GB Market Commentary 02/11/2021
by Jonas Luethy
Bitcoin is currently in consolidation at $61,500, waiting for a breakout. Bulls are hoping to push the price up above $62,500 before hitting the all time high and strong resistance of $67,000. On the other hand, bears will try to pull the price down, with some analysts suggesting that the 20-day EMA is the key support before bitcoin could have an accelerated dip to as low as $53,000.
Ethereum is trading at just over $4300 after experiencing it’s first ever net deflationary week. Meaning that during the last seven days, more ETH was burned than was generated. Polkadot made a new all time high of over $51 ahead of it’s much anticipated parachain auctions.
Finally, the massively hyped coin Squid game has crashed nearly 100% from $2861 to half a penny in the matter of minutes, wiping 6 billion of its market cap. The coin was launched last week and was meant to be part of an online game that was based on the Netflix series Squid Game. The coin went up as much as 310,000% since launch despite the whitepaper being full of spelling mistakes and little to nothing being known about the developers. The first worrying signs appeared last week, with users reporting that they could not sell their tokens on PancakeSwap. The coin was meant to be part of an online game that developers ended up terminating before it had even been launched, and the culprits allegedly cashed out and ran with $2.5 million.