Table of Contents
Bitcoin News:6th November 2021
- Altcoins surge even as Bitcoin and Ethereum price fall toward key support levels [LINK]
- Bitcoin Company Bakkt Will Now Also Offer Ethereum to Customers [LINK]
- Binance Lists BinaryX (BNX) in the Innovation Zone [LINK]
- The Fractal That Puts Bitcoin At $100,000 Before Year-End [LINK]
- Bitcoin’s consolidation is ‘natural,’ according to analysts, who have set a price objective of $80K BTC. [LINK]
- SHIB Price Analysis: Shiba Inu Bearish Outlook Set to Continue [LINK]
- House passes $1T infrastructure bill with crypto tax for Biden’s approval [LINK]
- Dogecoin Price Prediction: DOGE Prepares For A 29% Move Upwards [LINK]
Altcoins surge even as Bitcoin price fall toward key support levels
The crypto market’s price activity has not been for the faint of heart over the last 48 hours, and volatility after Bitcoin (BTC) and Ether’s (ETH) breakouts has clearly led to new all-time highs.
While the top two cryptocurrencies battle it out for crucial support levels, the altcoin market saw a slew of tokens post double-digit gains on Nov. 5, and Cointelegraph Markets Pro’s altseason indicator says current market conditions are in line with recent altseason price movements.
XYO Network (XYO), Crypto.com Coin (CRO), and Wrapped NXM were the top gainers in the last 24 hours, according to data from Cointelegraph Markets Pro and TradingView (WNXM).
The XYO Network is a geospatial oracle network built on blockchain that uses decentralised devices to gather, validate, and record data anonymously on the XYO blockchain.
Market conditions for XYO have been excellent for some time, according to data from Cointelegraph Markets Pro.
The VORTECSTM Score is an algorithmic assessment of past and present market circumstances produced from a variety of data points including market sentiment, trading volume, recent price changes, and Twitter activity, which is exclusive to Cointelegraph.
The VORTECSTM Score for XYO began to rise on Nov. 2 and reached a peak of 77 roughly four hours later, before the price skyrocketed 103 percent over the next two days, as shown in the chart above.
The price of XYO has risen as the token has been added to the Crypto.com app and a liquidity mining pool has been launched on Gate, with depositors earning a 543.22 percent return on their investment.
CRO is the Crypto.com ecosystem’s native token, and users can stake it alongside other cryptocurrencies on the app to receive incentives, as well as use their holdings to make everyday transactions through the Crypto.com Pay mobile payments app.
Prior to the latest price spike, VORTECSTM statistics from Cointelegraph Markets Pro began to detect a favourable prognosis for CRO on Nov. 3.
The VORTECSTM Score for CRO began to rise on Nov. 3 and reached a peak of 76 roughly two hours later, before the price surged 64 percent over the next two days, as shown in the chart above.
Following the token’s November 3 listing on Coinbase and the signing of a multi-year partnership with esports tournament site Twitch Rivals, CRO is gaining traction.
The Nexus Mutual protocol’s wrapped version of the NXM governance token is WNXM. Nexus Mutual is a decentralised insurance protocol based on the Ethereum network that allows users to take out smart contract insurance using its native NXM coin.
Prior to the latest price spike, VORTECSTM statistics from Cointelegraph Markets Pro began to detect a favourable prognosis for CRO on Nov. 4.
The VORTECSTM Score for CRO began to rise on November 3 and reached a high of 74 on November 4, just one hour before the price jumped 47 percent the next day, as shown in the chart above.
The price of WNXM has risen as a result of the commencement of a new shield mining campaign for the Premia Finance (PREMIA) project, as well as the platform’s progress toward the introduction of Nexus V2, which will allow the fund to pay out on partial claims.
The total cryptocurrency market capitalization is currently $2.702 trillion, with Bitcoin commanding 42.6 percent of the market.
Bitcoin Company Bakkt Will Now Also Offer Ethereum to Customers
Bakkt, a cryptocurrency exchange, stated today that its users will soon be able to trade Ethereum.
Bakkt, a crypto custodian founded by the Intercontinental Exchange (parent company of the New York Stock Exchange) in 2018, presently solely deals in Bitcoin.
A Bitcoin futures trading service, a smartphone app that allows users to spend their Bitcoin at stores, and a Visa debit card are among the cryptocurrency services offered by the American firm.
However, Bakkt’s services will soon incorporate the second most valuable cryptocurrency by market capitalization.
Bakkt CEO Gavin Michael stated in a statement, “Providing flexible alternatives for customers to enjoy their digital assets is a major consideration at Bakkt, and adding Ethereum brings a popular and growing cryptocurrency to our roster.”
Users will be able to purchase and sell Ethereum, mail it to friends and family via the app, and spend it in stores using the debit card, which was launched in June.
Institutional clients of Bakkt can also use the company’s custody service to hold Ethereum.
The business, which is situated in Alpharetta, Georgia, did not specify when consumers will be able to trade in Ethereum.
Following a merger with VPC Impact Acquisition Holdings, Bakkt became a publicly traded business last month. Its ticker is “BKKT” on the New York Stock Exchange.
In October, the business announced a partnership with Google that will allow customers to spend cryptocurrency using the Bakkt Visa debit card at the millions of retailers that accept Google Pay around the world.
It’s also experimenting with artificial intelligence, machine learning, and geolocation on the Google Cloud.
Binance Lists BinaryX (BNX) in the Innovation Zone
BinaryX is a decentralised derivatives protocol with an upgraded automated market maker for trading financial assets and cryptocurrency that was founded in Spring 2021. The protocol offers trading through their proprietary Binary Options mechanism, which gives a quick and painless trading experience. Cyber Dragon, a Binance Smart Chain-based play-to-earn game in which users may build hero characters, obtain rare equipment, and fight their way through dungeons, is also powered by BinaryX.
Binance saw enough in the BinaryX native token, BNX, to formally list it on its website and into its Innovation Zone, despite landing in second place in a tight Group B competition in the BSC News Battle of the Dapps last week.
Binance confirmed the listing on November 4th in a tweet. The BinaryX Twitter account quickly followed up with a Medium post that went into greater detail about the news and the project’s next stages. BinaryX, in keeping with their innovation theme, detailed the upcoming changes to their featured play-to-earn CyberDragon game.
“It’s a great achievement that $BNX has been list on @binance today. This’s a new stage of our project and we will keep on going, make a better game for all of you and the @BinanceChaincommunity,” the account Tweeted.
A new Player vs. Player fighting style, adjustable options for some game aspects, and the creation of legendary characters are all part of the game’s improvements. The token’s value skyrocketed almost immediately after it was listed, more than doubling in value. The price of $BNX jumped from $104 to over $210 in a matter of seconds. According to CoinMarketCap, the token went back down in a matter of hours and has since maintained a price of approximately $115.
“The game should be easy to play for non-crypto natives, and the most essential thing is that they will be drawn by the play to earn model and complete ownership of their in-game assets as NFTs,” said Levy, Head of Global Marketing, in a Reddit AMA. “Use DeFi to cash in and generate extra money for game participants.” There are numerous reasons for them to join this ecosystem. For non-crypto locals to gain a better knowledge of the game, the web3 wallet tutorial and user guide are required.”
As a reminder, BSC News has no influence over the Binance.com listing process and is not linked with the exchange in any way. Remember to download the BSC News mobile app for iOS and Android to stay up to date on all the latest Binance Smart Chain and crypto news!
The Fractal That Puts Bitcoin At $100,000 Before Year-End
Bitcoin has largely consolidated below its October all-time high. Following the October rally, several cryptocurrencies, including as Ethereum and Solana, have reached new all-time highs, but bitcoin has not.
So far, BTC’s start to the new month has been uneventful. Despite fluctuating velocity, the digital asset has largely maintained its value above $61,000. However, on Wednesday, a flash crash sent the digital asset to $60,000 for the first time since October’s all-time high.
The $100K level has been set as the next significant aim for BTC by the end of the year. Various analyses have shown that the digital asset will trade at this price in December. None have come close to this fractal from 2017, which predicts BTC reaching $100K by the end of the year.
The bitcoin fractal points at BTC climbing another 30% in November to land at $80,000 before reaching $100K. Justin Bennett, a crypto analyst, brings this out in his weekly email, in which he studies market movements in an attempt to forecast the direction of digital assets.
Bennett notices striking parallels between the asset’s movements and those of a fractal from 2017. When one chart is layered on another, the analyst may see that bitcoin has been closely following this fractal from 2017 since June. This signifies that this event has been planned for more than four months.
Furthermore, the movement’s accuracy to that of 2017 is astounding, as it is nearly identical. As a result, the trends are likely to continue to closely follow this fractal, and if they do, BTC is in a strong position to rise towards $80,000.
Sticking to the 2017 fractal is just as critical to Bitcoin reaching $100K as it was to $80K in November. The next two months will define the digital asset’s future market, and if the fractal is followed as carefully as it has been for the last four months, $100,000 might be reached by December.
Fractals, on the other hand, are not necessarily an accurate predictor of future value. Even if they have been following the same trend for months, they can simply deviate from it. Bennett acknowledges this in his analysis, but also cites earlier studies that place future value ranging between $207,000 and $270,000.
Essentially, this suggests that bitcoin’s future, at least for the last two months of 2021, is extremely favourable. It’s possible that the fractal will deviate. BTC, on the other hand, appears to be riding the wave to $100,000 before the end of the year.
BTC peak cycles have increased lengthier in recent times, according to the crypto researcher. Even if BTC does not reach this price peak in December, the cycle is projected to continue until the first quarter of 2022, implying that greater prices could be seen well into March next year.
Bitcoin’s consolidation is ‘natural,’ according to analysts
Bitcoin (BTC) bulls are still looking for a significant breakout, while bears are putting pressure on the digital currency, keeping it trapped below $61,000.
According to data from Cointelegraph Markets Pro and TradingView, a bullish break above $62,000 in the early morning was met with a firm defensive line from the bears, who easily rejected the effort.
Here’s what traders and analysts are saying about Bitcoin’s current price behaviour and what they think may happen in the near future.
“Bitcoin still on track to reach $90,000”
While some traders may have grown tired of Bitcoin’s sluggish price action, independent market analyst ‘Rekt Capital’ recently published the chart below, demonstrating how BTC has switched a critical resistance level into support.
According to Rekt Capital,
“Despite the fact that BTC has been going sideways for weeks… It’s been retesting a big region of former resistance (red) as fresh support (green) with great success.”
If the BTC manages to hold support and go higher, analyst and Cointelegraph contributor Michal Van De Poppe produced the graphic below, illustrating one possible path the price may take as 2021 comes to a close.
At $80,000, it’s a simple target.
Twitter user ‘GalaxyBTC’ presented a more basic and straightforward price forecast, predicting a breakout objective of $80,000.
“According to the analyst,”
“I’m attempting to keep things as straightforward as possible. $60,000 has replaced $40,000 as the new standard. Then it’ll be $80,000.”
According to CryptoQuant CEO Ki Young Ju, whale wallet activity is still having a significant impact on Bitcoin price.
As previously stated, whale wallets account for the majority of Bitcoin exchange deposits, yet exchange reserves continue to decline, which is a bullish indication for BTC because the limited supply available for purchase leads to price hikes when demand soars.
The total cryptocurrency market capitalization is currently $2.712 trillion, with Bitcoin commanding 42.6 percent of the market.
SHIB Price Analysis: Shiba Inu Bearish Outlook Set to Continue
The 50-day moving average provides resistance to the SHIB price, delaying a bullish breakthrough through the descending parallel channel. To corroborate this bearish view, the SuperTrend indicator continues to hold above the price.
Following resistance around $0.00006261, SHIB Price maintained its slump. The price drop was sparked by the news that the projected SHIB listing on Kraken had encountered a roadblock. The upper barrier of the descending parallel channel reinforced the level, leading to losses towards $0.0000590. A downswing beyond $0.000041 will be confirmed if price action remains below the upper boundary resistance. Furthermore, on the four-hour chart, SHIB has been closing below the 50-day Simple Moving Average (SMA) since October 31. If this trend continues, the pessimistic outlook appears to be unavoidable.
The 100 SMA, which is currently trading around $0.00005406, provides immediate resistance. Shiba Inu was trading at roughly $0.00005903 at the time of writing. The midpoint of the Relative Strength Index (RSI) suggests that SHIB price is now stabilising as bears and bulls cancel each other out. Shiba Inu price will continue reversing the upsurge that began on October 04 towards falls below $0.000041 if resistance at the 100-day SMA remains intact. If this occurs, it will confirm the pessimistic view and spark enormous sell orders, perhaps resulting in massive losses.
Around the same time, the 50 SMA crossed above the price, confirming this. The SHIB price has continued to fall since then. SHIB Price could face huge drops as long as the SuperTrend line remains above the price.
On the other hand, the middle border of the falling parallel channel highlights a place where Shiba Inu price could anchor on major support around roughly $0.00005208. Bulls can push the SHIB price beyond $0.00005406, a region identified by the 100 SMA, to overturn the downtrend if they can pivot on this point.
If this occurs, Shiba Inu buyers may retest resistance around $0.00006462, where the 50 SMA crosses the upper border of the falling channel, or potentially go past the SHIB all-time high of $0.00008848.
Furthermore, the flattening RSI and the Doji candlestick at the four-hour chart imply market hesitation and that the market may be headed for consolidation in the short future.
As a result, investors may need to hold off on joining the market.
House passes $1T infrastructure bill with crypto tax for Biden’s approval
The US House of Representatives has passed a $1.2 trillion bipartisan infrastructure plan, which, if signed into law by President Joe Biden, will enact new crypto-tax reporting requirements for all residents.
The Biden administration presented the infrastructure bill in the first place, with the goal of expanding the national transportation network and internet access. The bill, on the other hand, imposed strict reporting rules on the crypto community, requiring the reporting of all digital asset transactions worth more than $10,000 to the IRS.
According to Cointelegraph, the bill was first adopted by the Senate on Aug. 10 with a 69-30 vote, but a group of six senators — Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema, and Ron Wyden — proposed a compromise amendment. Toomey claims that:
“This bill imposes a poorly flawed, and in some cases impracticable, cryptocurrency tax reporting mandate that jeopardises future technology advancement.”
Despite the bill’s lack of clarity, the infrastructure bill wants to handle the crypto community’s software developers, transaction validators, and node operators in the same way that traditional banks’ brokers are treated.
After a 228-206 vote, the House of Representatives passed the contentious infrastructure measure to President Biden. Furthermore, the crypto community expressed worries about the ambiguous definition of the term ‘broker,’ which could result in unrealistic tax reporting obligations for sub-communities like as miners.
As a repercussion, the inability to disclose crypto-related earnings will be treated as a tax violation and felony.
Legal experts advocated for changes to the infrastructure bill that would make failure to record digital asset transfers a crime.
Concerns have been raised by Abraham Sutherland, a lecturer at the University of Virginia School, about the US government’s choice to label crypto sub-communities as brokers in general:
“It’s awful for all digital asset users, but it’s especially disastrous for decentralised finance,” says the author. The law would not outright prohibit DeFi. Instead, it sets reporting obligations that are impossible to meet because of the way DeFi works.”
Dogecoin Price Prediction: DOGE Prepares For A 29% Move Upwards
Within the limits of a symmetrical triangle, the Dogecoin price is trading at $0.2629 with a bearish tendency. As price volatility lessens, DOGE might make a huge move to the upside. The calculated target of the symmetrical triangle shows that Dogecoin might rise by 29% to $0.34.
DOGE is currently trading in the negative at $0.2628, having fallen below the 100 four-hour Simple Moving Average (SMA) on Friday, November 5. Between October 5 and October 25, the Dogecoin price had been consolidating between the $0.24 and $0.28 psychological levels. DOGE fell to lows of roughly $0.21 during the market-wide decline on October 26 before recovering to consolidate above $0.235.
What happened next was the consequence of the ‘war of the meme coins,’ in which the ‘DOGE Army’ reacted to the fact that SHIB had dethroned Dogecoin as the eighth largest cryptocurrency by market capitalization. DOGE soared by up to 50%, putting it on a collision course with $0.355.
On the four-hour chart, the Dogecoin price has formed a symmetrical triangle formation, indicating that the bulls and bears are cancelling each other out. The horizontal price action suggests that price volatility is reducing, implying that a breakout in either direction is conceivable in the next sessions. The flattening of the moving averages, as well as the position of the Relative Strength Index (RSI) indicator at 45.2, near to the middle line, support this theory.
The symmetrical triangle’s measured target is a 28 percent upward or downward movement.
If the price of Dogecoin favours the bulls and breaks out above the upper trend line of the symmetrical triangle (resistance line), the chances of DOGE continuing upwards to the 28 percent upswing to $0.34 will be increased.
On the other hand, if the price of DOGE favours the bears, it might fall by 28 percent to $0.18. Dogecoin may find support around the $0.2524 level, which is hugged by the 200-day SMA, before hitting this bearish goal.
Read Yesterday’s news here.