Dominance Debrief: 11/16 – 11/22
This week saw a significant decrease in the price of cryptocurrencies across the board, with bitcoin’s price briefly dipping below $56k. In the market as a whole, overall trading volume has been reduced ahead of the US Thanksgiving weekend with Ethereum looking slightly more bullish than Bitcoin.
Despite a quiet week for the markets, El Salvador President Nayib Bukele continued to make headlines as he announced the country’s plan to issue a $1 billion “Bitcoin Bond”. The money raised from the bond will go towards purchasing bitcoin and also constructing a new “Bitcoin City” located near a volcano along the Gulf of Fonseca.
“This has been a pretty low-key week in crypto, which isn’t something we get to see very often,” said Michal Cymbalisty, co-founder of Domination Finance. “Despite a bit of a pullback across the markets, we definitely still see bullish undertones.”