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 made a reversal in trend on Tuesday, when the price finished 4,21% higher. The next day we witnessed a battle between bears and bulls as the price confronted daily 21EMA. Having breached the resistance, the price finished almost 5% higher on Thursday. On Friday hodlers got a Christmas gift, as Bitcoin (and consequently the whole crypto market) hit $51,800, but retraced afterwards.
As expected, the price broke out of the falling wedge pattern and as the bulls finally showed some strength, I think that the price has at least temporarily bottomed out. The close of a daily candle above the $52,000 level can be a signal for another leg up, while the price closing below strong EMA and MA lines would indicate weakness in the price and a potential downturn.
When it comes to major headlines from the crypto news, there have been quite a few, but let’s focus only on the most important. The most attention-grabbing news item this week were the results of a new study that found out that 0.01% of Bitcoin holders control 27% of all circulating coins. The Wall Street Journal reported on Monday that the amount of BTC held by the “one percent” is equivalent to approximately $232 billion. While on the one hand the study suggests that Bitcoin might not be as decentralized as it seems at the first glance, on the other hand it’s important to note that much of BTC’s circulating supply is also not controlled by anyone and probably lost forever (such as Satoshi Nakamoto’s wallet that controls over 5% of Bitcoin).
In an effort to counter the falling value of the Turkish lira, President Erdoğan shared plans to implement a new economic model while speaking at a press conference in Istanbul. He has reportedly confirmed the completion of a crypto law draft that will soon be shared with the Parliament for mainstream implementation in the country. Let’s just note here that Turkey has been accelerating its work on regulations for the digital tokens and that further adoption will most likely take place, when this law gets implemented.
Let’s look at developments here at NewsCrypto, as there have been quite a few. This NWC token got listed on another exchange. This time BKEX Global listed NWC/USDT and NWC/BTC trading pairs. Trading has already opened on Tuesday 10:00 UTC and if you want to try trading NWC on BKEX exchange, you can do so here.
To give some additional motivation we decided to reward users with an ongoing "NWC Trading Competition", which ends tomorrow at 7:00 UTC. Only thing you need to do to participate is trade NWC/USDT on BKEX and reach the minimum trading volume. You can win up to 3,500 NWC tokens, if you exceed the trading volume of 150,000 or 500 NWC, if your trading volume exceeds 80,000. The competition results will be published within 3 working days after the activity ends and the rewards will be distributed within 2 working days after the activity result is published.
Beside having Enjin as a partner in NewsCryptoVerse, this week we also announced our second metaverse partner Travala. In the virtual offices in NewscryptoVerse, users will have a window with a view of the outside world. Called ‘Travala’s window of opportunity’, which will give the option to escape from the daily trading-related stress, as you’ll be able to book your destination in a few clicks. But it doesn’t stop there, as eventually users will have an option to do a virtual tour of popular destinations, where Travala offers flights.
This week we also held a staking competition that on top of the 25% APY and free professional subscription that you normally get when you stake your NWC tokens, awarded 3 people that staked the most with 1000, 500 and 250 NWC. The competition might be over, but all the perks with an exception of extra rewards persist, which means there are still plenty of reasons to lock your tokens. Learn more about our Staking program here.
Taking into consideration that we’re in the middle of Christmas holidays, I wish everybody a merry Christmas. I hope you enjoy the rest of this festive time and spend it with your family and loved ones. Don’t forget to check my insight into the action in the markets and developments here at NewsCrypto at the end of next week.