- El Salvador is planning to issue $1 billion bitcoin bond in order to build the world’s first Bitcoin City
- Cardano will be listed on Europe’s largest crypto exchange later this week
- Cardano’s daily transaction volume dropped recently
The past week was a negative one for the cryptocurrency market. BTC upward move lost steam and the major coin tested $55,000 level. Altcoins followed and registered negative performances all over the board. Over the weekend Bitcoin regained some ground and tested $60,000 area. However, the coin is pulling back again today and currently trades above $57,000. Some analysts believe that sky-high Bitcoin price targets can still be met by the end of the month, while others believe that this bull market will take longer to play out than previous ones. Also trading activity could be light this week because of the U.S. Thanksgiving holiday. Earlier US President Joe Biden is expected to pick a new chair of the Federal Reserve. The announcement could have an impact on cryptocurrency industry regulation, although some experts say the two major candidates - current chairman Jerome Powell and Fed Governor Lael Brainard present similar views regarding digital assets that the choice may not make much difference.
Bitcoin:
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Create account Try a demo Download mobile app Download mobile app- The President of El Salvador announced that his country will hold a bond offering, entirely in Bitcoin, and proceeds will be used to construct an ocean-side city. El Salvador could issue $1 billion worth of bitcoin bonds via Blockstream's Liquid Network. The city is to be built in the La Union region, where it will be powered by geothermal energy from a nearby volcano. Bitcoin City residents will not have to pay any taxes other than VAT.
- November 2021 has so far delivered negative returns of -6.5% for hodlers, making it one of just three such Novembers in Bitcoin’s history not to produce gains.
- Analyst TechDev noticed that Bitcoin price repeated its 2017 performance this year but also practically copied the timeframes for each phase of its bull market. If history repeats itself, another bullish phase should also appear — except this time, an order of magnitude may be higher compared to 2017.
BTC/USD annotated chart comparison with RSI highlighted. Source: TechDev/Twitter
- Despite recent bearish price action Crypto Fear & Greed Index shows the market is in fact entirely neutral. This could work in Bitcoin's favor, as last week's declines have brought sentiment back into the "fear" territory from which it has now recovered.
At 50/100, Fear & Greed is exactly in the middle of its possible range, emphasizing the lack of "extreme" sentiment. Source: alternative.me
Bitcoin tried to recover from last week's drop over the weekend and managed to climb back to the 23.6% retracement in the $60,000 area. However, the coin failed to break above and dropped to $57,000. Source: xStation5
Polkadot:
- Gavin Wood, CEO of Polkadot, believes that projects on Ethereum face economic constraints, unlike on Parachains.
- Meanwhile Polkadot’s free application execution model presents equal opportunity to protocols that launch on Parachains.
- Parachain auctions reduced the supply of Polkadot tokens in circulation, which positively affected DOT prices.
Cardano:
- Cardano is expected to be listed on Bitstamp, Europe’s biggest cryptocurrency exchange by trading volume, on November 24.
- On November 25, Input Output, the core development team behind the Cardano blockchain, will be hosting the Cardano 360 November edition, where new developments and updates on the third-generation blockchain will be announced.
- Meanwhile Cardano’s daily transaction volume and unique wallet addresses interacting on the network have dropped recently as Ethereum scaling solutions and layer-2 protocols like MATIC and Avalanche have outperformed Cardano over the past two weeks.
- On the other hand, the inflow of institutional capital in Cardano increased last week.
Cardano recorded significant institutional inflow a week ago, however no particular catalyst was behind this move. Source: CoinShares.
Cardano is trading around $1.79 level which is marked with lower limit of wedge pattern and 61.8% Fibonacci retracement of the upward wave launched in June 2021. The Ethereum-killer must close above this level for a recovery to occur. In this case, the next target for bulls is located at $2.30. On the other hand, if sellers manage to break lower, downward move may accelerate towards major support at $1.00. Source: xStation5
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