Bitcoin news daily: Data and price analysis for November 26, 2021

Bitcoin’s price has failed to recover and seems to be struggling below the $60K mark. As of now, BTC has lost 7% over the last week, trading in the range of $55-56K, failing to reclaim the 50-day moving average line. Bitcoin’s price painted a lower low yesterday. Today, it continues to decline and taps the critical support zone between $53K and $58K. The $53K level provides very strong support in terms of both technical and on-chain indicators.

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From a technical perspective, there are two confluences found there – the first one is the 38% Fibonacci retracement level on the current structure, whereas the second is the trendline that dates back to March 2020 and has acted as support on numerous occasions.

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Therefore, it might be the case that the uptrend might be resumed once the level is successfully backtested as support. On the other hand, the most notable immediate resistance seems to be the 50-day MA (~$60.6K) along with the psychological level of $60K.

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The Bitcoin fear and greed index on Friday, November 26, 2021, went from the fear level of 32 to the neutral level of 47 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $57,908.52, up 1.07%. In the last 24 hours, the highest it touched was $59,367.97 and the lowest was $57,253.95. Bitcoin has a current market cap of $1,093,780,199,743. It has a circulating supply of 18,883,337.00 BTC coins and a maximum supply of 21,000,000 coins.

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WazirX CEO urges investors not to give in to FUD

The CEO of the Binance-acquired exchange first spoke about the importance of setting aside ban-related speculation in India and instead focusing on crypto education. He said, “A lot of people who don’t understand crypto completely, still see it from an outside point of view. And from an outside point of view, crypto simply seems like a currency alternative. That’s the first thought that comes to mind and then if they go a little deeper, they think about crypto as only a payment use case. I think a lot of the panic selling has happened from people who came in the last six to eight months because for them this is like the first time. For those who are there for, let’s say, two to three years in crypto, they know that every six to eight months, you hear something negative, and then the markets are panicked.”

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CreDA a DeFi platform  looks to de-risk the world of crypto

CreDA (Credit DeFi Alliance), the world’s first decentralized credit rating service has officially launched its platform following a successful open beta. Modeled after traditional consumer credit agencies, CreDA introduces the concept of personal credit scores into the $200 billion decentralized finance (DeFi) ecosystem populated by cryptocurrencies such as Bitcoin, Dogecoin, and Ethereum. 

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Metaverse Is a Trillion-Dollar Market Opportunity says Grayscale

The metaverse may represent an over $1 trillion annual revenue market opportunity, crypto investment giant Grayscale said in a report, without specifying the timeline. The report, which was published on Thursday, is dubbed “The Metaverse, Web 3.0 Virtual Cloud Economies.” The report looks into the opportunity that will arise from the intersection of trends in gaming and lifestyle with blockchain’s potential to provide infrastructure for digital worlds.

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CoinSwitch’s Ashish Singhal said India cannot risk being a late mover in accepting crypto

Cryptocurrencies provide India an opportunity to turn into a net exporter from a net importer of technology, according to Ashish Singhal, Founder, and CEO of crypto exchange CoinSwitch Kuber. Speaking at Mumbai Micro Experience of FinTech Festival India 2021-22, Singhal said, “We cannot be the late movers in accepting crypto. We already missed the first bus of Internet 1.0. Today 70 percent of our revenues go to US-based tech giants. We are a net importer of technology. We import over $10 billion of this technology every year and it is expected to grow to $45-30 billion over the next 3-4 years.”Early participation in cryptocurrencies could give India the chance to become a net exporter of crypto and blockchain technology, Singhal added.

Cryptocurrencies obscure, won’t get legal tender status: Union Finance Secretary

Central Government on Thursday clarified that cryptocurrencies will not be accorded the status of legal tender by any means. Union Finance Secretary T V Somanathan said: “Right now, I will only say that cryptocurrencies are not going to become a legal tender. The Indian Rupee is a legal tender, while gold and silver are not legal tenders. The rest will be decided in the bill.” The finance ministry is preparing a Cabinet note for further discussions on creating a regulatory regime for an official digital currency issued by the Reserve Bank of India (RBI) and prohibiting private cryptocurrencies.