Bitcoin Correction, Altcoins Situation

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2021-10-13 23:55:32

Market situation

Bitcoin price increased for many days with many signs of dump. The number of stable coins pushed to the exchanges and the number of contract transactions also increased. Yesterday, BTC had a correction to more than 54,000 USD. To date, the price has recovered to $57,000.

Stable copper is loaded onto the exchange waiting to be bought when the price corrects. There were many times in the past day, the amount of BTC pushed to the floor was more than withdrawn. Some profitable investors have taken profits.

Ethereum, on the other hand, continues to be withdrawn from more exchanges.

When BTC was around $56,000, the on-chain BTC profit rate dropped from 96% to 93%. When BTC continues to hold the price, the money will flow to altcoins causing the price to increase slightly. This is what many investors holding many altcoins expect.

Celsius, a cryptocurrency lender, announced in a press release Tuesday that it has closed a $400 million investment round. This round is co-led by WestCap and Caisse de Đépôt et position du Québec (CDPQ). After this funding round, Celsius company was valued at $3 billion.

The company said it plans to deploy the newly raised capital to expand its product offering, launch new organizational-grade products and double its headcount.

Celsius is one of the largest centralized lenders of cryptocurrencies, along with BlockFi. According to its filing, since its launch in 2017, Celsius has handled $25 billion in total assets and paid out $850 million in interest through its flagship product, Earn.

Usually raising large amounts of capital in such a short time as Celsius hardly happens during crypto winter. So it reinforces the belief that the market is still in an uptrend.

Wood’s Ark Innovation ETF sold 98,427 shares on Coinbase, worth more than $25 million at Monday’s closing price. The stock remains the fund’s fourth-largest holding after Tesla, Teladoc Health and Roku, according to company data, according to company data.

Coinbase is the first crypto company listed on a US stock exchange and is expected to grow. However, after a while, Coinbase stock did not grow like the crypto market. Cathie Wood has decided to restructure and sell part of this company’s shares and possibly increase its investment in Bitcoin.

Last week, the crypto market saw the 8th consecutive week of growth in the amount of money poured into crypto (according to Coinshare statistics).

Most of the investment money is poured into BTC. Next came altcoins like ADA and SOL. The flow left some coins like ETH, XRP, DOT and LTC.

Some other information:

  • Ethereum developers are making significant progress for the transition to Proof-of-Stake (PoS). In the last week, about 40 developers from Eth1 and Eth2 met at an undisclosed location in Greece to create a devnet that unites multiple customers. Attendees included individuals from the Ethereum Foundation and ConsenSys, all of whom worked in unison. The first update of ETH in the transition to PoS is scheduled for October 27.

  • In order not to fall behind with the recently emerging competitive platforms such as Solana, Polkadot, Terra…, Binance will push more than 1 billion USD into Binance Smartchain to promote the development of the ecosystem. In which, 100 million USD to attract more development talents; The next $100 million to incentivize liquidity; 300 million USD to encourage programming and the remaining 500 million USD to invest and support startups.

  • Credit payment application Stripe is hiring four more crypto programmers to work in New York, San Francisco, Seattle and as a remote. Maybe in the near future, Stripe will also support crypto payments.

  • According to a report on Tuesday from local news agency Interfax, Alexey Moiseev, Deputy Minister of Finance of the Russian Federation, said he believes Russian citizens will continue to be allowed to buy and use cryptocurrencies outside of land. countries on foreign exchanges without the threat of legal action.

  • A major international airport in Venezuela, Simón Bolívar is preparing to start accepting cryptocurrencies like Bitcoin (BTC) to pay for tickets and other services and ensure compliance with local industry standards.

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