Crypto News November 21: Bitcoin may never return to $30,000 with news Binance, Celsius, Solana, Chainlink, Tornado Cash, Shibarium, Render, Shiba Inu
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From the opinion that Bitcoin will never retreat back to $ 30,000 to the Osaka exchange launching the first security token trading platform in Japan. Here are some outstanding news in the crypto market.
Bitcoin News
Bitcoin (BTC) price remains the de facto standard by which the entire cryptocurrency ecosystem is measured, and its current outlook still shows upward momentum.
An analysis of Bitcoin’s price was recently shared by leading market analyst, Willy Woo, who noted that BTC may never return to $30,000 again.
Similar to Bitcoin never retracing back to the $10,000 price level, Woo is bullish on current market conditions, saying the same could happen in the $30,000 range.
Source: Willy Woo
According to analysis based on the “Bitcoin Cost Base Density Map,” there are three separate events that will prevent Bitcoin from retesting its current key support band, prominent among them being the possibility of spot Bitcoin ETF approval and the upcoming halving in 2024.
He pointed out that this happens whenever Bitcoin exits a bear market and when the market is about to enter the next halving.
Accordingly, the implemented promotion program will allow users to trade AI tokens including: SingularityNET (AGIX), Cortex (CTXC), Fetch.AI (FET), Measurable Data Token (MDT), Numeraire (NMR) ), OCEAN, Phoenix (PHB), iExec RLC (RLC) and Worldcoin (WLD) – on Binance Spot participate in the reward pool worth 10,000 USDT in voucher tokens.
The promotion is open to all new users, as well as existing regular users and VIP 1-3 who have not traded on Binance Spot in the past 90 days.
A total of 10,000 USDT in available token vouchers will be distributed, taking place from 16:00 November 20 to 15:59 November 27 (Vietnam time).
Celsius News
Celsius’s recovery plan hit a roadblock when the U.S. Securities and Exchange Commission (SEC) wanted more information about the bankrupt company’s assets.
The conversations include the SEC, Celsius Creditors Committee and Fahrenheit Group.
“The SEC requested additional information to make a decision. The agency is telling the committee what information the different parts of the business have, and the committee has to decide what they are going to do with that information.”
Celsius filed for Chapter 11 bankruptcy protection in July 2022 after revealing a $2 billion balance sheet loss.
Solana News
Anonymous analyst, Bluntz, told his 229,100 followers on media platform
According to the trader, last week’s correction set the stage for Solana to reach new 2023 highs.
“The next leg will hopefully take us up to $80 and beyond.”
Source: Bluntz
Bluntz uses Elliott Wave theory, an advanced technical analysis method to predict future price action based on crowd psychology expressed in wave form. In theory, a rising asset will experience a 5-wave rally with each main wave consisting of 5 sub-waves.
Looking at the chart, the analyst seems to predict that SOL will initially rise to around $70 and then $82.50.
Chainlink News
Chainlink, a prominent company in the blockchain space, recently attracted investor attention when the price of its token jumped, marking an 88% increase over the past month.
Starting at $7,362 and reaching $17, the uptrend led to excitement, but the current market reflects a 5% drop, with LINK being traded around $14.3.
Meanwhile, data from Santiment shows that, on October 17, when Chainlink (LINK) was below $7.4, the 200 largest wallets added 40.18 million LINK in total. Within 25 days, the asset skyrocketed 125% to around $14.60, maintaining elevated wallet activity ever since.
LINK price chart – 1 day | Source: TradingView
Analyst, Ali Martinez, has highlighted Chainlink’s potential breakout from a bullish flag pattern. The speculated scenario includes a retest of the $14 threshold before a likely rise to the $20 mark.
Tornado Cash News
The Blockchain Association has given new support to six plaintiffs suing the US Treasury Department’s Office of Foreign Assets Control (OFAC) over sanctions against the Tornado Cash mixer.
In a Nov. 20 amicus curiae brief submitted to the U.S. Court of Appeals, the crypto advocacy group argued that OFAC’s sanctioning decision was not only unlawful but also exceeded its statutory authority, contrary to the law. United States Constitution.
This is the second amicus brief filed by the Blockchain Association in support of a group of Tornado Cash users appealing the court ruling – upholding OFAC’s decision to add the crypto mixer to the list of entities. punished.
Blockchain Association Senior Advisor Marisa Coppel emphasized in a statement on November 20 that OFAC needs to focus on penalizing bad actors rather than outright banning tools, which she claims they do not. has the authority to judge.
Shibarium News
The Shiba Inu (SHIB) development team has revealed the release of a new feature on its layer2 blockchain solution – Shibarium.
Called “Donation Function,” this option allows users to make financial contributions to non-profit validators who play a vital role in maintaining the security and efficiency of the network L2 mesh.
“Users can now support the maintenance and development of these validators, strengthening the overall integrity and resiliency of the Shibarium network,” the announcement reads.
The latest update coincides with Shibarium’s rapid progress over the past few months. The network officially launched in August, has passed many important milestones and continues to attract attention.
Recently, the total number of blocks on the L2 scaling solution surpassed 1.5 million, while the total number of transactions was nearly 4 million.
Render News
Render (RNDR) has been trending up on the one-day price chart since September 15. In early 2023, RNDR flipped $0.92 as support. At the beginning of November, $2.23 was retested as support and this was a huge achievement for the bulls.
Source: TradingView
After the $2.23 level was retested as support earlier this month, the bulls rose once again, successfully pushing the price above the $2.80 resistance. At the moment, RNDR has turned the $3.30 level into support.
Therefore, a pullback to the $3 or $2.80 area seems unlikely, although the possibility cannot be ruled out. The RSI is back above the 70 mark indicating strong bullish momentum and On Balance Volume (OBV) has been trending higher since March.
RNDR has seen a jump over the past few days, suggesting continued buying pressure. The Chaikin Money Flow (CMF) indicator also signals strong capital inflows at +0.18.
RNDR’s market structure is very optimistic. Liquidity at $2.8 would be an ideal buying opportunity. Besides, the price of $3.3 and $3 may also appeal to buyers.
On the upside, resistance levels at $4.26, $4.85, and $5.45 are upside targets in the coming weeks.
Shiba Inu News
The Shiba Inu (SHIB) has once again proven that it can attract attention thanks to its spike in burning rate.
Data from Shibburn shows that memecoin sent a total of 28,129,380 SHIB to dead wallets, a spike of 47,872% compared to the previous 24 hours.
The increase in burn rate underscores the vitality of the Shiba Inu ecosystem and the commitment of community members to the protocol’s deflationary goals. With the burning rate skyrocketing, the total number of tokens burned to date now stands at 410,645,226,894,991 SHIB. The network only has 580,404,295,237,505 SHIB left as circulating supply.
The spike in burn rate comes at a time when Shibarium is preparing to record an important milestone. Data from the Shibarium browser shows that the total number of blocks is heading towards 1,800,000.
Other news
Osaka Exchange launches the first security token trading platform in Japan
According to Bloomberg, the Osaka exchange plans to launch the first security token trading platform in Japan on December 25, 2023.
In an announcement on November 20, the exchange said it would operate “Start”, a trading system designed specifically for security tokens. The plan to launch the platform comes after Osaka received approval from Japan’s financial regulator last week.
Accordingly, the token will be issued by real estate company Ichigo Inc. and Kenedix Inc. issued, to serve the investment needs of alternative assets to optimize traders’ profits.
Specifically, Ichigo company will sell about 3 billion Yen (20.1 million USD) of security tokens backed by its real estate investments.
