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Bitcoin Adjusts Profits, Why 100 SMA Could Cause Bigger Drop
Bitcoin price formed a new yearly high of around $ 20,000 before adjusting downward against the US dollar.
Bitcoin price rallied above the $ 19,500 resistance. There was a sharp decline of more than 5% and the price fell below the $ 19,000 level. Bitcoin found support around the $ 18,100 level and the 100-hour simple moving average. A swing low was formed around $ 18,111 before price corrected higher.
There was a recovery above $ 19,000, but the bears defended the $ 19,500 zone. The high is forming around $ 19,512 and the price is currently declining. It is trading below the 50% Fibonacci retracement level of the recent recovery from a swing low of $ 18,111 to a high of $ 19,512.
Bitcoin price goes down
Ethereum drops 9% after ETH 2.0 launch
Ethereum has shown a sharp move in price after falling about 9% before recovering.
Ethereum fell about 9% as it fell from the $ 620 resistance, breaking below $ 600 to hit $ 560. There, it found support at the 0.236 Fibonacci retracement level and bounced back above $ 600 to reach $ 607. Since then, it has dropped below $ 600 and has been trading around $ 590. Interestingly, this all coincided with the launch of Ethereum 2.0 phase 0.
The next breakout resistance is at $ 620, which caused problems for the market in early November.
Ethereum fell 9%
Nearly 20% of PayPal users have used the Bitcoin trading app, Mizuho said.
Nearly a fifth of PayPal users have already traded bitcoin using the PayPal app, according to the report.
According to a Mizuho poll, about 65% will use Bitcoin as their currency for 28 million PayPal merchants; 17% of users have already used the app to buy and sell bitcoins.
Citing survey results, the company raised its target for trading stocks on PayPal to $ 290 per share, up from its previous target of $ 270. PayPal shares were up about 2.37% to $ 219.20 in recent trading. Mizuho has retained its Buy rating on the payments giant.
20% of PayPal users have used the app
Ripple Faces Growth Challenge Of Around $ 0.63 And 100 SMA
XRP price is showing bearish signs below the 100 hour SMA and is facing many hurdles.
Recently, there has been a sharp bearish reaction in Bitcoin, Ethereum and fluctuations against the US dollar. XRP price broke through the $ 0.6450 support zone and moved into a short-term bearish zone.
Initial resistance is near the $ 0.6080 level. This is close to the 23.6% Fibonacci retracement level of the downtrend from the $ 0.65 swing high to the $ 0.59 low. The first major resistance is around the $ 0.6200 level and the 100-hour SMA.
If there is no jump above $ 0.6300, there could be more losses. Initial support on the downside is near the $ 0.6000 level.
Ripple Price Faces Obstacles
The volume of decentralized exchanges in November amounted to $ 17 billion
Decentralized exchanges publish total trading volume of $ 17.06 billion in November
According to the data, decentralized exchanges posted total trading volume of $ 17.06 billion in November, continuing their decline from their September peak of $ 26.26 billion.
In recent months, this volume was dominated by Uniswap, although, according to the data, the monthly volume of this market fell from $ 11.2 billion to $ 9.91 billion. Curve’s sales dropped from $ 5.2 billion to $ 2.43 billion in the month.
Overall, the November volume figure represents a decline of about 35% compared to September.
In November, there were various events in the DEX area, in particular, the suspension of the Uniswap liquidity mining reward program. DEX community stakeholders are currently weighing future options on this front.
Volume of decentralized exchanges in November
Yunnan Province Officials Oppose Bitcoin Miners
China is tightening control over cryptocurrency and cryptocurrency businesses.
According to the latest reports, the authorities of the city of Baoshan in Yunnan province have cracked down on the bitcoin miners. Authorities have ordered electricity suppliers to cut off power to miners in the area.
China provided 65% of the world’s Bitcoin hashrate, of which 35.76% was concentrated in the Xinjiang region, while Inner Mongolia, Yunnan and the capital Beijing are also key mining areas, accounting for 8.07%, 5.42 % and 1.73% of the country’s total hashrate, respectively. Since it is one of the largest regions contributing to bitcoin mining, the outage could have caused the bitcoin hash rate to drop over the past couple of days.
China tightens control over cryptocurrency
Gemini Donates $ 50K to HRF to Help Fund Another Round of Bitcoin Developers in 2021
The Human Rights Foundation has received donations to fund even more bitcoin developers in 2021.
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