After one of the bloodiest days of 2021, Bitcoin is trying to regain vital support over the $ 58,000 region. A daily close above this zone could push BTC price back towards the $ 60,000 region, but the rally is likely to remain unconfirmed.
Bitcoin began its downtrend immediately after hitting the ATH at $ 69,000. The market lost the $ 60,000 support area after a relentless battle between the bulls and the bears. After that, BTC found support at $ 55,600.
As many experts have stated, like in May and July of this year, the market has incurred too much debt (with too much debt) and has gone into liquidation. Since then, Bitcoin price has fallen around 17.26% versus ATH.
The general market sentiment has weakened but remains reasonably optimistic. Financing prices on the exchanges have returned to neutral, suggesting that short-term traders have been shaken to some extent.
According to data from UTXO Management, Bitcoin averages 27%, 24% and 54% corrections from its ATH. This metric, combined with a neutral funding rate, suggests that the price of BTC is likely to continue to decline.
The current #bitcoin The price is down 17.26% from its all-time high.
– UTXO administration (@UTXOmgmt) November 19, 2021
In the short term, Bitcoin has a support area of over $ 55,000 with a trend towards $ 60,000. However, many are still skeptical about the sustainability of this uptrend as the market still has too much leverage holding ATH values back.
On-chain analyst, Jan Wüstenfeld, called Bitcoin’s price drop is relatively small and the market remains relatively calm. If this continues, the price will likely continue to fall.
Whales carry large amounts of BTC.
A whale is moving large amounts of BTC amid a correction affecting almost the entire crypto market.
According to blockchain tracking company Whale Alert, whale wallet owners have moved exactly 10,000 BTC from multiple wallet addresses from bitcoin custody company Xapo to crypto exchange Binance. At the time of transfer, these bitcoins were worth nearly $ 608.8 million.
Bitcoin whales paid a fee of 0.00005752 BTC, currently worth $ 3.37.
– Whale alert (@whale_alert) November 18, 2021
News Shiba Inu
On Saturday, Vegas Auto Gallery, a Las Vegas-based luxury car dealer, added Shiba Inu to its list of cryptocurrency payments.
The dealership was launched in 2018 by industry veterans such as Nick Dossa and Ed Ghaben and has impressive premium models. The dealership’s showroom is full of big brands including Lamborghini, Aston Martin, Rolls-Royce, and Bentley.
– Vegas Auto Gallery (@vautogallery) November 20, 2021
Last December, Dossa announced that bitcoin car purchases represented 5% of the dealer’s total sales.
Transactions with Shiba Inu are automatically converted to USD via the BitPay payment processor, so Vegas Auto Gallery is not exposed to any risk associated with high price volatility.
Binance NFT and NFTb will hold a LAND sale for Dvision’s Metaverse on November 24th. LAND, as an NFT, is part of the virtual real estate category in Dvision Metaverse.
Dvision’s LAND sale will take place on November 24th at 6:00 p.m. Synthetic Team time.
Dvision will offer around 1450 Mystery Boxes through Binance NFT, 1495 LAND Boxes through INO on NFTb and around 1485 LAND on Dvision’s own marketplace.
– NFTb (@nftbmarket) November 18, 2021
AVAX and CRO news
Most altcoins have fallen in value over the past week and recovered yesterday. In contrast, Avalanche and Crypto.Com tokens saw strong growth.
AVAX is probably the best performer of the last few days and continues to set several ATH values in a row. According to CoinGecko, AVAX hit its latest ATH at $ 138. Additionally, AVAX has overtaken Shiba Inu to become the eleventh largest cryptocurrency by market capitalization.
AVAX price chart | Source: Coinecko
Additionally, CRO was up 12% in one day and is now trading above the USD 0.64 zone. It does so after the exchange announced impressive partnerships last month.
CRO price table | Source: Coinecko
Axie Infinity news
Venezuela Will Offer Axie Infinity Scholarship For Cryptocurrency Training. The initiative is part of the La Guaira Digital program, which aims to track the country’s economic growth and stability.
José Alejandro Terán, the governor of the ruling party of Venezuela, has promised to provide scholarships for citizens interested in attending the Technical Training Center for Digital Asset Mining and Management.
– Krypto-Mak (@crypto__mak) November 21, 2021
The training center will offer scholarship holders specialized training in NFT, cryptocurrency mining and trading.
In addition, the center is supported by four organizations including the National Cryptocurrency Regulatory Authority (SUNACRIP), the Axie Infinity Academy, the Independientes con Terán group and the United Socialist Party of Venezuela’s Youth League (JPSuv).
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