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Bitcoin Price Prediction – Why did Bitcoin Price Crash?

The cryptocurrency market recently saw a huge spike in prices. Bitcoin, the leading cryptocurrency by market cap saw a rise of more than 10% in the past 7 days. Today on the other hand was a red day. The cryptocurrency market on an aggregate level lost around 4%. Most investors are already dreading their sudden “leap of faith” and are regretting buying in too soon. Why did the cryptocurrency market and specifically Bitcoin price crash?

Why was Bitcoin Price poised to Adjust?

Following an extended price hike, it was only natural for prices to slow down. In fact, Bitcoin price simply retraced back to a strong area, which is the 60-62K. Prices started to gain momentum back on the 30th of September 2021 when they reversed the downtrend. Following this reversal, prices kept increasing non-stop, without any breather in sight.

Looking at figure 1, we can clearly dismiss the “crash” conspiracy. This claim is ridiculous, as there are no solid technicals that prove a crash in Bitcoin prices.

BTC/USD 1-day chart showing the uptrend of BTC
Fig.1 BTC/USD 1-day chart showing the uptrend of BTC – TradingView

Bitcoin Price Prediction – Will Bitcoin Prices Continue to Climb Higher?

Although it is a bit hard to predict future prices, one can always make educated guesses. For Bitcoin’s case, it is clear that prices are on an uptrend, without any sign of a reversal yet. Most analysts are predicting a Bitcoin Price of 100K within the next few months.

From another perspective, and talking about the current technicals, Bitcoin might adjust all the way towards USD 57,000 and still be considered on an uptrend. Plotting the Fibonacci Retracement in figure 2 shows a potential retracement of 38.2% towards the USD 56,939.

BTC/USD 1-day chart showing the retracement scenario of BTC
Fig.2 BTC/USD 1-day chart showing the retracement scenario of BTC – TradingView

The Crypto Market at a Glance

In the past 24 hours, most cryptocurrencies lost in value and adjusted after the recent price hike. On the other hand, the biggest losers which are Telcoin, Fantom, and Axie Infinity barely lost respectively 8%, 7%, and 6%. If you think that’s too much, you should look at the top gainers ThorChain and The Graph that gained on that same day respectively 26% and 11%.

1- Bitcoin (BTC) : – 3.83 %

2- Ether (ETH) : – 2.20 %

3- Binance Coin (BNB): – 5.01 %

4- Cardano (ADA) : – 3.28 %

5- Tether (USDT) : 0 %

6- Solana (SOL) : + 10.30 % (surpassing XRP)

7- Ripple (XRP) : – 4.67 %

8- Polkadot (DOT): – 2.51 %

9- Dogecoin (DOGE) : – 3.79 % (surpassing USD Coin)

10- USD Coin (USDC) : + 0 %

Stay Ahead, Stay Updated
Rudy Fares

Bitcoin Plummet
Bitcoin Crash© Cryptoticker

The post Bitcoin Price Prediction – Why did Bitcoin Price Crash? appeared first on CryptoTicker.

Binance Resumes DOGE Withdrawals

On November 11, 2021, the Binance cryptocurrency exchange, one of the biggest in the world, announced that it had suspended all DOGE transactions. The announcement at the time stated that problems appeared after upgrades were made to the trading platform. At the time, the announcement stated that the suspension could last up to 14 days.::Listen

On November 11, 2021, the Binance cryptocurrency exchange, one of the biggest in the world, announced that it had suspended all DOGE transactions. The announcement at the time stated that problems appeared after upgrades were made to the trading platform. At the time, the announcement stated that the suspension could last up to 14 days.

DOGE Withdrawals Resume

After around 17 days, Binance has on November 29, 2021, announced that DOGE withdrawals have resumed. The statement revealed that it was a series of unplanned events that led to the suspension. It noted that Dogecoin Core Maintainers and Binance had been working hard in the past 17 days to resolve issues due to upgrades to the DOGE wallet. The announcement also denounced any information stating that this was a planned move by the two entities. Shortly after the announcement, the price of DOGE tumbled greatly.

For around 17 days, users of the Binance exchange were unable to withdraw their DOGE. Besides that, an additional 1634 users receive old transactions. Before launching the service, they tested the service on Saturday to check if there were any issues. After examining data from the tests, they have decided to prelaunch all services to allow DOGE holders to make withdrawals.

Elon Musk Chimes In

After issues emerged with DOGE withdrawals, Elon Musk, the CEO of Tesla expressed his concerns on Twitter. Musk is known as one of the most famous proponents of DOGE on the internet. While Musk has drawn the ire of financial regulators for hyping DOGE, no laws have been broken. Since Musk began hyping DOGE, the value of the meme coin has soared. Today, DOGE is a top 10 crypto coin by market cap. It has a total market cap of over $25.5 billion.

However, the statement by Binance stated that this unfortunate incident was not the fault of anyone. Consequently, nobody was being fired over the issue.

Effects On Price

Immediately after Binance announced the suspension, the price of DOGE tumbled dramatically. Looking at the charts, the price dropped almost vertically on the day of the announcement. Since the announcement was lifted, the price of DOGE has been rising steadily. However, the price is still well below the price before the suspension of withdrawals on Binance. That might have something to do with the general bear run the crypto market has recently experienced.

How To Secure Crypto

As the latest incident has demonstrated, even one of the biggest crypto exchanges can experience unforeseen problems. Consequently, it is important that everyone only stores the amount of crypto they use to trade on exchanges. All other amounts should ideally be stored in an offline wallet. Today, there are numerous cold wallet solutions where users can store their crypto coins. While Binance is one of the safest exchanges around, it is still worth it to take measures to protect your wealth.

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.

This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal, and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article. Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

The post Binance Resumes DOGE Withdrawals appeared first on Visionary Financial.

Bitcoin Price Prediction – Why did Bitcoin Price Crash?

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