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Cryptocurrency Market | November 22 – 26


November, 22 2021
watermark Economic news

While the main cryptocurrency, bitcoin, is declining from the $58,000 level, some altcoins have started to grow and even reached new historical highs. 


Bitcoin


Analyzing the dynamics of bitcoin, analysts predict that a «bearish» trend may take over the market in the near future. And if the cryptocurrency fails to stay near $57 thousand, then the further target of the decline will be the area of $52,500 – $50,000. In the worst case scenario (a breakthrough below the psychological support at the level of $ 50 thousand), you can expect the strongest sales, as traders will hurry to get out of their positions.


A more positive scenario assumes the recovery of bitcoin and the completion of the correction near $60 thousand, from where further growth can begin. 


Last weekend, the President of El Salvador (the only country where bitcoin is recognized as legal tender) announced plans to build Bitcoin City – a city that will run exclusively on renewable geothermal energy sources. Residents of Bitcoin City will be exempt from paying all taxes (on income, property, capital gains, etc.), except VAT.


To finance the project, the authorities of El Salvador will issue tokenized 10-year bonds worth $1 billion.


Dogecoin 


According to research, this cryptocurrency turned out to be the most popular by search queries in 23 US states. Analysts explain this popularity by the increased attention of Elon Musk to the asset. Recall that in May, Musk invited users to vote for the option of accepting payments in Dogecoin. Moreover, the billionaire said that in 2022 SpaceX will launch a Doge-1 satellite to the moon. The current Dogecoin quote is $0.22.


Shiba Inu


Another popular token is a clone of Dogecoin Shiba Inu. Cryptocurrency has outstripped many other crypto assets in popularity. Moreover, it became known that an anonymous investor last week acquired Shiba Inu for about $8.3 million.


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Foreign exchange bersifat sangat spekulatif dan kompleks, dan mungkin tidak cocok untuk semua investor. Trading forex dapat menghasilkan keuntungan atau kerugian besar. Karena itu, tidak disarankan menginvestasikan uang yang anda tidak mampu kehilangannya. Sebelum menggunakan layanan yang ditawarkan oleh ForexMart, harap akui risiko yang terkait dengan trading forex. Minta saran finansial independen jika perlu. Harap perhatikan bahwa baik kinerja masa lalu atau perkiraan tidak merupakan indikator yang dapat diandalkan untuk hasil di masa mendatang.