Today, we’re going to be talking about the latest news in the crypto sector. Before we proceed, let’s outline the salient Highlights in this video.
Commonwealth Bank of Australia recognizes risks in missing out on crypto
Texan Bitcoin mining power demands could jump 5 times by 2023
Citi Group appoints head of digital assets in crypto hiring spree
Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K
Total crypto market cap drops by 6.7%, but futures data finds a silver lining
Institutional managers bought the dip as crypto funds see $154M in weekly inflows
Southeast Asian financial institutions turn to the Ethereum blockchain
US Navy to pilot blockchain-based project to improve medical supply lines
Ethereum ‘huge Cup & Handle pattern’ reaffirms $6.5K ETH price target
E-Commerce giant Mercado Libre enables crypto investment for Brazilian clients
Ripple Price Analysis: stable increase in resistance at $1.0524
Chainlink Price Analysis: We expect Link to break below the $26 support
Ethereum Price Analysis: strong resistance at $4,921
Bitcoin Price Analysis: market highly volatile, high support at $56,097
Polkadot Price Analysis: DOT/USD is bearish for the next
UK and US join forces to combat the illicit use of crypto
Floki Inu Price Analysis: FLOKI Token Price Could Plunge Back To The $0.000133 Support
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The Commonwealth Bank of Australia acknowledges the risks of losing out on cryptocurrency.
The Commonwealth Bank of Australia’s (CBA) CEO, Matt Comyn, stated that the bank is more concerned about the risks of losing out on cryptocurrency than the hazards of adopting it.
The CBA is expected to become the first of Australia’s “big four” banks to offer crypto-based services, after announcing on November 3 that it will facilitate the trade of 10 digital assets directly through its banking app.
By 2023, the demand for Texan Bitcoin mining power could have increased fivefold.
Texas’ electrical infrastructure will have to sustain the industry’s estimated 5,000 megawatts (MW) of increased power demands by 2023, as the state anticipates a rapid influx of Bitcoin mining facilities.
The Texas Bitcoin mining sector presently consumes 500 to 1,000 MW of power. According to sources, the Electric Reliability Council of Texas (ERCOT) forecasts a fivefold rise in demand by 2023 and has planned an extra 3,000 to 5,000 MW.
This growth comes as the Lone Star State prepares to host 20% of the world’s Bitcoin mining operations. Since the Chinese government formally outlawed Bitcoin mining earlier this year, Texas has emerged as the go-to destination for Bitcoin miners.
In a crypto hiring binge, Citi Group appoints a head of digital assets.
Citi, an American global investment bank, announced the appointment of Puneet Singhvi to manage its Institutional Clients Group (ICG) digital assets business beginning December 1.
In addition to Singhvi, who was appointed on November 22, Citi is employing 100 new employees for its digital assets sector. The decision reflects a determined attempt by the banking firm to improve its grasp of digital assets. Singhvi formerly served as Citi’s trading business’s head of blockchain and digital assets.
Citi Group is the world’s largest credit card issuer, and its ICG provides services to enterprises, financial institutions, and governments all around the world.
As the price of bitcoin falls below $56,000, analysts identify bull and bear possibilities.
Cooler heads are advocating for a collective deep breath and a step back to assess the long-term prospects for the Bitcoin (BTC) price and the wider crypto sector, but today’s slide back under $56,000 is raising alarms among traders.
The whole cryptocurrency market cap falls by 6.7 percent, but futures data reveals a silver lining.
Looking at the winners and losers over the last seven days may give the impression that cryptocurrency markets are net positive. Nonetheless, total market capitalization declined by 6.7 percent to $2.72 trillion as the price of Bitcoin (BTC) retraced 8.3 percent to $58,425.
The only link between this week’s top gainers appears to be the metaverse and gaming sectors, which have been on a tear since Facebook rebranded to Meta on Oct. 28, signifying its increased focus on that market. The Gemini crypto exchange raised $400 million on November 19 to construct a decentralized metaverse, which is further supporting the current boom in metaverse-related currencies.
Institutional investors bought the drop as crypto funds received $154 million in weekly inflows.
According to CoinShares statistics, institutional investors were unaffected by the recent fall in cryptocurrency markets, as digital asset funds dedicated to Bitcoin (BTC) and Ether (ETH) continued to rise.
According to CoinShares’ latest fund flows report, crypto investment products such as exchange-traded funds (ETFs) experienced weekly inflows of $154 million for the week ending Nov. 20. As in prior weeks, Bitcoin investment products garnered the majority of the inflows, accounting for $114.4 million. Ether funds received $12.6 million in weekly inflows, while multi-asset products received $14.1 million in net investments.
Southeast Asian financial institutions are increasingly turning to the Ethereum blockchain.
Southeast Asia is experiencing a surge in blockchain innovation, as the region is home to a number of fintech enterprises and worldwide crypto companies. Singapore, in particular, has emerged as one of the world’s most crypto-friendly jurisdictions. This was recently emphasized in a report performed by cryptocurrency exchange Gemini, which discovered that 67 percent of 4,348 respondents possess cryptocurrency. According to the analysis, Ether (ETH) is the most popular cryptocurrency in the region, with 78 percent of respondents claiming to own the digital asset.
The United States Navy will test a blockchain-based project to improve medical supply lines.
The United States military is continuing to investigate blockchain technology in order to improve its processes. In May, the US Navy inked a $1.5 million contract with Consensus Networks to create HealthNet, a blockchain-enabled logistics system. The project, built on the Internet of Things-focused blockchain IoTeX, is halfway finished, with a pilot expected for early 2022.
The ‘large Cup & Handle pattern’ on Ethereum confirms the $6.5K ETH price target.
The bullish picture emerges as ETH’s price slide slows at its old cup-and-handle resistance level, which is now acting as support, raising the prospect of a major rebound ahead.
Ether (ETH), Ethereum’s native asset, may recover roughly 60% in the coming sessions as bulls aim for a textbook bullish continuation pattern.
After completing a cup-and-handle configuration, prices may soar to or beyond $6,500 from their present levels of $4,100, suggested Matthew Hyland, an independent on-chain expert, in a tweet published Monday.
Brazilian customers can now invest in cryptocurrency through the e-commerce behemoth Mercado Libre.
Brazilians can now invest in cryptocurrency through Mercado Libre, a South American internet retailer. The massive e-commerce company sees this as a push into the crypto realm. Clients have the option of purchasing, selling, or keeping virtual assets.
According to Bloomberg, the announcement was made in November. Marcos Galperin, the CEO, took to Twitter to raise client awareness. Since then, a select clients have had access to the possibility, and it will soon be open to everyone.
Analysis of the Ripple price: a steady ascent in resistance at $1.0524.
The Ripple Price Analysis says that we have observed the cryptocurrency’s present behavior is continuing a generally bullish trend, with the coin fading away at the $1.3000 mark. The chart analysis suggests that with the present positive momentum, Ripple is expected to approach the $1.3000 mark area shortly, but if the current support fluctuates, we may witness a drop in prices as low as $1.000.
The current stable resistance is located between $1.1063 and $1.2925. This signifies that the bulls are coming in strong and ruling the market; the bears must boost their game if they wish to lower asset prices and capture the market.
Chainlink Price Prediction: Link will break below the $26 support level.
Chainlink price analysis is currently bearish, as the upside was denied overnight, resulting in a new selloff this morning. Later today, LINK/USD is projected to fall much more and hit the $26 support level.
Ethereum Price Analysis: $4,921 is a significant resistance level.
The Ethereum Price Analysis has revealed how steady the cryptocurrency industry’s runner-ups are; the value of their assets is substantially less prone to large variable shift. The exchange of this currency benefits both buyers and sellers. The most significant resistance is found at $4,921. The strongest support is located at $4,075; we can see that the difference between them is not as significant; as a result, the Ethereum market is much less volatile than other cryptocurrency competitors.
Bitcoin Price Analysis: Market is quite volatile, with a strong support level at $56,097.
The Bitcoin Price Analysis has revealed that the costs of the assets have been declining, but with the market being so volatile, it’s difficult to predict whether the prices will rise or fall. Having said that, prices are continuously falling, with a few variations. Prices had a flash crash on November 21, 2021, and sank to a price just below $58,400; following this, prices continuously decreased until finally soaring to a rigorous degree. The price reached as high as $58,800 before gradually falling back.
Polkadot Price Analysis: DOT/USD is expected to fall in the near future.
Polkadot’s price is bearish today, as an upside surge was promptly rejected. As a result, DOT/USD is expected to decline further later today, most possibly reaching a new low. However, given how quickly this has occurred, we can expect a pullback at some time, whether the pair swings higher or lower. This is due to the fact that DOT/USD has most certainly reached resistance near $40.
The United Kingdom and the United States have joined forces to tackle the illegal usage of cryptocurrency.
Authorities in the United Kingdom and the United States have recently committed to enact legislation to strengthen the unlawful use of cryptocurrency. These revisions are being driven by a surge in cyber-attacks and cryptocurrency frauds in both territories. The FBI, which is attempting to thwart the Ransomware attack, is behind the announcements.
FLOKI Token Price Analysis: FLOKI Token Price Could Revert To $0.000133 Support
For about a month, the FLOKI token oscillated in a head and shoulders pattern. The neckline support for this pattern was around $0.00022-$0.00021, and on November 16th, the price eventually gave a strong breakdown from this critical support, kicking off a severe drop.
The critical also confirms a bearish trend for this cryptocurrency, with the price falling below the 200 EMA line. The RSI (BULLISH) value in the cryptocurrency is 44, indicating a bearish mood.
That will be all on crypto news today, Thanks