Category: Cryptocurrency News

Bitcoin wrapped up this past Thanksgiving night with a bloody trading session. The first crypto by market cap was rejected as it made its way to $60,000 and has dropped over 6% in the 24-hour chart. As of press time, BTC trades at $54,084 but seems at risk of further downside. Related Reading | New COVID Variant FUD Drives Bitcoin Down To $54k Besides Bitcoin, the traditional finance market took a hefty dive on news of a recently discovered COVID-19 variant in Africa. This wrack havoc across many sectors with the S&P 500 and DOW Jones recording an almost 3% loss in the past 24 hours. As 2020 and 2021 have shown, Bitcoin shows a high correlation with traditional markets during periods of macroeconomic development. Thus, one of the reasons the benchmark crypto has been trending to the downside as investors could fear a new phase of lockdown across the world to prevent the alleged new variant from spreading. The U.S. Dollar as measured by the DXY Index has also taken a dive with a 0.71% loss in the 24-hour chart. The currency was showing significant strength since November 10th, when the U.S. Federal Reserve hinted at the beginning of tapering but was rejected at the 97-price mark. The U.S. dollar rally has been attributed as one of the reasons Bitcoin display weaknesses in the past week. A rejection at these levels could provide BTC’s price with some relief allowing it to make a more convincing rally into $60,000 and uncharted territory if it’s able to prevent more downside in the short term. The positives of today's selloff: 1. It's clearing out the weak hands/excess leverage 2. The $DXY is dropping back below its channel top We'll see if the latter translates to $BTC strength in the coming days. pic.twitter.com/NZ3B1geHUN — Justin Bennett (@JustinBennettFX) November 26, 2021 Bitcoin One Step Closer To New Highs? As NewsBTC has been reporting during this week, the key for Bitcoin to resume its bullish momentum could be found in the derivatives and futures market. This sector has been overheated during November as traders expected BTC to quickly push beyond $70,000. Related Reading | Whales Fill Up On Bitcoin While Broader Market Panics Funding rates across exchanges, even as Bitcoin continued to retest critical support and saw an increase in selling pressure, was high. In addition, data shared by pseudonym analyst Byzantine General suggested that the total Open Interest across the market barely moved with the recent downside price action suggesting there is still some leverage to be purged from the market. Still barely flinched lmao. And the market is now relatively speaking more leveraged up. pic.twitter.com/1AVPh9oOR5 — ₿yzantinΞ General (@ByzGeneral) November 26, 2021 As of press time, funding rates across exchanges are finally beginning to flip negative but remain positive in two major exchanges: Bybit and Binance, the latter has turned more neutral in the past hour. Still, some more pain could come as BTC head into the weekend.

Stablecoins are destined to grow, experts suggest, but are regulations the only way for the market to reach its full potential?

Bitcoin has recorded multiple dips in recent weeks that have pushed its price below $60,000. The slump came as a result of sell-offs from investors who believe that the asset has reached its peak. Panic had spread like wildfire, triggering even more sell-offs but not everyone gave in. Whales have always been known to gobble up the bitcoins that small-time investors unload during periods of panic and this time has proven to be no different. While the broader market panic sold their holdings, bitcoin whales took advantage of the opportunity to pad up their holdings, snapping up billions in the digital asset during the dip. Related Reading | Reddit User Calls Out KuCoin Over ≈$50,000 Stuck On Exchange Whales Load Up On Bitcoin Data analytics firm Santiment recently published a report showing whale activity during the recent dip. In the report, the firm notes that while the sell-off was taking place, whales had significantly increased their holdings. These whale wallets containing 100 to 10,000 BTC took full advantage of the panic in the market and picked up about 59,000 BTC last week. 🐳 If you've been waiting for #Bitcoin whales to show signs of accumulation, our data indicates it's happening once again. In the past week, a total 59k $BTC has been added to addresses that hold between 100 to 10k $BTC. This is 0.29% of the total supply. https://t.co/xbZms4GtKm pic.twitter.com/eeRrnrISRM — Santiment (@santimentfeed) November 25, 2021 BTC slumps to $54K | Source: BTCUSD on TradingView.com This figure shows that in one week alone, these whale wallets have accumulated about $3.3 billion worth of bitcoin, which amounts to an additional 0.29% of the circulating supply now controlled by the whales. It would seem with every downward correction, small-time investors lose even more hold on the market as whales remain at the ready to mop up the coins that investors dump in their panic. Crypto Market Dives Into Fear The panic that gripped the market after bitcoin began its downtrend was evident in the Fear & Greed Index. The index had remained in greed territory for the better part of last month but that change recently after the first signs of a market correction. Market sentiment had dropped so far into negative that in the space of a week, the index was back into neutral territory and then fear not too long after. Related Reading | Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years The Fear & Greed Index score continued to drop, hitting a new two-month low after dropping to 32 on Thursday. This puts the market in full panic mode leading to more sell-offs in the market. However, whales have taken full advantage of this for their benefit. Whales accumulating bitcoin has however always spelled good news for the market. Cumulatively, these high-volume addresses hold enough to have a certain sway over the market. Thus, as long as they refuse to sell and instead purchase more of the asset to increase their holdings, then the fewer coins are on exchanges to lead to a continued downtrend. Featured image from Bitcoin News, chart from TradingView.com

Ethereum submitted by /u/Infinite_Ad_7592 [link] [comments]

The DOW is down more than 950 points, and unfortunately that is negatively impacting crypto prices today IMO. Interestingly, and sadly, the DOW is down so much partly because of the latest COVID variation out of South Africa. COVID led to an increase in crypto investors but news of a brand new variant that allegedly…
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Sorry if this has been asked before (I did search but could not find anything), or if this is a dumb question. I was just wondering if it's safe to hold wETH long term. My mining is paid out in wETH on Polygon and if I can avoid the fee to bridge it that would…
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A great number of digital currencies have swelled in value this year and as the end of 2021 approaches, the market capitalization of all 11,000+ crypto assets in existence is roughly $2.6 trillion. These days, it’s safe to say that dollar-pegged tokens, otherwise known as stablecoins, have a strong presence in the crypto market. Today […]

The report said the actors usually gained access to Cloud accounts because of “poor customer security practices” or “vulnerable third-party software.”

If you believe in the fundamental principle of sound money and you are intellectually curious and honest with the state of the world, I believe you will come to see bitcoin is an emerging form of sound money. Money does not have to be tangible; all money is really just a ledger. Bitcoin is an…
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Apparently everyone is cashing in Crypto to buy 50% off Flat Screens ? submitted by /u/SlavicLord2000 [link] [comments]