🌌 Weekly Highlights from the Digital Galaxy

Exploring the noteworthy events of the past week, we'll also dive into upcoming key cryptocurrency happenings, token releases, and news about exciting giveaways.

Author

buidlbee make it with crypto
November 29, 2023

Hey hey, friends. It's us again, the buidlbee team, with our weekly newsletter packed with cool and highly insightful updates from the world of cryptocurrency. We've gathered only the best for you, and we can't wait to share it with you. So, let's get started. Here's what awaits you today:

  • Key Highlights: Catch up on significant events from the previous week, including the news about Bitcoin’s remarkable surge to its annual peak, “Netflix's” investment in DOGE, Digital Cards from VfB Stuttgart, USTC’s sharp upward move, and Animoca Brand’s investments in TON

  • Market Perspective: Explore crucial cryptocurrency market indicators to keep an eye on in the week ahead

  • DYDX’s strong bearish signal

  • Technical analysis: MATIC up to $1. Again

  • NFT journey from AVNU

To start things off, let's delve into the most notable events from the previous week.

The director of the Netflix science fiction series "Conquest," Carl Eric Rinsch, has stirred controversy after it was revealed that he utilized $4M from the show's budget, totaling $55M, to invest in the cryptocurrency DOGE. According to information from a confidential arbitration process, he purchased DOGE on the Kraken exchange and later, in 2021, earned $27M. Subsequently, Rinsch indulged in lavish expenditures on cars, watches, furniture, and clothing, amounting to a total of $8M.

Meanwhile, a conflict has arisen between Netflix and the director regarding Rinsch's expenses, with him asserting that some of his purchases were associated with the production of the series, funded by the company. A resolution on this matter is expected shortly, and the entire incident has become a topic of discussion within the entertainment industry.

In an online chat exchange with a representative from the exchange, he wrote:

"Thank you, and may God bless cryptocurrency"

Bitcoin Rockets to Annual Peak

Bitcoin reached a new annual high on November 24, surpassing the $38K mark and currently trading at $38,2K, according to CoinMarketCap. At its peak, the asset's price exceeded $38,4K. This surge in Bitcoin's dominance is reflected in the cryptocurrency market, accompanied by a notable increase in liquidation volumes of futures contracts, totaling around $72M.

In the top 10 cryptocurrencies by market cap, nearly all assets were in the "green" zone, showing growth ranging from 1,7% to 3,8%. Despite the positive sentiment, the fear and greed index remained in the "green" zone, suggesting that the market may not have fully reacted to the recent spike in the asset's value.

Bitcoin's new yearly high signifies a bullish trend in the cryptocurrency market, with increased investor confidence and positive movements in other top cryptocurrencies. The surge in liquidation volumes and the dominance of Bitcoin indicate a heightened interest in crypto futures. However, the sustained "green" sentiment on the fear and greed index suggests that there may be room for further market excitement and potential developments in response to Bitcoin's recent price jump.

VfB Stuttgart football club has announced the launch of its digital card collection and entry into a dedicated blockchain platform. For this initiative, the team chose the Chromia blockchain platform, enabling the creation of decentralized applications. 

The collection features digital cards of VfB Stuttgart players for the 2023/2024 season, and cardholders have the chance to receive bonuses from the club and its partners. Additionally, fans can purchase digital cards featuring former players of the VfB Stuttgart.

Between November 26th and 27th, the USTC cryptocurrency experienced a remarkable surge of 373%, peaking at $0.07. This substantial uptick was propelled by strategic investments from Luna Classic Labs. On November 26th, the organization strategically acquired 25.6M USTC at the price of $0.021, significantly below the prevailing market rate, as part of an initiative to realign the stablecoin with the U.S. dollar. Despite a minor retreat at the time of reporting, the token maintained a trading level higher than its previous value.

Concurrently with the ascent of USTC, the LUNC token also exhibited a substantial increase, elevating its value by nearly 51%.

Venture capital firm Animoca Brands, specializing in gaming and the metaverse, has entered the TON ecosystem with a substantial investment, solidifying its position as the largest validator on the TON blockchain. The company is actively supporting third-party gaming initiatives within the ecosystem, particularly contributing to TON Play, the network's gaming infrastructure project. Animoca Brands opted not to disclose specific details regarding the terms of its investment.

Animoca Brands' significant investment in the TON ecosystem, coupled with its role as the largest validator, underscores the growing convergence of blockchain technology, gaming, and the metaverse. This move highlights the potential for blockchain-based gaming projects, especially within the TON ecosystem, and points to a broader trend of major players embracing blockchain for metaverse development and Web3-related initiatives.

🔑 Key crypto market highlights (November 29 — December 6)

💲 Ideas 

[1] 🔔 DYDX Token Unlock: A Deep Dive into the Potential Price Impact

Dydx (DYDX) is anticipating a substantial token unlock on December 1, 2023, releasing over $471M worth of tokens into the market. Token unlocks can typically lead to temporary price drops due to increased circulating supply, impacting demand. 

Past data suggests that despite a previous token unlock on October 31, DYDX's price wasn't significantly affected, and a bullish trend followed shortly after. However, given the substantial volume of tokens to be unlocked this time, there's a higher likelihood of a price decline, supported by bearish market indicators, including a bearish MACD crossover and negative trends in MFI and CMF.

Investors are advised to exercise caution ahead of DYDX's upcoming unlock.

[2] 🔔 MATIC Token Aims for $1 Amid Bullish Signals. Again

According to the technical analysis by altFINS, the native token of Polygon (MATIC) may soon resume its upward trend. The expert suggests that following a bullish breakout from the sideways channel ($0.5–$0.6), the asset's price has surpassed the 200-day moving average, confirming a reversal from a bearish to a bullish trend.

In mid-November, the MATIC price surged to $1 and then retraced to $0.75, aligning with the 50% Fibonacci retracement level. This indicates that the asset's price may once again approach the $1 mark. However, if MATIC fails to consolidate at this level, the next support line is located around $0.6.

*Any technical analysis in the long run cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions

[3] 🔔NFT Adventure Alert: AVNU Introduces Mystery Quest on Starknet 

AVNU has announced a new quest on Starknet Quest. We want to upfront mention that specific rewards may not be guaranteed, but sometimes surprises happen. So, let's complete the quest "just in case."

To claim your NFT, you need to:

  • Register a domain from braavos.stark.

  • Follow Twitter accounts Braavos and Avnu.

  • Swap any token to AVNU.

  • Retweet the post.

  • Claim your NFT.

The deadline is December 6th. Good luck.

We deeply appreciate your continued support for our newsletter, and it means a lot to us. Stay tuned for our upcoming editions, packed with exciting updates and comprehensive insights into the dynamic realm of cryptocurrency. In the meantime, keep delving into every aspect of your crypto journey, staying well-informed. Goodbye for now.

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