Bitcoin
BTC$43 820.10

1.39%

Ethereum
ETH$2 361.38

0.41%

Tether
USDT$1.000299

0.02%

XRP
XRP$0.681118

5.93%

Binance Coin
BNB$240.90

3.09%

Solana
SOL$75.73

6.81%

El Salvador moving forward while China widens ban


01 Oct 2021

#Bitcoin

Bitcoin is up 3% over 24 hours to $43,500. Last night, the benchmark cryptocurrency was down to $41K, where it attracted demand from buyers on the decline. At this point, buyers are starting to buy back BTC quickly, which gives some hope. The coin gets strong support on declines in the $40K area. Over the past month, Bitcoin has beat off attempts by bears in this area 5 times. Nevertheless, increased seller intensity may still play against Bitcoin. Now BTC finally offset the “Chinese news factor” and further news from the Celestial Empire is likely to have less and less influence on the price dynamics of the coin.

BTCUSD daily chart

The Crypto Fear & Greed Index for Bitcoin and major cryptocurrencies is at 20, which corresponds to the “extreme fear” mode. This is a bullish buy signal on a rebound for the first cryptocurrency and this market in general. The RSI index for BTCUSD on the daily chart is in the neutral zone, showing moderate growth and indicating that there is room for growth. Contrary to outside pressures, El Salvador is moving forward with the incorporation of Bitcoin into the economy. The country’s president published a video of the installation of volcano-powered ASICs. Clearly, the country’s government is going ‘all in’ in its experiment on citizens and the economy. News of such nature, if not causing powerful buying impulses, certainly maintains a positive mood among participants of the crypto market.

Nevertheless, if the experiment fails miserably, we may well see an increase in the negative impact on Bitcoin and then on the entire crypto sector. It is difficult to unequivocally condemn and advocate for such a project. It is likely that the success of such an event could be even more dangerous than the failure, as it would cause several countries to follow El Salvador’s example. Globally, there are many countries unhappy with the current world order, the role of the Dollar, and the IMF, but at this stage, betting on Bitcoin is like betting everything “on the red” in a casino.

China is doing exactly the opposite, banning everything related to cryptocurrencies. It has become known that Bitmain, a Chinese manufacturer of Bitcoin mining ASICs, has stopped selling in their country. This is very revealing news, as it is obvious that the Chinese authorities, after weighing all the pros and cons, came to a total prohibitionist position. The authorities of Western countries are usually against such methods, but in practice, they often copy Beijing’s position, albeit in a different kind of wrapper. It is hard to say what size the crypto market will be allowed to grow to, but it is obvious that Chinese-type regulation is getting closer.


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 79.6% 31 $43 820.10 1.39% 13.14% $857 334 806 631 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76.8% 36 $2 361.38 0.41% 12.42% $283 880 573 853 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000299 0.02% -0.02% $90 362 643 646 USDT 7 days price change
4 XRP (XRP) XRP XRP predictions 82.4% 28 $0.681118 5.93% 10.95% $36 751 390 365 XRP 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 86.8% 18 $240.90 3.09% 5.40% $36 543 180 385 BNB 7 days price change
6 Solana (SOL) SOL Solana predictions 78.8% 39 $75.73 6.81% 22.25% $32 258 285 071 SOL 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000125 0% 0.01% $24 502 884 471 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82% 37 $0.617471 27.74% 59.37% $21 808 674 474 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 53 $0.101944 5.02% 21.08% $14 492 322 552 DOGE 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 72.4% 50 $32.71 20.35% 48.38% $11 963 701 556 AVAX 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 TRON (TRX) TRX TRON predictions 92% 7 $0.107625 1.58% 4.25% $9 521 831 874 TRX 7 days price change
13 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 94% 7 $0.107531 1.92% 4.08% $9 513 557 659 WTRX 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 77.6% 38 $16.84 5.42% 6.77% $9 377 894 789 LINK 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 76% 38 $7.44 19.08% 34.95% $9 335 385 230 DOT 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.