This Monday (18) Bitcoin (BTC) dawned retracting some gains after having almost reached US$ 62,000. Part of this indecision in the asset’s price has been a consequence of the increase in expectations for the US Bitcoin ETF.
Even falling 0.05% in 24 hours, Bitcoin is trading at US$ 61,501 – R$ 338,100 in the main Brazilian brokers. Most altcoins fell behind once again, leading to another rise in BTC dominance, according to CoinGoLive.
Who is holding the Bitcoin bar?
The weekend started on a high after reports that the first future Bitcoin ETF could go live in the US this week. The market leader’s price for cryptocurrencies hit a six-month high, reaching nearly $63,000 as a result.
The scenario calmed down late Saturday and early Sunday, before the bears returned to pushing the asset south. Who is holding this bar now are the “diamond hands”.
According to Glassnode, one of the leading on-chain analytics companies, over 99% of the BTC supply is now profitable. That is, long-term investors are planning to keep Bitcoin for years to come.
“With Bitcoin above $60,000 again, only 0.98% of the circulating supply was last spent at higher prices. Owners of this 185,816 BTC HODLed throughout the volatility, ups and downs of the past 6 months. 99.02% of all BTC supply is now profitable,” said Glassnode.
Its market capitalization has increased to more than $1.16 trillion, while its dominance over altcoins stands at 45% as most have failed to follow it north.
An eight-year battle is drawing to a close as Bitcoin ETFs are expected to be given a green light by the Securities and Exchange Commission (SEC, the US CVM).
The ProShares Bitcoin Strategy will be the first ETF to be released, possibly tomorrow, when the 75-day deadline within which the SEC could file a formal objection will have expired.
A day later, the Invesco Bitcoin Strategy ETF could also be released, unless the SEC bars it. The SEC has until midnight today to object to ProShares’ request.
Read too: “It is impossible to escape from cryptocurrencies”, recognizes the country’s Finance Minister with a 100 trillion note
The likely approvals could open the floodgates to a torrent of similar products, potentially fueling a further rise in prices for the cryptocurrency, which on Friday traded higher.
Altcoins are left behind
Lately, it has been quite common that most alternative currencies have failed to show the same earnings as their leader. Ethereum (ETH) even managed to hit the $4,000 price tag over the weekend, but failed earlier this week and trades now at $3,796, according to CoinGoLive.
The result of the main altcoins in the last 24 hours is as follows: Ethereum (+2.49%), Binance Coin (-0.04%), Cardano (-2.20%), Ripple (-4.18%), Solana (-4.73%), Polkadot (-0.82%), Dogecoin (+11.1%), Terra (-3.33%), Shiba Inu (+5.35%) and Uniswap (-4 .37%).
The cumulative market capitalization of all cryptocurrencies remains at $2.5 trillion.
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Solana set to be the ‘Bitcoin Killer’?
A blockchain with the ability to perform thousands of transactions per second must be the next Bitcoin. Sam Bankman-Fried believes SOL has the potential to become the next Bitcoin since the Solana blockchain can execute 50,000 transactions per second.
Sam Bankman-Fried (SBF), in a recent interview with Kitco, praised Solana for its potential to expand to millions of transactions per second. According to the FTX CEO, this makes Solana a critical component of cryptocurrency acceptance and the next Bitcoin.
The scalability of Solana could aid its evolution into a new Ethereum or Bitcoin.
“I am optimistic about Solana. She has every chance of doing this, which is very interesting, I think.’
Analyst bullish on SOL
Influential investors are positive on Solana, which is helping altcoin gain traction.
With a growth in institutional acceptance, venturefounder, a cryptocurrency analyst, feels that Solana could end up competing with Ethereum.
I was early for #BTC #ETH #DeFi, but I missed #NFT #metaverse #memecoins
After reflection, I realize my fear for unknown prevented me from learning new innovations
A week in crypto is like a year in real life, you gotta keep learning. Now I have skin in the game to learn NFT pic.twitter.com/nbbsFE0pvX— venturefoundΞr (@venturefounder) November 26, 2021
“More Crypto Online” cryptocurrency analysts are positive on Solana. As the cryptocurrency price trend reverses, analysts forecast a price rise to a new all-time high of $305.
During the crypto massacre on Black Friday, the price of Solana fell below $200. The price of the altcoin has recovered and is now trading near $200 at the time of writing. Over the last two months, there has been a surge in institutional intake and capital rotation into Solana.
At the time of writing, SOL is trading at $196.63, up 0.6% in the last 24 hours.the resistance on the upside is at $199.94. However in case of a decline, the support on the downside is at $190.68.
El Salvador’s President Has A few Words For Bank Of England’s Chief
El Salvador’s President has a few words for Bank of England’s chief who recently expressed worries about the country’s Bitcoin adoption.
Check out his relevant tweet below.
Bank of England is “worried” about El Salvador’s adoption of #Bitcoin?
I guess Bank of England’s interest in the well-being of our people is genuine.
I mean, they have always cared about our people. Always.
Gotta love Bank of England 😍https://t.co/qsQNdw8h7L— Nayib Bukele 🇸🇻 (@nayibbukele) November 27, 2021
A commenter said: “Before bitcoin nobody around the world cared about El Salvador now there are competing interests either supporting or attacking El Salvador. El Salvador is now relevant.”
Someone else posted this: “Exactly what i been saying! My family is from el salvador, and my whole life not a single soul i ever met here in the U.S even knew about the country, and if they did, they only heard of it because of gang affiliation… nothing else. Bukele is making waves!!!”
On the other hand, a follower said: “The Bank of England’s Point of Concern: “….It concerns me that a country would choose it as its national currency. What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.” Seems a legitimate worry.”
Bitcoin adoption concerning?
CryptoSlate notes the fact that Bailey said the move to adopt Bitcoin within a dual currency system was concerning, while also adding that volatility would impact most detrimentally.
This isn’t the first time that Bailey warned of the “dangers” of crypto.
Back in May, Bailey said cryptos have no intrinsic value and that investors should be prepared to lose all their money.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $54,667.
Bitcoin skeptic Saule Omarova to be rejected as Biden’s nominee for OCC in win for crypto
- Saule Omarova was nominated to head OCC and it looked bleak for the future of cryptocurrencies as she is an outspoken critic of Bitcoin.
- New reports reveal that some Democratic senators in U.S Congress will reject her, and with all Republicans united against her, she will most likely not assume office.
Saule Omarova, a Bitcoin critic who was nominated for one of the most important financial regulatory jobs in the U.S, is looking unlikely to go through Senate confirmation. According to new reports, some Democratic Senators have rejected the Biden pick, particularly opposing her hardline stance against big banks. With Republican Senators all against her, she looks unlikely to be the next Comptroller of the Currency.
Omarova was nominated by the White House in September to take over from the Acting OCC, Michael Hsu. As CNF reported at the time, the cryptocurrency community joined the banking fraternity to ask questions of what would be of her reign. Omarova is an outspoken critic of the big banks, having consistently criticized government bailouts. She has also suggested that the Federal Reserve should be allowed to serve Americans, effectively wiping out the commercial banks.
For cryptocurrencies, the future looked just as bleak. She has previously stated that she believes they “benefit mainly the dysfunctional financial system we already have.”
In her Senate grilling two weeks ago, she held on to her anti-Bitcoin views. Responding to crypto-friendly Senator Cynthia Lummis‘ question on whether Bitcoin threatens national security, she stated:
I’m not an expert on Bitcoin but I’d worry if all our financial transactions were up to some blockchain system where various actors who might actually be located in other countries, not particularly friendly to us, control the functioning of the system.
Omarova to be rejected
According to reports in Washington, Omarova is set to be rejected in Senate. Already, virtually all Republican senators have said they will reject her. Many of them have even attacked her on personal terms, as well as her ‘socialist-leaning’ beliefs.
Axios reports that five Democratic Senators have joined the anti-Omarova bandwagon as well. The five told Ohio Senator Sherrod Brown, who heads the Senate Banking Committee of their dissent. If they vote against her, the Kazakhstan-born academic will stand virtually no chance as the house is almost divided in half between Republicans and Democrats.
However, despite the opposition, the White House continues to back her publicly. A White House official told Axios:
The White House continues to strongly support her historic nomination. Saule Omarova is eminently qualified for this position. She has been treated unfairly since her nomination with unacceptable red-baiting from Republicans like it’s the McCarthy era.