Crypto Today: Slow-motion Bitcoin battering continues amid interesting Tron chart, Pomp's PayPal comment


Here is what you need to know on Thursday, November 21:

Bitcoin plunges below $8,000, dragging cryptos down

Thursday's trading is marked by a sea of red, without a single downward driver, but with an accumulation of downbeat developments. 

Cryptocurrency markets

- Bitcoin has been dropping, hitting a new low of $7,876, down nearly 2% on the day. The granddaddy of digital coins is trading at a four-week low.

- Ethereum is also dragged lower to around $175 but experiencing a more moderate drop. Vitalik Buterin's brainchild has been able to weather the storm partially. 

- Ethereum Classic is also outperforming its peers with a minor slide of only 0.3%, trading above $34.3. ETC/USD may advance up the ladder in terms of market capitalization. 

- Ripple is extending its slump below $0.25. Reportedly, som XRP transactions were involved in financial pyramids.

- STR/USDT stands out with a fall of 5% and is now fighting to hold onto $0.60. 

Bitcoin Confluence: Path of least resistance is down:

The confluence chart is bearish for BTC/USD. The path of least resistance is down.

Bitcoin confluence November 21 2019

Chart of the Day: TRX/USD in a tricky situation

TRX/USD must defend the falling channel for dear life as the channel support has been tested severally amid the declines from $0.0230. Bullish efforts have been thwarted at $0.0170 culminating in loses likely to taste $0.0160

TRX/USD 4-hour chart

Industry News: Scams and bridges

- Bitcoin Miner Canaan has had a lackluster IPO, losing a banking partner and netting only $900 million.

- A US Think-Tank has released a report investigating illicit dark web transactions.

Ruja Ignatova, also known as the "Crypto Queen," has allegedly paid $50 million to Mark S. Scott, a lawyer, in order to launder funds. The case is being heard in a New York court. Ignatova is on the run. The OneCoin venture is notorious for being one of the worst scams, according to experts. Neil Bush, brother of George W. Bush, the 43rd US President, has reportedly participated in a meeting that included the fugitive. 

- On the other hand, Binance is making strides in India, purchasing WazirX, a leading Bitcoin exchange. Customers will be able to use Indian rupees from November 25. The regulation of digital coins in the world's most populous country has been severely tight. 

- Another piece of positive news comes from a Bloomberg Panel, in which experts said that Bitcoin is becoming more attractive in times of global uncertainty.  

Quote of the Day: Pomp invokes PayPal

Anthony Pompilano (@pomp) tweets about Dan Schulman

PayPal CEO owns Bitcoin.

That’s it.

No other crypto. Only Bitcoin. 

More: Bitcoin price analysis: BTC/USD shutters $8,000 support, the focus shifts to $7,800
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 price prediction Bitcoin, Ethereum, Ripple: Market ready to launch, not knowing who will lead it

One of these stories is the intense and profound relationship between Ethereum and Bitcoin. The story approaches a moment of decision, where what happens can mark the future.

More Bitcoin News

Ethereum Price Analysis: ETH/USD reverses Sunday gains as Istanbul-inspired enthusiasm is over

ETH/USD has retreated from the recent high of $152.14 reached on Sunday, following the successful Istanbul upgrade.

More Ethereum News

IOTA price analysis: IOT/USD loses ground, ignores positive fundamentals

IOTA is flashing with red colors. The coin retreated from the 18th position a month ago to 20th place in the global cryptocurrency rating amid strong bearish sentiments.

More IOTA News

Tezos Price Analysis: Whales send XTZ/USD to multi-month high

Tezos  (XTZ) is the best-performing digital asset today. The coin has gained over 6% of its value in recent 24 hours while all Bitcoin and all major altcoins have stayed in tight ranges amid low trading activity. 

More Tezos News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP