Tuesday, 9 November 2021

Market Summary

Market Summary 9 November 2021

New ATH renews faith in PlanB’s prediction of $98K BTC by December

  • Bitcoin (BTC) has broken into new all-time highs, with the asset last changing hands in the mid $67,000-range.
  • During the final hour of Nov. 8 UTC time, BTC pushed into uncharted prices, with bulls firmly taking control of the markets as price action retested Oct. 20’s previous high of roughly $67,000.
  • Crypto Twitter appears to be rejoicing over the new all-time high, with many onlookers appearing to read the price-high as restoring their faith in the Stock-to-Flow (S2F) model from the pseudonymous analyst “PlanB” — which has gained significant popularity due to its eerie accuracy in predicting monthly closing prices for BTC.
  • A recent Twitter poll from PlanB found that of 242,000 respondents, 39.8% believe Bitcoin will top out above $100,000 by Christmas, while 31.4% expect BTC to be trading for $288,000, and 23.8% anticipate the markets will fail to break above six-figures by Dec. 25.


3 reasons why Kadena (KDA) price went on a 500% parabolic frenzy

  • KDA recently launched a wrapped version of its token called wKDA which operates on the Ethereum network and allows it to interact with all EVM-compatible decentralized finance protocols.
  • Another reason for the increased momentum seen in KDA was the addition of NFT capabilities to the network as a way to showcase the smart contract ability to transact high demand items while keeping fees low.
  • KDA has also received support from cryptocurrency exchanges, including a new listing on Crypto.com and CoinMetro offers KDA staking.


BREAKING: Mastercard launches crypto-linked cards across Asia-Pacific

  • Credit card giant Mastercard made a big splash in the digital asset market on Tuesday by announcing the launch of crypto-linked payment cards across the Asia-Pacific region. 
  • In partnership with three cryptocurrency service providers, namely Amber Group and Bitkub in Thailand and CoinJar in Australia, Mastercard will offer crypto-funded payment cards that enable users to instantly convert their digital assets into traditional fiat money.
  • Although Mastercard didn’t specify which cryptocurrencies would be supported, the company singled out Bitcoin (BTC) and Ether (ETH) as two assets that are already accepted by some merchants but haven’t yet achieved widescale adoption. According to Mastercard’s own research on the Asia-Pacific region, 45% of people surveyed say they are considering using cryptocurrency in the next year.


BlockFi joins the race for a spot bitcoin ETF

  • BlockFi has filed a proposal for a spot bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).
  • The BlockFi NB Bitcoin ETF would trade on the New York Stock Exchange and hold bitcoin, according to its S-1.


Privacy Browser Brave Expands Beyond Ethereum to Solana

  • Privacy-centric crypto browser Brave today announced an integration with Solana, the cryptocurrency network behind the market’s fourth-most valuable coin.
  • Brendan Eich, the CEO of Brave, said, “With more and more users and creators requiring tools for fast and affordable access to the decentralized Web, this integration will seamlessly pave the way for the next billion crypto users to harness applications and tokens.”
  • Brave is turning to Solana due to the crypto network’s high speeds and low costs, according to a company blog post. Unlike other smart contract-enabled blockchains such as Ethereum, simple transactions on Solana cost as little as 0.000005 SOL, or $0.001, per data from Solana Beach. 


Bitcoin price in classic ‘Bull Pennant’ breakout as BTC whales go on buying spree

  • BTC rallied over by 6% in the past 24 hours to reach a three-week high just shy of $66,500. In doing so, the cryptocurrency broke out of a consolidation range consisting of two diverging trendlines, a setup reminiscent of a Bull Pennant.
  • Bull Pennants are bullish continuation patterns that appear when an instrument consolidates in a Triangle-like price range following a strong move higher (called Flagpole). It typically ends up breaking out of the range to the upside, eyeing a profit target at length equal to the Flagpole’s size.
  • Bitcoin’s bullish setup received additional confirmation from an on-chain indicator by Santiment that tracks distribution/accumulation activities of the wallets with balances between 10,000 BTC and 100,000 BTC.
  • The metric highlighted that the so-called “Bitcoin whales” have been accelerating their buying spree.
  • Specifically, these entities accumulated 43,000 BTC (worth about $2.82 billion) in the last five days and about 92,000 BTC (over $6 billion) in the last 25 days, just as the price rallied to a record high near $67,000, corrected below $60,000, and surged back above $66,000.

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