Bitcoin Holds H&S Support; Bounces To $61.4K

Bitcoin looks to regain poise during overnight trade having avoided a short-term bullish-to-bearish trend change with the help of a crucial support level. The top cryptocurrency is trading near $61,400 at press time, representing a 1.4% gain on the day. While prices fell by 4.3% on Tuesday, sellers failed to break the support level near $59,800 and confirm a head-and-shoulders (H&S) breakdown on the 4-hour chart. Chart analysts consider H&S breakdown as a bearish signal. The pattern often yields an extended sell-off to the downside. A potential H&S breakdown on…

Telsa hints it may soon resume support for crypto payments

Tesla, the majo electric vehicle manufacturer headed by Dogecoin proselytizer Elon Musk, has hinted that it may soon look to restore support for crypto payments. In a September quarterly filing with the U.S. Securities and Exchanges Commission (SEC), the firm stated it “may in the future restart the practice of transacting in cryptocurrencies,” suggesting Tesla is eying resuming support purchases made using digital assets. The company also expressed its long-term belief in crypto assets as a store of value and means of payment, stating: “We believe in the long term…

Beijing Presses Fast-Food Chain McDonald’s to Support Digital Yuan — China’s CBDC Expected to Launch in February – Bitcoin News

According to a recent report, Beijing is pressing the fast-food retail chain McDonald’s to support the digital yuan before the Winter Olympics in China scheduled for February 2022. The report notes that China is also pushing companies like Visa and Nike to join in on the central bank digital currency (CBDC) rollout. Chinese Government Pushes McDonald’s, Visa, Nike to Accept CBDC The People’s Republic of China is preparing for its full roll-out of the CBDC in February 2022, during the introduction of the Beijing Winter Olympics. According to the Financial…

Traders brace for a drop to $58K if Bitcoin price loses the $62K support

Whipsaw price action has returned to the cryptocurrency market after Bitcoin’s (BTC) price lost steam at $67,100 and retracted to the $62,000 level.   An early morning 87% flash crash in the price of BTC at Binance US saw the price briefly touch $10,000 and it may have set the market on edge, but generally, it appears to have been an isolated event. Data from Cointelegraph Markets Pro and TradingView show that bears have briefly taken control of the market with the price now fluctuating between $62,000 to $63,500. BTC/USDT 4-hour chart.…

Bitcoin sheds 6% in battle for all-time high support amid falling funding rates

Bitcoin (BTC) briefly dipped below $63,000 on Oct. 21 as a standard correction cooled the market. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin battles for new support at old peak Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it came off all-time highs above $67,000 to hit lows of $62,860 on Bitstamp. The roughly 6% drop from its peak came as little surprise to seasoned traders, despite Bitcoin so far failing to create solid support at the site of its previous all-time high of $64,900. “Bitcoin is still…

‘Wormhole’ Adds UI Support for Terra in Bid to Simplify Cross-Chain Operability

Wormhole, a communication bridge between Solana and other top decentralized finance (DeFi) networks, has added user interface support for the Terra network. The move allows users to port digital assets between Terra, Solana (SOL), Ethereum (ETH), and Binance Smart Chain (BSC) via a single unified interface without the need to double wrap Terra tokens. Like stablecoins whose values are pegged to fiat currencies or particular commodities, wrapped tokens fulfil a similar function by representing real-world assets on networks they aren’t native to. “Wrapping” refers to storing particular digital assets in…

Payments Giant Visa Launches NFT Program to Support Digital Artists  – Bitcoin News

Visa, one of the leading credit and payments companies, has announced the creation of a program that will allow artists to understand how they can use new technologies like NFTs. According to Visa, NFTs have the potential of evening out the field for artists, allowing them to close the gap between art and its potential consumers. The company will sponsor a group of artists, giving them counsel about the importance of these cryptographic technologies. Visa Wants Artists To Learn About NFTs Visa has announced it will launch a…