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Bitcoin Dropped Under $8,500Bitcoin began 2020 with a big rally. It traded at $9,186, giving the investors hope that the price would reach $9,200. However, after a short period, the cryptocurrency began the long downfall, at last dropping as low as $8,200. During the last days, BTC skyrocketed all of a sudden, and for a while, it seemed that the crypto would hit the record. However, so far the growth turned out short-lived. According to CoinDesk data, Bitcoin fell to $8,290.24 on Thursday. The cryptocurrency declined by about 3.6% from $8,597.33 in less than six hours. Tim Enneking, the Managing Director of Digital Capital Management, thinks that in the long-term, crypto will manage to grow again even though it may suffer more losses in the meantime. The past six-month downfall has changed to the upside. The progression on lower lows at the bottom of the corridor have also switched to higher lows for the past month or so – says Enneking. Joe DiPasquale, the CEO of cryptocurrency Hedge Fund Manager BitBull Capital noted, that the current decline could be caused by rejection in the resistance zone between $8,750 and $9,100, following which profit-taking made sense for investors and traders. He also stated that the fall under $8,500 puts additional pressure on Bitcoin’s price. Despite Bitcoin’s dropping price, there is still strong support between $8,000 and $8,200. Analysts expect that the price to take a breather and decline, at $8,200.
CRYPTOCAP:BTC
by Financebroker
Russia’s emerging crypto businessThe crypto market in the Russian Federation is developing thanks to favorable conditions. There are several factors that may help to make this country the center of the crypto industry . Firstly, Russia is the largest country in the world as the total area exceeds 17 million square kilometers. Secondly, it inherited some of the largest hydropower plants after the Soviet Union dissolved in 1991. Bratsk hydropower plant is one of them. Another reason why it was a great idea to open a data center in Bratsk is weather, more precisely cold weather. The climate in Siberia is perfect for crypto mining as long, and cold winters help to reduce the costs associated with mining. This hydropower plant, as well as the aluminum plant located in the same city, which belonged to Oleg Deripaska. He is one of the richest men in the Russian Federation. He used to control hydropower plant along with aluminum plant through his company Group Plc and its unit United Co. Rusal. The U.S. imposed sanctions on Oleg Deripaska due to his ties to the Russian government. However, he reached an agreement with the U.S. Treasury. As a result, U.S. authorities canceled the sanctions against EN+ in January. En+, which used to belong to Deripaska, supplies up to 100 megawatts to Bitriver each year.
CRYPTOCAP:BTCLong
by Financebroker
Chinese Crypto Office BISS Shut DownChinese authorities force closed the local cryptocurrency exchange, BISS. Then, they arrested about ten people suspected of being part of its operations. On November 22, local media Sohu reported the developments undertaken by Chinese authorities. But the actual date of when the event took place is unclear. In addition to that, also on the same day, Dovey Wan, the founding partner of blockchain-based investment firm Primitive Ventures, stated that the local crypto community had known of the progress for a couple of weeks. However, the information was publicized a little late. Also, She believed that the Beijing-based exchange in question is remarkable, “It’s a relatively up-and-rising exchange.” Aside from that, in a blog post shares on November 18, the exchange discussed the user withdrawal issues. Then, the firm confirmed that Chinese authorities had stopped operations. The post indicated, “According to market sources, it is understood that BISS’ operations have been halted following an enquiry by China’s regulatory authorities around its services offered to users.” Moreover, according to the blog post, this may not align with the capital controls regulations in China. The firm also insists on the announcement that operations had halted while the authorities looked into the case to safeguard user interests. Then, the exchange indicated that it plans to cooperate appropriately with Chinese law enforcement. In the while Bitcoin Price Fell to $2,5K
CRYPTOCAP:BTC
by Financebroker
Silvergate Bank Celebrated Its IPO DayShares of Silvergate Bank recently launched for trading on the New York Stock Exchange (NYSE) last November 7. In a tweet of NYSE, it is officially listed Silvergate Capital, opening at $12.75. In addition to that, the firm also celebrates its initial public offering (IPO) day, NYSE revealed. Then, following the news, Silvergate Capital Corporation declared the pricing of its IPO of 3,333,333 shares of its Class A common stock at a public offering price of $12.00 per share. Aside from that, Silvergate indicated that they expect the offering to close on November 12. And also, it is subject to customary closing conditions. Now, going back to that announcement, the company also highlighted that the United States Securities and Exchange Commission (SEC) declared the registration statement about securities of Silvergate to be effective. In a filing of the SEC on October 28, Silvergate saw its number of digital currency customers rise. From 655 of June 30, 2019, it became 756 of September 30, 2019. In a previous report, those customers include crypto-related clients like exchanges, miners, and custodians, among others. Fiat Transfers Meanwhile, back in August 2019, Winklevoss twins-founded crypto exchange Gemini became a part of the Silvergate Exchange Network (SEN) of Silvergate. And they aim to speed fiat transfers. The SEN is a network of crypto exchanges and investors. Then, this allows transactions of the U.S. dollars between SEN members any time, 24 hours a day, 7 days a week, 365 days a year. Based on the filing, the SEN registered $10.4 billion in transfers for the three months ending on September 30. And this delivers total transfers on the SEN to $23.1 billion. Furthermore, complete fiat transfers, including wires to $41.5 billion for the nine months ended on September 30. During the same time in 2018, the numbers amounted to $4.4 billion and $25.9 billion, respectively.
CRYPTOCAP:BTC
by Financebroker