ZEC, ELGD Rally Amid Weak Tone in Bitcoin
  The latest moves in crypto markets, in context Edited by Omkar Godbole November 22, 2021 Sponsored by  (Price data as of November 22 @ 12:50 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Bitcoin continues to drift below $60,000 amid positive action in U.S. stock futures. El Salvador's announcement of plans to issue bitcoin-backed bonds to fund the construction of the world's first Bitcoin City along the Gulf of Fonseca near a volcano failed to inspire buying over the weekend.
Privacy-focused cryptocurrency ZEC clocked a six-month high of $235 early Monday, extending a three-day winning run that began after Zcash developer Electric Coin Company discussed the prospect of moving the network to a proof-of-stake mechanism.
EGLD, the native token of high-speed smart contract blockchain Elrond, set a new lifetime high of $490, drawing bids from Friday's announcement of a $1.29 billion liquidity incentive program for its Maiar DEX DeFi platform. "This is perhaps the largest DeFI incentive program to date, and represents a massive step toward pushing DeFi adoption beyond the current boundaries of the crypto space, into the mainstream," Elrond's chief executive Beniamin Mincu said in a blog post.
Dog-themed cryptocurrency SHIB lacked a clear directional bias amid signs of speculative fervor subsiding. The token accounted for 6.72% of the total turnover on the Nasdaq-listed crypto exchange Coinbase during the week ended Nov. 19, slipping to the third position behind bitcoin and ether for the first time in three weeks. With retail frenzy cooling, market focus may shift back to top cryptocurrencies.
Technician's Take by Omkar Godbole  Bitcoin's Bear Flag Breakdown  BTC's 4-hour chart (Source: TradingView)
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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