GB Market Commentary 18/11/2021
by Frederick Williams
Bitcoin is continuing to fluctuate around the key $60,000 level, following signs this week that traders are reining in some of the excessive speculation which has sent the cryptocurrency soaring. Central bank officials say changing trends and developments on the regulatory and monetary side could also halt the gains for digital assets, while U.S. lawmakers believe legislation is needed to regulate cryptocurrencies before they start to pose a danger to the financial system. The Fear & Greed Index is currently at 54 putting it in a neutral stage. This suggests that we are in a stagnant stage for the time being. On-chain data shows that Ethereum exchange outflows reached their all-time highs yesterday as ETH lost almost 15% of its value, dipping as low as $4000. This shows that the majority of Ethereum holders retained their confidence in the token and have been buying the dip in mass. In the last 24 hours QRDO is up 28%, ALGO is up 12% and Metaverse tokens Decentraland and The Sandbox are up 9% and 18% respectively.
The president of Peru’s central bank has indicated that the country will be joining forces with India, Singapore, and Hong Kong to develop its own central bank digital currency. Peru will partner with the central banks of countries more advanced in their development of CBDCs including India, Singapore, and Hong Kong.
On December 25th, Los Angeles’ iconic Stapels Center will be renamed into the Crypto.com Arena. To claim naming rights, crypto exchange Crypto.com signed a 20-year contract worth $700 million. Following this, the Crypto.com Coin CRO has soared over 26% in the last 24 hours.
A survey, featuring 2020 Australians between the ages 18-59 revealed that 26% of them were considering a crypto-related gift as a Christmas present. The greater, or 53% of those wanting to purchase crypto presents, said they would consider buying cryptocurrencies like Bitcoin or Ethereum for their friends and family this Christmas.