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 we’re coming to the end of a fairly bearish week. More specifically, we’ve witnessed another massive sell off on Friday, after new COVID-19 variant rumors which led Bitcoin to fall as low as $53,500.
The price bounced from the MA100 line on a daily time frame on Saturday,which could point to at least a temporary stop in the downtrend. The question is whether the support will be strong enough to give the bulls strength to push higher or will the bears continue to dominate further. While on one hand lots of traders are expecting a move to $53,000, on the other hand the crowd rarely gets what it wants. Usually the market finds a way to surprise investors, which gives me hope that the market will reverse before hitting the $53,000 level.
Let’s examine the headlines from the crypto sphere from the week that is coming to an end. There have been quite a few, but let's focus solely on the most important. On Wednesday the chair of the Senate Committee on Banking, Housing and Urban Affairs, has called on several crypto firms to release information related to consumer and investor protection on stablecoins. According to a Tuesday announcement, Brown sent notices to multiple exchanges, suggesting that he and other lawmakers may be preparing to hold a later hearing on the subject. The notice requests basic information on purchasing, exchanging and minting stablecoins, along with the number of tokens in circulation and how often users exchange them for dollars.
On Friday we witnessed some bullish news for Bitcoin and crypto, a Singapore-based fund manager launched two institutional-grade Bitcoin funds. The new funds intend to provide simple and secure exposure to Bitcoin for professional investors. It’s just another step that goes hand in hand with Singapore’s commitment to becoming a global cryptocurrency hub, where local regulators have issued multiple licenses to legalize crypto trading in the country.
Let’s look at developments here at NewsCrypto, as there have been quite a few. The most important one this week was the birth of Mercury Page on Twitter. You can follow our Copy Trading Platform Page, where you can access content about the platform's features here. To celebrate the occasion, our team has prepared a giveaway with the prize pool of 1000 NWC tokens. Anyone who follows our fresh page, as well as likes and retweets the giveaway post can win 200 NWC. Who could let such an opportunity go to waste?
This week we also burned 1 million of NWC tokens hand in hand with progress on the Copy Trading platform. There are 3 burns left, planned until the end of the year, which means that you need to get ready for lots of burning in the following weeks. You can check the burn transaction here.
To celebrate Black Friday, we’ve also given our community members a special discount for all professional subscriptions. We’ve slashed all prices by 30%, to really make all of the tools, reports, market analyses and all of the trading data even more accessible for everybody. Even though you can expect another discount of prices next Black Friday, becoming a lifetime member is still an even better option, so make sure you don’t miss out on it.
In hopes of a reversal in crypto markets, I wish you all a successful week. Looking forward to seeing what the upcoming week will bring to us. As always, I’ll update you on our development and interesting crypto events at the end of next week.