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’ve witnessed a massive sell-off in Bitcoin on Saturday morning, as the price plunged around 25% in just 16 hours before recovering somewhat.
The price hasn’t fallen with such magnitude since May 15th, as the price fell to as low as $42,000. The reason for such correction probably lies in market-wide anxiety spilling over from the legacy market and triggering a cascade of liquidations. According to ByBit data, the Bitcoin market experienced $1.3 billion total liquidations in a single hour (8 am UTC), with $735 millions liquidated in BTC longs on this drop. Some people have attributed the drop to mainstream resistance from the US regulators, who have invited the CEOs of major CEXes for a hearing on crypto assets.
Having bottomed out, the price did bounce rather quickly, which shows that some bullish strength is still present, therefore I believe that we had at least temporarily bottomed out, but be cautious for future price movements to the opposite direction. in any case.
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 look at two that caught most attention. On Wednesday we were informed that Croatia’s largest supermarket chain Konzum started accepting crypto payments. For now the option is only available for online buyers, but Konzum already plans to expand the new payment option to its physical chain stores soon as well. It’s nice to see that adoption is spreading around the world.
The next day the rumors circulated that Fidelity Canada officially launched the Bitcoin ETF and Bitcoin Mutual Fund. These are the first such assets to be made available in the country. The implications for Canadian retail investors are remarkable, as they can now open government-registered accounts (such as the Tax-Free Savings Account), and purchase Bitcoin ETFs, giving them the ability to hold assets exempt from capital gains tax liabilities.
Let’s look at developments here at NewsCrypto, as there have been quite a few.
This week we’ve announced another buyback and burn event, which is scheduled for next week. We will purchase another one million NWC tokens from the market and then remove them from circulation with a burn event. This is yet another step towards achieving our long term vision of sustainable growth structure for NWC token.
This week our team also started filming short educational videos with metaverse content, to start educating our community on this trending topic. Videos will be posted weekly and will cover various subtopics, starting with the general one ‘What is Metaverse’.
Our team also announced that next week they’ll release a new section of the Academy on NFTs and the Metaverse, two of the hottest topics of 2021. If you want to check our existing Academy content, you can do so here.
Hoping that we’ve witnessed the end of correction following the sharp decline in price on Saturday morning, 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 developments and action in the markets at the end of next week.