13,699 for “use of abusive language” on the shirt, according to an ESPN report on Friday.
The four-time Pro Bowler pulled up his jersey after a fourth-quarter score by running back Jordan Mason, revealing a message on his undershirt.
“F— Dallas,” the shirt read.
On Thursday, Kittle told reporters that while he had not heard from the league regarding any punishment, he did expect some type of fine.
“Probably to get a fine,” Kittle said Thursday. “I wore a personalized T-shirt. Maybe an inappropriate word.”
George Kittle, #85 of the San Francisco 49ers, reacts after a 42-10 victory against the Dallas Cowboys at Levi’s Stadium on October 8, 2023, in Santa Clara, California. (Ezra Shaw/Getty Images)
“It is what it is. It’s a decision I made,” he continued. “If they want to fine me, they fine me.”
Kittle made it clear he had no regrets with his decision, regardless of the outcome from the league.
“One hundred percent. I’d do it again,” Kittle said.
The 49ers have looked like the best team in football through five games as they are one of just two teams – the other being the Philadelphia Eagles – to not lose a game this season.
George Kittle, #85 of the San Francisco 49ers, reacts as he takes the field prior to an NFL football game between the San Francisco 49ers and the Arizona Cardinals at Levi’s Stadium on October 1, 2023, in Santa Clara, California. (Michael Owens/Getty Images)
A comment inside the Atlanta Braves‘ clubhouse after their thrilling Game 2 victory turned members of the media against each other.
After Bryce Harper was doubled up to end Game 2 of the NLDS, Orlando Arcia said, “Atta boy, Harper,” taking a shot at the two-time MVP in celebration of the victory.
There has since been debate on whether Arcia’s comment should have been made public. Fox Sports’ Jake Mintz was the first to report the dig came from Arcia.
Bryce Harper of the Philadelphia Phillies rounds second base and stares down Orlando Arcia (11) of the Atlanta Braves during Game 3 of an NLDS Oct. 11, 2023, at Citizens Bank Park in Philadelphia. (Rich Graessle/Icon Sportswire via Getty Images)
Arcia said he didn’t mean for Harper to hear his comment, expecting privacy in his clubhouse. However, the comments were made, according to Chelsea Janes of The Washington Post, when cameras and recorders were “rolling,” and “more than a dozen” reporters were in the clubhouse. So, it’s fair game for reporting, some have argued.
But Alanna Rizzo of the MLB Network vehemently disagreed and went after Mintz on the network’s “High Heat.”
“I am so irritated with all of these people, these bloggers, or podcasters, or not even reporters, not even journalists going into the clubhouse,” Rizzo said of Mintz, who is a member of the BBWAA. “You’re ruining it for the rest of us, the guys that come in in the postseason and don’t have any clue of the pulse of the team. And it’s making it worse for the people that are there every single day covering this team on a daily basis.
MLB Network host Alanna Rizzo talks on set prior to Game 5 of the 2022 World Series between the Houston Astros and the Philadelphia Phillies at Citizens Bank Park in Philadelphia Nov. 3, 2022.(Steve Boyle/MLB Photos via Getty Images)
“And then some j—off comes in at the end of the season that gets a credential, God only knows why. And the clubhouse is a sacred space,” Rizzo said. “And, remember, I’ve been in clubhouses for the last 16, 17 years. I remember I would go in there, get my job done and get out. That is their space. So, for this idiot to go in there and take something out of context just to … give himself a name is ridiculous.”
The BBWAA called Rizzo’s comments “unprofessional and unacceptable” in a statement on Friday. Following the backlash, Rizzo took to the airwaves to apologize.
The Philadelphia Phillies celebrate in the clubhouse after beating the Atlanta Braves 3-1 in Game 4 of a division series at Citizens Bank Park Oct. 12, 2023, in Philadelphia. (Tim Nwachukwu/Getty Images)
“What I said yesterday about Jake was completely inappropriate, it was inaccurate, and it was beyond unprofessional. I got caught up in the heat of the moment,” she said. “What I said was completely off base. I’ve had an interesting 24 hours, I’ve learned a lot more, and I apologized to Jake. I have talked to him already. I’ve apologized to him privately, and I also apologize to him publicly.”
The Phillies got the last laugh. When Harper went deep in Game 3, he stared down Arcia as he rounded the bases. Philadelphia won the series Thursday, and players were spotted with T-shirts that said “Atta Boy Harper” in their clubhouse party.
Ether (ETH) price experienced a 7% decline between Oct. 6 and Oct. 12, hitting a seven-month low at $1,520. Although there was a slight rebound to $1,550 on Oct. 13, it appears that investor confidence and interest in Ethereum are waning, as indicated by multiple metrics.
Some may argue that this movement reflects a broader disinterest in cryptocurrencies, evident in the fact that Google searches for “Ethereum” have reached their lowest point in 3 years. However, Ethereum has underperformed the overall altcoin market capitalization by 15% since July.
Ethereum” keyword search, globally. Source: Google Trends
Interestingly, this price movement coincided with Ethereum’s average 7-day transaction fees declining to $1.80, the lowest level in the past 12 months. To put this in perspective, just two months ago, these fees stood at over $4.70, a cost considered high even for initiating and closing batched layer-2 transactions.
Regulatory uncertainty and lower staking yield back ETH’s price decline
A significant event that impacted Ether’s price was the remarks made by Cardano founder Charles Hoskinson regarding U.S. Securities and Exchange Commission director William Hinman’s classification of Ether as a non-security asset in 2018. Hoskinson, who is also an Ethereum co-founder, alleged on Oct. 8 that some form of “favoritism” influenced the regulator’s decision.
Ethereum staking has also garnered less interest from investors participating in the network validation process, as the yield decreased from 4.3% to 3.6% in just two months. This change occurred alongside an increase in ETH supply due to reduced activity in the burn mechanism, reversing the prevailing scarcity trend.
On Oct. 12, regulatory concerns escalated after the Autorité de Contrôle Prudentiel et de Résolution (ACPR), a division of the French Central Bank, highlighted the “paradoxical high degree of concentration” risk in decentralized finance (DeFi). The ACPR report suggested the need for specific rules governing smart contract certification and governance to protect users.
Derivatives data and dropping TVL reflect bears’ control
Taking a closer look at derivatives metrics provides insight into how professional Ether traders are positioned following the price correction. Typically, ETH monthly futures trade at a 5 to 10% annualized premium to compensate for delayed trade settlement, a practice not unique to the crypto markets.
ETH 2-month futures premium vs. spot market. Source: Laevitas.ch
The premium for Ether futures reached its lowest point in five months on Oct. 12, signaling a lack of demand for leveraged long positions. Interestingly, not even the 8.5% Ether price rally between Sept. 27 and Oct. 1 could push ETH futures above the 5% neutral threshold.
Ethereum’s total value locked (TVL) decreased from 13.3 million ETH to 12.5 million ETH in the past two months, indicating reduced demand. This trend reflects diminishing confidence in the DeFi industry and fewer advantages compared to the 5% yield offered by traditional finance in U.S. dollars.
To assess the significance of this decline in TVL, one should analyze metrics related to decentralized application (DApps) usage. Some DApps, including DEX exchanges and NFT marketplaces, are not financially intensive, rendering the value deposited irrelevant.
Ethereum top DApps 7-day active addresses. Source: DappRadar
Regrettably, for Ethereum, the drop in TVL is accompanied by decreasing activity in most ecosystem DApps, including the leading DEX, Uniswap, and the largest NFT marketplace, OpenSea. The reduced demand is also evident in the gaming sector, with Stargate showing only 6,180 active accounts on the network.
While regulatory concerns may not be directly related to Ether’s classification as a commodity, they could adversely affect the DApps industry. Furthermore, there is no assurance that key pillars of the ecosystem, such as Consensys and the Ethereum Foundation, will remain unaffected by potential regulatory actions, particularly in the U.S.
Considering the reduced demand for leveraged long positions, declining staking yields, regulatory uncertainties, and a broader lack of interest, as reflected in Google Trends, the likelihood of Ether dropping below $1,500 remains relatively high.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
