Crypto News 12/11: $ 69,000 is not Bitcoin’s top in the current cycle with the news Ripple, Yield Guild Games, Covalent, Nitro League, Plasma Finance
From claiming that $ 69,000 is not the top of Bitcoin in the current cycle, to the skyrocketing number of transactions being processed on the XRP network. Here are some highlights from the crypto market.
Bitcoin news
PlanB mentioned historical data to explain why $ 69,000 isn’t BTC’s high this time around.
Bitcoin’s price has dropped $ 20,000 since its ATH to $ 69,000 in November, which has led the crypto community to speculate on whether the market will rebound and whether the bears will take full control of the Will take over the market or not?
November was one of the best performing months for BTC in 2021. The asset started the month at around $ 60,000 and less than two weeks later broke its previous ATH, setting a new record in the region at $ 69,000. This means that Bitcoin is up 140% since the start of the year.
Here the market began to reverse and BTC fell below $ 60,000 by the end of the month. Things got worse last week when BTC quickly fell as much as $ 16,000 to $ 42,000. Currently, BTC is trading in the $ 49,000 region, about 30% below ATH.
With a sharp retracement in less than a month, many critics are starting to view the $ 69,000 region as a cyclical high and predict an impending bear market.
I don’t think $ 69,000 was the top for this halving cycle.
If $ 69,000 were the top, then a typical bear market -80% drawdown would bring the bottom to $ 14,000 … below 2017 ATH ($ 20,000) and below 200WMA ($ 18,000). No, this has never happened and IMO never will. pic.twitter.com/HYo8Pb1E3F– PlanB (@ 100 trillion USD) December 10, 2021
However, PlanB does not believe in it. The well-known anonymous analyst recently claimed that in a typical bear market, BTC needs to correct up to 80%. In other words, this would put the price of BTC at $ 14,000, well below the 2017 ATH in the $ 20,000 range, and more importantly, the price needs to drop below the 200-week moving line average (200WMA).
He gave the chart to prove that Bitcoin never fell below the 200WMA line and believes that “it will never happen”. That means there won’t be a bear market and $ 69,000 is still not the top of Bitcoin in the current cycle.
Ripple News
The total number of transactions processed on the XRP network rose from 43.3 million in October to 53.3 million in November, while the number of newly created addresses also increased by 11.8% to 237,000.
According to data cited in CryptoCompare’s Wealth Report of November 2021, despite a drop in the price of the cryptocurrency, XRP network activity increased by 10.2% over the same period, closing October at a level of $ 0.99.
Total number of transactions on the XRP network | Source: CryptoCompare
Additionally, the report said that total transaction fees on the XRP network increased 149% compared to October, and it is also worth noting that the transaction volume per ledger on the network increased from 1,972 to 2,501 in November.
While the number of newly created accounts on the XRP network rose sharply, the number of deleted accounts also rose sharply. The CryptoCompare report finds that the number of deleted accounts rose 518% to 39,725 in November, compared to 6,431 in October.
News Yield Guild Games
Yield Guild Games Southeast Asia has completed a $ 15 million fundraising round.
Follow notification, Yield Guild Games Southeast Asia (YGG SEA) has raised $ 15 million in donations led by YGG and Infinity Ventures Crypto.
Other investors are CryptoCom Capital, Animoca Brands, DCG, Hashed, Poloniex, Morningstar Ventures, Jump Capital, Bukalapak, United Overseas Bank Venture Management …
#yggsea raises $ 15 million to fund its growth in # P2E # P2Egame # P2Egaming. Led by @ivcryptfund @YieldGuild and includes @bukalapak @animocabrands @cryptocom MindWorks Ventures @Poloniex @jumpcapital Sembrani Kiqani from BRI Ventures @circlepay @DCGco https://t.co/cqqoawC6VP pic.twitter.com/Xvk0oXGewj
– YGGSEA (@yggsea) December 10, 2021
News covalent
Covalent (CQT) has announced an integration with Shiden Network (SDN).
The integration process includes completing the Shiden Network indexes. Additionally, with this integration, Shiden expands the availability of data on the platform and simplifies the experience for developers who need reliable, high-quality data.
The Covalent API allows developers to pull data from the Shiden mainnet.
We are very happy to be able to share this with you @Covalent_HQ integrated with #Shiden. Bring #Data Accessibility of our #developer . To celebrate, they are giving away 10 exclusive ones #NFTs embossed on #Shiden! Follow them now for more information.
Continue reading:https://t.co/MbpNHlMP2F pic.twitter.com/CQTISR3FKM
– Shiden Network (@ShidenNetwork) December 10, 2021
Nitro League news
Nitro League (NITRO) has announced its IDO on Polkastarter, Polygen and Copper Launch.
According to the announcement, Nitro League will run its NITRO IDO on 3 launchpads including Polka starters – at 8:00 p.m. on December 13; Polygen – December 13th at 10:00 PM; and Copper Launch – at 11:00 PM on December 14th (Synthetic Team time).
Nitro League is a P2E racing game that raised $ 5 million in an investment round led by SL2 Capital that included Huobi Ventures, Woodstock and Morningstar Ventures.
???? Dear Community, we are almost ready for the race
????The triple threat #NitroLeague IDO start
️@polkastarter December 13, 1 p.m. UTC
️@Polygen_io December 13, 3 p.m. UTC
️#Copper start December 14, 4 p.m. UTC????Start the fire and get ready to take off! pic.twitter.com/tPxtAQBJsG
– Nitroliga (@nitroleaguegame) December 10, 2021
Plasma financial news
Plasma Finance (PPAY) has introduced the HyperDEX aggregator on the Celo, Fantom and Avalanche networks.
Plasma Finance announced that the HyperDEX aggregator has been integrated into the Celo, Fantom and Avalanche blockchains. This means that HyperDEX is currently available on 12 chains including: Ethereum, Binance Smart Chain, Polygon, Celo, Fantom, Avalance, AnySwap, Multichain, Arbitrum, Ren Protocol, Optimism, Hop Protocol, Terra and Celer Network.
The next big thing in #DeFi #Metaverse.
We’re celebrating a year https://t.co/EltHYUYHNr and $ PPAY pic.twitter.com/GcNi4j5r1V– Plasma.Finance – Bundle all DeFi in one dApp ???? ???? (@ 0xPlasma) December 10, 2021
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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Market
Crypto News 12/11: $ 69,000 is not Bitcoin’s top in the current cycle with the news Ripple, Yield Guild Games, Covalent, Nitro League, Plasma Finance
From claiming that $ 69,000 is not the top of Bitcoin in the current cycle, to the skyrocketing number of transactions being processed on the XRP network. Here are some highlights from the crypto market.
Bitcoin news
PlanB mentioned historical data to explain why $ 69,000 isn’t BTC’s high this time around.
Bitcoin’s price has dropped $ 20,000 since its ATH to $ 69,000 in November, which has led the crypto community to speculate on whether the market will rebound and whether the bears will take full control of the Will take over the market or not?
November was one of the best performing months for BTC in 2021. The asset started the month at around $ 60,000 and less than two weeks later broke its previous ATH, setting a new record in the region at $ 69,000. This means that Bitcoin is up 140% since the start of the year.
Here the market began to reverse and BTC fell below $ 60,000 by the end of the month. Things got worse last week when BTC quickly fell as much as $ 16,000 to $ 42,000. Currently, BTC is trading in the $ 49,000 region, about 30% below ATH.
With a sharp retracement in less than a month, many critics are starting to view the $ 69,000 region as a cyclical high and predict an impending bear market.
I don’t think $ 69,000 was the top for this halving cycle.
If $ 69,000 were the top, then a typical bear market -80% drawdown would bring the bottom to $ 14,000 … below 2017 ATH ($ 20,000) and below 200WMA ($ 18,000). No, this has never happened and IMO never will. pic.twitter.com/HYo8Pb1E3F– PlanB (@ 100 trillion USD) December 10, 2021
However, PlanB does not believe in it. The well-known anonymous analyst recently claimed that in a typical bear market, BTC needs to correct up to 80%. In other words, this would put the price of BTC at $ 14,000, well below the 2017 ATH in the $ 20,000 range, and more importantly, the price needs to drop below the 200-week moving line average (200WMA).
He gave the chart to prove that Bitcoin never fell below the 200WMA line and believes that “it will never happen”. That means there won’t be a bear market and $ 69,000 is still not the top of Bitcoin in the current cycle.
Ripple News
The total number of transactions processed on the XRP network rose from 43.3 million in October to 53.3 million in November, while the number of newly created addresses also increased by 11.8% to 237,000.
According to data cited in CryptoCompare’s Wealth Report of November 2021, despite a drop in the price of the cryptocurrency, XRP network activity increased by 10.2% over the same period, closing October at a level of $ 0.99.
Total number of transactions on the XRP network | Source: CryptoCompare
Additionally, the report said that total transaction fees on the XRP network increased 149% compared to October, and it is also worth noting that the transaction volume per ledger on the network increased from 1,972 to 2,501 in November.
While the number of newly created accounts on the XRP network rose sharply, the number of deleted accounts also rose sharply. The CryptoCompare report finds that the number of deleted accounts rose 518% to 39,725 in November, compared to 6,431 in October.
News Yield Guild Games
Yield Guild Games Southeast Asia has completed a $ 15 million fundraising round.
Follow notification, Yield Guild Games Southeast Asia (YGG SEA) has raised $ 15 million in donations led by YGG and Infinity Ventures Crypto.
Other investors are CryptoCom Capital, Animoca Brands, DCG, Hashed, Poloniex, Morningstar Ventures, Jump Capital, Bukalapak, United Overseas Bank Venture Management …
#yggsea raises $ 15 million to fund its growth in # P2E # P2Egame # P2Egaming. Led by @ivcryptfund @YieldGuild and includes @bukalapak @animocabrands @cryptocom MindWorks Ventures @Poloniex @jumpcapital Sembrani Kiqani from BRI Ventures @circlepay @DCGco https://t.co/cqqoawC6VP pic.twitter.com/Xvk0oXGewj
– YGGSEA (@yggsea) December 10, 2021
News covalent
Covalent (CQT) has announced an integration with Shiden Network (SDN).
The integration process includes completing the Shiden Network indexes. Additionally, with this integration, Shiden expands the availability of data on the platform and simplifies the experience for developers who need reliable, high-quality data.
The Covalent API allows developers to pull data from the Shiden mainnet.
We are very happy to be able to share this with you @Covalent_HQ integrated with #Shiden. Bring #Data Accessibility of our #developer . To celebrate, they are giving away 10 exclusive ones #NFTs embossed on #Shiden! Follow them now for more information.
Continue reading:https://t.co/MbpNHlMP2F pic.twitter.com/CQTISR3FKM
– Shiden Network (@ShidenNetwork) December 10, 2021
Nitro League news
Nitro League (NITRO) has announced its IDO on Polkastarter, Polygen and Copper Launch.
According to the announcement, Nitro League will run its NITRO IDO on 3 launchpads including Polka starters – at 8:00 p.m. on December 13; Polygen – December 13th at 10:00 PM; and Copper Launch – at 11:00 PM on December 14th (Synthetic Team time).
Nitro League is a P2E racing game that raised $ 5 million in an investment round led by SL2 Capital that included Huobi Ventures, Woodstock and Morningstar Ventures.
???? Dear Community, we are almost ready for the race
????The triple threat #NitroLeague IDO start
️@polkastarter December 13, 1 p.m. UTC
️@Polygen_io December 13, 3 p.m. UTC
️#Copper start December 14, 4 p.m. UTC????Start the fire and get ready to take off! pic.twitter.com/tPxtAQBJsG
– Nitroliga (@nitroleaguegame) December 10, 2021
Plasma financial news
Plasma Finance (PPAY) has introduced the HyperDEX aggregator on the Celo, Fantom and Avalanche networks.
Plasma Finance announced that the HyperDEX aggregator has been integrated into the Celo, Fantom and Avalanche blockchains. This means that HyperDEX is currently available on 12 chains including: Ethereum, Binance Smart Chain, Polygon, Celo, Fantom, Avalance, AnySwap, Multichain, Arbitrum, Ren Protocol, Optimism, Hop Protocol, Terra and Celer Network.
The next big thing in #DeFi #Metaverse.
We’re celebrating a year https://t.co/EltHYUYHNr and $ PPAY pic.twitter.com/GcNi4j5r1V– Plasma.Finance – Bundle all DeFi in one dApp ???? ???? (@ 0xPlasma) December 10, 2021
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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