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| Bitcoin Rallies Following The ₿Word Conference ft. Elon Musk, Cathie Wood, Jack Dorsey, and More |
The B Word conversation with Elon, Cathie, and Jack was a gathering of fantastically talented, diverse, forward-thinking, pro-ESG, creative, and economically grounded minds. It was intensely interesting from many angles and engaged each of them from their different expert perspectives. Elon Musk announces personal and Space X crypto holdings. Cathie Wood clears up some misconceptions around BTC and backs her points with solid economic principles and experiential learnings. Jack Dorsey speaks to his socially and environmentally conscious BTC objectives for Square and Twitter, beliefs, and vision for this historically unmatched form of value exchange. Despite what the markets are showing us presently "the Internet's native currency" continues to grow and adapt, illuminating emerging fundamental benefits. Great thinkers like this are helping to amplify Bitcoin's growth and benefit to humanity, by exploring these creative and innovative ideas to make it more sustainable and productive.
Elon's flat humor persists throughout the conversation, but he is quite clear about his support for, and obvious commitment to many root positive aspects of decentralized value exchange. Our very favourite statement in this interview comes from Elon when he tried to clear the air saying, "I might pump, but I don't dump". This expression seemed a responsible acknowledgment of his crypto common sense, and his important influence on crypto price swings. He reinforced his personal and business interests in crypto, and how influencing the price negatively makes no sense for him. He identifies the possible role that Tesla's solar division can play in the renewable future of crypto mining, a pretty obvious interest, and motivation.
Elon explains how his retraction of Tesla accepting Bitcoin was related to the sudden surge in crypto's popularity and price caused by his prior announcements surrounding accepting it. Recognizing that a sudden surge in mining transactions could not be solely supported by existing renewables powering the Bitcoin network, and how that fact reflected on a company whose main goal is a cleaner future. With China's help, Bitcoin is now above Elon's acceptance levels, and he stated that Tesla was conducting "a little more diligence" in investigating before they would "most likely" again accept Bitcoin transactions. All good news and sentiment from Elon.
Cathie Wood is a credible crypto hero that we appreciate a great deal. She is engaging and intelligent, citing Bitcoin economic principles and core strengths in a way that can make sense to anyone. During this conversation Cathie directs Elon's attention to the positive influence Bitcoin is having on innovation in, and adoption of renewables. Also interesting is Cathie's recognition that the energy used for Bitcoin production will be more efficient when compared to the energy used by the traditional financial services sector, or traditional gold mining facilities, two worthy comparisons. She comments that in her experience many people in Bitcoin development are extremely committed, and have a superior understanding of economics and economic history, a fact that gives her great comfort.
Jack Dorsey comes in to remind us all that Bitcoin is a problem-solving technological innovation that is well worthy of our energy investment, an important point to remember. Jack seems focused on exploring the limits of energy efficiencies, commenting on wasted energy and untapped energy. He referenced an example of capping methane flares from oil production to run mining rigs, neato. These are the innovative ideas that will become solutions as renewable research and adoption become increasingly powered by the profit motivations behind Bitcoin mining. Jack spoke about Square wallet projects and user benefits, insinuating that further crypto adoption news could be on the horizon for Twitter.
In summary, the interview denounced and addressed many misunderstandings about Bitcoin. It spoke to many of the factors that make bitcoin such a great direction for us all to go in. The interview was insightful, news breaking, and could give the crypto market the sentiment change it so desperately needs right now. All via the statement and recognition of obvious Bitcoin truths & potential rollout benefits. |
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| Why Are People Flocking To CBDCs? Is There More Than Meets The Eye? |
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Various central banks across the world have been working for a long time to develop central bank digital currencies, more commonly referred to as CBDCs, for their individual countries. The major reason for such a large number of nations to become increasingly involved is mainly to respond to the cryptocurrency industry's rapid and unprecedented growth. Several governments and financial organizations believe that cryptocurrencies have gradually evolved to pose a significant threat to the current financial system. As a result, the central banks have agreed, with the consent of the relevant corresponding governments, to embark on a program that would digitalize fiat currencies. China and India are two of the most important countries currently working to establish CBDCs. China has halted Bitcoin (BTC) mining and continues its anti-crypto campaign, while the Reserve Bank of India (RBI) is also not a supporter of crypto. The US government has additionally considered the idea of creating a digital dollar, although this proposal has yet to receive final approval. Why CBDCs? It is crucial to recall that investors came into crypto mainly to avoid dealing with banks and third-party intermediaries. However, governments and financial organizations saw this as a sophisticated means of evading regulatory rules and avoiding the mandatory submission of taxes, prompting numerous authority and governmental figures to take an aggressive stance. CBDCs are one such reaction since central bank digital currencies have the ability to not only threaten crypto's supremacy but ultimately replace it, according to a few analysts and experts. Will Central Bank Digital Currencies Replace Crypto? As aforementioned, a handful of individuals seem to believe that CBDCs shall ultimately replace crypto. But the matter is not as simple as that. While it is true that investors tend to side with assets that are properly regulated as well as backed by the government, it is also a fact that people have generally become fed up with the constant involvement of intermediaries and regulators, which was a key factor in the crypto industry becoming successful to begin with. It should be noted that in the past, so many have attempted and subsequently failed to destroy Bitcoin (BTC) and the crypto sector, but CBDCs are unique in that they provide a direct substitute to cryptocurrencies. Furthermore, investors may feel at ease with CBDCs because there would be no anxieties or concerns about governmental regulatory crackdowns. However, we are still very much in the crypto-age, and the adoption rate for highly valuable digital assets like Bitcoin and Ethereum (ETH) has only increased over time. Is Everyone Supportive Of CBDCs? While we have mentioned that plenty of investors may feel more comfortable with CBDCs rather than crypto, this might not necessarily be the case for everyone, especially at an institutional level. Recently, a group of Republican senators sent a letter to the USOPC (United States Olympic and Paralympic Committee) expressing their concerns about China's new CBDC, the digital yuan, as the lawmakers believe that this is just another attempt to conduct surveillance on American citizens and gain sensitive information. The senators' identities were Cynthia Lummis, Roger Wicker, and Marsha Blackburn, and they submitted the letter together. The primary concerns were based on data security breaches and espionage. To provide further emphasis, the senators think that not only may the CCP (Chinese Communist Party) plan on utilizing the digital yuan for surveillance and espionage purposes, but that this has already been occurring. Interestingly, other letters have been submitted in the past that expressed similar worries. Last month, Senator Tom Cotton wrote to President Biden, expressing his concern that China may seek to collect Team USA's DNA at the forthcoming Beijing Winter Games for unknown reasons. Ultimately, CBDCs are not going anywhere as the world becomes increasingly digitalized. Just like cryptocurrencies, they are inevitable and so it will be interesting to see how each country continues to develop its own central bank digital currency.
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| Plasma Finance Integrates with Polygon to offer PlasmaSwap |
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| Context For those who may be unaware, PlasmaFinance is a cross-chain decentralized finance aggregator that allows its customers to successfully manage their respective portfolios via a single, easy-to-use interface. The platform offers the most extensive analytics in the market, as well as simple tools and exposure to the most profitable DeFi returns over any protocol. Most recently, the aggregator has now been added to Polygon (MATIC), which is a framework and protocol that runs on Ethereum (ETH). The launch involves the complete set of DeFi protocols that are supported by its native decentralized exchange, 'PlasmaSwap'. ‘Easy DeFi’ & PlasmaSwap Customers may now profit via ‘easy DeFi' by transferring liquidity to PlasmaSwap and utilizing Polygon's relatively higher speeds and lower costs. The PlasmaSwap users can provide liquidity as well as trade with fees that are reportedly up to 1,000 times cheaper as opposed to those on Ethereum. Polygon has previously been making headlines and for good reason, as it has firmly positioned itself as an alternative to the world's second-biggest cryptocurrency by market capitalization. This is due to the fact that it operates on the same network as Ethereum and has all of the benefits of the 'altcoin king' built-in, but with significantly cheaper costs as aforementioned. PlasmaFinance CEO Supports New Initiative “We will not and cannot stand idly by when it comes to pushing for increased DeFi adoption, decreasing the learning curve, and putting the means for financial independence in the capable hands of users,” says Ilia Maksimenka, Founder and CEO of PlasmaFinance, in response to today's news. The objective is hence to simplify the process and attract new users to hopefully adopt and actively engage with DeFi protocols, as well as to ensure that both new and current customers receive the finest pricing and performance. Ilia added that yet another significant step ahead has been taken in accomplishing this goal through the deployment of the PlasmaSwap decentralized exchange on Polygon. “Thanks to PlasmaFinance's connection with Polygon, there is no longer a requirement to choose between ‘everything else’ or ‘fast and cheap. Thus, consumers will be able to enjoy the perfect combination”, the CEO added. In addition to numerous leading protocols currently supporting the platform, the PlasmaPay wallet is also linked with multiple exchanges as well as an external service provider to buy and sell crypto via bank accounts, credit cards, and various other methods. Once again, the aim is to make DeFi adoption simple and effective for everyone. Sandeep Nailwal, the COO and co-founder of Polygon, has stated that he is absolutely thrilled to invite DeFi initiatives like PlasmaFinance to join the ranks of Aave, Balancer, Curve, and Sushiswap when it comes to developing on Polygon. PlasmaFinance to help Polygon compete with Ethereum The extraordinarily high gas prices charged on the Ethereum network have caused growing dissatisfaction among DeFi users for a while now. PlasmaFinance addressed this issue somewhat earlier this year through an interim solution by offering gas optimization tools, and today's announcement would surely be appreciated by both current and new customers. Moreover, PlasmaFinance evaluated the costs and speed when it launched its PPAY Coinmarketcap Earn campaign in June to demonstrate the potential of Polygon. The conclusions were remarkable, as PlasmaFinance spent only $0.30 to distribute $100,000 worth of PPAY tokens to a whopping 20,000 addresses, achieving transaction finality within just 2 seconds. PlasmaSwap will provide additional benefits to those who already trade on the DEX on Polygon, such as market data on all DeFi and cryptocurrency tokens, a clean and accessible user experience, portfolio management, sophisticated trading tools like Limit Orders to be used for capital and risk management, Stop Loss, and even Future Orders for up-and-coming new token listings. Clients need only add their liquidity onto PlasmaSwap on Polygon. As a result, they will be capable of launching and engaging in IDOs throughout all platforms via the IDO Launchpad Alliance and SpacePort. This alliance offers customers a concise summary of all IDO platforms, including active and future IDOs, in a single and convenient location. Various decentralized finance initiatives may also avail the benefits provided by today's announcement. They may use SpacePort to launch their own completely customized and decentralized IDOs. They can also utilize PlasmaFinance and Polygon for improved DeFi capabilities, which include releasing liquidity, exchanging pairs, and innovative mining activities on PlasmaSwap that will also allow for even more benefits from simple and straightforward DeFi at fast speeds and cheap prices. |
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Are Altcoins In For A Sell-Off Or Breakout?
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| | The ₿ Word | Live with Cathie Wood, Jack Dorsey, & Elon Musk |
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| Bitcoin Breaks Out Above Descending Triangle Following The "B" Word Conference |
After a tumultuous two months, Bitcoin has finally seen some good news as the price has managed to break out of the bearish descending triangle pattern. Following a short-lived drop to 29K, the bulls stood strong and ferociously bought the dip. This test has shown us the strength of the 30K support line.
In the same week, the bulls managed to provide enough buying pressure to break above the descending triangle pattern that has trapped Bitcoin for over two months. The move also managed to break a descending trend in the Relative Strenght Index (RSI) that has persisted since the beginning of the year. We are currently sitting testing the 50-day EMA, but if we are able to move above it, it might be a signal of a trend reversal and a return to bullish momentum.
Many have speculated that a major reason for the pump was the "B" word conference that took place last week. The highlight of the conference was an interview featuring Elon Musk, Cathy Wood, and Jack Dorsey. Elon spoke highly of Bitcoin and confirmed that he owns Bitcoin personally, and through his businesses Tesla and SpaceX. Maybe this is the spark that we have waited for that can help shift this prolonged bearish sentiment.
View the chart here. |
| Altcoin Dominance Continue to Hovers at the 50-Day Moving Average |
Altcoin dominance continues to hover around the 50-day EMA. The altcoin market as a whole has been relatively stable over the past few weeks. This may be in response to the mixed positions on whether or not we had entered a bear market. Typically, during bull markets, altcoins will outperform Bitcoin. However, they will typically fall substantially faster than Bitcoin in a bear market. Because the past few weeks have stirred up so many mixed opinions on the state of the market, it is understandable that on-balance altcoin balance has not reacted too dramatically in either direction.
If Bitcoin is able to sustain its recent upward momentum, we believe the altcoin dominance will continue to trend up. However, if the bears win out and the price dips back below the 30K range, we may see altcoin dominance once again test the ascending line of support (green)
View the chart here. |
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| We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space. |
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