In the past week, we’ve witnessed some strength in the crypto market, as Bitcoin managed to bounce off the support line at $46.7k and slowly, but steadily took off towards 50.000$. The threshold was eventually not only broken, but also surpassed as the price hit a multi- month high. It seems like a lot of investors are still rather reluctant to buy, however, while the price is testing the strength of resistance below roughly 50.500$. On the other hand a lot of money has been flowing into Ethereum, Cardano and other altcoins lately, as they usually rally when Bitcoin either moves sideways or slowly climbs higher.
There have been several more or less significant news concerning the crypto world in the past week. It has been reported that the U.S. treasury has been pushing to include more rules for tax compliance on cryptocurrency transactions in the upcoming $3.5 trillion budget plan. Also, the director and promoter of the infamous Bitconnect pleaded guilty in a global 2 billion dollar fraudulent scheme. Lastly, there has been some growth in tensions in El Salvador as the country is approaching the date they adopt Bitcoin as their legal tender. These rather unfavourable news haven’t managed to cause any downward pressure on the price. I believe that the consolidation under 50.000$ is purely a result of a strong psychological level, which we have encountered.
This week the NewsCrypto team has announced their plan to integrate Chainlink in the token bridge for Polygon in order to provide the utmost security. The token bridge is only a start, as the NewsCrypto team plans to deploy a lending and borrowing protocol that will feature innovative ways of incentivizing both liquidity suppliers and borrowers, so stay tuned.
Another major event that investors find appealing happened on Thursday, as our team kept their promises and burned another million of NWC, ensuring investors they are always our number one priority.
That’s it for this week. Don’t forget to check the newly released platform and its new and updated features that our team has been working so hard on. See you next week!