Who’s moving the strings behind Bitcoin’s new rally?

- Advertisement -

Bitcoin topped US$15,000, marking a new 33-month high, showing potential for resistance despite market uncertainty. Bitcoin now completes 12 years of life, as on October 31, 2008, Satoshi Nakamoto published Whitepaper the most popular digital currency.

The top-grossing cryptocurrency touched $15,047 yesterday, November 5, a level it hadn’t touched since January 2018. Last week it had managed to reach the level of $13,880, but faced a strong sell-off, but failed to create pressure below the $13,000 level. On the other side, stocks recorded their worst week since March, while gold recorded its strongest monthly fall.

However, the dynamic comeback, and the new high for the “king” of cryptocurrencies, did not create any surprise. Both the record participation of institutional investors and the market trend of technology companies strengthening their reserves with Bitcoin, as a hedge against inflation, laid the foundations for the rise of the largest cryptocurrency capitalization.

If the market manages to maintain the $15,000 level, the new line of resistance that Bitcoin will face is at the level of $15,800 to $16,000. October closed up 25%, the biggest monthly increase since April.

A total of 13 Organizations hold about 3% of Bitcoin’s total circulation, including Microstrategy which has subscribed to its reserves of 38,250 BTC, with Galaxy Digital Holdings trailing with 16,651 BTC, and Payment colossus (and most recently in the ranking list) Square in third place with 4,709 BTC.

The increase in the value of capitalization is always followed by the increase in the end of transactions, with the average price reaching $14. Transaction fees are increasing with an increase in network usage and demand.

The end of trading had to touch these levels since January 2018, rated as particularly positive by cryptocurrency market analysts. By comparison, just two weeks ago the fees didn’t exceed $1.5, which means it’s increased nine times in that time period.

In the corresponding period of January 2018, when transaction fees were at corresponding levels, the all-time high was recorded at $20,000.

Five major developments in the cryptocurrency market

1.The trend of decentralized economy protocols seems to be declining, with most cryptocurrencies reporting losses of more than 50%. In the last five days alone, the funds available to invest in Decentralized Finance applications have fallen by 1.5 billion. Dollars.

2. The company Business Intelligence Microstrategy, which had recently announced that it had converted the majority of its reserves into Bitcoin, is already making a profit of US$100 million from this decision.

3. With a 17.8% rise of 24 hours Harmony ($ONE) closed with the launch of the decentralized exchange which investors can trade cryptocurrencies issued to either Ethereum or Harmony.

4. The European Blockchain Observatory & Forum panel was particularly interesting last week. The European Central Bank looks poised to adopt the digital euro, with the decision expected in mid-2021.

5. Cyberattack hackers at Thai cryptocurrency exchange Kucoin, the third-largest in the history of digital currencies, according to analytics firm Elliptic, have begun laundering BTCs through the ChipMixer service.

ChipMixer is a mixer that creates Bitcoin addresses, with specific chapters of 0.001 BTC, 0.002 BTC, 0.004 BTC, up to 8.192 BTC.

For example, you deposit 0.112 BTC and receive 0.064 + 0.032 + 0.016. Each of these addresses has been “funded” before the deposit, so the deposit cannot be identified on the blockchain, as they are already anonymous. According to a recent survey by Bitfury, the use of cryptocurrency laundering tools has been on the rise in recent months.

- Advertisement -
- Advertisement -
- Advertisement -


- Advertisement -

Must Read

Read Next
Recommended to you