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Weekend Recovery: Bitcoin Rebounds $3K After Hitting 16-Day Low, ETH Eyes $1,500

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First signs of recovery for the struggling crypto market as bitcoin added more than $3,000 in the past 24 hours, while ETH targets $1,500. ADA spiked to top 3 by market cap

Following more adverse developments in which BTC dipped to $44,000 as of yesterday, the asset has reclaimed some ground by overtaking the $47,000 mark. Most altcoins have also taken a breather after the latest beating, with Cardano and Polkadot exploding with double-digit percentages.

Bitcoin Recovers $3K After Hitting 2.5-Week Low

The working week didn’t go well for the BTC bulls as the asset plummeted by more than $13,000 in the first few days. After dropping to $45,000, the cryptocurrency bounced off initially and even reclaimed $50,000.

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However, the bears were still the driving force and pushed the price south again. Consequently, bitcoin fell even more over the past 24 hours to a low of $44,200 (on Bitstamp). This became the lower price tag since February 11, according to Bitstamp.

Nevertheless, the bulls reacted at that point and initiated a leg up that resulted in a $4,000 increase. As of writing these lines, bitcoin has retraced slightly, but it’s still 2% up since yesterday and is above $47,000.

The technical aspects indicate that BTC could rely on the support levels at $44K, $42,760, and $41K in case more bloody price action comes. Alternatively, bitcoin could resume its 2021 bull run by conquering the resistance lines at $47,200 (current level), $48,000, and $50,000.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Green: DOT and ADA Surge

The altcoins suffered even more over the past several days, as the total market cap lost nearly $400 billion this week alone. Like BTC, most are well in green in the past 24 hours, and the market has added about $100 billion.

Ethereum is 5% up and has neared $1,500. Binance Coin – BNB (7%), Ripple (4%), Litecoin (6%), and Chainlink (6%) have also bounced off yesterday’s drops and have added substantial chunks of value.

Above all, on behalf of the large-caps, Polkadot (DOT) and Cardano (ADA) have massively outperformed the rest of the top ten. DOT has surged by almost 20% to $34, while ADA has skyrocketed by over 30% to a new 3-year record high of $1.3. Moreover, ADA has surpassed BNB and has become the third-largest digital asset by market cap.

Interestingly, a Dubai-based crypto investment fund recently announced that it would dispose of its BTC holdings to purchase precisely the two biggest gainers today – Polkadot and Cardano.

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Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More fluctuations are evident from the lower- and mid-cap altcoins. Reserve Rights leads upwards with a 35% surge, followed by Polygon (30%), Elrond (26%), Stacks (16%), Basic Attention Token (16%), and SushiSwap (15%).

In contrast, Fantom has lost the most since yesterday after a 19% drop. Voyager Token (-8%), Ravencoin (-6%), and Celsius (-5%) are next.

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Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

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Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

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Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

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Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

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As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

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Dogecoin Looks Ready To Rip As Bitcoin Finds Critical Support, According to Crypto Analyst Justin Bennett

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Crypto analyst Justin Bennett says that Dogecoin (DOGE) could be ready to make a run for its next critical level about 37% above current prices.

The popular analyst tells his 88,000 Twitter followers that DOGE is attempting to break out of a long descending resistance line that it has been up against since May.

“DOGE looks ready (as long as $BTC cooperates).

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Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”

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Source: Justin Bennett/Twitter

In the near term, Bennett says DOGE needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34. At time of writing, Dogecoin is trading at $0.26 according to CoinGecko.

Looking at Bitcoin, the analyst says BTC’s ability to maintain the $60,000 level is a major show of strength that could have big implications in the broader markets.

“Although the BTC weekly candle might not look great, it still held above $60k.

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That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.

That’s huge.”

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Source: Justin Bennett

Bennett also has his eye on Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto markets. He says it’s bounced off a support level and is currently on its way up.

“BTC.D is bouncing from 44.5% support.

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Surprise, surprise.”

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Source: Justin Bennett/Twitter

While surging Bitcoin dominance often suggests that altcoins will underperform, Bennett says this may only hold true in the short term. He says if the king crypto is looking healthy, then altcoins might take it as a signal to move up.

“This isn’t necessarily a bad thing for altcoins.

Will they suffer if BTC.D heats up again?

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In the short term and against BTC, yes.

But Bitcoin strength now is massively bullish for alts over the next few months.

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Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci

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Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying

Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.

He named several billionaires who used to be skeptical on BTC but have been into it since 2020.

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Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin

According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.

He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.

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Among these former Bitcoin skeptics are Shark Tank’s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum because of smart contracts.

Here’s how much Bitcoin Scaramucci holds

As part of studying BTC, Scaramucci recommended reading the BTC white paper written by Satoshi Nakamoto, the mysterious person or a team of them that created Bitcoin back in 2008-2009.

As for his own crypto holdings, Anthony Scaramucci holds over one billion USD worth of Bitcoin. He believes BTC to be digital analogue of gold.

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He also believes that Ethereum and Cardano have a large potential and are going to keep rising in the future.

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