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Bitcoin’s Hits $4.4K Price Target



Backed By Volume, Bitcoin’s Eyes $4.4K Price Target – Btc Bitcoin News
The price of bitcoin is back above $4,000, and is eyeing a move upwards.
The world’s largest cryptocurrency by market capitalization had been trapped within a symmetrical triangle, suppressing its range between $3,788 and $4,153 over a period of four days, that is, until it broke out above $4,200 at 12:40 UTC today.

At press time, bitcoin is up more than $100 on the day, having climbed to $4,128, up from $4,007 at the start of the day’s trading. However, traders could have a pathway for moving the price to a key Fibonacci extension at $4,441, which would further bolster the move above $4,000 on Dec. 20.

4-hour chart

In drawing attention to the 4-hour chart we see how the Chaikin Money Flow (CMF) and Chaikin Oscillator (CO) turned bullish yesterday at 22:00 UTC, signaling a possible confirmation of bitcoin’s recent move back above $4,000.
Price action briefly halted along the primary Fibonacci extension point at around $4,159 before continuing a slow incline according to CoinBase data and has been presented with an opportunity to continue its momentum to $4,440, post-consolidation.
Volume for the period has also shot up substantially, with the move being backed by the largest injection since Dec. 20.
Evidence of the move can also be found on the weekly chart, where the price of bitcoin has risen above the Nov. 26 closing price at $4,103, emboldening the bulls to push higher on the week as the new session begins today.
The last crypto Christmas was marred by a continual sell-off, exemplified by bitcoin’s breakdown from $16,490 to $12,500 by Dec. 25 (after running up to an all-time high of $19,891 on Dec.17).
But the weekly has demonstrated a potential turnaround, with a large bullish candle accompanied by growing volume.

Here’s what we see ahead:

  • Bitcoin has pushed above an ascending triangle breakout (continuation pattern) to the primary Fibonacci extension line, with accompanying volume.
  • The 4-hour chart has turned bullish on the CMF and OC and needs to clock higher highs in order to see a continuation in bullish price action.
  • Likely to consolidate before pushing to $4,440 as traders engage in a short-term sell-off.
  • The weekly chart shows a recovery bounce by the bulls has tipped the scales and we may be looking at a reversal of the primary bearish trend.
  • A break below $3,650 (Dec. 20 major swing low-swing high) would invalidate the bullish bias.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

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Bloodbath in Crypto Market: Here’s the Next Target Level for Bitcoin (BTC), Ethereum (ETH), And Cardano (ADA)




A Prodigious bloodbath has ensued in the crypto market as the total crypto market capitalization has fallen by 11% with nearly $200 billion losses in a matter of a few hours. Bitcoin Price saw devastating losses reaching $43k with major altcoins falling nearly 20%. 

Crashes are nothing new for Bitcoin and the market’s bull structure appears to still be intact. Here are the next target levels for Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) following the dramatic correction.

Also Read XRP, BNB, SOL, UNI, LINK, Fall Steeply- This Is When They Could Rebound!

Bitcoin Price Analysis 

The flagship cryptocurrency is now undergoing corrective momentum that took the price as low as the $43,173 mark. The price of BTC has fallen below the support at $45,000. At the time of writing, BTC price is trading at

If the bearish trend continues, the flagship currency must hold, the next major levels of support at $42.6k and $41.3k. Initial support is seen at $40K-$42K, which could stabilize the pullback.

Also Read: Bitcoin Price Falls Sharply – Where is BTC Price Heading Next? Popular Analyst Issues warning!

Ethereum Price Analysis 

Even the second largest crypto followed the same bearish path. Ethereum price Lost more than $800 in a few hours retesting the $3,000 support zone. At present, the immediate resistance is at $3150. If it successfully breaks this level ETH might test second resistance at 3230. 

On the flip side, A break below $3000 can take ETH’s price drop to 2890 level. In the case of Extended losses, we can expect strong support at 2650. 

Cardano Price Analysis 

Since the start of September cardano price is failing to overcome $3 after multiple attempts over the weekend. Despite the hype of its smart contacts launch, the token suffered more than a 10% loss. Cardano’s price has shed roughly 24% over the past nine days as it retests the $2.188 support floor.

At press time ADA price is trading at $2.06 as the altcoin failed to stay above the $2.65 support level. The price plunged heavily below $2.5. To start afresh massive rally, the price must reclaim the $2.65 pivot level.

If the Market rebounds well, it might trigger an uptrend to the immediate resistance level at $2.30. breaking this level will pave the way for a retest of the $2.638.

on the other hand, if Cardano’s price fails to recover above the $2.188 level, it will indicate increased selling pressure. The price might also drop to $1.924.

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XRP Price Tanks Below $1, The Dreadful Scenario Yet To Come?



XRP Price Tanks Below $1, The Dreadful Scenario Yet To Come?

The XRP price is undergoing extreme uncertainty as it loses the $1 mark after holding it strong for more than a month. As the crypto space is undergoing some sort of correction since the early trading hours, XRP price also drained nearly 10%. However, many analysts predicts a substantial downtrend for the price yet so do believe the bears will fade away soon. 

The price broke the uptrend line that it maintain since the market flipped in the mid of July. Since then the price kept up the bullish momentum despite a couple of pullbacks. Yet, since the early trading hours, the asset fell into bearish divergence declining nearly 12% in price.  As Coinpedia reported earlier that XRP price could miss the bull run, it appears the scenario is becoming realistic.


The price previously had experienced a similar movement, where-in a huge chunk of gains was just left off. The price drained massively but after consolidation for more than a month, it had a gigantic rally of more than 200%. Yet again, the price is following a similar path of going parabolic followed by a notable drop. Therefore forming a cup and handle pattern, and hence a breakout is imminent as an outcome. 

However, before pulling the next leg up, the XRP price could tank down to lower levels below $0.9 to hit $0.85. And hence providing an immense opportunity for the traders to get in the trade. Moreover, the outcome of the Ripple Vs SEC case could impact the price at the highest. Collectively, XRP along with all the other assets is experiencing extreme drain. As many analysts believe, it could be just a correction where-in a reversal could be fast approaching. 

Also Read: Ripple Vs SEC: The Settlement is Still a No Go for Ripple! High Hopes on Gensler

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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How is Solana (SOL) Price Grappling with Bearish Crypto Market? Right Time to Buy the Dip?



Solana Price Analysis : SOL Price is Above Crucial Support level ! Where it Heads Next ?

The crypto market cap is down by $150 billion, total liquidations are more than $800 million in 24 hours, as bitcoin dropped below $45,000. Major altcoins like Ethereum, Cardano, Ripple, Solana and more are plunging double-digits.

The most trending altcoin Solana is the most affected crypto-asset among the top 10’s with an 11 % loss.

Solana Price Plunge Heavily! 

Since the beginning of September, Solana has been attracting more investors and entering the top 10 cryptocurrencies by market capitalization. So far this year, crypto has accumulated a rise of 8,600%. Solana has been highly volatile in the last couple of weeks.

Initially, this Ethereum rival exploded to a new all-time high of around $215. With the sudden market crash, Solana price resulted in massive losses testing $140. 

At press time SOL price is trading at $141.13. The immediate support lies at the $140 Level. If the altcoin fails to maintain above this level the price may drop to $128.

Right now, the technicals, Moving Average Convergence Divergence are hinting towards the downtrend. Therefore, another four-hour close below the 38.2% Fibo would trigger more sell orders and perhaps push Solana to the 200 SMA near $120.

on the flip side, When market sentiment would roll over, if Bulls kicks the price action, SOL price might break the 23.6% Fibonacci level at $174. If the buying spree continues at that level SOL bulls gear for a rerun towards $221 within a few weeks.

Also, Read Bloodbath in Crypto Market: Here’s the Next Target Level for Bitcoin (BTC), Ethereum (ETH), And Cardano (ADA)

$26 million liquidation

As per Bybt, nearly $31.22million worth of SOL trades were liquidated in the last 24 hours, out of which nearly$10 million is via ‘shorts’. Binance exchange saw the biggest number of Solana short liquidations, followed by FTX. 

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Time to Enter Cardano? Programmable Identifiers to Bring Revolution to ADA?




Cardano, which has been making headlines after much awaited Alonzo hard fork upgrade on September 12th, 2021 is patiently waiting for a breakout! The increasing selling pressures letting Cardano (ADA) price find a strong support zone between $1.9 and $2.20

RSI factor of Cardano is at 26.08 indicating an overbought scenario. With the increase in buy pressures, ADA price has seen a dip by 8.57% in the last 24 hours. The Cardano price is trading at $2.16 at the press time. 

Analyst Bullish On Cardano Price.

Popular crypto analyst, Micheal Van de Poppe in his video analysed the ADA’s ongoing consolidation phase. Analyst says bullish sentiments for Cardano are increasing like never before. These huge buy signals are rising after the Alonzo hard fork upgrade and prior to the most anticipated Cardano summit. He made a tweet addressing his 412.7k followers, “Time to enter Cardano”?

Cardano price has been hovering around $1.9 to $2.40 level, which is a key resistance level that the price can sustain, according to Van de Poppe.

“Cardano running onto these ($1.9 to $2.40) support level here, still consolidating. That might be taking some time before we are going to have an actual run on Cardano” He added.

He then refers to ADA/BTC price chart says, he is looking at Cardano price against bitcoin in the region between 4000 and 4740 sats. Indicating the region zone he added, 

“if you want to get into Cardano these two regions are ones that you should be taking any action”.

He went on to say, the Cardano price may experience a heavy dip if the price fails to sustain in the present range.

Also Read: Cardano Price to pick up pace soon ! Exciting month ahead for ADA!

Cardano’s Programmable Identifiers to Push ADA Price Rise!

The present pullback seems to be Cardano’s “Calm before the storm” behaviour. Huge ADA buy signals are recorded prior to Cardano’s biggest blockchain event that is happening on September 25th-26th. The IOHK team built 7 virtual Cardano worlds on the back of a turtle to give unique experiences and discussions about the latest blockchain innovations. 

The team has also created essential Cardano GitHub repo to curate a definitive list of all Cardano ecosystem projects. The related projects are said to bring revolution in the smart contracts mechanism. Cardano founder Charles Hoskinson said that the term “Smart contract” is a misnomer when it comes to Cardano. The founder further advised that the new feature be referred to as “programmable validators“.

The team further informed unlike other platforms ETH, SOL etc. The Cardano ecosystem will take unique measures such as validators are implicitly referred to by hashes prior to their use, and they are disclosed upon activation other than deploying a smart contract.

Cardano investors strongly believe that this step is going to bring revolution in the crypto industry. However, the community is awaiting how these events are going to impact ADA prices. The present price pattern is awaiting either a breakout or breakdown to happen anytime soon! 

Also Read: Altcoins That Could Challenge The Bearish Divergence This Week

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Shiba Inu Bullish Flag Breakout – Will SHIB Price Kill A Zero to Hit $0.00001115?



Shiba Inu Bullish Flag Breakout - Will SHIB Price Kill A Zero to Hit $0.00001115?

Popular cryptocurrencies weakened sharply over the past 24 hours due to a sudden spike in volatility. The majority of the altcoins crashed due to the overall weakness in the cryptocurrency market. As a result of the ongoing marketwide dump, BTC’s 24-hour losses lay in excess of the 5% mark.

Among the top Altcoin, Ethereum has lost 6.1%. Meanwhile, Cardano Price is one of the worst performers with an 8% loss. Meme Coins After being trapped inside a tight trading range for several days gradually declined in price. DOGE Price has plunged 9% trading at $0.2174, SHIB Price dropped by 2% trading at $0.000007503. 

Recently, Shiba Inu got listed on coinbase pro, and as a result, SHIB price surged more than 30 % in one day. Since the May crash, this was the highest single-day growth. With an extended rally, the token rose more than 55% from September 13th to 17th. However, the meme token failed to sustain the rally and retraced 17% since then the price is consolidating within the $0.00000963 level. 

Also Read : Shiba Inu Price Prediction, Will The DOGE Killer Hype at $1?

Shiba Inu Price Analysis 

At Press time the Dogekiller dropped by 2% trading at $0.000007503. SHIB made a false breakout of the resistance at $0.00000793 it seems that sideways trading is relevant. The immediate support lies at  $0.0000062, in case the SHIB Price drops below this level we can expect an extended bearish trend. 

Now, SHIB is currently consolidating between two crucial barriers, anticipating a volatile move.

Also Read : Shiba Inu Price Racing Ahead Of The Market, Primed To Clinch Massive Gains

Will SHIB Price Reach $0.00001115 ? 

The meme token is currently consolidating between the $0.00000768 and $0.00000835 levels as the buying pressure is in the same league as selling pressure. Thus, we may expect the SHIB price to rally and test the major resistance level at $0.00000963. On a successful breakout, an extended uptrend can take the token price to $0.0000101 which is quite unlikely looking at the current market sentiments. 

On the flip side, if the SHIB price fails to hold $0.00000768 support, the price may drop near the $0.00000654 support level with a more than 15% plunge. However, the extended bearish trend can take the price down to the $0.00000549 level. 

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What’s coming in the next phase of DeFi?



What’s coming in the next phase of DeFi?

Decentralized finance (DeFi) is no longer just a buzzword. DeFi protocols are bringing a wide range of financial products and services at a breakneck pace, providing real-world utility to end-users.

DeFi bypasses the centralized intermediaries that slow down the process and add to costs in the traditional financial system.

Smart contracts replace intermediaries to facilitate low-cost, secure, and high-speed transactions without any restriction.

It’s one of the reasons Defi will eventually find its way into the existing financial infrastructure to facilitate services like lending, borrowing, remittances, etc.

The total value locked in Defi protocols has shot up from $17.3 billion in September 2020 to $94.2 billion on September 07, 2021. Defi experienced its first major boom with the rise of smart contracts-based lending, borrowing, and flash loans.

Flash loans are not secur loans that require no collateral or credit checks. But the loan must be paid within a single Ethereum transaction, else the transaction won’t go through.

Delivering on its promise

Despite such phenomenal growth, there is still plenty of room for growth and innovation. Decentralized finance’s promise is to make itself accessible and usable for everyone. That includes institutions as well as everyday people. 

Institutions have begun to acknowledge its potential and benefits. They are embracing the decentralized financial railroads rather than watching it from the sidelines.

The current protocol models still have inefficiencies (why aren’t there single token liquidity pools instead of liquidity pairs?) that new DeFi initiatives will solve to ensure that the space becomes more attractive for institutions. 

However, bringing everyday users into the DeFi ecosystem could prove challenging for a couple of reasons.

First, they are deeply entrenched into the traditional financial ecosystem. Second, they get overwhelmed figuring out the wallets, protocols, token swapping, yield farming, and other things they find complicated. 

The DeFi ecosystem has to nurture greater trust and security while making it easier for people to transact across different blockchains seamlessly.

In recent times, we’ve seen blockchain protocols like Reef Chain giving decentralized app developers all the tools along with assistance in business development and marketing to build and scale dApps that even noobs will find easy-to-use.

Reef Chain is a one-stop cross-chain DeFi operating system built with Polkadot Substrate to make Defi easy to use for newcomers.

Its Global Liquidity Aggregator, Smart Yield Farming Aggregator, and Smart Asset Management make it easy for noobs to get started with yield farming.

Reef Chain has built-in AI tools that allow for asset management based on each individual investor’s plans, goals, and risk appetite.

If DeFi delivers on its promise, we’ll see institutions and everyday users flocking to the DeFi ecosystem, and eventually there will be a full-fledged integration of DeFi into the existing financial infrastructure.

Besides the obvious ones like liquidity mining, stablecoins, and the monetization of the gaming industry, DeFi is witnessing some more exciting trends.

For instance, social tokens are here to stay. RealVision CEO Raoul Pal predicts that social tokens would be the next big thing, disrupting all kinds of traditional industries in the next 5-10 years.

Social tokens have the reputation of a brand, individual, or community whose work you might want to support.

The token holders get exclusive perks from the token issuer, which could include exclusive content, digital merchandise, group chats, and more. The social tokens are decentralized and run on the blockchain, much like NFTs.  

In another development, Bitcoin could enter the Defi club in a big way, all thanks to the Lightning Network. Unlike Ethereum, Bitcoin doesn’t support the smart contract functionality.

It;s meant to be “peer-to-peer digital cash” that would make payments faster and cheaper. But Bitcoin holders often struggle to make fast transactions with the OG cryptocurrency. 

Lightning Network, a Layer-2 scaling solution for Bitcoin, brings the smart contract functionality to Bitcoin. It means Bitcoin would behave the same way Ethereum does.

Until now, Bitcoin owners were creating wrapped tokens (WBTC and others) to interact with Defi apps.

As an L2 scaling solution, Lightning Network moves some of the transactions off-chain to reduce the load on the main blockchain. Bitcoin is no longer just digital gold. Lightning Network has opened up new possibilities. 

Institutions have become quite serious about gaining exposure to digital currencies and Defi assets. Everyday users will also embrace DeFi in a big way once it becomes easier to use.

In its next phase of growth, Defi would bring a flood of new users into the ecosystem by delivering on its promise to make itself accessible to everyone. 

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Altcoins That Could Challenge The Bearish Divergence This Week




The entire crypto space appears to have fallen into a bearish trap as almost all cryptocurrencies are falling with a wide margin. Bitcoin price is nearing the $45K mark, whereas Ethereum price is hovering around $3200. On the other hand, XRP price has tanked below $1 and Cardano price is just above $2.1. Amid the steep downfall, some altcoins show some signs of a retracement and a quick rebound. 

Curve DAO Token (CRV)

Curve DAO Token price initiated this trade with a double-digit figure but only within 2 months, the price slumped drastically close to $0.3 levels. And since then the altcoin is attempting hard to undergo a massive bull run. But woefully it could just hit $4 amid the 2021 bull run. The price in the past couple of days was consolidating but a notable drop began since the early trading hours. However, the price could drop to the strong support zone around $2.47 and by holding strongly, the CRV price could surpass $4. (FET) price had smashed its highest levels just a couple of days before by ranging above $1.1. However, the price again tanked down below $1 with a double-digit loss compared to the previous trading day. The asset is trading within the buy zone currently which is around $0.5711 to $0.6168. And a rebound at these levels can be expected which could get aggressive hitting $0.6853.

Serum (SRM)

Serum price amid the Solana price rally gained immense bullish momentum to hit new highs each day. However, after trending within the discovery phase, the price just got exhausted and dipped down. The current zone just below $10 could be a perfect resistance to support flip zone and a decent reversal could be possible. If the price flips at this point it could regain bullish momentum yet again. 

Holo (HOT) 

The Holo price is testing the crucial support levels and appears well placed ahead of a flip. The crucial support levels are just placed below the current levels at $0.008587. If the HOT price sustains strongly above these levels, a notable flip could be imminent. However, once the asset flips it could undergo a 2x potential run from the current levels.

Coti (COTI) 

Coti price has gone parabolic to reach the levels close to its ATH. Despite a rejection, yet the price continued to range high close to these levels. As the bears have taken back control, the price has tanked considerably. Yet notable flip may be underway that could rebound with a huge margin to smash above $0.5 levels soon. 

Cosmos (ATOM)

The ATOM price chart is among the most prominent charts in the crypto space. As the price smashed new highs in the past trading day above $44 and experience a slight pullback. Yet, the possibilities of a notable bounce are high as the price is very close to its ATH and refusing to drop drastically. However, many believe ATOM price is capable of smashing a 3-digit figure soon. 

Currently, there is bloodshed in the entire crypto space as almost all cryptos are facing immense drain. No doubt the plunge is expected to remain only for a period of time, yet the upcoming rebound would be important. Amongst all the altcoins, the above mentioned could regain the bullish momentum quickly as the bears fade away.

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Bitgame Launches LUT Lightpaper with a $200,000 Bounty Campaign



Bitgame Launches LUT Lightpaper with a $200,000 Bounty Campaign

With more than 10 years of industry experience, the team behind innovative sports betting platform Bitgame has recently released the Lightpaper of native currency Lucky Tokens (LUT).

Alongside this publication, the team has organized a $200,000 bounty campaign to spread awareness of the blockchain-powered entertainment platform.

Compared to traditional sports betting platforms, Bitgame utilizes the power of blockchain to provide real, transparent, and untamperable results, as well as supporting a large number of cryptocurrencies.

Within the newly-released details of LUT on the Bitgame platform, token holders are rewarded for their participation in the platform and able to share handsomely in the profits of the entire ecosystem. 

Bitgame Leading the Industry

Long overdue for new innovations, Bitgame is following emerging technology trends to lead the online sports betting industry into the future.

Combining extensive industry experience and cutting-edge decentralized infrastructure, Bitgame is able to provide a platform that is safe, reliable, and fair.

These features are the result of applying keen insights into the future of entertainment, especially those looking at the global phenomenon of play-to-earn, which is quickly becoming an important part of the broader entertainment industry.

Additionally, Bitgame recognizes the growing adoption rates of cryptocurrencies worldwide as an important trend to be a part of and therefore supports betting in over 20 of the industry’s largest cryptocurrencies (Bitcoin, Ethereum, Tron, etc.)

Bitgame’s mission is to provide an inclusive, transparent, and fair sports betting entertainment platform. In realizing a primary issue with traditional sports betting platforms is their centralized and secretive nature.

Bitgame has built an entire ecosystem around profit sharing and rewarding user activity and contributions.

As well as hosting the Bitgame team-created platform, this open ecosystem will support user-created Dapps and be geared towards organic expansion. In the future, users will be able to play and bet on an increasing number of games and sports matches on Bitgame.

LUT-Powered Innovation

Although having been trialed and tested on the Bitgame platform for a while, the release of the new LUT Lightpaper marks the beginning of wider circulation for the token.

Lucky Tokens are the native digital currency underpinning the entire Bitgame ecosystem and can be used in a number of different ways, including betting on sports matches, participating in the platform auction house, and being given as prizes.

Of the 1 billion LUT issuance, 70% will be reserved for mining rewards, 10% will be used for community building through incentive rewards, 10% will be used for marketing promotions and as fund reserves for development, research, and legal compliance, and the project team will hold 10% with a lockup time of at least two years to be used for technical development and partnerships.

As part of the ecosystem’s focus on profit sharing, LUT holders will gain a percentage of the entire ecosystem’s profits just by holding the token. A portion of each profits will be distributed into the dividend pool. From there, LUT holders will periodically receive a percentage of the pool relative to the size of their holdings and the rest of the ecosystem. The more tokens a user holds, the larger the percentage of rewards they will receive. This gives a new spin to the emerging play-to-win business model by giving out dividends for ecosystem participation.

Bounty Campaign

To accelerate the adoption of the Bitgame platform, the team has sponsored a $200,000 bounty cross-platform social media campaign.

Users on the Bitcointalk forums are able to take part in the campaign, which requires them to circulate information about Bitgame to their own communities and networks.

Running over 12 weeks, participants will be required to perform specific actions and make certain posts on Twitter, Facebook, Reddit, Instagram, Telegram, YouTube, and TikTok to redeem their LUT.

Additionally, some lucky earners will be further rewarded for their participation by receiving randomly drawn cash prizes.

For more details about the campaign, head over to:


LUT Lightpaper:




Email: [email protected]

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Ripple Vs SEC: The Settlement is Still a No Go for Ripple! High Hopes on Gensler



Bullish Bitcoin Price Predictions - BTC bulls Aim Towards the $50k Mark!

As reported by Fox Business, Ripple’s legal team has no plans to settle the dispute with the Securities and Exchange Commission of the United States (SEC). 

Reporter Charles Gasparino tweeted that Ripple believes that pursuing the lawsuit would persuade SEC Chairman Gary Gensler that it is picking winners and losers in the crypto industry at the expense of innovation.

Supporters of Ripple and XRP are hoping that the new SEC chairman, Gary Gensler, who previously taught cryptography at MIT, will dismiss the XRP litigation. 

They claim that former SEC Chairman Jay Clayton had a conflict of interest. In August, a government investigator began looking into the circumstances surrounding Clayton and senior SEC official William Hinman’s XRP lawsuit.

Gensler has demonstrated that he is open to new ideas. “Do you support responsible innovation?” Senator Cynthia Lummis, a pro-bitcoin member of the Senate Banking Committee, asked him during a hearing last week. “Oh my gosh, yes,” Gensler said right away.

The Chairman has said, Satoshi Nakamoto’s innovation is real, “His innovation sparked the creation of crypto assets and the underlying blockchain technology,” 

He also stated that “it has been and could continue to be a catalyst for change in the disciplines of finance and money.”

Critic Brandt says XRP is a security 

Peter Brandt, a commodity trader with more than four decades of experience, continues to believe that XRP is unregistered security.

Brandt, a long-time Ripple opponent, publicly petitioned the Securities and Exchange Commission to designate XRP as security just two months before the case was filed. He also charged the firm with rigging the price of the contentious cryptocurrency.

However, the veteran trader would own the Ripple-affiliated cryptocurrency “under the appropriate circumstances,” despite the regulatory ambiguity around it.

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Bitcoin in El Salvador – 5 talking points from its official adoption



Bitcoin in El Salvador – 5 talking points from its official adoption

Street protests, technological glitches, and a crypto crash…and that was just the first day.

When El Salvador became the first country in the world to recognize Bitcoin, or BTC, as legal tender, few analysts predicted a smooth transition.

However, the official adoption couldn’t have gone much worse for the Central American country in a chaotic opening 24 hours. Here are five of the key talking points to a historic episode in the history of currency. 

The people take to the streets

Cryptocurrency is hailed as the future of money by some financial experts, but in a country where half the population has no internet access, many people are unsure about what Bitcoin even is. 

The uncertainty is part of the reason why protests broke out across the country at the same time as the BTC launch.

More than 1,000 people protested outside the supreme court in San Salvador, the nation’s capital, setting off fireworks and burning tyres.

Other reasons for opposing the virtual coin include a hostility towards big businesses. Many citizens believe their economy will be exploited by the so-called ‘whales’ – people with large amounts of BTC – to make profit. Other people simply don’t like the volatility of the currencies, with prices sometimes soaring or dropping by over 10% in a single day

However, not everyone is put off by Bitcoin. It’s high accessibility means it’s a way for ordinary people to invest in financial markets – something that’s normally out of reach.

The biggest crypto crash in months

The protestors may have a point about volatility. The last 12 months have seen the price of Bitcoin treble in value to a high of around $61,000 in early 2021, dip by 50% over the summer, and almost double again in August and September. Swings and drops like this might make some people think they’re better off putting their BTC into a Bitcoin-friendly casino, rather than a crypto exchange

Bitcoin stayed true to form on launch day. After starting the day at the $52,000 mark, it plummeted 17% to $43,000 at one point, before steadying itself at around $47,000. 

It was part of a wider crash that saw over $400 billion wiped off the value of the full crypto market. Altcoins such as Ether, Cardano and Ripple suffered their biggest fall in months, as investors were spooked by the shock to the system.

Forecasts for the short to mid-term, though, are mixed. Some experts believe the crash was just a blip before the next step higher for crypto prices.

Others believe that Bitcoin simply isn’t ready to be an official currency, and the ensuing problems in El Salvador will contribute to a long-term slump. 

The government snap up more Bitcoin

The crash did have one small consolation for the country – it allowed them to ‘buy the dip’. Buying the dip is a common investing term for purchasing when prices are cheaper, and this is exactly what the El Salvador government did.

They swooped in to buy an additional 150 bitcoins as prices fell, worth around $7 million. 

The problem is, they had already lost almost a fifth of the value from their initial purchase of 400 BTC (around $20 million) a few days prior. If the price were to drop more, then many will question the wisdom of the government’s investment.

However, for ‘bullish’ believers in the long-term value of BTC, buying at any point below $50,000 is good value. They expect the coin to hit $100,000 soon, on its way to even higher values over the next few years.

Tech glitches force the President to take to Twitter

Ahead of the launch, El Salvador’s President Bukele announced a new national digital wallet, called Chivo, designed to make the transition to virtual money as smooth as possible. 

Come the big day, though, and the wallet’s app was nowhere to be seen on Apple or Android. After a period of uncertainty, the president complained to the online stores via Twitter in a bid to make it available.

The reason was a technical glitch that meant the app couldn’t cope with the influx of new registrations. The government then connected it to more servers to increase capacity and it appeared that the problem was solved.

People start to make BTC payments at major outlets

With the glitches corrected, the day was about to end on a happy note as pictures appeared online of shoppers using Chivo in retailers such as Starbucks to pay for goods in BTC. 

President Bukele posted the images to show the world that the crisis was over, and El Salvador was on the way to the successful adoption that he predicted.

The good news, however, didn’t make the fears about money laundering and security go away. This will be the big test for El Salvador over the next few months – to make the currency work in a climate of fear and distrust. 

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