Nov 29, Bitcoin Weekly Report
#1. Bitcoin Weekly News Summary
Bitcoin enters bear market territory as risk assets plunge on new Covid variant
Bitcoin fell sharply alongside other assets on Friday, hitting a seven-week low and officially entering bear market territory.
https://www.cnbc.com/2021/11/26/crypto-bitcoin-btc-enters-bear-market-on-new-covid-variant.htmlBitcoin Latinum launches world’s first Bitcoin Enabled NFT platform in partnership with Unico NFT
Bitcoin Latinum (LTNM), the next generation, insured, asset-backed cryptocurrency, in partnership with Unico NFT, is launching an NFT marketplace that features thousands of digital artwork that can be bought and sold exclusively with Bitcoin (BTC) and Bitcoin Latinum (LTNM). This is the world’s first platform that enables the option of buying, selling and trading NFTs using cryptocurrencies other than Ethereum type currencies. Using a patent pending technology, Unico provides ways to purchase NFT using Bitcoin and Bitcoin Latinum.
https://finance.yahoo.com/news/bitcoin-latinum-launches-worlds-first-170200812.htmlThailand Plans to Become ‘Crypto-Positive Society’ — Governor Says ‘Crypto Is the Future’
Thailand is laying the groundwork to become a “crypto-positive society” with the aim to attract crypto holders and boost its tourism industry. The country hopes to gain back some of the $80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent shutdown.
https://news.bitcoin.com/thailand-crypto-positive-society-governor-crypto-is-future/
#2. Bitcoin Open Interest at major exchange
Binance: It was around $354,000 over the weekend, but it recovered slightly and was about $357,000.
BitMEX: Open Interest fell by $2,000 to about $48,000.
Bybit: It’s about $1.9 billion now and it dropped about $6,000.
#3.Bitcoin Dominance
Bitcoin Dominance has risen slightly to 42.1%.
#4. Bitcoin Price and its correlations
Correlation
The value of correlation may vary from -1 to 1. The closer the value gets to 1, the higher the two assets are associated and moving in the same direction. When it is closer to -1, it is vice versa. Zero in value means there is no correlation at all.
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