Hello everyone,
The purpose of this letter is to inform you about the current situation of the crypto-asset market, as well as recent news in the field. This letter is not investment advice, but merely the sharing of my personal point of view.
News
Facebook is launching into the construction of a metaverse ! A metaverse is a digital world in which people can interact in the form of avatars. It is somewhat the Holy Grail of social networks, Steven Spielberg's film «Ready Player One» represents very well the idea of a metaverse in which everyone lives in this digital parallel universe. It would be possible to discover this 3D universe with virtual headsets and other now sophisticated devices. Facebook will create 10,000 jobs in Europe at the same time to build its metaverse. But in the crypto world, we must not forget that it already exists decentralized metaverse platforms owned by their users !
El Salvador plans to build 20 schools thanks to the profits generated by Bitcoin (BTC) ! Nayib Bukele highlights the benefits of Bitcoin adoption: «We now see the benefits of the schools we announced, and God willing, more construction will come from the proceeds of a trust that was created and a law that was created because we ignored the opposition», continues the president of El Salvador, eager to silence Bitcoin's detractors. French teams from the start-up Stackinsat went to El Salvador to make interviews in order to find out the Bitcoin integration rate in this country.
Society Binance invests 100 million euros in France for the development of the crypto-asset ecosystem! This is both good news for the crypto world in France, but it can unfortunately threaten local players already established in France. Alexandre Stachtchenko wrote an article on the November 3 meeting at Bercy between the French minister and Binance CEO Changpeng Zhao (CZ) as well as other French players during a public meeting. Unfortunately, he denounces the difficulties that French entrepreneurs face within this rigid framework while a warm welcome was reserved for Binance.
The mayor of Miami will receive his next paycheck in Bitcoin The politician will receive his pay through Strike, the digital wallet based on the Lightning Network (a secondary layer of the Bitcoin network that allows for micro-payments with very low fees). Miami may be a future capital of crypto-assets? The leader is not short of ideas to push for the adoption of digital currencies in Miami.
The Bitcoin network completed a major update on November 14 at block number 709,632. This update is called Taproot, and it aims to improve the network's privacy and security. This upgrade is the protocol's most important since 2017. It is important to understand that the Bitcoin network evolves over time and adapts. Teams of developers work day and night, on a volunteer basis, to propose improvements. Then, if the majority of the community accepts these improvements, a general upgrade can take place. But the network is so important that updates are rare, and can only be beneficial to it because those who «vote» have a stake in the success of the decentralized project that is Bitcoin.
ARTE recently released a 6-episode mini-series of 10 minutes each to explain the background of the creation of Bitcoin in 2008 by the person or group of people under the pseudonym: Satoshi Nakamoto. This series is a fun way to learn more!The Satoshi Mystery, at the Origins of Bitcoin).
Technical & Fundamental Analysis
Bitcoin price over the past year.
At the time of writing, the price of Bitcoin is 59,250 $ (on 11/18/21). Since late October, we have been in a wide channel between 58,000 $ and 69,000 $.
The correction we are currently experiencing is healthy; the 58,000 $ resistance must hold in order not to delay the expected second bullish leg too much.
- Long-term cycle: The accumulation of coins by long-term holders is at record levels, which is a bullish structure for the coming months. Meanwhile, the habits of experienced investors indicate that the bull market is preparing its second leg up (the first being the one from 20 $ to 64 $ in April 2020).
- Medium-term cycle: A continuation of the accumulation phase in the form of a channel is expected for a few weeks before a bullish rally.
- Short-term cycle: The analyses on-chain Indicating a quiet period, long-term investors are stable while short-term speculators move the price within the $58k / $69k $ range.
We notice that Ethereum's (ETH) fundamentals are strengthening day by day, while the price has not yet fully reflected this strength. We believe that ETH could outperform BTC over the coming weeks.
Overall, little has changed since the previous letter; the long-term picture is in a good configuration, it just takes time to prepare the next launchpad for new records at the end of 2021 or early 2022.
If you have any questions, comments, or would like to know more about our service, please feel free to contact us: crypto.assets.manage@gmail.com
— Warning —
This is not investment advice, no one can predict the future.
You are solely responsible for your own investment decisions.
We are not responsible for any losses resulting from a decision made based on the information in this letter.
