Bitcoin
BTC$60 032.76

-2.11%

Ethereum
ETH$3 989.05

-3.01%

Binance Coin
BNB$469.93

-2.46%

Tether
USDT$1.000447

0.02%

Cardano
ADA$2.10

-2.38%

Solana
SOL$187.59

-3.86%

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.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 63.6% 74 $60 032.76 -2.11% -1.50% $1 131 802 049 382 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.4% 59 $3 989.05 -3.01% 4.71% $470 948 938 919 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 62 $469.93 -2.46% 0.52% $78 385 216 501 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000447 0.02% 0.09% $69 605 178 895 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 86.8% 13 $2.10 -2.38% -2.74% $69 174 273 027 ADA 7 days price change
6 Solana (SOL) SOL Solana predictions 70.4% 56 $187.59 -3.86% 17.09% $56 455 905 240 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 75.2% 49 $1.063738 -2.10% -5.03% $49 938 635 685 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 61.6% 82 $41.55 -4.26% -0.40% $41 029 792 344 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 72% 60 $0.261327 4.69% 10.43% $34 450 251 548 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000452 0.01% 0.09% $32 589 972 835 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 70% 61 $40.06 -6.21% 7.93% $16 078 547 993 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 78.4% 43 $25.49 -4.26% -3.47% $15 592 349 712 UNI 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 54.8% 92 $0.000038 12.93% 47.19% $14 846 178 540 SHIB 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 61 $62.43 -4.16% 10.20% $13 751 801 922 AVAX 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 74.8% 50 $29.06 -5.36% 8.54% $13 396 474 820 LINK 7 days price change

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