Bitcoin Rejected at $60K Amid Fears of New COVID Variant: This Week’s Recap

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The past sev­en were some­what suc­cess­ful for Bit­coin, and the total mar­ket cap­i­tal­iza­tion man­aged to increase by some $150 mil­lion. Some alt­coins are real­ly tak­ing off, while oth­ers are seem­ing­ly in a stale­mate situation.

But let’s start with Bit­coin. The mar­ket leader failed to pro­duce any mean­ing­ful gains but is up slight­ly above 2% in the past sev­en days. This came after an excel­lent week­ly close on Sun­day. Unfor­tu­nate­ly, bulls didn’t cap­i­tal­ize on the oppor­tu­ni­ty and failed to break the crit­i­cal $59K resis­tance lev­el on three sep­a­rate occa­sions on Mon­day, Tues­day, and Wednesday.

A lot of this volatil­i­ty had to do with broad­er mar­ket tur­moil caused by the dis­cov­ery of a new COVID vari­ant called Omi­cron. Stocks are also look­ing shaky, and it’s like­ly that they will take some time before the risk-on trade can con­tin­ue with full force, hence cre­at­ing tem­po­rary head­winds for the cryp­to mar­ket as well.

Some alt­coins were com­plete­ly unfazed by all of the above. Solana is up 10.5% in sev­en days, while LUNA sky­rock­et­ed by almost 60%. How­ev­er, oth­ers felt the weight of the mar­ket insta­bil­i­ty – DOT is down 9%, XRP – 7.3%, ADA – 3%, AVAX – 8.7%, and so forth.

It’s inter­est­ing to note that this was the first time when PlanB’s BTC floor mod­el missed by a long shot. How­ev­er, accord­ing to the ana­lyst, his S2F mod­el is still intact. We are head­ing into a his­tor­i­cal­ly bull­ish month for the cryp­tocur­ren­cy mar­ket, in gen­er­al, and it’s excit­ing to see what Decem­ber has in store.

Mar­ket Data

Mar­ket Cap: $2,739B | 24H Vol: 132B | BTC Dom­i­nance: 38.9%

BTC: $56,283 (+2.1%%) | ETH: $4,531 (+0.4%) | ADA: $1.1.63 (-3%)

This Week’s Crypto Headlines You Can’t Miss

PlanB’s Floor Mod­el First Miss: Bit­coin Price Closed Way Below $98K In Novem­ber. PlanB, the ana­lyst who cre­at­ed the famed Bit­coin Stock-to-Flow (S2F) mod­el, also cre­at­ed a “worst-case sce­nario” one known as the floor mod­el. In Novem­ber, the lat­ter was off for the first time as the price closed way below its target.

Adi­das Enters The Meta­verse With BAYC, Punks Com­ic, and GMoney. Renowned shoe­mak­er Adi­das formed three more cryp­to-relat­ed part­ner­ships, div­ing deep­er into the Meta­verse hole. Fol­low­ing its col­lab with Coin­base, Adi­das has now joined var­i­ous NFT projects such as GMoney, Bored Ape Yacht Club (BAYC), and Punks Comic.

Binance Smart Chain Acti­vates Real-Time BNB Burn­ing Mech­a­nism. The Binance Smart Chain (BSC) acti­vat­ed the BEP-95, which inte­grates a real-time burn­ing mech­a­nism into its toke­nomics struc­ture. Going for­ward a fixed ratio of gas fees that are col­lect­ed by BSC val­ida­tors is going to be burned in every sin­gle block.

Ex-Chan­cel­lor: Cryp­to Could Give Lon­don an Advan­tage Over Euro­pean Com­peti­tors. Philip Ham­mond, a for­mer Chan­cel­lor for the Exche­quer from 2016 to 2019 in the UK, argued that cryp­tocur­ren­cy adop­tion can give Lon­don a com­pet­i­tive advan­tage over oth­er Euro­pean com­peti­tors. He also added that fail­ure to adopt might leave them behind.

Square Rebrands to Block, Expands Focus on Blockchain Indus­try. Jack Dorsey-led Square, the finan­cial ser­vices com­pa­ny, changed its name to Block, hint­ing at fur­ther involve­ment in the broad­er cryp­tocur­ren­cy indus­try. This hap­pened imme­di­ate­ly after Dorsey stepped down from Twit­ter and is no longer serv­ing as its CEO.

Meta Expands Avenues For Run­ning Cryp­to Ads On Face­book. After rebrand­ing the com­pa­ny to Meta, the plat­form has now expand­ed the range of cryp­tocur­ren­cy ads that are eli­gi­ble. It now accepts 27 licens­es com­pared to the pre­vi­ous 3, and they are pub­licly view­able on the pol­i­cy page.

Charts

This week we have a chart analy­sis of Ethereum, Binance Coin, Car­dano, Solana, and Luna – click here for the full price analy­sis.

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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView.

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