Bitcoin news daily: Data and price analysis for November 24, 2021
- Bitcoin stayed weak on Tuesday and near-critical levels
- Bitcoin is currently trading around $56,469.02, down 0.37%
- Bitcoin fear and greed index went from the fear level of 33 to the level of 42 n Wednesday, November 24
Bitcoin, the world's largest cryptocurrency, stayed weak on Tuesday and near-critical levels that analysts believe could spell further weakness if breached.
The Bitcoin fear and greed index on Wednesday, November 24, 2021, went from the fear level of 33 to the level of 42 as per the alternative. me. The Fear and Greed index is a technique for assessing investors' emotions toward the market.
Bitcoin is currently trading around $56,469.02, down 0.37%. In the last 24 hours, the highest it touched was $57,875.52 and the lowest was $55,632.76. Bitcoin has a current market cap of $1,063,457,233,044. It has a circulating supply of 18,881,725.00 BTC coins and a maximum supply of 21,000,000 coins.
Bitcoin has dropped 18.25% from the November 10 all-time high (ATH) above $69,000 to the current price of around $56,762.
BTC price is facing immediate resistance from the $57,500 level. Flipping this level into support is crucial for BTC to reverse the downtrend.
A decisive bullish breakout will be seen when BTC overcomes the resistance posed by the middle boundary of the falling channel at $58,941 confirming a bullish breakout.
Crypto markets crashed following news of the government introducing a Bill in the Parliament to prohibit all private cryptocurrencies in India, barring a few exceptions to "promote the underlying technology of cryptocurrency and its uses".
Former RBI Governor Raghuram Rajan said of the 6000-odd cryptocurrencies in existence today, only one or two, or at most, only a handful would survive.
“If things have value only because they because they will be pricier down the line, that’s a bubble,” Rajan told CNBC-TV18, “…a lot of cryptos have value only because there is a greater fool out there willing to buy.”
Ripple CEO Brad Garlinghouse says red hot inflation is creating “tailwinds” for bitcoin and the crypto sector but has a warning for those tracking the meme token dogecoin.
“I’m actually not convinced, somewhat controversially I guess, that dogecoin is good for the crypto market,” Garlinghouse told a CNBC-moderated panel discussion at the Fintech Abu Dhabi event which aired Tuesday.
Movie operator, Regal has announced its upcoming partnership with Flexa — a digital payment network on Tuesday, as it looks to allow its customers to make movie tickets payments and a host of other things using crypto. Operating in over 500 locations, and in 42 states including Washington D.C., Regal will be accepting a wide variety of coins and tokens, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), DAI (DAI), USD Coin (USDC), Chainlink (LINK), Gemini Dollar (GUSD), Cosmos (ATOM), Basic Attention Token (BAT), and many others.
Rest Super is the first superannuation fund from Australia showing interest in exposing its member portfolio to the asset class. Interestingly, this news comes just within two days of the Pension Fund industry referring to cryptocurrencies as too risky. On Tuesday, November 23, during Rest super’s annual general meeting, the chief investment officer Andrew Hill gave a go-ahead to the funds to digital assets. He told all the participating members that a small portion of their funds shall soon be invested in cryptocurrencies, reported Business Insider Australia.