News Updates November 06, 2022
1. Bitcoin price prediction for December 31, 2022.
Bitcoin (BTC) has regained the $21,000 level in November after weeks of consolidating around $20,000, characterized by sideways price movement. Notably, investors are exploring potential signals for the asset’s price bottom that would likely usher in a new rally.
Indeed, Bitcoincenter’s rainbow price chart is among the tools used to gauge Bitcoin’s performance by highlighting the asset’s past trends alongside insights into long-term price movement. The tool is also known as the fun chart indicating the market sentiments in colored bands.
The chart’s prediction indicates that Bitcoin will likely regain a critical support level by the end of 2022, suggesting that the flagship cryptocurrency could potentially reclaim the $25,000 level, which lies in the ‘Basically a Fire Sale’ band. Notably, Bitcoin’s current price is also operating in the zone.
Furthermore, the rainbow chart trends indicate Bitcoin might have bottomed. For instance, when Bitcoin traded in the ‘Basically a Fire Sale’ zone in March 2020, the asset embarked on a historic rally that resulted in a record high of $69,000 in late 2021. Bitcoin’s latest consolidation has been marked by dropping volatility with the price stabilizing.
2. Top 4 Cryptocurrencies To Buy During A Recession.
Market crashes and crises have previously created buying opportunities in the crypto space. With a possible recession looming in the coming months, investors are now wondering where to put their money. With all that in mind, cryptos that have high growth trends can be the best investment options to make during a recession.
Here are the best recession cryptos to buy for strong returns:
1.Ethereum (ETH)
2. Bitcoin (BTC)
3. Solana (SOL)
4. Avalanche (AVAX)
Ethereum (ETH)
Acquiring Ethereum (ETH) now is a way to help you invest in the future of banking and finance.
The rise of metaverses, nonfungible tokens, and decentralized finance (DeFi) has played an integral role in driving the value of the Ethereum blockchain in the past several years. As of November 2022, the Ethereum network hosts more than 3,000 dApps. With such a huge share of the total dApps market on its platform, Ethereum has positioned itself as a possible long-term investment option for investors. Therefore, Ethereum is one of the best cryptos to purchase in a recession.
Bitcoin (BTC)
A recession will open the door for investors to purchase BTC and guarantee massive profits.
When it comes to the cryptos with massive growth potential, there is maybe no better candidate in November 2022 than Bitcoin. The Bitcoin price has always been a rollercoaster of surprises since it was launched.
Bitcoin has enjoyed a considerable rally in 2021 and experts believe that after months of consolidation around $20,000 in most of 2022, the crypto will rise towards $35,000 by mid-2023. With a market cap of $400 billion, Bitcoin is one of the best buys now for profitable returns in the near and mid-term.
Solana (SOL)
With its unexpected growth, SOL may become one of the best cryptos to acquire in the wake of a recession.
Solana has been a highly viable competitor to Ethereum with its high speed, performance, and low gas fees. Due to its real-world utilities, this network saw a massive influx of new users in 2021 and 2022 has not been different. For now, Solana is also making a considerable mark in the NFTs world and is expected to continue its growth in 2023, making SOL a good buy now.
Avalanche (AVAX)
Avalanche is the fastest smart contracts platform as determined by time-to-finality.
Avalanche is described as a smart contract-based blockchain network that mostly prioritizes transaction speed, scalability, affordability, and environmental friendliness. The supposed goal of Avalanche is to develop a flexible and scalable blockchain that maintains security and decentralization.
If Avalanche managed to keep up this growth trend, it would become a highly appealing growth coin in 2023.
3. Founders should consider VC firms their allies as they build in the bear market
Venture capital firms offer value to startups beyond simply cash. They also bring business experience, broad networks and critical services to the table.
This year’s bear market trajectory should be looked upon as a favorable opportunity for Web3 founders to raise capital and build cutting-edge products. Some of the most robust businesses today were built during market downturns, and founders now have a real opportunity to ensure they’re building products and services that meet genuine, real-world needs and look beyond oversized checks to find the most suitable business partnership.
Determining the best methods to fund your product and company is of paramount importance and not a decision to be rushed into. It is an action that requires due diligence and an acute understanding of how the partnership will function and, more importantly, flourish in the face of adverse markets. Before a founder embarks on the journey of attracting investment, however, it is important they can communicate the efficacy of their product in current and future markets.
Only 0.05% of startups manage to secure venture capital (VC), and as such, one of the fundamental requirements when attracting investment is that your project is able to demonstrate a product-market fit built for success. While it doesn’t apply to every investment scenario, demonstrating that your product is useful to your target audience is crucial in the process of securing capital. So, what exactly does a strong product-market fit look like?
As decentralized finance (DeFi) solidified its place as one of blockchain’s strongest value propositions, many innovative DeFi solutions moved to the foreground.
4. First Mover Asia: SBF Talks Consumer Protection and Crypto Titans Clash
Consumer protection and regulation are key ingredients to transforming digital assets into an asset class worth trillions. The FTX exchange's Sam Bankman-Fried weighs in. Meanwhile, FTX's FTT token takes a dive after rival Binance announces plans to dump its remaining holdings.
A posturing battle breaks out between crypto titans over the FTX exchange's FTT token, while Solana's SOL token suffers from a post-conference hangover. Crypto traders are looking ahead to this week's midterm elections in the U.S. and a key inflation report.
Insights: Speaking the same language as regulators is a ticket to making digital assets mainstream, an opportunity worth trillions.
Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. And sign up for First Mover, our daily newsletter putting the latest moves in crypto markets in context.
5. The weekend brought no shortage of crypto-markets drama, but it wasn't about bitcoin: Intense speculation appeared to drive steep losses on the FTX exchange's FTT token and Solana's SOL.
The FTX token, which pushed into headlines (and Twitter chatter) last week after CoinDesk reported just how significant of an asset it was on the trading firm Alameda Research's balance sheet, came under additional pressure after Binance CEO Changpeng "CZ" Zhao tweeted that the firm would sell its remaining holdings of FTT, a stake worth more than $500 million. The FTT price rebounded after the CEO Alameda, which like FTX is a part of billionaire Sam Bankman-Fried's empire, tweeted that it would happily buy FTT at $22 each. But by late Sunday FTT had reversed course and was falling again, around $22.24, down 7.6% over the past 24 hours.
Solana's SOL spiked as Google Cloud announced plans to become a validator on the blockchain network, but by press time it, too, had turned lower and was one of the day's biggest losers among the 162 assets in the CoinDesk Market Index, down 11% over 24 hours. The token had gained in the weeks leading up to Solana's Breakpoint conference currently taking place in Lisbon, Portugal, concluding Monday. These blockchain conferences often bring a slew of announcements that tend to rile up investors, developers and fans, but it's not uncommon for the enthusiasm to fade quickly.
