{"id":1706,"date":"2021-11-19T08:18:40","date_gmt":"2021-11-19T08:18:40","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=1706"},"modified":"2021-11-19T08:18:40","modified_gmt":"2021-11-19T08:18:40","slug":"the-sandbox-sand-defies-bitcoin-btc-slide","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/the-sandbox-sand-defies-bitcoin-btc-slide\/","title":{"rendered":"The Sandbox (SAND) Defies Bitcoin (BTC) Slide"},"content":{"rendered":"\n

Price weakness on the cryptocurrency markets continued for another day, with Bitcoin (BTC) abandoning previously solid positions. BTC dipped<\/a> to the $55,700 range before a slight recovery, to trade at $56,529.04. BTC is now headed for one of the worst weeks compared to its recent rallies. Over the course of the day, price pressure pushed BTC below $56,000, creating the need to re-estimate potential price moves and a local price bottom.<\/p>\n\n\n\n

Altcoins<\/a>, however, had a logic of their own. The Sandbox (SAND) took off as one of the best-traded assets on the Binance exchange, ahead of its upcoming alpha launch. The Sandbox game aims to become one of the hottest spots in a crypto-powered metaverse. Binance is one of the important owners of digital land plots on the game, with the potential to build its own worlds and sub-games.\u00a0<\/p>\n\n\n\n

SAND Outperformed Weakening Altcoins<\/strong><\/h3>\n\n\n\n

SAND, along with Decentraland (MANA) actually managed to outperform as the tides turned for most altcoins. <\/p>\n\n\n\n

SAND hovered around $4.03 on Friday, after touching a peak above $4.31 late on Thursday. The asset recently saw peak volumes that sent the price to a new range, turning it into one of the significant winners of 2021. SAND started the year at around $0.04. <\/p>\n\n\n\n

MANA retreated under $4, still retaining some of the earnings after touching $4.13. The project is similar in its business model to create digital land plots, though Decentraland is the older ecosystem. <\/p>\n\n\n\n

During the latest price hike, MANA was the third most active asset on the Binance international exchange, closely tracked by SAND activity. Both assets have relatively high liquidity scores, with 805 points for MANA and 763 points for SAND. <\/p>\n\n\n\n

What Triggered the BTC Price Drop<\/strong><\/h3>\n\n\n\n

Outside a few niche assets, BTC dragged down the entire market on a mix of concerns. The immediate reason for the price drop were liquidations of leveraged positions, easily affected with an increase in volatility. <\/p>\n\n\n\n

But perhaps the biggest concern is the looming liquidation of Mt. Gox coins. In the past, redress for those that kept coins on the exchange included selling the coins and returning fiat. Now, around 141,000 BTC may be released by the Mt. Gox trustee to former owners that manage to register as hurt by the Mt. Gox crash in 2013. <\/p>\n\n\n\n

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Here is a link to the official approval. 141k $BTC<\/a> will be paid out starting in roughly 30 days from the Mt Gox hack back in 2014. A forced hodl that paid off

Don't really have any thoughts on this yet.https:\/\/t.co\/dZAwvYzRkQ<\/a> https:\/\/t.co\/p1xk7eqaIe<\/a><\/p>— Pentoshi Won\u2019t Dm You. hates Dm\u2019s. DM's are scams (@Pentosh1) November 16, 2021<\/a><\/blockquote>