Letter from the NWC CEO
The historically bearish September has come to an end and as if Bitcoin was waiting for it, the price of Bitcoin saw double-digit gains on the 1st of October as it skyrocketed close to $48,000. Unlike the last two days of September, the trend has been negative for a great majority of a month as the price has dipped from the high of almost $53,000 to less than $40,000. The combination of price has formed a double bottom formation and strong impulsive bounce from support line indicates that the price has at least temporarily bottomed out. Overall, things do appear rather bullish heading into Q4. Another bullish macro factor that could have sparked a rally on Friday, was Powell’s testimony before the House Financial Services Committee on Thursday. Powell specifically said he believes that the role of the federal government is to regulate and not ban the cryptocurrency market. Another somewhat bullish macro factor was the lift of three-month long crypto ban in Iran.
Another thing worth mentioning is DXY hitting its one-year high. Having peaked the price retreated, partly because of the rising jobless claims in the U.S. It’s known that DXY and BTC are inversely correlated, which means that when one of them increases as the other decreases, and vice versa. Therefore, the dollar getting rejected could contribute to the rally in Bitcoin.
As for development here at NewsCrypto, we’ve had an important announcement regarding our Platform v3.0 professional subscription, which has been reduced by 50%. Our community members are now able to get tools and indicators that can really help them gain an upper hand in the market at discounted prices. Our team has also shared a sneak peek at the Backtesting Bot, which will let you test chart patterns on different pairs and timeframes instantly in an automated process. Another news item regarding the Platform was our team’s invitation to participate in the survey that gives our community power to decide what language they want the Platform to be translated into next. Everyone can give their vote here.
Hand in hand with our mission of awarding NWC holders we’ve also successfully distributed the Airdrop to all eligible users’ wallets. All participants were given a share of the 200,000 NWC rewards pool, which translated to 4,6% of their total balance at the time of the snapshot. Additionally, 30 lucky participants received an extra amount of 200 NWC each. In case any of you still have questions regarding the Airdrop, don’t hesitate to contact our team that will happily provide all of the answers.
We’ve also held an AMA and live demo event on Discord, where you could not only get answers to all of the burning questions, but also get a preview of the private testnet version of the Stellar-Polygon token bridge. In case you’re still wondering what Stellar is and why we have chosen this chain to build our own token on, you can check out our fundamental analysis reports that are available here. Our analysts have already covered both projects in depth in two of our previous reports. To put it briefly, our bridge will enable XML holders to bring their tokens to Polygon and its rapidly growing DeFi ecosystem, so you don’t have to choose between the XLM token and EVM-based DeFi.
As we’re all hoping for a positive trend to continue in the following week, I wish you all a wonderful week as I look forward to seeing what the future brings to us. As always, I’ll update you on our development and interesting crypto events at the end of the week.