GB Market Commentary 19/11/2021
by Will Morris
The Cryptocurrency Market Fear and Greed index is registering a fear reading of 34 for the first time since October 1st. This comes as the result of over $500bn being shaken out of the market since an All-Time-High on November 10th. If this BTC downtrend continues we could see the 14 Day RSI register an oversold reading for the first time since May this year – when BTC fell to below $30,000 after crashing earlier that month. On-chain data remains bullish. The amount of BTC and ETH on exchanges continues to fall to lower levels and whales continue to accumulate.
Metaverse projects continue to buck the downtrend with SAND and MAN remaining in the green. Gemini Raises $400 million to build a metaverse outside of the control of major corporations such as Facebook, Epic Games, and other Big Tech giants. Focusing their attention on a decentralized metaverse - with greater choice, independence, and opportunity and with technology that protects the rights and dignity of individuals.
Avalanche has also weathered the storm well this week, it remains up over 20% following news of a strategic alliance with Deloitte.
Ted Cruz has pushed back on the US Infrastructure saying the cryptocurrency “industry is now in danger of being stifled and driven overseas by an overreaching provision in this newly-signed, reckless spending package.”
Acala has won the first Polkadot Parachain Auction With $1.3B in DOT committed. The first coveted Polkadot parachain slot was won by decentralized finance (DeFi) platform Acala.
Floki ads in London are being investigated by the Advertising standards board.