Bitcoin May Have a New Price Correction

Perception that Bitcoin behaved “strangely” before setting new highs for Ripple, a correction may be imminent. Here are some highlights from the crypto market.


Bitcoin news

Bitcoin, the largest cryptocurrency, fell 8% to the $ 51,011 region in a one-minute candle at 5:35 a.m. (UTC) on the Bitstamp exchange. Then, within seconds, it quickly hit the $ 55,000 level and hit the $ 56,800 area, its highest level since May 12th.

This bizarre act of trading caused by a $ 40 million sell order only took place on Bitstamp. Other major exchanges remain unaffected.


BTC Price Chart | Source: TradingView

El Salvador is using part of the Bitcoin profits to build a veterinary clinic.

El Salvador seems to be to construct Veterinary clinic with $ 4 million worth of Bitcoin profit.

According to President Nayib Bukele, El Salvador will use a portion of the $ 4 million Bitcoin profits to build a modern veterinary clinic.

Bukele said lawmakers approved the $ 150 million fund before Bitcoin officially became legal tender on Sept. 7, and the country also bought a total of 700 BTC.

Ethereum news

More than 500,000 Ethereum were burn on the network. The amount of money burned is currently $ 1.7 billion.

With the EIP-1559 update, the fee-burning mechanism was implemented in the Ethereum network. Starting in August, the fee previously used to reward miners for transferring transactions has been changed to a basic fee. Currently, rewards for miners are paid out in the form of commissions, while the basic fee is burned.

The number of coins in the network is constantly decreasing with the burning mechanism and this will have a positive effect on the price of Ethereum. When supply falls and demand increases rapidly, traders and investors tend to amass assets in hopes of rising prices. The effect was reflected in the fact that the price of ETH rose 26% in October.

Ripple News

XRP has seen a strong bull run for the past two days. The sixth largest cryptocurrency by market capitalization is up nearly 16%, hitting a high of $ 1.23.

The sudden rise in price could be due to XRP approaching the lower trendline of the ascending parallel channel, where its price has been moving on the 4-hour chart since September 25th.

Every time XRP tried to exceed the upper limit of this technical pattern, it would be rejected and reverted to the lower limit of the pattern. From this point on, it tends to rebound, which has the characteristics of a parallel channel.

Currently, XRP has hit the upper trendline of the channel, so there is a chance a correction towards the middle or lower trendline could take place. Very important areas of support include $ 1.17 and $ 1.14.


XRP Price Chart | Source: TradingView.

The Tom Demark Sequential Index (TD) also shows that the situation is not very optimistic in the short term. It is currently printing an eighth green candle, which indicates that a sell signal in the form of a ninth green candle is forming. The bearish pattern is a signal that a correction is possible before the market resumes its bullish trend.

News Dapper Labs

The blockchain data company Chainalysis has cooperate with Dapper Labs, the project that Cryptokitties and NBA Top Shot created to track its NFT sales to ensure regulatory compliance, fight money laundering and market manipulation

“NFTs are one of the most exciting areas in the crypto market, but they will only be successful in the long run if projects can protect the environment,” said Naeem Bawla, vice president of compliance at Dapper Labs.

News Ravendex

The developer of the first decentralized exchange, Ravendex, has publicly The first version of a futures trading platform operated by the Cardano network.

The project’s RAVE token is also based on Cardano and has a total inventory of 1 billion tokens.

Token holders can interact with the Cardano network, provide liquidity and earn by staking. The project development team has just announced the first phase of the RAVE token sale. There will be a total of five phases with a total of 100 million tokens available to individual investors.

Other news

Tourists can buy cryptocurrency airline tickets in Venezuela.

Travelers will be able to buy airline tickets in Venezuela using cryptocurrency in the near future.

follow notification Freddy Borges, Director of Maiquetía International Airport, supports cryptocurrencies such as Dash, Bitcoin and Petro in the airport’s payment system.

The international airport is working on adapting its payment system to be able to pay for airline tickets and other services offered at the airport in the aforementioned cryptocurrencies.

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Synthetic Team

Bitcoin magazine

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