Crypto News October 29: Bitcoin is likely to drop to $ 52,000 with news from SHIB, DOGE, FLOKI, Coinbase, Binance, Huobi, XRP, COTI, Hedera Hashgraph
From bitcoin correction prediction to SHIB, which has become the most popular topic in the industry, here is some news from the crypto space.
Analyst Cred outlines potential scenarios for a Bitcoin correction ahead of a new all-time high. According to him, Bitcoin has the potential to drop below $ 52,000 if the market is over-indebted.
“If the decline is deeper and the weekly market structure is constructive, where is the logical higher floor? The answer is I don’t know, but I think it’s roughly $ 44,000 to $ 52,000.
It also depends on how leveraged the market is at the time. If there is a strong rally and funding rates continue to be positive and leverage continues to decrease as the market moves down, be prepared for a deeper wick. ”
The source: Creed
He believes the support levels around $ 56,000 and $ 58,000 will likely be a solid foundation for BTC to extend its upward momentum.
Like Cred, CEO of Crypto Quant, Ki Young Ju also expects some volatility. Ju pointed out that the market is too heavily indebted as BTC’s estimated leverage ratio, which represents open interest divided by an exchange’s reserves, appears to be reaching a new all-time high.
“BTC’s estimated leverage will reach its highest level of the year. It is clear that the market is currently heavily indebted. There will be some upheaval soon. ”
News from SHIB and DOGE
According to Santiment, SHIB has become the most popular topic in the industry after a strong price rally of 152%. The oldest brother DOGE is now in sixth place.
Being shortlisted means that the crypto community is interested in the topic and is discussing or seeking more information. The first five positions on the list are usually the most well-known topics that have been in the public eye for some time.
Elsewhere, after defeating Dogecoin for the first time on Wednesday, SHIB has again taken the lead over its formidable competitor with a double-digit price hike.
Today Coinbase Pro, the leading US exchange, updated the price accuracy for pairs with the SHIB cryptocurrency.
“Starting at 6:00 a.m. on October 29th Synthetic Teamese time, we will update the accuracy for SHIB-USD & SHIB-USDT order books. The accuracy drops from 0.00000001 to 0.0000001. We will hold this level unless the SHIB-USD price drops below 0.0003 ″.
This change is due to the sudden surge in the price of Shiba Inu. The meme token has grown 925% in the last month.
With the entire crypto market centered on the “dog coin” war between Shiba Inu (SHIB) and Dogecoin (DOGE) in recent days, Floki Inu (FLOKI) is a relative coin that is newly named after billionaire Elon Musk’s dog has been underway a mission to promote advertising on public transport in London in order to improve his position according to his superiors.
The ads say “Missing Doge? Get Floki “, which roughly translates as” If you missed Doge, take your chance with Floki “, fills the underground stations in the British city of London. Such advertisements are supposed to be financed by a” tax “for first-time buyers of FLOKI.
After launching the ad campaign, FLOKI’s price has “soared” more than 223% in the past 24 hours, from $ 0.0005 to an all-time high of $ 0.00021552.
In addition, FLOKI is the second most popular coin in the Santiment ranking, just behind SHIB.
App Coinbase has reached number one on Apple’s App Store in the US and has become the most downloaded iOS app in the US in the past few days.
This isn’t the first time the Coinbase app has taken the top spot. Another time was in May of this year and once in 2017. Recent rankings show that the crypto craze is now experiencing a lot of mainstream awareness.
Mainnet version 2.0 is coming soon begin on November 2nd, with a scalable upgrade and improved transaction processing speed. The release of Mainnet 2.0 will allow the COTI network to continue to grow and support a wide range of financial technologies and use cases for businesses and merchants as well as COTI users.
According to the announcement, the new version of the network has been live for more than a year and has many resources, including thousands of hours of work by the dedicated development team, to ensure a successful upgrade. At launch, users can enjoy the new service which offers an advanced and reliable encryption platform with no prior technical knowledge required.
Binance will support Songbird (SGB) airdrop program for XRP hodlers. Snapshot at the first validated XRP ledger index number on or after 7:00 a.m. on 12/12/2020. The amount of SGB discarded for each user who owns XRP is calculated based on the ratio: XRP: SGB = 1: 0.1511.
Snappshot includes XRP balances in spot wallets, margin and savings accounts, and coin-margined futures wallets, but excludes USDT-margined futures wallets. XRP interest payments that are not distributed will not be counted.
Colin Wu, a Chinese blockchain journalist, has tweets that Huobi will officially cease trading all crypto futures and other derivatives for users in China today.
Previously, Huobi was the first exchange to announce that it had decided to withdraw from China due to the Chinese government’s crypto ban.
Cryptocurrency trading platforms and other crypto companies, including crypto mining pools, have followed Huobi’s lead. That list includes BTC.com and Bitmain, Coinex, Renrenbit.
Jordan Belfort, a famous stockbroker, was will XRP trailer. In a recent tweet, Belfort claimed that he owns a six-figure sum of the coin.
The American businessman predicts that the price of XRP can reach $ 10. In such a case, the market capitalization should be close to the $ 500 billion mark.
Members of the XRP community welcomed Belfort into their army.
news Hedera hash graph
DBS Bank, Singapore’s oldest bank, has join Blockchain umbrella organization Hedera along with 39 other leading technology leaders, companies and nonprofits such as Google, IBM, Deutsche Telekom, Boeing, Dentons and LG Electronics.
Banks can derive significant value from Hedera’s innovative enterprise blockchain by navigating public nodes on the Hedera platform’s code base. Through this association, DBS will also make useful contributions to companies based on their realities and needs.
Cryptocurrencies can affect mental health
Elon Musk, CEO of Tesla, believes that following cryptocurrency prices can lead to mental health problems.
The warning came after Bitcoin price fell more than 7% in a minute before quickly making up for last night’s loss.
The crypto market has been extremely chaotic this week, with the Shiba Inu cryptocurrency stealing the limelight.
Meanwhile, Ether, the second largest cryptocurrency, hit a new all-time high of $ 4,416 this morning.
While the single billionaire holds Bitcoin, Ether and Dogecoin, Musk’s crypto holdings are unlikely to be large enough to withstand any surge in crypto prices. The Tesla boss’s net worth has now passed the $ 300 billion mark.
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