Monday, 22 November 2021

Market Summary

Market Summary 22 November 2021

Bitcoin Price: $58,622.02 (-2.00%)
Ethereum Price: $4,258.31 (-3.49%)


 Yield Strats #35 – Milk Tea, New Chain and Airdrops

  • OolongSwap is the liquidity hub of Boba, the first native AMM on Boba Network. Oolong offers the best rates to trade tokens on Boba, yield farming opportunities with DeFi blue chips and the newest DeFi projects. In order to offer an economically efficient solution while also covering the AMM market spectrum, OolongSwap introduces dynamic pair fees. The fees can go as low as 0.01% or as high as 1% on different token pairs based on their risk levels.
  • Trisolaris is a one-stop trading platform for the Near blockchain, running on NEAR’s Aurora engine. It is the first DEX on Aurora, enabling a seamless trading experience similar to native Ethereum for a fraction of the cost, taking advantage of the great underlying architecture provided by the Aurora engine.
  • Beta Finance is a permissionless money market for borrowing, lending and short-selling. Beta Finance aims to offset crypto volatility and bring market stability.1.7M BETA tokens will be distributed as reward incentives for liquidity providers in the BETA/ETH 1% fee pool. The program goes live on November 23 and lasts until January 7 for a total of 45 days.
  • MetaMask’s long-awaited token has been confirmed. Although not confirmed whether $MASK will have an airdrop, using MetaMask’s swap function may be the prerequisite similar to the ParaSwap airdrop which was released last week.


Top 5 cryptocurrencies to watch this week: BTC, AVAX, MATIC, EGLD, MANA

  • Bitcoin (BTC) is witnessing a tough tussle near the $58,000 mark but that has not stopped select altcoins from hitting a new all-time high. This shows that traders are watching the fundamental developments on individual coins.
  • One of the recent top performing major altcoins has been Avalanche (AVAX), which has soared more than 120% in November. The coin caught traders’ attention leading up to the announcement by accounting firm Deloitte which plans to build its disaster relief platforms on the Avalanche blockchain.
  • Polygon (MATIC) has been trading inside an ascending channel pattern for the past few days. The bulls pushed the price above the resistance line of the channel on Oct. 28 and 29 but failed to sustain the breakout. This may have prompted selling from short-term traders.
  • The bears tried to pull Elrond (EGLD) below the breakout level at $303.03 from Nov. 16 to 18 but the bulls bought the dips as seen from the long tail on the candlesticks. Strong buying on Nov. 19 pushed the price above the overhead resistance at $338.70.
  • Decentraland (MANA) turned down from the 78.6% Fibonacci retracement level at $4.35 on Nov. 20. This indicates that traders may be selling on rallies.


Venezuelans promised Axie Infinity scholarships for crypto training courses

  • A gubernatorial candidate from Venezuela has promised to offer scholarships for citizens interested to join the Technical Training Center for Mining and Administration of Digital Crypto Assets. 
  • José Alejandro Terán, the aspiring governor who represents the country’s ruling party, started the initiative as a part of the La Guaira Digital program, which aims to fast-track growth and induce economic stability in the country.
  • As Cointelegraph Spanish reported, Terán’s training center will provide specialized training to the scholarship holders in nonfungible tokens (NFT), crypto mining and trading. Moreover, the drive will be supported by four entities, namely the National Superintendence of Cryptoassets (SUNACRIP), Axie Infinity Academy, the political group Independientes con Terán and the youth of the United Socialist Party of Venezuela (JPsuv).


El Salvador to inaugurate Bitcoin City backed by $1B BTC bonds

  • El Salvador continues to lead the Bitcoin (BTC) adoption drive as President Nayib Bukele announces the launch of Bitcoin City, which will be funded initially by $1 billion Bitcoin bonds. 
  • The initiative was first announced by Bukele at El Salvador’s Bitcoin Week conference, which sought to celebrate Bitcoin’s mainstream adoption in the country and increase citizen participation.


El Salvador government strikes deal with Bitfinex, Blockstream to issue $1 billion bitcoin bond

  • El Salvador has struck a deal with crypto firms Blockstream and iFinex to advance its efforts in the bitcoin market. 
  • The country is set to issue so-called Bitcoin bonds to “accelerate hyperbitcoinization and bring about a new financial system on top of Bitcoin,” according to Blockstream. 
  • El Salvador could issue $1 billion worth of bitcoin bonds via Blockstream’s Liquid Network. The proceeds of the bond issuance could support the development of volcano-powered bitcoin mining. 


Foundry USA becomes second-largest Bitcoin mining pool amid China ban

  • New York-based crypto-mining service provider Foundry USA takes the lead to become the world’s second-largest Bitcoin (BTC) mining pool after taking up a 15.42% share of the network.
  • Data from shows that Digital Currency Group-owned Foundry USA stands behind the pool leader AntPool by a hash rate of just 4,000 PH/s, which contributed to a 17.76% network share at the time of writing.
  • The rise in the participation of American entities can be attributed to China’s recent blanket ban on crypto trading and mining activities. The ban forced a large-scale migration of local Bitcoin miners, who now reside in crypto-friendly jurisdictions including the United States, Russia, and Kazakhstan.

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