Welcome to a beautifully busy day in crypto. Our Monday newsletter makes sure you are set for the week ahead; all essential updates and events you need to know about.
Bitcoin City & Billionaire Dollar Bonds
Key Technical Updates: BNB and ETH
China FUD Examined
Our Crypto Calendar For The Week
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El Salvador is doubling down on its recent marriage to Bitcoin.
1️⃣ President Nayib Bukele announced Saturday night that the country is planning to build an entire city based on BTC.
“Bitcoin City” will have no income, property, capital gains or payroll taxes.
The city will be a metropolis spanning both residential and commercial areas including restaurants, an airport, rail service, and a port.
The government is also planning on building a power plant near a volcano close to the city to provide energy for residents and businesses as well as to power mining operations.
2️⃣ The El Salvadoran government will offer a $1 billion US “Bitcoin bond” developed by Blockstream on the Liquid Network.
Half of the funds raised will be used to construct energy and mining infrastructure, while the remainder will be used to buy more BTC.
El Salvador’s government is aiming to grant a license to Bifinex to process the bond issuance.
The bonds will be denominated in U.S. dollars and be for 10 years.
Paying 6.5% initially, the government will begin selling holdings after a five-year lock up period.
Riots and rhetoric aside, El Salvador has remained committed to its path toward a digital future. The novelty of a Bitcoin city will surely raise some eyebrows, but if tax implications and bond projections play out, the practical purpose of this crypto city will continue to showcase BTC’s potential to the world.
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
🧐 A Day For Alternates
Alternative layer 1s are outperforming BTC and ETH today.
This, is an important trend to keep your eye on!
BNB is a popular alternative layer 1.
Watching the breakout level at around $680.
We’ve experienced a bit of an uptrend and a severe retrace.
Below $500, we would be slightly concerned.
$4k remains the important level.
Below this level, we would be concerned not only about ETH but indeed all altcoin plays.
$4.4k is the level we want to see break for greater prospects of the uptrend continuing.
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China Cracking Down On Mining Holdouts 🚔
Back in June, China imposed a ban on crypto mining because they said the mining was not conducive to their pursuit of carbon neutrality. Since then, many miners have moved to different parts of the world or have sold off their equipment. China believes some crypto-related businesses are still operating and they are vowing to close all loopholes!
Beijing is determined to get fully rid of all crypto-mining. Specifically because they are in the wake of a countrywide energy shortage (which has been blamed on crypto miners)
China believes that 10% of crypto-related businesses are still operating and simply masking their IP address.
Meng Wei, a spokesperson for China’s National Development and Reform Commission said that China’s government will “step up efforts to investigate whether state-owned companies are continuing to support crypto mining.”
Because China is being stern on this, it could subsequently filter out the remaining miners left inside of China now that they see the government searching for those who are holding out.
On Mondays, our ‘Scan The Week’ section is designed to show our community what events and headlines we will be keeping an eye on.
Monday, 22nd November
⚙️ Swipe Final Testnet
The Swipechain final testnet is set to be published and deployed with docs and revised white paper Nov 23rd. The main network will launch thereafter post security audits.
🪴 MatrixETF First Liquidity Mining Program
MatrixETF will start the Liquidity Mining Program on both Ethereum and Solana, which is worth around $400,000. It will start at 6AM UTC, 11/22/2021.
Tuesday, 23rd November
🟣 Polkadot Parachain Auctions Still Live!
The Polkadot Parachain Auctions are still live. To participate in the auctions supporting some of the most pioneering projects on the polkadot ecosystem, use this link.
Wednesday, 24th November
🗓️ Dtravel IEO
Gate.io users can get access to participate in the Startup event available from Nov 24th- Nov 25th 06:00 UTC. There are also several other additional exciting events such as airdrops, farming rewards and AMAs.
🎮 Gunstar IGO
Gunstar is a multiplayer online role-playing (RPG) and turn-based strategy NFT Game that gives you the real value of enjoyment and excitement in gaming and the real value provided through the blockchain platform. Gunstar will conduct the IGO Event on GameFi on November 24, 2021.
Thursday, 25th November
❌ Stock Market Closed: Thanksgiving
The stock market will be closed on Thursday for Thanksgiving and open for a half-day on Friday.
Friday, 26th November
🎧 Market Meditations Podcast Release
We share our podcast with the founder of Moonbeam. Moonbeam is a new Polkadot smart contract platform that makes it easy to build natively interoperable blockchain applications.
🌎🧘♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.
Disclosure. Some of the links we’ve included are affiliate, they give you rewards and discounts and earn us a commission. Additionally, the Market Meditator writers hold crypto assets. See our investment disclosures here.