Here are Five Possible Factors that Could Have Triggered the Recent BTC Crash

Here are Five Possible Factors that Could Have Triggered the Recent BTC Crash

Bitcoin (BTC) has suffered an unexpected drop by close to $3,000 over the past few hours. We have compiled a few factors we think precipitated this crash.

1- OKEx resumed facilitating withdrawals today, after an extended period of locking up investors’ funds on the exchange. This halt happened after the founder of the company was arrested in October. Investors on OKEx quickly jumped on the chance to cash out on their profits as soon as they saw the opportunity, given how much the unduly-withheld funds have accrued over the weeks.

2- Earlier today, it got reported that the CEO of the US-based Coinbase, Brian Armstrong, expressed his fears over the rumored regulations proposed by the country’s Treasury Secretary. The proposed law is said to be very harmful to the crypto industry, considering it infringes on one thing cryptocurrencies are fabled for; privacy.

3- Our third proposition is that Bitcoin has gone significantly long without any price corrections. A price correction had been anticipated for a while, and this one coincided well with the current fundamental backdrop.

4- The $20,000 all-time high is a firm technical and psychological resistance. Just like how drawn out the fight to secure the $10,000 psychological line was, speculators expect the $20k mark to put up a good fight.

5- Our final reason for the recent BTC crash is that it got ignited by heavy FOMO buying. Naturally, when the fear and greed scale of Bitcoin gets too high, a refresh (which triggers a crash) is expected.

BTCUSD -4-Hour Chart

Key BTC Levels to Monitor — November 26

The recent BTC crash was firmly caught by the $16,200 support, signifying a possible end to the decline. That said, the benchmark cryptocurrency is likely to facilitate a steady ascent back into our ascending channel and the overall uptrend in the coming days and weeks.

Meanwhile, our key resistance levels are at $17,000, $17,635, and $18,000. While our key support levels are at $16,200, $16,000, and $15,500.

Total market capital: $409 billion

Bitcoin market capital: $307 billion

Bitcoin dominance: 62.6%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Altcoin to Exceed Bitcoin in Gains in the Next Cryptocurrency Bubble

Altcoin to Exceed Bitcoin in Gains in the Next Cryptocurrency Bubble

Bitcoin (BTC) is now just a few hundred dollars away from reaching a new all-time high, as it continues to maintain its bullish undertone. That said, the closer the benchmark cryptocurrency gets to its $20,000 peak, the more bullish altcoins will react.

This week, BTC broke the $19,000 mark for the first time this year and now has little to no resistance before the $20,000 target. Meanwhile, altcoins have entered a strong parabolic bull run the same way Bitcoin did several weeks ago.

Over the past few weeks, Ripple (XRP) has climbed more than 200%, tripling its original value. Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and several other top altcoins from the last “cryptocurrency bubble” three years ago have started forming a bubble once again.

Many investors who missed out on the recent Bitcoin rally or sold too early cannot get back in because Bitcoin has now gotten too pricey. That said, they are now trooping into altcoins, which are cheaper alternatives and have outperformed the primary crypto in the past.

Bitcoin has recorded over 150% in year-to-date growth despite how rocky this year has been for economies and corporations. However, in the past two weeks alone Ripple has recorded more than BTC’s YTD growth. Ethereum has grown by 350% YTD, and the lower you go down the market cap ladder, the larger the gains.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor — November 25

Bitcoin appears to have entered a modest consolidation between $19,500 (its YTD high) and $18,900. We expect to see a mild dip to the $18,700, where BTC should find a decent bounce.

The next time Bitcoin likely breaks the $19,500 level will be the last time below $20,000 in the hours that follow.

Meanwhile, our key resistance levels are at $19,500, $19,800, and $20,000. While our key support levels are at $18,900, $18,700, and $18,500.

Total market capital: $566 billion

Bitcoin market capital: $350 billion

Bitcoin dominance: 61.8%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Bitcoin Records Heavy Daily Trading Volume Across Exchanges as It Nears $20,000

Bitcoin Records Heavy Daily Trading Volume Across Exchanges as It Nears $20,000

Bitcoin (BTC) remains in the business of recording new year-to-date highs, as the cryptocurrency finally crosses the $19,000 benchmark after a slightly-extended waiting period, taking it closer to its $20,000 target. The fresh surge in volatility has triggered immense trading traffic across all BTC markets—especially the Bitcoin futures market.

Data from the cryptocurrency market and on-chain analysis firm Glassnode shows that the open interest on Binance futures has just reached a new all-time high at $1.2 billion. This surge comes as the benchmark cryptocurrency turned the $19,000 level into support as the cryptocurrency aims for its ATH of $20,000.

More interestingly, the 24-hour Bitcoin futures volumes on the exchange are currently trading miles away than all other platforms in the sector. Binance is running with close to $11 billion worth of Bitcoin futures trades, while Huobi is somewhere behind with $8.3 billion worth of BTC futures volume in the past 24 hours.

Apart from the futures market, the spot cryptocurrency trading volume on Binance was equally off the charts.

Meanwhile, the creator of the Bitcoin stock-to-flow model, PlanB, took to his Twitter today to say that the benchmark cryptocurrency was entering the beginning of a new bull market.

BTCUSD – Hourly Chart

Key BTC Levels to Monitor — November 24

Bitcoin remains in a strong upwards trajectory, despite its recent rejection from the $19,445 level. Just like yesterday, we expect the cryptocurrency to approach the $18,500 level—where our ascending trendline currently lies—and find fresh bullish momentum to finally put it in front of the key $20,000 resistance.

Meanwhile, our key resistance levels are at $19,330, $19,500, and $20,000. While our key support levels are at $18,500, $18,000, and $17,635.

Total market capital: $575 billion

Bitcoin market capital: $352.5 billion

Bitcoin dominance: 61%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Interest in Bitcoin by Whales and Retail Traders Hit Yearly Highs

Interest in Bitcoin by Whales and Retail Traders Hit Yearly Highs

Bitcoin (BTC) has been on a bullish roll since early October, which has seen the cryptocurrency break several yearly highs. The most recent bull rally took the benchmark cryptocurrency to the edge of $19,000, almost doubling its price in just under two months.

Such performance from any asset class attracts investors in their thousands, and it is no different in this case. According to Santiment, a data analytics firm, whale accounts containing 10,000 BTC and above have increased to 114 as a result of the recent bull run. With BTC currently trading around $18,300, it means all 114 of those accounts have $183 million or more worth of BTC in holding.

Meanwhile, the number of accounts holding between 1,000 and 10,000 BTC has also increased significantly. Santiment reported that the number stands at 2,449, a new all-time high.

Apart from large crypto wallets, retail accounts have also seen a significant spike. According to data from Google Trends, searches for “buy Bitcoin” globally jumped to a yearly high last week.

Despite the impressive numbers, data suggests that there’s still ample room for increase. While interest in the cryptocurrency has been on the rise, it is still yet to reach the numbers recorded in late 2017 and early 2018.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — November 23

Bitcoin has just recorded a significant leg down in recent hours, indicating that it has eased the mounting pressure a bit. That said, we expect a fresh burst to the $19,000 once again as the cryptocurrency remains on its journey to recording a new all-time high.

Meanwhile, our key resistance levels are at $18,900, $19,500, and $20,000. While our key support levels are at $18,000, $17,635, and $17,000.

Total market capital: $548 billion

Bitcoin market capital: $340 billion

Bitcoin dominance: 62%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Bitcoin’s Recent Market Capitalization Record Silences Critics

Bitcoin’s Recent Market Capitalization Record Silences Critics

Despite the relative quietness of the equity markets, the Bitcoin (BTC) market has been very eventful. The benchmark cryptocurrency has gained more than 70% over the past five weeks, while stock indexes like the S&P 500 have only recorded meager gains in the same period.

The price dynamics in BTC against other assets have spurred some very interesting discrepancies. To begin with, the market capitalization of Bitcoin has hit a new all-time high despite the cryptocurrency still being a few hundred dollars away from its all-time high.

A well-known investor in the crypto sector, Anthony Pompliano, noted some months ago that there were just eleven companies with larger market capitalization than BTC globally. However, since the time he made that comment until now, that number has risen to 16, as many stocks—especially tech-related stocks—like Amazon (NASDAQ: AMZN), Apple (NASDAQ: APPL), Microsoft (NASDAQ: MSFT), Facebook (NASDAQ: FB), and several others gained significantly, mostly as a result of the COVID-19 crisis.

More significantly, BTC’s market cap has now surpassed that of JPMorgan, who—before now—was one of the most vocal critics of the cryptocurrency. That said, the company has begun to soften its criticism of late, most likely as a result of the overtaking in the market cap.

Nonetheless, analysts are very confident that Bitcoin still has ample room for growth in the short-term.

BTCUSD – Hourly Chart

Key BTC Levels to Monitor — November 22

The cryptocurrency has now come full-circle on our chart, as it recently made a modest dip to the $17,600 level—our ascending trendline. As expected, the cryptocurrency immediately bounced off the line and is now attempting a retry of last week’s high close to $19,000.

We expect a sharp climb from this point in the coming hours and days, as the cryptocurrency inches ever so close to its all-time high.

Meanwhile, our key resistance levels are at $18,900, $19,500, and $20,000. While our key support levels are at $18,300, $18,000, and $17,500.

Total market capital: $540 billion

Bitcoin market capital: $343.6 billion

Bitcoin dominance: 63.5%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Bitcoin to See $20,000 Soon as Bulls Refuse to be Tamed

Bitcoin to See $20,000 Soon as Bulls Refuse to be Tamed

Bitcoin (BTC) continues on a strong upwards trajectory for the seventh consecutive week now, defying all odds and market norms. At this point, one could say that the cryptocurrency has reentered a “price discovery” mode again after three years.

However, even if that isn’t the case, this prevailing bull rally has brought the benchmark cryptocurrency in contact with its final resistance before we see a new record high. That said, when the all-time high at $20,000 gets cleared, the amount of FOMO-induced purchases will be astronomical, which will invariably send BTC to extraordinary heights.

Are we going to see a new all-time high this month or week? Or will this final resistance be powerful enough to quell an all-out FOMO boom? Either of these scenarios is possible. However, we are more likely to see the former play out.

In other news, a Chief Investment Officer at Blackrock, one of Wall Street’s largest and most prominent investment firms, has asserted that he believes “cryptocurrencies are here to stay” in a recent interview today. The CIO also stated that he believes Bitcoin could replace gold as the recognized and preferred store of value.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor — November 20

Bitcoin continues to trade upwards without taking modest dips, as normally expected. The primary cryptocurrency is now on the cusp of breaking its all-time high at $20,000. That said, any decline from this level will get supported by the $18,300 support.

Meanwhile, our key resistance levels are at $18,829, $19,000, and $20,000. While our key support levels are at $18,000, $17,500, and $17,000.

Total market capital: $522 billion

Bitcoin market capital: $344 billion

Bitcoin dominance: 65.9%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Bitcoin Projected to Drop by About 30% As It Goes Into Consolidation

Bitcoin Projected to Drop by About 30% As It Goes Into Consolidation

After an epic surge that caused it to rally close to its all-time high yesterday, Bitcoin (BTC) is starting to show signs of a slow down. Although BTC appears to have entered a consolidation, there is still the likelihood that the cryptocurrency could see a fresh leg up.

However, there is also the likelihood of a steep correction from this level—as much as 30%—considering that previous bull markets have seen such pullbacks.

This idea of a pullback comes from Peter Brandt, a well-known charting expert, and he believes that Bitcoin is going to see a significant decline since its monumental 30% rally since the beginning of November. He mentioned that there were nine notable corrections in BTC during the last parabolic bull run from 2015 to 2017, with an average decline of 37%.

The last major correction was in early September this year when the benchmark cryptocurrency fell from around $12,000 down to the $10,000 area, in just four days. Although this was a 15% correction—half of the average from previous cycles—Brandt proposes that the next one will be significantly larger.

A projected 30 percent correction from Bitcoin’s current price would send it back to the $12k area, which is still a significant amount from its position around the beginning of the year.

Nonetheless, there is also the expectation that a pullback at this time would not be as violent as the past cycles considering that several institutional bodies and corporations have stocked up on BTC, which significantly lowers volatility for the cryptocurrency.

BTCUSD – Hourly Chart

Key BTC Levels to Monitor — November 19

BTC has entered into a consolidation range, as we anticipate a modest price correction in the coming hours and days. Already, Bitcoin has formed a bearish flag, further solidifying the prospects of a dip. A dip from this level is going to be caught by the $17,200 support. Further declines below that level could send Bitcoin on a longer bearish extension.

Meanwhile, our key resistance levels are at $18,000, $18,490, and $18,800. While our key support levels are at $17,200, $17,000, and $16,500.

Total market capital: $502 billion

Bitcoin market capital: $332 billion

Bitcoin dominance: 66%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Bitcoin Shows Extreme Volatility as It Records $2,000 Price Swing Under 24 Hours

Bitcoin Shows Extreme Volatility as It Records $2,000 Price Swing Under 24 Hours

The past 24 hours have been nothing short of a roller coaster ride for Bitcoin (BTC). The benchmark cryptocurrency was trading at $16,600 yesterday before carrying out what many believed to be a significant rally to the $17,850 area. At that time, this price point became the new year-to-date high. As impressive as this move was, BTC wasn’t done yet.

Just a few hours after the bull run, Bitcoin surged again and hit a new YTD high of around $18,500. This means that the cryptocurrency recorded two consecutive yearly highs under less than 24 hours. At this point, the bears decided it was time to join the ride and soon after caused BTC to drop to the $17,400 area.

What this means is that the primary cryptocurrency grew by about $2,000 from the $16,600 level to $18,500 and then dropped by over $1,000, before cooling down at the upper-$17,000 area. All under 24 hours.

Meanwhile, although BTC is yet to break its December 2017 all-time high of $20,000, its current market capitalization has surpassed that of 2017 ($334 billion), as it topped at $337 billion. This was possible as a result of the additional Bitcoins that came into circulation over the years.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor — November 18

The benchmark cryptocurrency is starting to show signs of a slowdown, at least for the time being, as it takes a break before attempting its $20,000 ATH. That said, it cannot be determined how long this reprieve could last. However, in a case of further declines from its current price ($17,670), we don’t expect the benchmark cryptocurrency to fall beneath our ascending trendline at $17,200.

Meanwhile, our key resistance levels are at $18,000, $18,490, and $18,800. While our key support levels are at $17,000, $16,500, and $16,000.

Total market capital: $494 billion

Bitcoin market capital: $326 billion

Bitcoin dominance: 65.9%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Bitcoin Marks End of Bear Era as It Inches Closer to Its All-Time High

Bitcoin Marks End of Bear Era as It Inches Closer to Its All-Time High

Bitcoin (BTC) has marked the end of an era, as the benchmark cryptocurrency closes the door to its recent multi-year bear market and aims for a new all-time high.

BTC is now on the brink of breaking the $18,000 psychological resistance, with bulls dramatically destroying every pre-existing key resistance level.

The cryptocurrency has now been on this upward trajectory for about 73 days, with mild pullbacks and consolidations along the way, but mostly strong bullish rallies. That said, this bull run has been regarded as one of the most steady and prolonged parabolic trends in the history of the cryptocurrency.

This trend has mainly been driven by intense fundamental factors, including massive corporate adoption and rapidly increasing new wallets.

Meanwhile, one trader has noted that the days of seeking $10,000 entries are gone, permanently. Although he doesn’t see the cryptocurrency reaching a new all-time high this year, he believes that 2021 will be filled with new ATH upon ATH.

The decisive break above the $17,000 area is an incredibly bullish signal for the cryptocurrency, considering the importance the level holds for analysts and investors since 2017. That said, what the market does in the near-term at this price level ($17,750) will determine what we should expect in the coming weeks.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — November 17

Bitcoin continues to shatter resistance levels as it continues to make its way up to our trendline. In an unlikely event of a fall from this level, the $17,000 psychological support area should prevent any subsequent declines. The firm break above $17,000 is incredibly bullish, as this has long been a level that analysts and investors have been closely watching.

Meanwhile, our key resistance levels are at $17,940, $18,465, and $18,800. While our key support levels are at $17,000, $16,500, and $16,000.

Total market capital: $495 billion

Bitcoin market capital: $325 billion

Bitcoin dominance: 65.6%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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How Cryptocurrency Made iGaming Safer and Convenient?

How Cryptocurrency Made iGaming Safer and Convenient?

The iGaming industry has historically been plagued by security concerns and inconvenient transactions thanks to constant monitoring by the government.

Cryptocurrencies have eased the situation, enhancing the popularity of online gambling over the years. Online gambling in the USA peaked during 2003 with the popularity of WSOP. However, the boom was short-lived as the government soon introduced a bunch of regulations curbing online poker.

The situation improved in the last few years, with a few states opening their doors to online gambling in general. The lockdown due to COVID-19 has forced the remaining authorities to legalize iGaming through the rest of the country, although the process is hardly a walk in the park! Crypto gambling gained popularity over the years due to a number of factors. And a decentralized ledger is one of them.
Blockchain and iGaming
The introduction of blockchain currencies has brought a slew of gaming solutions previously unheard of. Thanks to the peer to peer nature of blockchain transactions, gamblers are assured of safe and instant transfers. Cryptographic transactions are transparent and provable, which eliminates the chances of manipulating results on the fly.

The idea of operators trying to capitalize on their position and holding the edge over gamers is what led to regulations in the first place. By eliminating the threat at the core, cryptocurrencies mitigate the need for third-party interference. Moreover, the truly anonymous nature of crypto transactions offers a higher level of security than fiat currencies.

BTC transactions are cheaper than their traditional counterparts as they remove third-party fees from the equation. And the benefits are directly passed on to the users. The lack of any centralized authority also ensures quick and easy transfers at a moment’s notice. However, users need to practice extreme caution as transactions once complete cannot be reversed.

Currency background bitcoin coin exchange new stock

The Pros of Cryptocurrency
Crypto casinos are accessible beyond conventional borders and operate outside the realm of traditional online casinos. Governments generally regulate financial transactions between banks and casino accounts. Thus, controlling the entire iGaming industry. Blockchain currencies eliminate the need for banks and work around the system. BTC transactions do not require ID verification every time, and once the account is live, you’re free to transact as much as you need.

The process eliminates the risk of identity theft and offers a higher level of security unheard of in conventional transactions. Quicker transactions are an added bonus and mitigate long waiting periods generally associated with iGaming. This is a boon for online gamblers who generally need to wait anywhere between 24 and 48 hours to transfer amounts to and from their bank accounts. Gamers can even check their crypto balance on the fly using the public ledger.

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  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9

Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.