Letter from the NWC CEO
Another week is about to come to an end, which means it’s time to reflect upon it and see what we can learn from it.
Looking at the Bitcoin chart, one can see that the past week has been full of bullish action. The week opened around $47,770 and looks likely to close around $55,000. The major move happened on Wednesday, as Bitcoin’s price skyrocketed from $51,250 to $55,700 in a mere couple of hours. Having spiked, the price retraced a little and retested previous major resistance around $53,000, which is now acting as a support. It’s also worth mentioning that this level also represents the one trillion dollars market capitalization boundary for Bitcoin.
Crypto Fear & Greed Index hit 76% on that day, which means the sentiment shifted from ‘’fear’’ to “extreme greed”. While on one hand it can be interpreted as a bullish sign, a certain degree of caution is important, since large whales might take out some profits, not to mention significant resistance levels at $58,000 and $60,000.
When it comes to important news regarding the crypto sphere, there have been quite a few.
On Monday, U.S. District Judge ruled that individuals holding the XRP token cannot act in Ripple’s ongoing lawsuit as defendants, but concluded that amici status strikes a proper balance between permitting movants to assert their interest in this case and allowing the parties to remain in control of the litigation. On Wednesday the Ukrainian president returned the virtual asset bill to parliament for revision, as he objected to the idea of creating a new watchdog agency and the costs connected to it. Zelensky proposed to put the separate executive agency focused on digital assets under the purview of the existing National Commission on Securities and Stock Market. We got totally contrary news from the USA, where their Justice Department announced the launch of a national crypto enforcement team that will supposedly make sure that folks can have confidence when they’re using these systems.
As for development here at NewsCrypto, we’ve released a Testnet version of Stellar-Polygon bridge. I invite everyone to try it out to get a feeling of how the Mainnet will look like. Of course, since this is only a testnet implementation don’t try sending any Stellar mainnet XLM or any Polygon mainnet tokens to any address associated with the bridge. I have to mention that there are also generous bug bounties, so make sure you report to our team in case anything seems suspicious.
An event that might be most important for NWC holders was probably news that we’ve burned another million of NWC tokens, hand in hand with progress on Stellar-Polygon bridge and major anniversary (more on that in the next paragraph). There are 5 burns left until the end of the year that will come arm in arm with key milestones as well.
Our project also celebrated the 2 years anniversary of the first listing of the NWC. On this occasion our team has written an interesting blog that covers what has been accomplished in those 2 years, plans on the future besides a brief dive into our token and its availability, both in terms of exchanges as well as blockchains. If you still haven’t checked it out, it’s available here.
As we hope that a positive trend will continue in the next week, I wish you all a pleasant Sunday. I’ll update you on our developments and action in the markets at the end of the week.