This week there was a lot of uncertainty in the market as some investors feared that the whole crypto market will plunge lower like it did at the start of 2018. At the same time, some traders and even institutions expanded their holdings as they believe the price of Bitcoin and others will soon reclaim their crucial price points and support levels.
We have already seen some optimistic price movement as the bulls pushed the price back up to the $40k mark but it wasn’t truly sustained therefore it is yet to be seen if the trend will truly reverse. As of writing this letter, Bitcoins price is hovering around the $36k mark and hopefully we won’t see another support retest.
Despite the uncertainty in the market, we’ve prudently continued on with our development here at NewsCrypto. We’ve executed the biggest NWC token burn so far, and it’s just a small part of the whole package. At the start of our project we’ve committed to the deflationary model and burning 20% of all subscription fees on the platform, but over the past months, a significant proportion of subscriptions were acquired through staking NWC, and those subscriptions don’t burn any fees.
That is why we’ve decided to make up for it and burn $10 million worth of NWC in several burn events, of which the first one already executed last Tuesday, burning the first $1 million. The rest of the burns will take place before the end of the year and will most likely coincide with reaching important milestones of our project.
An interesting event this week was the talk with our project advisor Quentin Herbrect, where we discussed the most important aspects of investing. We touched on how to find value in projects, what doing your own research really means, what the future holds for crypto and more. Definitely worth checking out if you haven’t already!
The last thing I should mention is the release of our NWC merch store, where you can get yourself some of that sweet crypto clothing to stand out of the crowd. Some of the pieces offered in the store contain hidden messages of gratitude as we are so thankful for all the support towards the project over the years.
That’s all for this week, I hope the recent volatility didn’t stress you out too much and I’ll write to you again in seven days!