Overview
· Major Market News
· Market Update
· Insight: When will we rebound?
· NOOBIES: What is Bitcoin?
Major Market News
· Senator Lummis slams Hillary Clinton and advocates for stabilizing US Dollar using Bitcoin.
· Crypto.com (CRO) launches OTC portal for institutional clients. This can only add more reason not sell CRO yet.
· In an Ernst & Young study, nearly one-third of hedge fund managers plan to invest in cryptocurrency.
· Salvadorian President Nayib Bukele announces the launch of Bitcoin City which will be funded by $1 billion Bitcoin Bonds. This is announced a few weeks after El Salvador announced a plan to build 20 schools with bitcoin reserves.
· Layer-two TVL in Ethereum reaches all time highs to $5.64 billion.
· According to Dune Analytics, the total number of Defi addresses has exceeded 4 million. It has grown 233% in the past year.
· Biden has nominated Jerome Powell for a second term as Federal Reserve Chairman. Let the money printing commence.
Market Update
· Bitcoin continues to slide to 57k after a rebound over the weekend that hit as high as 60k.
· Total Market Cap (TOTAL) is down to $2.51 trillion.
· Elrond (EGLD) continues to be one of the few strong positions and is up 58% in the past 4 days.
· Avalanche (AVAX) hits all time highs during the weekend of $145. Possible signs of a weaking trend are starting to appear in technicals and sentiment.
Bitcoin Fear and Greed Index 50
Google Trends 42
Notable Money Inflow/Outflow 7-days Chains TVL
Avax +17%
Cronos +28%
Harmony +116%
Elrond +75% (one day)
Binance -12%
Terra -15%
Fantom -13%
Thorchain -14%
Insight
The market is continuing its slide down after a rebound to 60k
over the weekend that proved to be the bull-trap that the last report warned of. On-Chain metrics still iterates that the dip is not a complete sell-off. This is further supported with the success of a few alts that were completed unaffected by a sliding overall market. 7-day gains: EGLD +50%, CRO +56%, SAND +42% AVAX +36%.
On Friday’s report, consolidated data from 3 separate metrics concluded a 56k BTC could prove to be an efficient area to start increasing positions. It’s now recommend holding off this area as tomorrow’s report will take another look into options data and max pain. Options data feed is currently unavailable. It’s still looking likely that this week will decide the bottom of this current dip as the Nov 25 futures expiration will have a strong influence on where price is heading.
Tomorrow’s report will investigate good tokens to buy in anticipation of a rebound.
Notable Events
· Second DOT Parachain will expire Nov 25. Moonbeam will be the most likely winner. Moonbeam is a strong buy.
NOOBIE Lesson of the day
What is Bitcoin?
Bitcoin is a global digital decentralized currency that is completely digital and cryptographic by nature that began in 2009. It uses cryptography to verify transactions through nodes located around the globe. The transactions are then recorded on a public ledger called a blockchain. If one explores the elements of bitcoin vs our current form of money, you begin to see some of its benefits.
Some aspects about Bitcoin that we will quickly explore.
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Decentralized
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Fast and easy to send
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Open-Source
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Permissionless
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Transparent
Decentralized
One of the most powerful bitcoin traits. It cannot be stopped by any one entity since its nodes are distributed globally by millions of miners. The free market is the only way bitcoin price is determined.
Fast and easy to send
Bitcoin can be sent across the globe at an extremely low price. With the Segwit upgrade, Millions of dollars of BTC can be sent for less than $5, in less than 10 minutes. Transactions are peer-to-peer and no third party is needed.
Open Sourced
Developers all over the world can participate in constant development and improvement of the bitcoin network. The recent Taproot upgrade will now allow easier application of smart-contracts on bitcoin.
Permissionless
No third party is needed to send or receive bitcoin. Unlike most financial payments that require bank approvals, BTC is completely permissionless in nature. No information is collected to use the bitcoin network. It is available to anyone with an internet connection.
Transparent
All transactions are recorded on a public ledger and can be seen anyone. People that utilize bitcoin can remain anonymous, but transactions are all recorded on this ledger. Bitcoin Explorer Link.
Tomorrow
· Options/Futures data re-evaluation
· What to buy during the dip
· Dig further into bitcoin
Last week the reports were sorta heavy so this holiday week I’ll keep them short and sweet. I don’t anticipate too much news occurring this week, but data is showing that we can rebound. Keep a close eye on the market with the Friday expiration if you’re looking to pick up some more positions.
Thanks for reading fam!
- Gabi
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