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Bitcoin Might Swing To $70,000 As Exchange Withdrawals Catalyzes

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Bitcoin Might Swing To $70,000 As Exchange Withdrawals Catalyzes
  • Bitcoin (BTC) makes bullish moves towards $70,000.
  • It has captured its support level at $60,000 and now swings to resistance level.
  • BTC would surge in price as exchange withdrawals catalyze.

Bitcoin is impressively making bullish moves for the past few days while crossing its support level at $60,000. The crypto industry mainly focuses on the growth of Bitcoin as it is referred to as the king of cryptocurrencies. As a matter of fact, the technical performance of Bitcoin seems impeccable which indicates its bullish rally to ultra-bullish.

BTC has jumped to a new all-time high which has resulted in a massive process in action in the crypto market. Analysts predict that Bitcoin has the potential to reach $70,000 in the next term. If BTC takes another upswing towards $67,000 it would easily boost to hit the $70,000 level.

Exchange Withdrawals Hits Four-Month High

As per the leading providers of on-chain data and metrics, Glassnode, it records that the number of Bitcoin exchange withdrawals has reached high. Besides, it is based on a seven-day moving average that hits a four-month high of 1,902.893. It is worth noting that the previous four-month high of 1,902.893 records on October 21, 2021.

Significantly, a surge in exchange withdrawals would have supported a bullish trend. In terms of price, investors expect that Bitcoin would tap a higher high price value. BTC has captured its support level at $60,000 after a pullback from $67,000. If the trend continues it may swing to the next resistance level and will hit $70,000 in the next term.

At the time of writing, the trading price of Bitcoin (BTC) is $61,029 which is 2.57% down for the past 24-hours. Although the price value of BTC has pulled the investors into the trend of bouncing towards $70,000. According to the technical analysis, the outlook of BTC price depicts a bullish trend for short-term and long-term.

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Crypto Adoption Begins With Fan Power. Corite’s CEO Discusses NFTs, Blockchain, and Democratizing the Music Industry Through Technologies.

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By now, after almost a year since the start of the NFT hype, non-fungible tokens have proven to be one of the turning points in crypto’s history. The utility and use cases for these assets have been disrupting arts, sports, movies, and music. On the other hand, we humans have always been willing to go the extra mile to acquire a unique piece of history, an exclusive work of art, or something that allows us to connect with our idols and passions.

Corite, a Stockholm-based fan funding music platform, taps into these two trends, preparing to launch a blockchain platform and leverage NFTs to transform the billion-dollar industry. We sat down with Mattias Tengblad, Corite CEO, to discuss the irruption of NFTs in financial markets, the hype around non-fungible tokens, and their potential to help bring crypto into the mainstream.

Q: Could you tell us a little about your background? How is Corite embracing digital assets and blockchain technology, and why did you decide to bet on NFTs?

A: Well, my co-founding partner Emil and I are true music lovers, and we’ve been working together for many years. We’ve spent five exciting years at Universal Music when Spotify launched and rocked the industry to its foundation. We have successfully run corite.com since late 2019, which provided valuable insights on how to incorporate blockchain technology to open up even more opportunities for both artists and fans. Corite decentralizes the traditional record deal model, giving independent artists financial and creative freedom while engaging their fans in novel ways. When admirers and musicians share in the success of a project, their bond grows stronger. We believe that fan power will drive the music industry’s future. We are also convinced that by monetizing digital art and music, NFTs enable artists to gain control of their work and generate new revenue streams.

Q: Could you tell us about your latest accomplishments and how they are driving the platform to its ultimate goal, i.e. to democratize the music industry?

A: Corite is already used by tens of thousands of fans. We are currently launching the blockchain platform CO, which provides new ways for artists to enjoy and live off of digital art and music. Fans will get song shares by backing the music and earn fan power by making the music a hit. We’re bringing Play to Earn to the music industry, and we just completed a $2.2 million pre-sale of the platform’s native $CO token last month. Our first NFT campaign in collaboration with actor and artist Emery Kelly has been a great hit.

Q: In any trend, there are supporters and detractors. What would you say to those that don’t understand the power of blockchain? How NFTs in general, and Corite in particular, are going to provide them with a better experience?

A: NFTs are unique digital assets that can represent anything and enable new ways for fans and artists to interact in meaningful ways. They allow fans to show their dedication and ensure artists can offer one-of-a-kind experiences, VIP access, exclusive discounts, and merch. That is why I believe NFTs have the potential to become as important to generation Z as music videos once were during the hay days of MTV in the 90s.

Q: What do you think has fueled the NFTs craze we saw in recent months? Do you share Beeple’s view that the entire sector is a bubble?

A: I don’t know anyone who would say ‘no’ to an autograph from their idol, and NFTs are the next evolutionary step here. You can invest in a distinctive piece of art created by an artist that will never fade, and it’s something you can pass along without the need for external validators. Of course, the sector is still to reach maturity – for example, there are quite a few badly-designed NFTs that are selling for millions of dollars out there, but we’re getting there. As more professional content creators, producers and artists enter the scene, the quality will go up.

Q: Recent surveys have shown that younger generations have a positive disposition to adopt digital assets. Which role platforms such as Corite will play in the next decade as Millennials benefit from a massive wealth transfer?

A: Without a doubt, NFTs are here to stay, and they are much more than collectibles.  Basically, NFT is a music investment that has been made available to the public. Consider supporting your favorite artist through a Kickstarter campaign in exchange for a percentage of the profits rather than merchandise or concert tickets only. It works wonders for prominent artists with millions of followers, allowing them to fund songs and albums with a single social media post, but also for the talented unestablished artist taking the first steps with the support of friends and family. In return, fans earn a share of artists’ success, while actively helping them with the promotion using our play to earn model. Corite and our CO platform will help artists understand and explore the NFT space offering turnkey solutions from creation and mechanics to distribution and marketing.

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An Important Strategy Revealed by CZ for Listing Tokens on Binance

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An Important Strategy Revealed by CZ for Listing Tokens on Binance

Changpeng Zhao, CEO of Binance, world’s leading digital asset exchange has revealed important key metrics. Mainly for how to list the cryptocurrencies on the Binance trading platform. The CEO disclosed this information in an interview with Forbes on Monday. 

Significantly, during the interview, CZ directly shared that a strong user base is the most important factor for listing a token in Binance. In addition, there are some major points like active users wallet address on blockchain, social media popularity and code commits. 

Besides all these, the number of active users will be the prominent indicator for a token to get listed on Binance. According to Binance exchange, the CEO works on a formula stating, if there is a large number of users, then the product will have a value. 

Binance Listing Tips 

CZ is more cautious about the volume of the users as the productivity is solely dependent on that calculation. For instance, if a digital currency has a huge volume of users, the profit of the currency will be valuable. And that is the easiest way to measure including the users statistics in the application form, he adds. 

Also, the CEO follows some listing measures on Binance network. He says, 

“Only if the digital token has a large count of users, Binance will list it. That will be the overwhelming attribute to the exchange. Besides, even my opinion doesn’t matter if the coin has a strong user base in the market.”

Moreover, with smart ideology, the CEO targets the profits concentrating more on trading volumes rather than listings. CZ very openly comments, even though I don’t prefer meme tokens but if there is a popular community for the token, then it will be listed in Binance. 

Thus, following the same listing techniques, Binance encourages trading in more than 500 cryptocurrencies. It includes popular coins like Bitcoin (BTC), Ethereum (ETH) and its own native BNB tokens. Also trending meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). 

However, as a leading cryptocurrency exchange in the U.S marketplace, Binance daily trading volume is almost around $28 billion. Besides so many challenges in the industry, Binance still remains in the top list among other crypto exchanges in the marketplace. 

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Solana Tops Cardano, Ethereum To Become The Most Staked Cryptocurrency

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Picture of Solana

Solana has slowly made its way into being the crypto sweetheart of 2021. The smart contracts platform had found popularity in the third quarter of the year as it rallied to new all-time highs following the massive adoption of the blockchain. It didn’t take long before the blockchain was being listed as an “Ethereum killer” placing it in competition with the likes of Ethereum and Cardano.

Solana has lived up to expectations since then as it stole more market share with each passing week. Decentralized finance (DeFi) services on the blockchain quickly took off as investors sought out cheaper alternatives to Ethereum.

Related Reading | Cardano Active Addresses Shoots To New Highs Amid Downtrend

Solana still holds a small share of the DeFi market compared to Ethereum but the blockchain has quickly grown to be a force to be reckoned with when it comes to staking.

Solana Takes The Lead For Staking

For a long time, competitor Cardano held bragging rights as the network with the most staked cryptocurrency. Now that title has been stolen by Solana as staking ramped up on the network. It now stands ahead of Cardano and Ethereum for total value staked on the blockchain.

Staking has become one of the leading ways for investors to make passive income while they held on to their coins. This has propelled the rise of digital assets like ETH and ADA to the forefront of the market given that these networks offered attractive yields to users.

However, Solana has quickly become the network of choice due to offering some of the highest yields compared to competitors Ethereum and Cardano. On November 23rd, Solana became the network with the highest value of tokens staked when total value had crossed $84 billion. This number put it right ahead of market leaders Cardano and Ethereum.

Solana staked value surpasses Cardano | Source | Staking Rewards

Solana’s yields currently have 77.37% of its total supply staked at an annual yield of 6.79%. Compared to this, Cardano has 70.5% of total supply staked at an annual yield of 5.71%, while Ethereum has only 6.85% of total supply staked with an annual yield of 5.2%.

Make Way For The “Ethereum Killers”

Activity on other smart contract platforms is ramping up as competition grows for Ethereum. Although the network still sees the most activity for DeFi and NFT minting, others such as Solana and Cardano are creeping up on the blockchain.

For the month of November, Cardano’s network activity has spiked considerably above that of Ethereum, suggesting more usage on the part of the former. Likewise, activities like NFT minting and DeFi services are ramping up on Solana, with Cardano expecting its first DEXes to launch soon.

Related Reading | Cardano Founder Addresses Liquidity Concerns Over eToro Delisting

Cardano had also recorded a spike in new staking wallets, with over 100K staking wallets added in the space of two months. Furthermore, Cardano’s new and active wallets had increased dramatically for the month of November, signaling growing adoption.

Solana received high praise from FTX founder Sam Bankman-Fried who hailed the cryptocurrency as a potential candidate for being the next Bitcoin.

Solana price chart from TradingView.com

SOL maintains value above $210 | Source: SOLUSD on TradingView.com
Featured image from CNBC, chart from TradingView.com
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