Following a sharp drawdown in early December, Bitcoin has endured a consecutive week of consolidation in the $46,000 to $49,000 range.
Bitcoin has reclaimed the 50D MA after losing it as a support earlier in the week. This has transformed into a new support amid the asset breaking out of a local downtrend (see chart below).
Historical data suggests that Bitcoin has experienced strong rallies heading into the new year following weeks of sideways trading in December. See quantitative section below for an in-depth breakdown.
Stablecoin supply levels have surged by more than 400% in 2021. Stablecoins are a dominant medium of exchange and play a critical role in driving the digital asset ecosystem. Check out our DeFi Decoded episode on Stablecoins.
According to data from glassnode, illiquid supply has surged to a 3.4x multiple of daily coin issuance – suggesting that investors are taking out Bitcoin at more than triple the rate of new coins being generated each day.
Crypto and blockchain M&A has surged by 131% in 2021 with nearly 200 transactions. See the ‘Top News’ section for a full breakdown of the story.