Good morning!
Many are waking up checking their bitcoin wallets to much disappointment given another blow to the apparent Q4 bull run.
After what seemed a positive weekend for BTC, the $60,000 resistance point was rejected a number of times and has since been exchanging hands at around $57,000 at the time of writing.
November and maybe even December look likely to undeliver on the expectations of many bulls. Traders and analysts are preparing for a bumpy and unpredictable close out to the end of the month.
Bitcoin needs to recapture the $61,000 resistance as a new support level to open up the continuation of a bull run for the remainder of the quarter. Given cycles are getting much longer it makes sense that it takes more time and more capital to push bitcoin higher.
For example, the capital needed for BTC to go from $60,000 to $120,000 is much greater than what it takes to go from $10,000 to $20,000, even though the percentage gain is the exact same.
An interesting graph shown below from the Cypto Fear and Greed index shows that despite the rocky short-term price action, the market remains natural. We are currently sitting at 50/100 which demonstrates a lack of ‘extreme’ sentiment however following last week’s shakeout of ‘fear’ we are now seeing a smoother recovery.
(source: Crypto Fear & Greed Index)
Having said this, greed still remains and we are not out of the woods yet…
Let’s get started.
Markets
As of 22nd November 2021
(source: coinmarketcap)
Headline roundup
SIX Digital Exchange confirms launch (LI)
El Salvador to create ‘bitcoin city’ (CD)
LA’s Staples Center to be renamed Crypto.com Arena in $700m sponsorship (LI)
Fidelity launches Canada’s first institutional bitcoin custody service (CD)
FC Barcelona cancels marketing agreement with NFT marketplace Ownix (CD)
NFL launches league-wide NFT tickets with Ticketmaster (LI)
TIME Magazine to hold ETH on balance sheet as part of Galaxy Digital Digital Metaverse deal (CD)
Hyperdeflationary token reDeFines decentralised finance (CT)
Square releases white paper detailing protocol for decentralised bitcoin exchange (CD)
Sandbox Metaverse Alpha to launch Nov 29th after four years in development (CT)
Biden and the Fed: Why Powell or Brainard won’t change much for crypto (CD)
Consensys plots massive expansion following $200m fundraising (CD)
CBDC
Digital yuan being trialed for securities transactions (LI)
Phillippines central bank considering wholesale CBDC in near future (LI)
VC
HSBC, Third Point participate in $200m Consensys funding (LI)
Commonwealth Bank backs Winklevoss crypto platform Gemini in $400m funding (LI)
Binance labs invests $8m in hackathon organiser Dorahacks (CD)
Animoca brands raises $5m for NFT marketplace (CT)
KKR plans to back Anchorage fundraise at $3bn valuation (CD)
Cypher raises $2.1m for traditional futures market on Solana (CD)
Digital Currency group raises $600m in new credit facility (CD)
Meme of the week
About Me
My name is Michael Burke, and I started working in the blockchain space about 4 years ago, firstly with Deloitte, now with R3, where I help our customers build enterprise solutions utilising the Corda platform. My interest in blockchain and cryptocurrency stems from the sheer potential of the technology to completely transform industries and value chains for the better.