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Mean Transaction Volumes of USDT, BTC, and ETH Increased, Glassnode Reports

Users of blockchain services are sending larger amounts of USDT, BTC, and ETH than months before. According to Glassnode Alerts, the average volume of USDT transferred reached a six-month high of 71,124,260 USDT.

The research company recorded a three-month high for Bitcoin, averaging 734.765 BTC, up 0.904 BTC from yesterday’s three-month high. Mean transaction volumes of Ethereum are also at a monthly peak of 4.041 ETH, an increase of 0.013 ETH since yesterday.

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Bitcoin Leaves Exchanges, Glassnode Alerts

Glassnode notified that the volume of BTC withdrawn from exchanges reached a monthly high of 1,496.484 BTC (7-day MA). A comparable figure was last seen on Oct. 22, when 1,495,141 BTC were withdrawn from exchanges monitored by the research company.

Source: Glassnode

Glassnode monitors such centralized exchanges as Binance, Bitfinex, Bithumb, BitMEX, Bitstamp, Bittrex, Coinbase, Coincheck, Gate.io, Gemini, HitBTC, Huobi, Kraken, KuCoin, Luno, OKEx, and Poloniex.

Bitcoin continues to plunge. After starting to decline in price on November 15, BTC has since fallen 12.8%, dropping to a low of $55,861 on November 19, according to Coingecko. BTC rehabilitated a bit last weekend, rising to $60,082 at its peak this Sunday. The asset is currently trading at $57,213, down 3% in 24 hours.

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Downhill: What’s Happening to Bitcoin and Other Coins

Tuesday morning (UTC) began with news from China, accompanied, as has become a tradition, by a red carpet for most coins. Chinese authorities issued a warning to state-owned businesses to stop mining cryptocurrencies, threatening serious consequences. The news (though likely not them alone) was reflected in the price of Bitcoin – the asset fell nearly 7 percent in 24 hours, hitting $60,558 at the low point.

As it turns out, Chinese miners are not giving up so easily, with many of them repositioning themselves as research companies to provide a facade for continued operations in Mainland China. However, the National Development and Reform Commission (NDRC) is not letting up either, represented by spokesperson Meng Wei they have announced a further investigation and a complete cleanup of Bitcoin mining activities and any other related practices.

Bitcoin, currently trading at $61,135, fell today to $60,558, a level last seen on November 7. ETH is down a similar 8.5% and is worth $4,339 as of this writing. Among other altcoins, KDA, NEAR, ATOM, KSM, ALGO, LRC, LTC, and LUNA were the hardest hit, falling more than 9%. However, traders, though they believe we have a continued decline ahead, are optimistic.

Source: TradingView

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Bitcoin and Ethereum Continue to Surge, Reaching New ATHs

Bitcoin and Ethereum don’t seem to stop their surge anytime soon as the prices of both market’s main cryptocurrencies continue to surge, almost simultaneously reaching new heights on November 9.

Sorce: TradingView

According to CoinGecko, the new all-time high for BTC is now above $68,640, while the record price for ETH is set to $4,857. Both assets have shown similar price dynamics for the past week: with BTC up to 11.2% and ETH up to 11% for the past seven days.

Sorce: TradingView

According to a report from blockchain analytics provider Glassnode, the recent surge of Bitcoin’s price is directly related to a reluctance to sell from big investors. Glassnode reports that there’s now a 85% share of the Bitcoin supply that has remained inactive for the past three months.

Same goes for miners, who show a persistent resistance to sell their BTC holdings. According to CryptoQuant, outflows from miner wallets have been low for the past weeks and months, with few exceptions.

As the data from CoinGecko shows, the global cryptocurrency market cap has reached $3.08 trillion today, growing by 2.0% for the last 24 hours. This growth was fueled by some altcoins reaching their new ATHs, such as Solana’s SOL and Polkadot’s DOT.

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This is Crypto: Bitcoin Jumped from $63k to $66k Overnight, Altcoins Reach ATHs

What a night! Overnight from around 8 p.m. UTC on Nov. 7 through the morning of Nov. 8, BTC rose $62,500 to $66,362 today around 7 a.m. UTC. A rise of 6.18% or nearly $4k again brought Bitcoin closer to its last all-time high, with the asset now just one and a half percent away from setting a new record. Some traders are still confident that the surge will be followed by the correction during the week. At the moment, BTC is trading at $65,998.

Source: TradingView

The asset #2, ETH is moving steadily towards $5k, breaking another record of $4,782 about half an hour ago. In the same time frame, Ethereum jumped from $4,600 to $4,782 (ATH). ETH is up 4% in the past 24 hours and remains on the green trail.

Of other altcoins, Loopring’s LRC (27.8%), Avalanche’s AVAX (13.4%), and Kusama’s KSM (9.1%) showed the sharpest gains. Loopring’s incredible rally, which can be attributed among other things to Ethereum gas fees going up again, is now in its eighth day since November 1, when LRC went from $0.55 to $0.99 and jumped to $1.55 a day later. And while the coin is still a far from the ATH of nearly four years ago, the zk-rollup layer 2 platform’s token is now still rising and trading at $1.63.

AVAX just hit another ATH of $95. The Avalanche coin is moving steadily toward the $100 mark, gaining more than 13 percent in 24 hours. In addition to the overall market growth, this run can be attributed to several incentive campaigns launched by the project to attract developers to the platform.

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Red Light: Bitcoin Fell Below $60k

Bitcoin showed a long-awaited sharp decline and fell below $60,000, according to TradingView.

Source: TradingView

The correction, though sudden, dropping the asset to $58,178 at the low point, was nothing new to traders. According to some of them, the price of BTC will still correct and could fall as low as $50,000. Since the drop, Bitcoin has yet to climb back above $60,000 and is currently trading at $59,142. The cryptocurrency has reached its lowest level in the last 12 days, the last time BTC dropped to $58k was on October 15.

The main altcoin, ETH, was not left out either. About 40 minutes ago, Ethereum plummeted from $4,250 to $3,982. Later, Ether managed to climb above $4k and is now trading at $4,040. However, the currency did pull other major altcoins with it. BNB, ADA, XRP, Polkadot, LUNA, AVAX, LTC, ATOM, XLM, KSM, and others experienced similar declines. DOGE meme coin also shows a 4.9% drop in the last hour, while its Ethereum competitor SHIB displays an uptrend.

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Core Scientific Enters Nasdaq via SPAC with a $4.3B Contract

Core Scientific, a large American cryptocurrency mining company, enters Nasdaq through SPAC and has signed a merger agreement with Power&Digital Infrastructure Acquisition Corp for $4.3B.

The company is one of the largest providers of blockchain infrastructure and hosting in North America and operates in North Dakota, North Carolina, Georgia and Kentucky. The importance of Core to the market is also shown by the fact that the competing Bitcoin miners Riot Blockchain and Marathon Digital have a market capitalization of $2.18B and $2.25B, respectively.

Mike Levitt, co-chairman and CEO of Core Scientific, said that in 2021, Core issued more than 3,000 Bitcoins, including 1,683 to its own account.

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The Bank of America Approves Bitcoin Futures Trading for Some Customers

Media has learned that the Bank of America has approved the trading of Bitcoin futures for some of the customers. One of the two anonymous sources said that the bank introduced such an opportunity because of the large margin and moved away from its conservative approach to the crypto sector.

Another source reported that some clients are ​​configuring to trade Bitcoin futures, which are cash settled, and one or two may have already gone live.

It is known that some investment banks allow clients to invest in crypto products. In March, Goldman Sachs confirmed plans to resume the work of its cryptocurrency trading department, although it had been on a break for three years before that. In May, the investment bank began buying and selling Bitcoin futures as part of the blockchain transactions through the Chicago Mercantile Exchange (CME) group; the trading partner was Cumberland DRW.

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ThorChain Lost $5M in Crypto Assets

ThorChain, a decentralized liquidity protocol, har suffered from an exploit that led to the loss of approximately $4,9 million of crypto assets in Ethereum and ERC20 tokens.

An unfortunate event happened on July 15. A hacker used a vulnerability in the latest ThorChain’s upgrade ‘Chaosnet’, aimed to maintain cross-chain swaps across Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Binance Chain networks.

As was explained by one of the ThorChain developers, ETH Bifrost was tricked using a custom wrapper to read a deposit amount of 200 when it was actually zero. When a community deveoper noticed this issue, anonymous nodes voluntarily made commands to stop their nodes to protect the network. The whole network was halted, once more than one third of the nodes has stopped.

ThorChain has already announced its recovery plan. The network was started today as soon as the patch was released. The team promised to replenish stolen funds on the Ethereum pool to restore lost funds to LPs, release an auto-solvency checker as a preventative measure and conduct an audit to solve this issue.

As was mentioned on ThorChain Telegram channel, the project has enough funds to cover the cost of an exploit. However, the administrators requested the attacker to get in contact with the team to discuss the return of funds for a bug-hunter’s bounty.

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Bitcoin Will Go down Rather than up, Analysts Say

ByteTree CEO James Bennett believes that the growth of the Bitcoin price is unlikely, he considers the opposite more likely to happen. The reason for this conclusion was the network activity falling sharply for the past months.

Bennet’s analysis notes that weekly Bitcoin transactions have plummeted since April and now amount to about 1,48M transactions, which is below the January 9 high of 2,57M. This affected the decrease in the cost of transactions on the Bitcoin network to $23.6B, the lowest point since December 2020.

As for the velocity of Bitcoin, the indicator fell to a record low of 195% on July 11, which forms a significant difference from the maximum of 593% on May 23. According to Bennett, the velocity is “a non-price indicator and measures the vibrancy of the Bitcoin network”.

“In the second half of last year, July through to December, velocity was picking up and subsequently price followed. As velocity has fallen through the year, price has followed again.” Bennett said in his analysis.

He also noted positive manifestations on the market – a surge in the accumulation of miners. The figure has decreased due to the harsh measures of the Chinese government in the process of the crypto asset mining.

Bennett suggested that miners are accumulating BTC reserves again, since the statistics started to grow, it can be concluded that the price may be in the process of stabilization.

At the moment, Bitcoin is traded at $31,9K, over the past day it has varied between $31,7K and $33,2K.