GB Market Commentary 23/12/2021
by Marcus Sotiriou
Bitcoin’s market structure on the 4 hour time frame has flipped bullish for the first time in weeks as a move to $53k may be on the cards soon. Some altcoins continue to outperform, particularly NEAR, which is up over 30% today. Terra announced yesterday that its UST stablecoin will be supported by NEAR’s layer 1 blockchain. On Tuesday night before the announcement, NEAR was trading at around $8.5, however, it is now in price discovery sitting at over $13. Near co-founder Illia Polosukhin said, “Stablecoins like UST provide a simple interface to store value and interact with apps that need to use a stable unit of account.” I think this news coupled with NEAR’s $800 million ecosystem fund will help the token continue to reach new all-time-highs over the coming weeks.
China’s state-owned news agency Xinhau will be releasing an NFT collection despite the Chinese government’s strict regulations on cryptocurrencies. The collection will represent historic moments of the past year and will “imprint digital memories into the metaverse.” Previously, media in Beijing has described the metaverse sector as an “illusionary concept”. However, the applications of NFTs and the metaverse clearly cannot be ignored.