Another week’s coming to an end, so let’s first take a look at action in the markets and then quickly dive into developments here at NewsCrypto.
Last week we witnessed the new all time high in Bitcoin that was followed by a correction in two waves to as low as $56,500, but the price managed to get back above the important psychological level of $60,000. This week, however, the all time high was broken by Ethereum, which further supports the Bitcoin-Altcoin correlation that I’ve been talking about frequently in my letters. If Bitcoin climbs or falls significantly, altcoins will suffer and contrarily once Bitcoin moves sideways or falls slowly, altcoins will grow.
Bitcoin price formed a parallel descending channel range that resembles the structure of a Bull Flag, which is a bullish pattern that indicates continuation of the previous trend (bullish). Moreover, the price bounced off the EMA21 line, which is just another bullish factor
The blockchain data analytics service revealed on Oct. 28 that the total amount of ‘’out-of-circulation tokens’’ reached the highest level in 9 months. Additionally data suggests that the amount of Bitcoin reserves held across all the crypto exchanges dropped to its lowest level since August 2018, as well as data indicating strong accumulation among miners, suggesting that we’re still before the final bull run.
Another news item that indicates further adoption is the fact that El Salvador bought the Bitcoin dip on Thursday, as their Central Bank purchased another 420 Bitcoins and now holds around 1,120 BTC. There has been also some talk that Tesla hinted they may soon resume support for crypto payments, as the company expressed its long term belief in crypto assets as a store of value and means of payment, stating: “We believe in the long term potential of digital assets both as an investment and also as a liquid alternative to cash”.
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 releasing the long awaited Stellar-Polygon Bridge on Mainnet. The bridge totally revolutionizes crypto, as it enables everyone holding an XLM token to also enjoy all of the perks of DeFi. This can be accomplished via our bridge, as it swaps your XLM token to the Wrapped Stellar Token (wXLM). It basically swaps tokens from the native Stellar blockchain over to Polygon, where you can put it to work in its numerous DeFi Protocols.
Our team also updated both Whitepaper and Litepaper to further align them with our mission and to make it more easily digestible for everybody. Make sure you check out at least the shorter Litepaper, to deepen your understanding of our goals and aims for the future. The Whitepaper is available here and the Litepaper is available here.
Another thing that is really important for everybody using our Platform (or future users) is the news item that our development department is already working on a new tool, which will be added to the Toolset soon. The team hasn’t yet completely revealed the tool, but has shared a brief description of its properties to give you a few hints. You can guess what it is in the comments on our post regarding the matter.
As we prepare for the biggest bull run ever, I wish a great day and as always, I’ll update you on the most important news and developments at the end of next week.