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Hello, Hodler's!
Bitcoin dipped its toe back under $50k mid-morning Wednesday to $48k but, feeling the bearish waters were too cold, immediately popped back up. So far, the king has been ranging above the 200 EMA on the daily chart, which everyone in the space is keeping an eye on. Any lower than $47k and Hodler’s may have to prepare for a dip, which wouldn’t be the unhealthiest thing considering the move would wipe out leveraged hands. Yesterday, the average social volume of the phrase “Buy Bitcoin” was at 2.55k, with a seven-day average of 26,393 out of 406,416 total volume. About four days ago were about double that. The data comes from Sanbase, a helpful website that tracks top emerging topics on crypto social media, giving a glimpse of what people are talking about and where the market is heading next. We were somewhat surprised that Bitcoin didn’t see a slight bump after today's relatively peaceful engagement in congress.
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Patrick T. McHenry of North Carolina even showed humility, saying they needed more crypto knowledge if they were writing the new rules. “I ask my friends on the Hill, do you know enough about this?” Mr. McHenry stated. Wild haired Sam Bankman-Fried, the chief of the crypto exchange FTX, was in attendance along with five others: Jeremy Allaire, CEO, Circle, Brian Brooks, CEO, Bitfury, Chad Cascarilla, CEO, Paxos, Denelle Dixon, CEO, Stellar Development Foundation, and Alesia Haas, CEO, Coinbase Inc., and CFO, Coinbase Global Inc. As of this morning, Bitcoin’s support appears to be at $49k looking to flip $52k - $54k to continue on this bull run.
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Apparently, with Congress bringing crypto to the table, Russia didn’t want to get left behind. The Russian Parliament’s upper house, the Federation Council, announced details behind creating a “working group” that will collaborate with others in the government and private sector to “develop the further regulation” of crypto. This comes after President Putin stated, “cryptocurrency has the right to exist and can be used as a means of payment” in an interview on CNBC posted on the Kremlin’s website. Good or bad news, it’s a step into the future.
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In altcoin news, everyone’s favorite layer 1 Ethereum has been leading the charge while Bitcoin ranges. As George points out, Ethereum continues to be pulled off of exchanges, the highest value of staking, and the mainnet that everyone wants to launch their Dapp on. Presently, ETH’s market cap is about half of that of BTC. Along with ETH’s cup and handle trend, there is also the moving average structure, all pointing towards up and clearly in an uptrend. Odds are ETH may outperform BTC over the next three months. As always, George’s, DYOR. Fantom and its ecosystem were one of many affected by the bloodbath over the weekend. After the dust settled, it was good to see a bounce Wednesday with $FTM and $TOMB after the good news of the resurgence of their total value locked or TVL. On November 23rd, the token began skyrocketing in total value, locked from $325 million to $849 million as of December 3rd, indicating that Fantom users appear to be waking up to the protocol. As of 12.8, Tomb Finance currently holds $679 million in TVL, according to DefiLlama. If you’re not familiar with Fantom and everything they have to offer, definitely check them out.
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Wednesday, during the Crypto discussion, one of the most impressive speakers in Congress was Brian Brooks, Former US Comptroller, and current Bitfury CEO. In addition to touching on protecting investors from concerns of being left behind if the USA decides to over-regulate crypto, Mr. Brooks outlined the three main things banks typically engage: deposit-taking, lending, and payments. He explained how stablecoins are a new technology that only participates in the payment side of things. He was poised, eloquent, and firm when it came to holding his ground during questioning.
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@TechDev_52, our technical analysis expert, continues to use - not entirely rely - on past indicators to validate his stance that Bitcoin has yet to see its top. One of many credited with the famous aphorism, Spanish philosopher George Santayana said, “Those who cannot remember the past are condemned to repeat it.” The same could be said of charts @Tech_Dev52 points out, revealing critical points of retracement followed by aggressive moves upwards. For one example, see below:
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@Tech_Dev52 states, “Call them cycles, impulses, whatever you want. They've always ended with indicators (price and OC) in key ranges. This time different? Perhaps. But nowhere near the higher probability scenario to me. Red arrows are what I believe are comparable points in past impulses.” To support his unbiased perspective, he also commented on a bearish thread Wednesday that proves he’s not a blind bull but a master at understanding and seeing indicators. Check out @Tech_Dev52’s newsletter here for more in-depth Bitcoin and altcoin analysis.
If you haven't already, make sure to sign up for George's massive giveaway at the end of the year. Tick-tok everyone! You don't want to miss out.
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A great place to start learning more about altcoins is on CryptosRus.com. If you're struggling to buy any coins, you can follow the step-by-step guide of your preferred exchange (i.e., Celsius, KuCoin, Uniswap, or Crypto.com). As always, check out George's YouTube Channel for coins to keep an eye on or join his exclusive Discord for Patreon videos.
Remember to use best practices and try not to keep all of your cryptos on your exchange. Implement safety measures and have a Ledger Wallet or other hardware wallet.
Check out iTrust Capital's offer for new customers to receive $100 in bitcoin when signing up to trade tax-free with your 401k/IRA. They are no longer charging subscription fees!
Have a great end of your week George's!
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