The week of 07/02 in brief – News re Bitcoin and the cryptocurrencies is constantly boiling. It can happen that crucial information gets lost in the daily information flow and that you miss important points. This format is there to remedy that. We return to the news of the past week in Crypto Weekly to keep you informed about the current situation of cryptocurrencies.
The unmissable of the corner
For the unmissable of the week, we find kolepi, your favorite trader’s favorite trader on Twitter. In his new masterclass, Kolepi takes us into the world oftechnical analysis with an explanation of Japanese candlesticks.
History of Japanese candlesticks
Japanese candlesticks were born in the 18th century, long before the creation of trading and therefore digital tools! They were invented by the Munehisa Honma, rice merchant. At the time, he sought to anticipate the price of rice, which was the first futures market to have existed. He even ends up working as a financial consultant for the Japanese government! Rumor has it that he won the equivalent of $10 billion in rice markets. He died in 1803 leaving two books on Japanese candlesticks: “Sakata senho” and “Soba sani no den”.
But it was only much later that the Western world discovered this methodology. It was in 1991, following the release of the book “Japanese Candlestick charting technique”that Steve Nison reaches democratize this way of representing graphics.
Applied to trading
This diagram explains how to read a Japanese candlestick.
- the body of the candle is therefore its variation in price during a given period (according to the timeframe you have selected). It is usually colored red if the close price is lower than the open price, and green if the close price is higher than the open price.
- The wick of the candle is the maximum reached by the price during this period. If the wick is above, anything above that price level has been sold. If the wick is below, everything that has been below that price level has been bought.
Do not hesitate to consult the article in its entirety for more details : Understand and use Japanese candlesticks, for informed crypto trading.
News in brief
▶ Volcano bonds are here. El Salvador has just issued its Bitcoin bonds. These are supposed to allow the financing of the famous Bitcoin Cityimagined by Nayib Bukele.
▶ The Caochella festival goes to NFT. The latter revealed a collection of NFTs in partnership with FTX. The curious will notably find lifetime access to the eponymous festival.
▶ BAYC founders exposed. The Buzzfeed media has revealed the identity of several founders of the NFT project. However, the media’s methods were quickly singled out by the community.
▶ The Superfluid contract of the QiDAO protocol has been hacked. In total, the attacker stole the equivalent of 1$7 million project investors.
▶ Russia in the process of dubbing Bitcoin. A law envisages the free movement of assets in the same way as foreign currencies, such as the dollar or the euro.
▶ With the recent arrival of Andre Cronje, the Fantom ecosystem has seen billions of dollars land on its ecosystem. CryptoFarmer takes us for an overview of the opportunities on Fantom.
The 5 metrics of the week
➤ $20 millionit is the amount allocated by Polkadot to its fund “Pioneers Prize”. This aims to fund the research and development of Polkadot. He will concentrate his efforts in particular on the zero knowledge proof and improving infrastructure.
➤ $6.2 billionit’s the volume record recorded by the NFT ecosystem during the month of January. Note, however, that a large part of this volume is due to the wash trading practiced on the LooksRare protocol.
➤ 120,000it’s the number of BTC linked to the Bitfinex hack that were found by US police. The latter were detained by the very curious couple formed by the defendants Ilya Lichtenstein and Heather Morgan.
➤ $200 millionit’s the amount spent by the Binance company to acquire shares of the Forbes newspaper. With this purchase, Binance becomes the newspaper’s second largest shareholder.
➤ 198 million TH/sit’s the record reached by the Bitcoin network hashrate. It has recovered well since the sudden drop recorded in June following regulatory changes in China.
Tweet of the week
Tweet of the week goes to @Gojo_Cryptos and its comparison between transactions recorded by Ethereum (ETH) and Avalanche (AVAX). AVAX seems to be catching up in terms of transactions per day.
Have a nice week on the Journal du Coin! 🙂
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