Bitcoin
BTC$66 008.53

0.43%

Ethereum
ETH$3 550.56

4.03%

Tether
USDT$0.999516

-0.01%

Binance Coin
BNB$605.24

1.60%

Solana
SOL$144.26

1.67%

USD Coin
USDC$1.000068

0%

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 89.2% 16 $66 008.53 0.43% -4.83% $1 301 189 948 082 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.4% 41 $3 550.56 4.03% -3.37% $423 949 263 016 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999516 -0.01% -0.04% $112 505 427 241 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 80% 33 $605.24 1.60% -11.74% $89 323 205 919 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 80.8% 28 $144.26 1.67% -9.41% $66 605 969 054 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 91.6% 3 $1.000068 0% -0.01% $32 444 207 431 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 82.8% 27 $0.492103 4.73% -0.12% $27 346 377 385 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 77.2% 49 $0.136226 2.14% -6.70% $19 715 144 237 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 76.4% 50 $7.89 -1.96% 11.78% $19 184 251 963 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 82.4% 29 $0.412486 1.85% -5.10% $14 736 231 398 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.2% 94 $0.000021 3.27% -11.23% $12 162 359 944 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 77.2% 49 $30.00 1.40% -6.81% $11 797 861 230 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 93.2% 1 $66 130.63 0.61% -4.68% $10 133 575 688 WBTC 7 days price change
15 TRON (TRX) TRX TRON predictions 84.4% 19 $0.115323 -0.57% 0.39% $10 065 733 271 TRX 7 days price change

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