After trading on a bearish cycle for months, it looks like the second largest meme currency, Shiba Inu price has finally started its move towards $0.1 level. Starting with Bitcoin, Shiba Inu has now spiked nearly 50% in just a few weeks. This comes as a surprise move for the investors as SHIB outperforms its rival currency, Dogecoin.
At the time of reporting, Shiba Inu Is trading at $0.00001245 with a surge of 3.30% over the last 24hrs.
Shiba Inu Price At $0.1 ?
Meanwhile, a veteran trader Ali claims that Shiba Inu is about to hit a target of $0.017. However, he believes that this can happen only if SHIB maintains its trade above $0.011.
It was on January 19 that Shiba Inu had its last trade below $0.000011 after which the meme currency is maintaining its trade between $0.000011 and $0.000012.
Shiba Inu was created in August 2020 which was then viewed as a pump-and-dump scheme. However, now the Shiba Inu network has developed tremendously well and all thanks to the team that is working strongly towards its use cases. The team is achieving this goal through various methods and one such is the business partnerships.
Recently, the Shiba Inu has entered into partnership with Flex network which is a known fraud-proof payment network. This partnership will allow SHIb holders to use their digital holdings in the US and Canada.
Binance Transfers 6.4 trillion SHIB To An Anonymous Wallet
The other reason for SHIB’s continued bull run is the hype for Shibarium, a layer-2 solution scheduled to be launched this year. One of the core developers, Shytoshi Kusams recently posted a testing tweet ahead of the Shibarium launch.
On the other hand, the lead crypto exchange, Binance, has moved 6.4 trillion SHIB to an anonymous wallet in the past day. The same was confirmed by Etherscan data. The reason for such a huge transaction is still unknown.
However, there was no impact on Shiba Inu’s SHIB price action as the currency is still among the top 20 gainers list
Bitcoin, the largest cryptocurrency, has broken its one-year trend and is now waiting for its next move. In January, the crypto sector experienced a significant change as Bitcoin flipped important resistance levels into support. This has caused the coin to hover closer to the $24,000 mark, leading analysts to predict its journey beyond the $25,000 mark.
Analyst Benjamin Cowen has pointed out the convergence of several factors at the $25,000 mark for Bitcoin. He stated that the 50-week simple moving average (SMA) is moving down to $25,000, the 200-week SMA is moving up to $25,000, and $25,000 also marked the summer 2022 top. The only thing not yet at $25,000 is the current price of Bitcoin.
Technical analyst CryptoCon has warned about the possibility of pullbacks but suggests that taking part in accumulation and buying in at great prices will ultimately result in a return to the median price of $34,000 and a bottom of $15,500. Another analyst named Cillionaire.com highlighted an interesting fact, mentioning that the last time Bitcoin bounced back from its multi-year support, the price of Bitcoin went from $6,000 to $64,000 in a year.
A recent study by cryptocurrency services provider Matrixport showed that an improvement in the early part of the year often leads to a positive year-end performance for Bitcoin. The head of research, Markus Thielen, stated that the average gain throughout the year has been around 245% and that Bitcoin’s year-end performance has been favorable in five of the last six years when it had a January rally.
In conclusion, while pullbacks can be a concern, the convergence of various factors at the $25,000 mark for Bitcoin and the positive results from early improvements in the year have analysts optimistic about the cryptocurrency’s future performance.
As soon as it found support around the $16K price level, Bitcoin started an incredible rise. Since then, the 100-day and 200-day moving averages of BTC have been surpassed, respectively, at $18K and $19.6K. Over the past few days, a profit-taking pullback has allowed the price of bitcoin to rebound to the $23,000 price range. Analysts have begun charting the course of Bitcoin as the market cools.
According to analyst CrediBULL Crypto, Bitcoin has taken the first set of highs. However, he found a lot of choppiness in Bitcoin’s current trading range.
He said, “Lots of choppiness in this range, looks like rather than a flat we are forming some other more complex structure. Will post another chart shortly with some key levels to watch.”
Another analyst by the name Daan Crypto Trades on Twitter had the same opinion and said that nothing has changed much for Bitcoin. He said that Bitcoin ‘is still stuck between these levels with a lot of choppy price action.’ He marked the resistance levels for Bitcoin at $22,750 and $22,900. According to him, the support levels are at $22,600 and $22,400.
Kaleo also took to his Twitter handle and said :
“Slowly but surely Bitcoin is squeezing back to the highs making late shorts pay.” The analyst also wrote, “I once again am here to remind you that Bitcoin heads straight to $30K from here.”
On Wednesday, cryptocurrency prices were moving sideways as a result of profit-taking following a decent gain in recent days. Ahead of this week’s important inflation statistics, the volatile movement in the other riskier assets put cryptocurrency traders on edge. At the time of writing, Bitcoin is trading at $22,590 and has decreased by more than one percent in the last 24 hours.
Despite market analysts’ skepticism that Bitcoin’s recent surge is a trap for bulls, the cryptocurrency has continued to rise. Data from CoinGecko shows that BTC has increased by 36% this month, reaching a peak of $23,000 on multiple occasions. This marks the highest monthly gain for the leading cryptocurrency since October 2021.
As traders eye the $25,000 level, they remain vigilant for potential downturns. However, for Bitcoin to reach a price of $25,000, a number of factors will need to come into play, including increased demand, positive sentiment, and a lack of negative market developments.
Bitcoin’s Road to $25k
For Bitcoin to reach a price of $25,000, it would likely need to follow a pattern of rising to a key level of resistance, such as $23,000, before retracing and moving on to the next level of support, such as $23,800, and gradually approaching $24,500 before reaching the target price.
If bulls are able to maintain a consistent pattern of breaking through resistance levels, as they did over the weekend at $23,000, the outlook for the month suggests that BTC may even reach as high as $29,000 before hitting a crucial cap. However, it should be noted that this is a speculative analysis and nothing can be predicted with absolute certainty.
Nevertheless, if bulls maintain their current level of dominance or even increase it, the possibility of the price reaching $30,000 in the near future should not be ruled out.
To allay the concerns of global investors Dogecoin’s founder, Shibetoshi Nakamoto believes that the collapse of either the cryptocurrency exchange Binance or the stablecoin issuer Tether might drastically shake up the entire market.
He now has some sound guidance for seasoned investors. He contends that it is preferable to learn about and comprehend the elements of the digital asset market before participating to prevent massive financial losses.
Apparently, if either Binance or Tether goes down, it might be “Game Over for Crypto,” according to Dogecoin co-creator Billy Markus (also known as Shibetoshi Nakamoto).
The American software engineer also outlined that an increasing number of people have realized that too much centralization is a “big weakness.”
“It’s great that more of you are finally finding out what this whole thing is and how the centralized stuff is a huge ol’ vulnerability, but it was like this when you bought too, so don’t worry about the collapse of Binance and/or Tether.”
Nakamoto’s speculation was shared by a number of people, including Jack Dorsey, ex-CEO of Twitter. He referred to the possibility of a meltdown as “game over for the games,” meaning that it would be impossible to continue playing.
Moreover, Markus is certain that this situation would definitely provoke a “bigger than projected Monday market meltdown.”
Cryptocurrency investors have historically responded to disruptions like the recent FTX debacle by selling off their holdings in the market in a frenzy. As a result of all this doubt, some people have even declared Bitcoin “dead.”
Does Bitcoin Stand A Chance?
According to the analyst’s assessment, the leading cryptocurrency is still active and growing in popularity around the world despite having “died” more than 460 times. As a result of its restricted supply, it has become legal tender in countries with struggling economies such as El Salvador and the Central African Republic, and many investors see it as a way to protect themselves from inflation.
Binance Is Secure, Claims Zhao
Many market participants anticipated that the FTX issue would trigger a domino effect and pull other exchanges into the muck, however, the reality was different and the impact wasn’t as bad.
The largest cryptocurrency exchange, Binance, on the other hand, confirmed that its financial sheet was stable and even increased the amount of its Secure Asset Fund for Users (SAFU) to $1 billion to protect users in a catastrophe.
In addition, the corporation established a recovery fund for the industry, which is intended to assist projects that are having difficulty during difficult economic times.
To disprove the allegations, CEO Zhao publicly said that Binance is establishing an industry recovery fund to assist projects that are otherwise robust but are experiencing a liquidity problem. This will serve to lessen the negative effects of FTX that will continue to cascade. We’ll have more information soon.
Meanwhile, he issued a challenge to anyone seeking additional information to get in touch with Binance Labs.
In the early hours today, the star cryptocurrency, Bitcoin, fluctuated between $21,000 and $20,000 before settling down around $20,700. Before this downward move, the asset had even managed to trade above the crucial mark of $21,200 and hit a high of $21,469.
At the time of writing, Bitcoin has lost 2.32% in the last 24hrs and is now trading at $20,750.
In addition to this, Bitcoin’s dominance has dropped despite the bullish momentum. This Bitcoin dominance is an important indicator for the crypto industry as it lets the traders know the possible price movement for altcoins in particular.
Impact Of Falling Bitcoin Dominance
As of November 5, Bitcoin dominance had dropped by 38.67%, accounting for a four-year low marking. This data was last recorded on June 10, 2018. Hence, according to historical data, whenever Bitcoin dominance plunges, altcoin season emerges.
Bitcoin dominance is an indicator which gives out the ratio of currency’s market capitalization and the overall crypto market capitalization. It points towards overall market performance, which is, in turn, influencing trading strategies.
Usually, when the Bitcoin price drops and the dominance surge, it indicates the altcoin bear market. However, with the present scenario where both are sliding down, it could possibly mean bearish action for the overall crypto market.
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The post China’s CBDC, Digital Yuan Transactions Crossed the $14B Mark appeared first on Coinpedia Fintech News
China’s central bank digital currency (CBDC), Digital Yuan has reached 100.04 billion yuan (~14 Billion) in transactions in its pilot phase. This makes the e-CNY, or digital yuan the most used CBDC globally.
According to a post on the Bank of China’s official WeChat page on October 10, the number of transactions performed in 15 provinces under the CBDC pilot framework had surpassed 360 million by the end of the summer. According to the report, more than 5.6 million merchant establishments currently accept digital yuan as legal money.
The financial regulator revealed its project development plans, which include the launch of cross-border payments between Hong Kong and mainland China.
Here’s When Bitcoin Price May Regain $20,000 Mark! But Bulls May Get Tricked! – Coinpedia – Fintech & Cryptocurreny News Media
Bitcoin’s price is crashing hard and has dropped below $18,500 at the moment, displaying possibilities of a continued descending trend ahead. While the bulls are trying hard to regain the lost momentum, their efforts may not be enough to rise above the bearish captivity. However, the asset may still undergo a significant upswing and may regain levels above $20,000 in the coming days.
The weekends usually turn the tables for Bitcoin where-in the asset is compelled to reverse the trend to some extent. During the past weekend, the bulls were destroyed & the BTC price dropped heavily below $20,000. Currently, the price is displaying huge possibilities of shedding significant gains, yet there is always a chance of witnessing a slight recovery soon.
Well-known analysts, who previously predicted the massive rejection of BTC price at $22,700 now believe that the BTC price may drop hard to the $14,000-$16,000 levels after being rejected from $20,300 to $20,600.
As seen in the above chart, the BTC price, after reaching the crucial $22,700 level, witnessed a massive plunge to reach immediate lows close to $18,000. However, the price has been trying to rebound firmly but has not been validated yet. The analyst believes the asset may flip from the bearish trend soon and regain levels close to $20,500 in the next couple of days.
However, the price is subjected to facing another major rejection that may drag the price towards the main target of $14,000 to $16,000.
The Bitcoin (BTC) price has been trading within a firm descending trend for quite a long time now. Despite this, the price is believed to have not reached the bottom yet. Therefore, the star crypto may rise above $20,000 in the coming days, which could be followed by a massive correction.
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Bitcoin (BTC) Will Never See The $69,000 Mark Again – Says Kyle McDonald – Coinpedia – Fintech & Cryptocurreny News Media
Bitcoin mining is being highly targeted for its growing energy use. The surge may be approaching a tipping point where, in order to prove to be a true game changer, the crypto platform will need to become “cleaner and greener”.
However, Bitcoin isn’t receiving a lot of attention from investors- a major reason for this is the upcoming Ethereum Merger.
Recently, Kyle McDonald told CoinDesk TV’s ‘First Mover’ that the Bitcoin network may be ‘regulated away’ because of its energy consumption.
Kyle McDonald is an independent researcher. He predicts that the Bitcoin network may be “regulated away,” leading to a significant price drop.
McDonald went ahead to suggest that people should now start selling Bitcoin. The reason is that after the Ethereum blockchain makes a shift to a significantly less energy-intensive method of validating transactions, called “proof-of-stake,” investors and regulators may realize that the energy-intensive method that Bitcoin has been using, called “proof-of-work,” was never really necessary.
McDonald said that the “climate crisis” and Bitcoin’s ‘massive use of energy’ is harmful. He said that, “Bitcoin doesn’t have the coordination like Ethereum to leave proof-of-work, it could be the first to be regulated away.”
Crypto’s energy consumption has become a major concern and a bone of contention for environmental activists and governments alike. McDonald added that Bitcoin will never see $69,000 again. Bitcoin (BTC) had traded close to that mark last November.
Ethereum’s upcoming upgrade, which is essentially a software update called “the Merge,” is expected to happen this month, a major advantage of this is that not as many computers will be required to keep the Blockchain going.
McDonald added that, ‘the possibility of Ethereum cutting energy costs by 99.95% is highly realistic.’
“When you’re moving from a system that is about generating as many random numbers as fast as possible with 10 million graphic processing units across the world, to a system that’s running on a few thousand computers that are pretty low energy, it’s going to make a huge difference.” Graphic processing units (GPUs) are used in cryptocurrency mining.
In order to track Ethereum’s energy movement, McDonald has created the Ethereum Emissions tracker, which takes a “bottom-up” approach. According to McDonald’s website, it doesn’t factor in Ethereum’s price or the price of electricity.
He said, “I’m starting with the hashrate, then looking at the hardware and making a technical argument for how much electricity must be used.”
McDonald points out one prominent risk, which is related to non-fungible tokens (NFTs). He said, “there’s a good chance some miners are going to switch to proof-of-work temporarily after the Merge happens.”
He added that there’s a possibility that even if the miners do switch, there could be duplicates of NFTs for a short period of time on another chain. So, if that happens, it could “potentially even dilute their values.”
The world’s largest NFT marketplace – OpenSea, said it would support only the proof-of-stake chain and added that it has been gearing up for the transition in order to make sure the process runs smoothly.
Why is the Upgradation Necessary?
Shockingly, a single Ethereum transaction can consume as much power as an average US household uses in more than a week. Bitcoin’s energy consumption is even worse!
The world’s largest cryptocurrency, Bitcoin, consumes an estimated 150 terawatt-hours of electricity annually, which is more than the entire country of Argentina with a population of 45 million. Producing that much energy emits around 65 megatons of carbon dioxide into the atmosphere annually, which is similar to the emissions of Greece, making crypto a significant contributor to global air pollution and climate change.