As every week, let's start by looking at action in the markets and then diving into developments here at NewsCrypto.
Looking at the chart we can see that the price has been rather stable around the $48k level, making a series of lower highs and lower lows. Having formed a falling wedge, the price action signals a final downward move and a reversal in momentum, if the price manages to make a breakout above the upper trend line.
However, it’s crucial to note that the bulls haven’t yet shown any real strength, which means it's important to look at other technical, as well as macro factors and keep a bigger picture in mind. What do I mean by bigger picture? Don’t forget that Bitcoin can pull back to $40k level, which is a strong support level on a higher time frame.
When it comes to other major headlines from the crypto news, there have been quite a few, but let’s focus only on the most important. The news item that grabbed the most attention was Elon Musk declaring that Dogecoin is a better payment option than Bitcoin that is more suitable as a store of value, which is why its investors prefer to hold it rather than sell it or use it for payments. Shortly afterwards, he announced that Dogecoin is the only cryptocurrency that Tesla will support once payments begin. This caused the price to soar up for 25% and was the only major cryptocurrency to finish the day in green.
On Wednesday, many crypto holders experienced temporary astronomical paper gains, as a mysterious glitch caused cryptocurrencies on CoinMarketCap, Coinbase and numerous data aggregators to briefly display enormous gains. Bitcoin’s market cap soared up to $900 trillion, while Ethereum’s market capitalization reached a stunning $81 trillion.
Let’s look at developments here at NewsCrypto, as there have been quite a few. This week we announced our move into the Metaverse. Our digital world will be called NewsCryptoVerse and will be a game-changer in the field of education, especially when it comes to crypto.
Users will be able to personalize their working space and determine the items they want to use. They will be able to seek help from other users and get real time feedback in an interactive way. When it comes to learning they’ll also be able to enjoy virtual spaces, where they’ll be able to not only enrol at the NewsCrypto Academy, but also attend courses and webinars or 1 on 1 sessions.
Our virtual space will also offer a customizable and completely immersive trading environment, where users will have the opportunity to test and optimize their trading strategies, as well as to discuss them with other traders. In addition to that individuals will be able to create, sell and exchange their digital assets such as NFTs or visual assets, like trading strategies, blueprints, or images and participate in Play to Earn games.
To celebrate this announcement, we’ve also burned another million of NWC tokens, which concludes the 9th burning event this year. You can expect one more burn until the end of the year. All together we’ve removed 9 million tokens from circulation. This program aims to increase scarcity in order to reward all our token holders. Let’s just mention that we’re planning even bigger burning events for the upcoming years, so get ready for lots of burning in the next few years.
This week we’ve also started with daily special discounts, competitions, giveaways, free tools and much more to celebrate the festive December. We’ve prepared a special calendar that includes a different surprise every day until the end of the month. Check out the picture below, to see what we’ve prepared for you.
Hoping that the crypto markets have already bottomed-out, I wish everybody a successful week. Enjoy the rest of your day and don’t forget to check my update on the action in the markets, as well as developments here at NewsCrypto at the end of next week.