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16TH NOVEMBER LATEST CRYPTO NEWS DIGITAL MAGAZINE

Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.

A survey of about 42,000 people in 27 countries by product comparison website Finder showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41%, while India and Indonesia had a 30% adoption rate

Taproot, Bitcoin’s first major upgrade, since the SegWit (Segregated Witness) block capacity change in 2017, activated on November 14. The latest update enables the blockchain to process smart contracts and improves transaction privacy and efficiency.

Bitcoin broke above the psychological barrier of £50,000 on November 9 and 10 but the bulls could not sustain the higher levels. This may have prompted profit-booking from short-term traders which pulled the price back below the breakout level of £48,426.53 on November 10.

The bulls defended the 20-day exponential moving average (EMA) on November 12 but higher levels again attracted selling by the bears. The BTC/GBP pair turned down on November 15 and the bears have pulled the price below the 20-day EMA today.

If the pair closes below the 20-day EMA, the possibility of a decline to the 50-day simple moving average (SMA) increases. The negative divergence on the relative strength index (RSI) also points that the bullish momentum may be weakening. The selling could intensify if bears break the critical support at £41,931. This negative view will be invalidated if the price turns up from the current level and breaks above the all-time high.

Such a move will indicate that demand remains strong and traders are accumulating on dips. We do not see any attractive trade setup, hence we have not been proposing any trades for the past few days.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!


FEATURING IN THIS WEEKS EDITION

– Feedcoin
– Gining to Services
– RMRK
– Mimir
– Funganomics
– Giving to Service
– Xanto
– 99 Defi Network

CRYPTO TRADE OPPORTUNITIES

BITCOIN – BTC/GBP

Bitcoin broke above the psychological barrier of £50,000 on November 9 and 10 but the bulls could not sustain the higher levels. This may have prompted profit-booking from short-term traders which pulled the price back below the breakout level of £48,426.53 on November 10. Read more

ETHEREUM – ETH/GBP

We had mentioned in our previous analysis that Ether’s rally could face stiff resistance at the 100% Fibonacci extension level at £3,590.13 and that is what happened.  Read more

RIPPLE – XRP/GBP

XRP surged to £0.9812 on November 10 but the long wick on the day’s candlestick showed aggressive selling at higher levels. This indicates that bears are defending the overhead resistance at £1.0156 as we had projected in the previous analysis. The bears pulled the price back below the breakout level of £0.8924 on November 10. The bulls pushed the price back above the level on November 11 but the recovery was short-lived as the price again dipped back below £0.8924 on November 12. Read more

CARDANO – ADA/GBP

Cardano surged above the downtrend line on November 9 but the up-move proved to be a bull trap. The price turned around sharply and plunged back below the downtrend line on November 10. Read more

BINANCE – BNB/GBP

We had indicated the possibility of a drop to the 38.2% Fibonacci retracement level of £423.70 in our previous analysis and that happened on November 10. Binance Coin’s subsequent rebound also played out according to our expectations.  Read more

 

Subscribe to the latest crypto news digital magazine for the latest updates about profit and loss in cryptocurrency.

 

EULER: A CAPITAL-EFFICIENT PERMISSIONLESS LENDING PROTOCO

Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on almost any ERC20 asset. This innovation, coupled with MEV-resistant liquidations, tokenised debts, reactive interest rates and many more, makes Euler the lending protocol of the future. Read more

HOW IS BEATBIND RESHAPING THE FRAGMENTED MUSIC EVENTS INDUSTRY?

Blockchain technology has the power to shoot up financial inclusion and change the lives of people throughout the globe, especially in emerging economies. Blockchain’s potential has been widely recognised, even among the harshest critics of Bitcoin (BTC) itself, the possible use cases for blockchain technology are not just confined to the financial industry. Blockchain technology has changed how conventional industries operate. Read more

RMRK’s ‘NFT Legos’: the most advanced NFT system in the world!

if you are a crypto investor, then you must be familiar with the concept of NFTs. In essence, NFT or non-fungible tokens are a powerful concept that has emerged from the blockchain system. NFTs are designed to secure digitally created content, offer provenance, and are also capable of encoding conditional transactions, all of which are embedded within the blockchain. This embedded nature makes the NFT immutable at a very high level. As a result, every entry gets cryptographically linked as well as gathered in blocks, with every entry being cryptographically linked within a sequence. Read more

Crypto Giant Grayscale Now Manages Nearly $60,000,000,000 in Total Assets

Crypto titan Grayscale Investments has nearly $60 billion in total assets under management (AUM) after declining crypto market prices pushed their total down to $58.2 billion as of Friday afternoon. Grayscale’s assets under management include more than $41.3 billion in the Grayscale Bitcoin Trust and more than $14.5 billion in the company’s Ethereum (ETH) Trust. Earlier this week, Grayscale briefly surged past SPDR Gold Trust (GLD), the world’s largest gold fund, in terms of AUM. SPDR Gold Shares managed about $58.31 billion in assets as of November 10th, according to YCharts

XAN – A TOKEN WORTH MORE THAN GOLD

The cryptocurrency world is growing at a fast pace, and everyone wants to be a part of it. Natural bioactive molecule manufacturer Xanto entered the blockchain space with its product Xanthohumol. The company produces the purest form of Xanthohumol in the world. The company has embraced blockchain technology for several reasons. With the help of blockchain technology, each batch of a product can easily be traced throughout the production process. Read more

Animoca Brands unveils plans for K-pop NFT metaverse

Animoca Brands has announced it will partner with Korean record label Cube Entertainment to build a “K-pop metaverse.” Nonfungible tokens (NFTs) continue to disrupt the mainstream entertainment industries, with NFT gaming firm Animoca Brands partnering with Korean record label, talent agency and music production company, Cube Entertainment, to build a “K-pop music metaverse.”

President Biden Signs Infrastructure Bill Containing Crypto Broker Reporting Requirement Into Law

Sen. Cynthia Lummis and others are now attempting to narrow the scope of the law’s crypto broker clause with a separate bill. CORRECTION (Nov. 15, 22:41 UTC): A previous version of this story incorrectly stated that Sen. Lummis’s bill had failed. President Joe Biden signed into law Monday the $1 trillion bipartisan infrastructure bill, which contains a controversial cryptocurrency tax reporting requirement.

Ethereum-Based Holdings Among Institutions Up 19% in Q3: SEC Filings

institutional interest in the Grayscale Ethereum Trust continued to grow in Q3, according to new SEC filings from large firms. Meanwhile, Grayscale Bitcoin Trust holdings were down slightly. Bitcoin institutional holdings were down last quarter while many of the same firms upped their stakes in Ethereum-based products, according to SEC filings

$100 Trillion Market Showing Growing Interest in Digital Gold (Bitcoin) and Web 3.0 (Ethereum)

Bitcoin is back around $65,500 after falling to about $62,300 ahead of the weekend. The weakness in the second half of the last week came after BTC hit a new all-time high at just above $69,000. In tandem with Bitcoin, altcoins are also seeing some green now, as a result, the total crypto market cap is back above $3 trillion, after the fall below this mark on Wednesday. The biggest winners