As the week’s coming to an end, let’s look at action in the markets and then dive into developments here at NewsCrypto.
Looking at the Bitcoin chart we can see that the price started the week with lots of bullish sentiment. Following a very strong upwards move on Monday, Bitcoin surprised everyone on Wednesday as it hit a new all-time high, surpassing the $69,000 level. Ethereum followed Bitcoin to hit new all-time highs of its own of $4,868, getting closer and closer to the $5,000 mark.
Having hit the new all time high, Bitcoin retraced a bit, as the price fell all the way to $62,356, where it bounced from the EMA21 on the daily. The correction was partially also a consequence of SEC rejecting VanEck’s spot Bitcoin ETF, which temporarily fueled a potential negative sentiment on the markets. In my opinion if the price manages to stay above the EMA21 line, we might soon see another explosive move up.
There have been quite a few interesting news from the crypto sphere in the week that is coming to an end. The most attention-grabbing one was probably Indonesia’s national Islamic council reportedly declaring Bitcoin haram or forbidden, by the tenets of Islam. And the second most sought-after news item was likely a report on inflation numbers, which indicated year over year rise in CPI of 6,2%. The good news here is that what is bad for fiat is usually good for crypto, as more and more people will look for alternatives of storing their wealth so it doesn’t evaporate into thin air.
Let’s look at developments here at NewsCrypto, as there have been quite a few. The most important one this week probably has to do with the upcoming Copy Trading Platform. Our team has informed followers with the name of Copy Trading, which will be Mercury.
The name derives from Roman mythology and it’s god of financial gain and commerce. We think that the name goes perfectly hand in hand with Platform’s mission, which is to help you bring financial gains with trading. The best thing about it is the fact that you will be able to achieve it in a passive way. The only thing you’ll have to do is choose which trading professional you want to follow. Having chosen whose trades you want to copy, you can simply sit back, relax and let the god of financial gain (Mercury) do the work for you.
We’ve also announced that we’ll release the new On-Chain Analytics Tool next Tuesday. It will feature all valuable info on two biggest cryptocurrencies and stablecoins. You’ll be able to access all exchanges reserves, exchanges netflow, miners outflow and hashrate for Bitcoin, as well as all exchanges reserves, exchanges netflow and daily Ether burn chart for Ethereum. Additionally you’ll also see all exchanges reserves and issued supply for all Stablecoins. To give everybody an opportunity to try it for themselves, we’ll make it available for free for 24 hours, so make sure you follow us on our Official Twitter profile, so you’ll be updated once it goes live.
On Wednesday we also shared burning projections for our ecosystem’s token NWC. Our team shared an interesting fact that the amount of burned tokens from subscription fees have increased twelve times since the release of v3.0 platform update. Additionally the post also reminded everybody that there are still 4 burns planned until the end of the year with even bigger burning events planned in the near future.
Yesterday we also announced the winners of our MacBook Giveaway. Congratulations to the winners and of course thanks for the participation everybody. Three MacBooks and all the merch will shortly be shipped to the lucky winners. I am glad our team has enabled three lucky individuals to access our Platform and its cutting-edge tools, not only on a brand new, but also top notch laptop. I hope it will help you maximize your trading potential and therefore your profits in the upcoming bull run.
That’s it for this week and make sure you follow us on our social media channels, so you won’t miss any important updates. As always, I’ll update you on the action in the markets and our developments next week. See you!