Binance Pool Pulls Out $500 million to Help Bitcoin Miners 

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Binance Pool raises $500 million for new loan programs for Bitcoin miners.The company must have been driven to launch a new loan business for the miners by the recent upheaval from crypto mining businesses. For the loan, which can last up to 18 months, miners just need to provide security in the form of tangible or digital goods. 

Binance did not initiate the bid to support the digital asset mining sector. Jihan Wu, the owner of Bitmain, a manufacturer of cryptocurrency mining equipment, has also created a $250 million fund to buy underperforming assets from faltering mining companies. DEFC-owned Maple Finance has also created a loan business to give miners working cash with only a small down payment. 

Key Bitcoin Levels to Watch — October 14

Bitcoin, like most coins on the market, is bearish at the moment. Hence, the reason for the crypto miners’ recent fold-ups. Big cryptocurrency and other major financial institutions’ involvement can be expected to affect a retracement for Bitcoin.

Binance Pool Pulls Out $500 million to Help Bitcoin Miners 
The True Strength Index indicates that the BTC price is getting set to go bullish as the indicator is just about to cross the signal line. This is suspected to be a result of the rejections seen in the market in the last couple of days. 

The Average Directional Index, however, signals that BTC’s bearish direction is gradually becoming resistant to the bears’ pressure. The indicator shows that the market’s direction might be ready to change at any moment. The SuperTrend indicator, however, maintains that the market remains bearish. 

Bitcoin Key Levels

Resistance Levels: $19652.80, $2119.90, $20461.80
Support Levels: $18949.60, $18495.60, $18139.50

Total Market Capitalization: $919.7B
Bitcoin Market Capitalization: $367.9B
Bitcoin Volume: $39.4B
Market Rank: #1

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.