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.
- 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.
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
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.
No other crypto. Only Bitcoin.
More: Bitcoin price analysis: BTC/USD shutters $8,000 support, the focus shifts to $7,800
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