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Bears Gearing up to Drag Bitcoin Down, This Is How BTC Price Can Defend Itself!

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The cryptocurrency market remains vivid lately. While some flourish, others lose out-breath on their run. The market cap of the crypto space at the press time, is down by  1.7%, at $2,718,182,571,073. While the volume for the last 24-hours hovers around ~$166,723,949,932.

The star crypto at press time is trading at $63,624.08. With negative gains of 2.5% for the last 24-hours. While the market capitalization of BTC floats around $1,199,369,171,403. The trading volume for round-the-clock stood at around $44,244,433. The dominance stands at around 44.1%. The coin has been consolidating post-brushing its new ATH at $67,276.79, which was on the 20th of October.

Bitcoin to Lose Its $60,000 Levels? 

According to an analyst, BTC grew from $41,000 to $67,000, without any notable corrections. From the chart, BTC price can be seen moving across the rising channel. The star coin had earlier rebounded each time it hit the support levels of the rising channel. However, this time around the coin broke through its support levels. And now holds two probabilities for its price action.

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The analyst anticipates the coin to either retest and plummet towards its support levels. Or it might take a dip straight away towards its support level at $59,000. However, the analyst expects BTC to march towards its milestone in the range of $78,000 to $80,000. Following the price correction. But in no terms, it means a bear trap.

Collectively, a price correction seems to be imminent, prior to a major leg-up. As a lot FOMO has also crept in during the uptrend. Which might need correction, for a healthy run in the quarter. Hopefully, the star coin retraces, its path surpassing the expectations.

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Bitcoin close to US$57,000, Omicron and Hard Fork variant from BSC – Market Summary

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This Tuesday (30), although bitcoin (BTC) has not yet managed to surpass the level of US$59,000, altcoin Shiba Inu (SHIB) increased about 30% after being listed on brokerage Kraken.

Check out today’s Market Summary the focus of local investors, who have moved from the new Covid variant to the Precatório PEC, and the news on the cryptocurrency market that could impact your portfolio.

Bitcoin and the stock market

Over the weekend, bitcoin suffered from the high volatility of the cryptocurrency market as well as fears over the new Covid variant. So it was trading lower, close to $55,000.

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Consequently, the drop ended up suggesting to some investors that the correlation between Bitcoin and the stock market would be greater than we had imagined.

One good thing about Bitcoin is that it tends not to be correlated with most other major asset classes. In particular, outside of liquidity crises, where everything tends to move in parallel, Bitcoin and the stock market have largely been decoupled.

According to analyst firm Ecoinometrics, Bitcoin’s recent downward movements do not necessarily condition a correlation between the two markets. As the company says, “just zoom out”. For a long period of time, Bitcoin was not correlated with the stock market.

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“Cracks are exactly what you expect during a liquidity crisis and a recovery fueled by printing money,” according to Ecoinometrics. “When Bitcoin establishes itself in periods of lower volatility, the correlation with the stock market increases. When we have volatility peaks, the correlation goes back to zero,” he added.

So, for all practical purposes, you can still regard the BTC and the stock market as standalone bets.

Correlation between Bitcoin, MicroStrategy and Nasdaq shares – Source: Ecoinnometrics

At the moment, the leader of cryptocurrencies is trading at US$ 56,998 – R$ 319,261 in the main Brazilian brokers, according to CoinGoLive. Its market capitalization is still below $1.1 trillion and dominance below 40%.

Ômicron scares

The strong tumble of global markets last Friday opened room for a correction movement in most risky assets on the Brazilian stock exchange yesterday.

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Brazilian investors, attentive to the progress of the Precatório PEC and without neglecting the news about the omicron variant of the new coronavirus, saw the Brazilian stock market close with a moderate rise. Stock market rose 0.58%.

After some discomfort with reports that the government is considering a new “war budget” if the PEC dos Precatórios does not pass, the speech of the secretary of the National Treasury, Paulo Valle, reinforced that the government does not have a “plan B” for the aid Brazil.

At the same time, the president of the Senate, Rodrigo Pacheco (PSD-MG), reiterated that the PEC can be analyzed by the House’s plenary on Thursday.

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Read more: Federal Police are in panic because of cold bitcoin wallets, says newspaper

In the exchange market, the real ended up falling. The correction of emerging currencies was uneven, amidst the discussion about what will be the Fed’s monetary policy reaction to the omicron threat. Therefore, the American currency closed up 0.28%, to R$ 5.61.

Binance Smart Chain prepares to fork

Most altcoins have remained relatively calm on a daily scale. Ethereum (ETH) has an increase of less than 2% in one day, but is above $4,400. A few days ago, ETH had dropped to less than $4,000.

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Binance Smart Chain (BSC), the blockchain created by the eponymous brokerage, is getting ready to go through a hard fork on Tuesday.

The upgrade to version v1.1.5 of the BSC, dubbed ‘Bruno’, will be done during block 13,082,000 and represents a complete fork of Binance’s core network, needed to introduce a number of ecosystem improvements.

The main change in this update is the introduction of a new real-time token burning engine, first introduced in late October in proposed BEP-95 enhancements. In addition to the new economic model, the hard fork ‘Bruno’ also promises to speed up the synchronization of nodes by more than 60%.

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Despite the lull among altcoins, Shiba Inu (SHIB) jumped about 30% after being listed on brokerage Kraken.

The result of the main altcoins in the last 24 hours is as follows: Ethereum (+3.32%), Binance Coin (+1.10%), Solana (-1.06%), Cardano (+0.08%), Ripple (+0.84%), Polkadot (+0.91%), Dogecoin (+6.03%), Shiba Inu (+30.07%), Avalanche (+7.73%) and Earth (+10 .90%).

According to CoinGoLive, the market capitalization of all crypto assets rose to $2.7 trillion on Tuesday.

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Follow the crypto market news on the Cointimes Telegram group (log in) and have a great day of trading.

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Bitcoin, Ethereum, Binance, Shiba Inu Price Analysis ‒ 30 November Morning Prediction

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  • Global crypto market cap reaches its high of $2.63T once again.
  • Bitcoin shows green charts and shows stability while maintaining $58K.
  • Ethereum leaves $4.5K in the dust after a 7.05% value increase.
  • Binance Coin closes the gap between itself and $680 after an 8.90% increase this week.
  • SHIB is today’s top gainer after seeing a rise in value after global crypto value increase.

Once again, we’re seeing a standard of bullish runs in the crypto market as prices rise high and our Top 4 currencies display green charts that seem to have surprised investors who didn’t expect the trend to go on for longer than a day or two, the same as last week.

However, after the global crypto market cap has seen an increase of 3.05% since the last day and has raised itself to $2.63T, it raises hopes along with it that this time, the effects of the bullish trend will last longer. Bitcoin continues to dominate the crypto market by 41.34%, and the major altcoins accelerate their speeds in raising their

prices to catch up.

This trend has given hope to investors that we might be entering back up to our previous standards of cryptocurrency that were thought to have been left behind three months ago. Let’s take a look at the various influxes on our top currencies.

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$60K price value within Bitcoin’s reach?

The last two days have been blissful for Bitcoin investors, but not so much for Bitcoin buyers as prices increase once more. Bitcoin has grazed the surface of $58,000 once more, and investors keep a close eye on the market to ensure that the bullish run sees through to $60k.

After all, hope had been lost last week when Bitcoin saw as low as $53,500 price decrease; investors are keenly watching as Bitcoin prices rise and drop a few hundred dollars every hour or so. Most forecasters are trying to predict whether Bitcoin can see the light of $60k shining over the horizon, but all is uncertain as Bitcoin stands at a $58,200 price.

Bitcoin Chart
Source: CoinMarketCap

Its market cap has seen a 1.98% increase and has raised to $1.097T, while its trading volume per twenty-four hours is at $34.32B.

Ethereum and Binance investors rejoice at new highs

After seeing a mindboggling low of $3.9k, Ethereum makes a sudden leap and has raised itself by $308. Ethereum has since surpassed $4.5k after investors had thought it would keep itself stationary around $4.3k, but instead, Ethereum has jumped to $4,615 in price.

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Ethereum Chart
Source: CoinMarketCap

After the highest gross price we saw at the beginning of the month, it finally seems like Ethereum has set its sights on breaking its records for the year and is reaching $4.8k once more. Our biggest query is, will ETH go above and beyond to pass its yearly high? With its trading volume of $22.39B over the last day, it certainly seems possible!

Binance Chart
Source: CoinMarketCap

As for Binance, investors think BNB is making a dashing effort to reach its ultimate high of $670 as well. After seeing a 1.63% increase, a huge step for a below-1K priced coin, Binance has risen its value to $626. Trading 4.063M BNB per day, things are looking up for 3rd ranker.

Shiba Inu, reigning superior over Dogecoin?

It seems that in the last twenty-four hours, SHIB has taken advantage of the recent global turnout and has been flourishing, sighting massive gains over the past few hours. Created anonymously and intended to be Dogecoin‘s successor as the leading memecoin, the sight of SHIB’s gains has amused investors throughout the world.

SHIB chart
Source: CoinMarketCap

After displaying 35.03% gains within the last day, SHIB has raised itself to a higher standard after gaining popularity throughout the past month. Although its price is $0.000052, lesser than Dogecoin’s, its market dominance reigns supreme as it traded $8.95B on the last day.

Conclusion

We’re seeing high horizons over the coming days; the crypto market’s vastness leaves us hoping for more and keeps us on the edge of our seats as we anticipate what comes next. Some people continue to be skeptical while gaining has led others to become more hopeful for price increases and record-breakers.

What’s up with Shiba Inu, soon to be the most “popular” memecoin? Launched earlier this month, the Shiba Coffee Company sells a variety of SHIB-branded coffee at a starting price of $16.99. Customers can buy their coffee in SHIB, and 10 percent of the company’s proceeds are then directed towards SHIB burning. Meanwhile, whales added 42% more #ShibainuCoin to their wallets in the last 24 hrs. And now, this:

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Investors continue to watch out for news of bearish runs, knowing just how bipolar the crypto market is when it comes to displaying certain standards that make it all the more exciting to dabble in. Did you take advantage of the dip? Please tell us in your comments below

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Bank of Indonesia exec wants CBDC to ‘battle’ Bitcoin

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  • Bank of Indonesia exec wants CBDC to battle Bitcoin
  • The country’s Ulema Council brands crypto as haram
  • Other countries prepared to eliminate crypto

Central bank digital currency is a system of payment that has been in the works for a long time among countries. Although other countries have launched their digital currency, most top countries still conduct tests before the official launch date. With that in mind, an executive of the Bank of Indonesia has mentioned that digital currencies could help countries across the globe combat digital assets. In the statement by Juda Agung, one of the top members of the bank, Indonesia is considering launching a digital version of its currency to intensify its fight against Bitcoin.

Indonesia’s Ulema Council says crypto is haram

According to the executive, digital currency could be the much-needed ingredient needed in the fight against Bitcoin. This is because the central bank backs the digital currencies, and this makes them trustworthy. In a Bloomberg report, Agung also mentioned that he hoped that people would turn to CBDCs instead of crypto in terms of financial transactions. He pointed out that despite regulators seeing the impact that the assets have on the economy, the trade ministry still allows traders to carry on with their activities. This latest update is coming off the back of a recent update that the Ulema Council in the country has branded the assets as forbidden under the laws of Islam.

Bank of Indonesia is working on its CBDC

According to a previous report, regulators are still at a loss on the approach to devise a regulatory framework for digital assets across Indonesia. Although making payments with digital assets has been banned as far back as 2017 throughout the country, crypto trading is very much present. Around April, the Commodity Futures Trading Regulatory arm of the Finance ministry in the country announced its plan to float a crypto exchange. In the report, the said crypto exchange would have the government’s support with the development to start towards the end of the year. However, it is unclear if the Bank of Indonesia will be involved in this plan.

Despite not having a clear guideline for crypto, the Bank of Indonesia and other regulators have been mulling the idea to float the country’s CBDC. In May, reports went around saying that the Governor of the Bank of Indonesia has signed off on plans to create the digital currency. China is another country that intends to use digital currency as a tool to displace crypto in the country. Russia is also another country with the same school of thought after Governor Nabiullina urged governments worldwide to use digital currency to shun crypto adoption.

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