As the week’s coming to an end, let’s look at action in the markets and then dive into developments here at NewsCrypto.
Another week, another all time high in Ethereum price, as this time the price surged all the way to $4,523. The move happened on Tuesday, just days after the successful Altair upgrade to the Ethereum network, which was another step towards the full rollout of Eth2.
Bullish action that day was notable in its bigger brother BTC, which rallied as well, surging to $64,000. Overall Bitcoin closed the week around the same level as it opened, which means that we moved sideways, giving bulls the time to gather the energy for another push higher.
When it comes to news items from the crypto sphere, there have been quite a few. On Tuesday the mayor of Miami announced that he plans to accept his next paycheck entirely in Bitcoin. On Wednesday the government of El Salvador announced its next Bitcoin-related project, which involves building schools using profits the nation has made on the asset.
Following Wednesday’s FOMC meeting, the crypto market saw a slight pullback on Thursday, because of the Hawkish Fed comments, as well as fears of stablecoin regulation. On Friday the price of BTC and ETH kept falling towards key support levels, but the altcoin market has seen a handful of tokens post double-digit gains, indicating the underlying bullish strength.
When it comes to developments here at NewsCrypto, there have been quite a few, but let’s focus on the most important. The major accomplishment was an update on our revolutionary Backtesting Bot. Our Team expanded the list of patterns of initial Head and Shoulders, Double Top and Double Bottom patterns with Ascending and Descending Triangle Formations. Now you’ll be able to backtest even more strategies and take your trading results to the next level.
For those who aren’t already familiar with how Backtesting Bot works, it uses algorithms to auto detect TA patterns on the price charts of top cryptocurrencies. Apart from simply detecting the patterns, it also calculates the technical price target and looks at how many of the patterns hit it, giving you a success rate expressed as a percentage.
Another important milestone of this week is NWC token listing on Crypto.com DeFi wallet, which gives NWC holders another option of storage for their precious tokens.Since it is a non-custodial wallet you have a complete control of your crypto as you’re given your own private keys, eliminating the third party (custodian). Isn’t that what crypto is all about?
This week our social media team also posted a Twitter Thread about Metaverse, which has been a hot topic lately. It gives a quick outlook of Metaverse and why it could represent a great investing opportunity. Our team also decided to give you an opportunity to dive even deeper into the subject of Metaverse as they announced an expansion of our Academy with additional Metaverse content. New sections will be uploaded soon.
This Friday we also burned another million of NWC tokens to celebrate the release of our Stellar-Polygon bridge on Mainnet. There are 4 burns planned hand in hand with major developments until the end of the year, which means our team will have to scale up the frequency of burning events in the upcoming weeks. Don’t forget to follow us on our official Twitter channel, to always be up to date with our progress (and also burning events).
I hope you have a great week, and as always, I will update you on the most impactful developments and action in the markets next week. Wish you all a pleasant reminder of the day.