Bitcoin Tests Key Support

GB Market Commentary 17/11/2021

by Freddie Evans

The market continues to retreat as bitcoin traded below the $60,000 support. Bitcoin is currently trading at $59,800. The top 10 altcoins have all fallen between 4-6%, with Eth now trading at $4190, having fallen 2.9% over the last 24 hours. With the recent market decline, the total market cap of crypto has fallen to just over $2.5 trillion. The current market correction could be down to a range of factors, such as strengthening the dollar index or the recent US infrastructure bill that seeks to regulate crypto. Assuming this is not the end of the bull market, this correction should not last long.

Deloitte has announced a new partnership with Ava Labs, the organisation behind creating the AVAX token, to leverage their blockchain to improve “security, speed and the accuracy of Federal Emergency Management Agency reimbursements.” Avalanche has performed extremely well recently and has received positive news coverage over its new $200 million funding for its defi platform and this new Deloitte partnership.

There is increased interest in crypto in the property market as Magnum Real Estate Group recorded an exclusive bitcoin deal for a set of retail condos for $29 million. Crypto is an opportunity to improve the shortcomings within the property market, and this deal is expected to be completed within one business day instead of the normal 30-90 days. While this is not the first crypto exclusive deal which was in 2018, it is still starting the movement to crypto adoption in the property.

In a meeting of Indian parliamentarians yesterday, there was a consensus that there should be regulation in crypto instead of banning it. With some estimates of 100 million crypto users in India, this is great news for crypto.