Altcoin CRO continues to play an upward trajectory. Meanwhile, in the Brazilian market, As Brazil’s debt and fiscal trajectory flirts with a downward spiral, the FOCUS report showed important shifts in market expectations.
Check out all the news that will influence your portfolio in today’s Market Summary.
“Indicators show long-term investors very confident,” according to an analysis
In another volatile 24 hours, bitcoin peaked at nearly $3,000 in minutes before heading vigorously south to retest $55,000. Currently, the crypto roller coaster has parked at US$57,336 – R$320,384 at the main Brazilian brokers, according to CoinGoLive.
During the month of September and October, reports and analysis pointed out that the supply shock from the BTC and ETH had driven new price highs. However, data from the network suggested that the market was not yet overheated.
Now in November, according to the Kraken brokerage report, the flow of bitcoins out of brokerages will continue to put pressure on the supply of coins.
“On-chain indicators such as ETH’s MVRV Z-Score and BTC’s Reserve Risk indicate that both cryptocurrencies are far from being considered ‘overbought’ or ‘overvalued’ in the market. What’s more, both indicators show long-term investors very confident”
, they said in a report.
The volatility didn’t bother crypto investors as everyone was entertained by the bitcoin conference taking place in El Salvador right now.
During the conference, President Nayib Bukele announced plans to build an entire city based on Bitcoin, Bitcoin City.
The city will be built in the eastern region of La Union and will receive geothermal energy from a volcano. As such, the president has promised that he will produce zero emissions and not levy many taxes.
He added his megalomaniac plans for the city that will be circular – similar to the cities founded by Alexander the Great – but will also have an airport, residential and commercial areas, and a central square that should look like the BTC symbol seen from the air.
You can better understand how this initiative will be funded, which will be supported by Blockstream Adam Back and iFinex – the company behind Tether (USDT) and Bitfinex. Understand: El Salvador has announced that it will issue Bitcoin-linked debt.
Before starting to discuss Brazilian economic data, we need to make a brief mention of an important monetary policy decision by the US president.
President Joe Biden’s decision to keep the command of the Fed under the direction of Jerome Powell is seen by the market as a safer path. Due to the scenario abroad, the S&P 500 ended the day with another historic high.
The American currency is now traded at R$ 5.59. Returning to the national scene, then, we realize that the real continues to weaken.
The FOCUS report showed important changes in market expectations. The document presented this year’s accumulated inflation of more than double digits.
According to the analysis already published by the American bank Wells Fargo, the Brazilian currency tends to weaken. “Although the fiscal rule may be intact for the time being, we continue to believe Bolsonaro will seek to further improve cash transfers as the elections approach.”
“As Brazil’s debt and fiscal trajectory worsens over time, we believe financial market sentiment could turn negative towards Brazil and the Brazilian real,” say Bank economists.
CRO continues to rise
Most of the altcoins imitated the performance of the BTC in the last 24 hours, which means that they also suffer from the high volatility of this market in the last 24 hours. Ethereum (ETH) rises 0.26% in one day and remains traded at US$ 4,210.
Avalanche, which has been among the top performers lately, is down 4% on a daily scale. As a result, AVAX trades below $130.
In contrast, Crypto.com’s native token has increased again by 15% and is now above $0.75. Elrond also continues to set new records, the most recent reaching $540 this morning.
The result of the main altcoins in the last 24 hours is as follows: Ethereum (+0.26%), Binance Coin (-1.89%), Solana (-2.39%), Cardano (-1.11%), Ripple (+1.03%), Polkadot (-1.13%), Dogecoin (+3.85%), Avalanche (-4.43%), Shiba Inu (-4.06%) and Crypto.com ( +15.28%).
According to CoinGoLive, the market capitalization of all crypto assets is around $2.69 trillion on Tuesday.
Follow the crypto market news on the Cointimes Telegram group (log in) and have a great day of trading.
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.