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Black Friday Crypto; Bitcoin drops below $57,000 – Market Summary

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This Friday (19), the mood of Black Friday melted prices in the cryptocurrency market. Bitcoin (BTC) has dropped below the $57,000 level and has accumulated a 12% drop in one week, according to CoinGoLive.

Most alternative currencies are also in the red, as the entire market capitalization has dropped another $180 billion over the past 24 hours. Check out today’s Market Summary the comfort of the economy minister: “The dollar is up there, no problem.”

Bitcoin drops below US$57,000 according to coinGOLive
Cryptocurrency Ranking – Source: CoinGoLive.com.br

Bitcoin drops below US$57k

Since bitcoin hit its all-time price record at $69,045 last week, bears have been the dominant force in the market.

This time, the top-ranked cryptocurrency has dropped to a low of $55,700, which has become the lowest price seen since October 13th.

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Yesterday, Cointimes reported data on the balance of exchanges. Just like the price, this marker has dropped to a 3-year low.

As of now, the BTC has regained some ground and is currently below $57,000. However, its market capitalization is well below $1.1 trillion and its hold on alts has fallen to less than 41%.

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Dollar is quoted at R$ 5.57

According to the minister of economy of Brazil, investors will have “additional gain” when entering Brazil.

On November 18, when presenting data on foreign investment in Brazil in a lecture, minister Paulo Guedes said that the dollar “is up there” because of the political and fiscal noise that surround the country.

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He said “the dollar is still up there because of the infernal noise”, adding “no problem” afterwards.

He says that the country has R$ 544 billion in investments contracted for the next few years, in addition to R$ 150 billion from the 5G auction and US$ 10 billion negotiated with the United Arab Emirates.

Guedes said, then, that foreigners will have an “additional gain” by investing in Brazil because of the rise in the dollar. “No problem. Whoever enters now has an additional margin of gain, because they are entering with the dollar appreciated”, he stated.

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Altcoins

Most alternative currencies are also in red. Ethereum (ETH) dropped below $4,000 briefly, but is now at $4,150. Binance Coin (BNB), Solana (SOL), Cardano (ADA), Ripple (XRP), Polkadot (DOT), Dogecoin (DOGE) and Shiba Inu (SHIB) are also slightly in red.

Read too: Former partner of Clear comments on the price of Bitcoin, will we have a high?

The result of the main altcoins in the last 24 hours is as follows: Ethereum (-1.61%), Binance Coin (-1.39%), Solana (-2.96%), Cardano (-1.52%), Ripple (-3.37%), Polkadot (-1.81%), Dogecoin (-2.54%), Shiba Inu (-6.16%), Avalanche (+3.09%) and Earth (-1 .61%).

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According to CoinGoLive, the market capitalization of all crypto assets dropped to $2,640 trillion on Friday. That means the metric has dropped about $400 billion since its peak a week ago.

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

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Is Apple Planning For Bitcoin Payments! Will BTC Network Volume Eclipse Visa And Mastercard Payments?

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In an acute inflationary atmosphere, numerous cryptocurrency projects seem to be more appealing to investors. Possible threats of US inflation and the prevailing pandemic situation prompt investors to espouse Bitcoin payments. On the other hand, the network has been thriving hard to outstrip the network volumes of Visa and Mastercard. 

The global crypto market cap raised its bar to the new highs on, as investors gush into Bitcoin investments as Federal Reserve chairman Jerome Powell made remarks on tapering of monthly bond purchases to occur a couple of weeks before than expected. This move would further result in a hike in the interest rates, resulting in hyperinflation. 

Apple to Adopt Bitcoin Payments?

The reputed tech firms might lookout for investment opportunities that would help manage their purchasing power. Notably, top companies with significant cash reserves such as Apple ($191 billion), Google ($168 billion), Microsoft ($137 billion), Amazon ($86 billion), Facebook ($86 billion), and Oracle ($39 billion) might shift their gears to Crypto investments. Moreover, crypto market insight platform Bitcoin Archive is been optimistic about Apple’s adoption of Bitcoin payments. 

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However, crypto analyst Venturefounds recently made remarks on loss of purchasing power by $102 billion in retaliation of record break inflation rate in the US. Hence, possibilities are quite high that top-tier tech firms would soon roll out a red carpet to the Bitcoin payment adoption. 

On the other hand, the Report of Blockdata confirms Bitcoin’s progressive move against PayPalVisa, and Mastercard payments. Bitcoin network acclaimed an evaluated average of $489 billion per quarter in 2021. Besides Visa, Mastercard, and PayPal payments have recorded network volume worth $3.2 trillion, $1.8 trillion, and $302 billion respectively. However, the platform has been optimistic about the massive growth of Bitcoin’s payment network. 

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Collectively, investors all across the globe appear to be FOMO-ing Bitcoin. Hence, the flagship asset and other revolutionary cryptocurrency projects would experience sustainable growth in the near future. Especially, the platform has dragged more than 60 to 70% of investments during uncertainties such as pandemic and global financial crises.  

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Bitcoin tests traders’ nerves as analyst reissues $400K BTC price forecast

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Bitcoin (BTC) was on repeat on Dec. 2 as markets watched another attack on $60,000 end in defeat.

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BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Nothing has changed”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back at $57,000 Thursday, having come full circle in 24 hours.

The pair had briefly hit $59,000 into the Wall Street open the day prior, this failing to hold as another round of macro triggers skewed sentiment to the downside once more.

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Bitcoin thus fell in line with stocks reacting, it seemed, to continued concern over the new coronavirus omicron variant. The S&P 500 ended the day down 1.2%.

With a sense of frustration pervading crypto markets, analysts took the opportunity to reassert a longer-range perspective.

“It’s very simple. Below $60K I’ve remained cautious/bearish as I’d like to see that area flip,” Cointelegraph contributor Michaël van de Poppe summarized.

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“Levels to watch for buys; $53K-54K zone and $47-50K zones for Bitcoin. When to buy altcoins? December. Nothing has changed past weeks.”

Those buy target lows were accompanied by renewed predictions for this cycle’s bullish peak, which, as in April this year, place BTC/USD at up to $400,000.

Fellow analyst TechDev, eyeing Fibonacci levels on the two-week chart, also described Thursday as “another day to zoom out.”

Open interest stays near all-time highs

On exchanges, open interest, meanwhile, remained a source of concern due to its sheer volume relative to price action.

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Data from on-chain analytics firm Glassnode showed open interest on Bitcoin futures recently matching its second-highest levels in history, nearing its April record.

“At some point, this open interest is going to get flushed out one direction or the other,” analyst William Clemente commented.

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Bitcoin futures open interest 7-day moving average chart. Source: William Clemente/Twitter

With cyclical price action characterizing the week, the mood thus stayed favoring an ultimate exit up or down, with derivatives structures being “reset” as a result.

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Funding rates were mostly neutral across exchanges Thursday.

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Post-Twitter Dorsey Moves Deeper into Bitcoin ‘Spiral’ as Square Goes ‘Block’

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The Twitter founder Jack Dorsey’s payments firm Square has taken on an extra dimension – likely a crypto-themed one – as the company has changed its name to Block.

In a press release, the firm announced that “as a result of the name change,” its Square Crypto unit, a “separate initiative of the company dedicated to advancing bitcoin (BTC),” has changed its name to Spiral

Its Twitter handle has also changed to @spiralbtc – a clear nod in the direction of bitcoin.

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Dorsey stepped down as Twitter boss late last month.

The witty PR wordsmiths at Spiral rationalized the name change on Twitter, writing:

“Square Crypto is now Spiral. Since our formation, the spiral emoji has been a part of our brand lore, and given the opportunity to rebrand to CoinSomething or BitWhatever, we went a different way. Spiral looks and sounds cool. What other reason do we need?”

As for what the newly rebranded firm will do, the company explained in a blog post that it plans “to double the number of full-time [developers] working on projects under the Spiral umbrella in 2022,” adding: “We also plan to write more grants than ever in the coming year.”

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Spiral continued:

“Square Crypto was never the best name for our team.”

The firm lamented the fact that its former name “drew a direct line between the corporate benefactor we are supposed to be independent of [namely Square] and us.”

Also on Twitter, the still-extant Square account noted:

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“Obviously Square Crypto no longer makes sense, so the team is changing its name […]. This rebrand reflects their focus on bitcoin as it continues to grow like a spiral from a single point, encompassing more and more space until it touches everything.”

The bitcoiner and investor Stephen Cole noted the significance of the BTC in the @spiralbtc handle.

Dorsey has frequently made his views on bitcoin known online, often seeming to side with so-called bitcoin maxis and downplaying the potential of rival blockchain protocols – a fact that has often drawn ire from Ethereum (ETH)- and altcoin-centered communities.

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In August, the Twitter founder appeared to “accidentally” share an ETH-bashing post from a bitcoiner, leading ETH advocates to accuse Dorsey of baiting them. He answered by claiming that he was “not trolling” or “fighting” rival “projects” but instead “agreeing” with the concept that ETH “wasn’t a good idea.”

Dorsey’s Block business empire also comprises TBD (TBD54566975), a planned decentralized bitcoin exchange project.

As for the main Block/Square company and brand, the firm explained that Block had not entirely squashed Square, noting:

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“The Square name has become synonymous with the company’s Seller business, which provides an integrated ecosystem of commerce solutions, business software, and banking services for sellers, and this move allows the Seller business to own the Square brand it was built for.”

However, away from the world of BTC-themed symbolism, some expressed tongue-in-cheek reservations about the name change. Another sharp-witted soul, this time a Redditor on the r/bitcoin sub, pointed out that while spiral might sound cool for bitcoiners, in the world beyond crypto, it can often have negative connotations. The poster remarked: 

“Spiral is a terrible name for a financial company.”

Meanwhile, Square/Block’s Cash App mobile payments app has started supporting Taproot. 

Taproot is considered to be Bitcoin’s largest upgrade in more than four years. Finally activated on November 14, it came with Schnorr, a soft fork that improves privacy, scalability, and speed, and encodes multiple keys into one.

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