As the week’s coming to an end, let’s look at action in the markets and then dive into developments here at NewsCrypto.
Looking at the Bitcoin chart we can see that this week there has been lots of downward pressure. Such corrections can be expected, as there has been lots of bullish action since the start of October. The price managed to first break the previous all time high on 20th October and then again on 8th, 9th and 10th November.
The good thing is that it looks like the weekly candle is about to close above the $58,000 level. If that happens, we might be ready for another leg up, instead of more consolidation. In any case it’s important to look for other signs of reversal as well. For example our On-Chain tool, which gathers all on-chain data in one place. It is available in our Pro-Tier and you can check it out here. It’s also worth mentioning that the absence of cascading liquidations, 25% delta skew, as well as the margin lending ratio all suggest that Bitcoin price has already bottomed out. Inflation being in an uncharted territory worldwide, is yet another potentially bullish factor for Bitcoin and other cryptocurrencies.
Let’s examine the headlines from the crypto sphere from the week that is coming to an end. There have been quite a few, but not that many were of great importance. The one that stood out is without a doubt Staples Center being renamed into the Crypto.com Arena. Crypto.com purchased the naming rights to AEG for $700 million over 20 years. The arena will be updated with a new name for the first time in its history. Moreover the Los Angeles Lakers and the Los Angeles Kings, which play home games at the Staples Center, will also collaborate with Crypto.com, as the company will be an “official cryptocurrency platform partner” for the two professional sports franchises.
Let’s look at developments here at NewsCrypto, as there have been quite a few. The most important one this week was the release of our On-Chain Analysis tool. This tool empowers you with an ability to have access to all of the crucial on-chain data in one place. By monitoring network activity, you can see what the market is likely to do next and adjust your exposure accordingly. Exchange reserves and netflow data let you know whether a sell-off is probable, while stablecoin data show you how much money is getting ready to step in and buy.
Our On-Chain Tool includes all crucial information on Bitcoin, Ethereum and Stablecoins. It features all exchanges reserves, exchanges netflow, miners outflow, BTC hashrate for Bitcoin, all exchange reserves and netflow for Ethereum, as well as all exchange reserves and issued supply for all Stablecoins.
This week we also shared our plans for the token in the forthcoming future. Having shared our ambitions, we’ve also committed ourselves to achieving them. The first upcoming utility will be getting special discounts and more on the upcoming Copy Trading Platform, which will be released in the Q4 of 2021. In 2022 NWC holders can expect to enjoy even more utilities as our token will also be used as collateral on the DeFi lending platform, unlock access to tune in to live education content on our Unchained education, be used as a fee to mint NFTs on our NFT Marketplace and as a fee for running NewsCrypto trading bots.
The last thing to mention is the new content we started posting and will be shared weekly. It’s called News or Snooze and covers the most attention-grabbing news items of the week. Our team’s member Adnan walks you through major headlines and hits the News button when discussing important news item or snooze button when confronted with overhyped or insignificant articles
In hopes of a crypto market recovery in the coming days, I wish you all a wonderful week and I look forward to seeing what the upcoming week will bring to us. As always, I’ll update you on our development and interesting crypto events at the end of next week.