In the last week we’ve seen some interesting developments in the crypto world. While many retail investors were panicking about technical indicators such as the death cross flashing a downtrend in Bitcoin’s price, many institutional investors and whales have accumulated large sums of crypto as they predict we’re in the stage of accumulation according to the Wyckoff method of market cycles.
While we cannot perfectly predict future price movement of any crypto, it is smart to always keep an eye on what the big players are doing. The FUD continued its momentum with many ill-favored news around crypto, such as China cracking down on Bitcoin miners and fake Ledger hardware wallets being sent to users as a part of a data breach (if you receive one discard it immediately as they are designed to steal your crypto as soon as you set it up).
As of writing this letter, Bitcoin is hovering just below the $33k price point and the dominance creeped back up to 47% and hopefully, the big players have correctly predicted that the bull run still has not truly ended.
Here at NewsCrypto we’ve been busy as always. I’m delighted to let you know, KuCoin has added support for deposits and withdrawals of NWC tokens on the Ethereum and Stellar blockchains, enabling a broader set of options for traders.
We’ve partnered up with Secret Network, a cryptocurrency project that enables transactional privacy as well as computational privacy by default. They completely disable front-running attacks that are popular in DeFi by executing smart contracts in an encrypted computational environment while also enabling verifiability that comes with blockchains.
This partnership will be far reaching and the first thing we’ll do is prepare a full fundamental analysis of this promising project that will explain all of its interesting details to our community. Later on, we’ll also prepare a whole new section in our crypto academy with the help of the Secret Network, dedicated to explaining this approach to crypto privacy and the other advantages of computational privacy for DeFi and secret dApps.
Lastly, we’re proud to announce we’ve been listed on yet another decentralized exchange, this time on Dfyn on the Polygon network. To incentivize liquidity, we decided to reward liquidity providers for the NWC/DFYN pool with $20,000 worth of NWC and DFYN tokens in the Dual Rewards Farm, so make sure you grab a piece of that cake before it’s all gone!
As we move sideways within this everlasting range of uncertainty, I hope you have a great day and as always, I’ll update you on the most important news and developments at the end of the week.