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LINK Breaking A Single Level Could Start Another Price Surge

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With LINK breaking a single crucial level above $15.00, the altcoin could go on another fresh price surge as we are about to see in the chainlink news analysis today.

The token price is now trading above the key $15.00 support zone against the US dollar as the bulls are facing a couple of important hurdles close to the $16.95 and the $17.00 levels. There’s a key bullish trend line forming close to the $15.40 on the 4-hour charts of the LINK/USD pair. the pair will likely start a fresh surge once it clears the $17.00.

link price
LINK price above $16.000. Source TradingView.com

With LINK breaking the crucial level, it could surge close to $20.00. Once before when it tried surging close to the $20.00 level, LINK started a substantial downside correction against the US dollar. LINK formed the new all-time high close to the $19.93 and dropped below the $18.00 zone. The price broke the key support of $17.00 to move into the short-term bearish zone. There was also another break below the 50% fib retracement level of the upward move from the $12.19 swing low to the $19.93 swing high.

link price
LINK 24-hour Chart (Source: Coingecko)

If the bulls are able to protect the $15.00 support zone and the price stayed above the 100 simple moving average, it seems that the 61% fib retracement level of the upward move from $12.19 to the $19.93 is acting as strong support. The price is now trading nicely above the $15.50 and $16.00 but there’s also a key bullish trend line forming close to the $15.40 support on the charts for the pair. on the upside, LINK is facing a major hurdle close to the $16.95 and the $17.00 levels and if there’s another upside break above this level, the price could test the next hurdle of $18.00 or a connecting bearish trend line that is forming close to the $18.30 resistance on the same chart.

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On the downside, Chainlink’s price will find a strong bid close to the trend line support and $15.00, and the next major support is close to the $14.00 level with the 100 simple moving average. A downside break below the $14.00 support level will push the price into a bearish zone. In this case, the price will drop to $12. As previously reported, the asset was close to hitting an all-time high price of $20 which is a 1000% increase from the lows in March. Very few expected that the price action will stop but it did a day ago when in only 30 minutes the price of Chainlink dropped by 20% from the $18.80 range to the $14.50 range.

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Source: https://www.dcforecasts.com/chainlink-news/link-breaking-a-single-level-could-start-another-price-surge/

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Blockchain Bites: Price Point! Bitcoin at $50K? $60K? $318K?

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Traders have begun unwrapping tokenized bitcoins. The U.S. Treasury Department will keep a vigilant eye on digital innovations. And trading volumes on OKEx have plummeted. 

Top shelf

Forced burn
Ripple Chief Technology Officer David Schwartz tweeted the community could force the burning of billions of the protocol’s XRP native tokens held in escrow to prevent the drop in price that would likely occur should those billions in frozen tokens ever flood the market. On Dec. 2 a Twitter user asked the CTO, “If Nodes, validators and the community at large got together and we agree that it’s better for the community to burn the 50 billion XRP Ripple has in escrows, would that be possible?” Responding to the tweet, David Schwartz implied that majority rule would win in such a decision.

Innovation or risk?
The U.S. Department of the Treasury wants state and federal regulators to keep a vigilant watch on digital asset innovation, which could upset the balance of the current financial system. According to a report released on Thursday by the Financial Stability Oversight Council, digital assets are a “particularly good example” of both benefits and potential risks associated with innovation. The report highlighted the ambitions by nations around the world in their experiments with central bank digital currencies (CBDC) as a way to “enhance the global standing of their own currencies and enable faster payments.” 

Unwrapped wBC
Wrapped bitcoin, the bitcoin-backed token on Ethereum now worth over $2 billion, has seen an increase in burns (or “unwrappings”) by some of its largest users as the Ethereum-based decentralized finance sector continues to cool. BitGo clients including Three Arrows Capital and Alameda Research are exchanging an increasing amount of their tokenized bitcoins minted earlier this year for real bitcoins as the bullish cryptocurrency market continues to center on bitcoin and Ethereum’s decentralized finance takes a back seat for now. In the months following DeFi’s red-hot summer when bitcoins were wrapped faster than they were mined, the sector has cooled significantly.

Not OK
A sharp drop in OKEx’s trading volume and stablecoin reserves – tether in particular – may reveal an ongoing exodus of its users after the popular crypto derivatives exchange unexpectedly halted all crypto withdrawal activities for about five weeks. Data from analytics service CryptoQuant shows the amount of tether held in OKEx wallets has dropped to 6.69 million from 275.0 million between Nov. 25 and Dec. 1, down 97.6% in less than a week. At the same time, total daily trading volume on OKEx has declined significantly during the same time period – down approximately 67.7% from Nov. 25, according to data compiled by CoinDesk. The volume of tether traded on OKEx plunged 70%.

Mirror, mirror
The creators of stablecoin platform Terra announced the launch of the Mirror Protocol Thursday, a way to mint crypto assets that mimic the value of shares in publicly traded companies like Apple or Tesla. The new protocol will also bring a new liquidity mining opportunity to Terra’s Tendermint-based blockchain. Known as mAssets, these tokens will track the price of U.S.-based equities in the real stock market, using an oracle system that’s able to check prices every six minutes. “The retail investor is at the center of this growing demand for U.S. equities and global equity derivatives. The stock market is no longer the exclusive purview of Wall Street’s suits, whether in New York, London or Tokyo,” Arrington XRP argues in its report.

Quick bites

  • FINTECH BANKING: Stripe Partnering With Goldman, Citigroup, Others to Offer Checking Accounts, Services: Report (CoinDesk)
  • BITCOIN BUNCH: This family bet everything on bitcoin when it was $900 – and bought more when it crashed in 2018 (CNBC)
  • DEFINING DEFI: Lex Sokolin: How do you do valuations of open-source software? Recent DeFi acquisitions may shine light. (CoinDesk Opinion)
  • NOT CAPTCHA’D: Human Protocol, the backbone for anti-bot system hCaptcha, announced Thursday it will be expanding beyond Ethereum to a future Polkadot parachain, Moonbeam. (CoinDesk)
  • OMG, RALLY! Genesis Block Ventures acquired OMG Network (an off-chain Ethereum solution) triggering a double-digit rally in the network’s OMG token. (CoinDesk)
  • CENTRALIZED CBDC: Russia’s crypto community fears digital ruble might means going “back to USSR.” (CoinDesk)
  • $41 BILLION: Decentralized finance platforms were responsible for 99% of Ethereum transaction volume last month. (Decrypt)
  • $600 MILLION: One million ETH is now locked up in Ethereum 2.0. (Decrypt)

At stake

Price point!
I was reading that CNBC story on the Dutch family that bet it all on bitcoin. In 2017, a small business owner sold all his assets – company, house and accumulated detritus – and moved his family of five into a van. “We stepped into bitcoin because we wanted to change our lives,” Didi Taihuttu told CNBC

That’s wild! The media also quoted Taihuttu’s price prediction for a $200,000 bitcoin by 2022. He’s a man that acts on instinct and knows things in his gut. It’s seemingly worked out for him so far. CNBC went on to quote several price predictions from the respected and respectable folk in crypto.  

Mike Novogratz, CEO of merchant bank Galaxy Digital, reportedly said bitcoin could reach $60,000 by next year. While a Citibank report geared for institutional clients made the case that one BTC could change hands for $318,000 by December 2021. That’s really wild!

Unquoted was Bloomberg’s recent, and more modest, prediction that bitcoin could hit $50,000 sometime next year. That’s more than double the price of bitcoin’s all-time high! And infers a $1 trillion market cap!

A lot of good data gets thrown into price predictions. There’s technical analysis of candles and wedges, there are surveys of high-net individuals and comparisons to similar movements in both bitcoin’s historical charts as well as analogue assets. (Want to understand bitcoin today? Study gold in the 1970s!).

But I wouldn’t put much store in them. This time three years ago, computer whiz and self-declared madman John McAfee had such strong convictions that bitcoin would hit $500,000 within three years (this year, incidentally) he would ingest his genitals. 

After decades of target prices that were well off their mark, it’s reasonable to suggest that most claims on bitcoin’s future price are more gut than calculus, more wager than assured. Sometimes it pays off. But understanding that one BTC is always one BTC, you’ll never be wrong.

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Source: https://www.coindesk.com/blockchain-bites-price-point-bitcoin-at-50k-60k-318k

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Over 1,000 New Bitcoin ATMs Opened Worldwide in November

A crypto automated teller machine (ATM) is similar to a traditional ATM in that it allows users to directly transact with cryptocurrencies (usually bitcoin) for fiat currency. Instead of using an online exchange, you can transact with the machine and buy or sell directly for cash, depending on your needs.   Current Bitcoin Price Is … Continued

The post Over 1,000 New Bitcoin ATMs Opened Worldwide in November appeared first on BeInCrypto.

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As the price of bitcoin and other cryptocurrencies continues to rise, there have been other corresponding factors pointing to greater worldwide adoption, such as the notable increase in the number of available Bitcoin ATMs.

A crypto automated teller machine (ATM) is similar to a traditional ATM in that it allows users to directly transact with cryptocurrencies (usually bitcoin) for fiat currency.

Instead of using an online exchange, you can transact with the machine and buy or sell directly for cash, depending on your needs.  

Current Bitcoin Price Is Outpacing ATM Growth

According to data from Coin ATM Radar, 1,118 new ATMs were opened in November while 100 were closed. This led to a net growth of 1018 ATMs, an 8.9% month-on-month increase.

When compared with bitcoin’s price growth in November, the ATM market lags behind the price. Bitcoin rose approximately 43% in November.

This is not a surprising statistic, as generally an influx of Bitcoin ATMs will follow a price increase, not lead to a price increase. It’s possible that December will see a rise in ATM growth that outpaces the price growth.

The Crypto ATM Industry

The top five ATM manufacturers were largely responsible for this growth, after installing an additional 929 ATMs last month, over 80% of the total amount that were opened.

Out of all the countries globally that operate Bitcoin ATMs, almost 1,000 of the new ATMs were opened in the United States. The US added 925 new ATMs in the month of November, crossing the 10,000 Bitcoin ATM mark nationwide.

One perhaps surprising statistic was the adoption of Litecoin at a higher rate than Ethereum for the month. The number of users transacting on the Ethereum network, the launch of ETH 2.0, and Ether’s dominance in the market cap department do not seem to have swayed Litecoin investors.

Elsewhere, Norway closed down its only functioning Bitcoin ATM whereas Brazil added the country’s first one in the city of Sao Paolo.

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Harrison is a reporter and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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Source: https://beincrypto.com/over-1000-new-bitcoin-atms-opened-worldwide-in-november/

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Tezos, IOTA, Crypto.com Coin Price Analysis: 04 December

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Bitcoin’s recent surge that saw it climb to a new ATH on a few exchanges had a profound effect on the rest of the crypto-market. At press time BTC was being traded at $19,403 with a trading volume of $17.5 billion.

Source: CoinStats

Thanks to BTC’s high correlation with the rest of the market, many altcoins surged, including the likes of IOTA and Tezos. Crypto.com Coin, on the contrary, seemed to follow its own bearish trajectory on the charts.

Tezos [XTZ]

Source: XTZ/USD on TradingView

Tezos, once one of the market’s top-12 cryptocurrencies, has fallen a long way on the charts since mid-August. In fact, at the time of writing, Tezos was ranked 19th on CoinMarketCap’s ladder. However, despite its bearishness over the last few months, the last few weeks have seen signs of bullish revival. The same was true over the previous week as XTZ surged by almost 8% on the charts after Bitcoin’s latest ATH.

It should be noted, however, that this hike paled in comparison to the one it noted the week before that. At the time, Tezos was observed to have climbed by almost 30%.

While there were some bullish signs, the larger trend remained bearish, something suggested by XTZ’s technical indicators too. While the Parabolic SAR’s dotted markers were well above the price candles, the Relative Strength Index was mediating between the oversold and overbought zones.

Tezos was in the news recently after it announced the Edo upgrade, swiftly on the heels of the Delphi upgrade.

IOTA

Source: IOTA/USD on TradingView

IOTA was one of the altcoins to register the sharpest of movements after Bitcoin started breaching resistance levels in late-November. In fact, thanks to the same, IOTA’s value shot up the charts, even briefly overtaking the highs last set in August 2020. While corrections had ensued at press time, IOTA’s price charts still recorded a hike of over 14% over the last 7 days.

The scale of the movement was evidenced by IOTA’s technical indicators as while the Bollinger Bands were expanding to make room for incoming price volatility, the Awesome Oscillator highlighted mostly bullish momentum in the market.

IOTA recently teamed up with Austra’s Christina Doppler Laboratory to foster research in distributed ledger technologies.

Crypto.com Coin [CRO]

Source: CRO/USD on TradingView

Crypto.com’s CRO has had quite a dramatic year. Having climbed and consolidated on the charts until the end of September, October saw CRO fall steeply down a cliff with the scale of its depreciation taking many by surprise. Oddly enough, CRO’s fall also coincided with the rest of the market’s cryptocurrencies strengthening their positions. What is even more interesting is that Bitcoin’s bearish run as over the past week or so, CRO was still down by almost 20%.

On the contrary, CRO’s indicators still flashed green. While the MACD line was hovering over the Signal line under the histogram, the Chaikin Money Flow was well above zero and near 0.20, a sign of growing capital inflows. At the time of writing, it was difficult to predict whether these indicators’ signals would amount to a trend reversal or not.

Source: https://eng.ambcrypto.com/tezos-iota-crypto-com-coin-price-analysis-04-december

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