Meta Adds NFT Cross-Platform Posting

Meta enables NFT cross-platform launch

Social media giant Meta announced Monday that it will allow users to post their NFTs on Facebook and Instagram. The new additions allow users to connect to a number of digital wallets, including Rainbow, MetaMask and Dapper Wallet, to showcase their precious digital collections minted on Ethereum, Polygon and Flow. After announcing the integration of NFTs in March this year, the tech group quickly rolled out a series of new features, which undoubtedly shows that it has more ambitious plans for NFT support. In addition to cross-platform presentations, Meta is also developing custom animations for NFT posts, fulfilling its promise to showcase Spark AR-compatible NFTs via Instagram for a limited time.

profit and loss by return bands

The main cryptocurrency market rallied slightly on Monday as BTC and ETH climbed above key support levels. After BTC fell to $19,500 over the weekend, the rally offered some comfort to investors bracing for a massive crash. At the time of writing, BTC is up 2.1% in the past 24 hours and is now sitting above the $20,000 mark. On the upside, the largest cryptocurrency by market cap faces immediate resistance near the $204-20700 range and the 100 hourly simple moving average. Failure to break out of this resistance zone could see BTC start a fresh decline and test previous support around the $19,500-$19,800 range.

On-chain metrics show that losses for long-term holders are locked in on average between 35% and 40%. Meanwhile, capital outflows reached alarming levels last month, second only to levels seen during the massive capitulation sell-off during the 2018 bear market. In derivatives markets, BTC futures open interest leverage surged to new highs, signaling the existence of highly leveraged positions in the market, while suggesting the possibility of a further market squeeze cannot be ignored. Price action and macro signals over the next few days will likely determine whether the recent plunge is a precursor to a real bottom, or just a shock from too much leverage in the market.

ETH staged a strong rally after a double-digit percentage drop over the weekend. The second-largest cryptocurrency by market capitalization crossed the $1,500 mark in one fell swoop after gaining 9% over the same period. The upcoming upgrade of The Merge appears to have a greater impact on short-term price action. However, several key figures in the derivatives market, such as perpetual funding rates, futures basis and options implied volatility, suggest that bearish sentiment will prevail on longer time frames. Most major altcoins are in decline, with ATOM leading the downside correction with double-digit percentage losses over the past day.