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Bitcoin (BTC) extended its slide on Nov. 16 as BTC price action returned to test $60,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin finally closes large CME gap Data from Cointelegraph Markets Pro and TradingView showed BTC/USD coming down 8% from Monday’s local highs above $66,000. Bouncing at $60,350 on Bitstamp, the pair nonetheless traded at its lowest since Nov. 6. As leveraged traders felt the pain, optimism remained that the “shakeout” of positions on derivatives exchanges was nearing completion, with a resumption of upside taking over thereafter. Leverage shakeout close to complete$BTC pic.twitter.com/rQyfaT8HUd — Dylan LeClair (@DylanLeClair_) November 16, 2021 Bitcoin further managed to close a CME futures gap in place for over a week, a classic mov...

Australia’s largest digital assets exchange, BTC Markets, has announced it will be adding two new senior additions to its Advisory Board, David Raper and Garry Duursma. BTC Markets has 325 thousand Australian clients, who have traded over AU$17.1 billion on the platform. BTC Markets CEO Caroline Bowler told Cointelegraph that the appointment of the two new execs would help the platform achieve its vision of market expansion. “We have been looking for some time for people to join at that senior advisory level,” she told Cointelegraph, adding that the two appointments are “in lockstep and part of a broader plan for expansion.” Both of the new appointees have previously worked in traditional finance. Duursma worked at Tyro payments for seven years and has also worked at Mastercard. Bowler hop...

China is pressuring its own state-owned businesses to cease mining cryptocurrencies, and the government is considering harsh penalties on firms that continue, including higher energy expenses. According to reports, Meng Wei, a spokesperson for the National Development and Reform Commission (NDRC), said at a press conference that as China’s top economic planner, the NDRC intends to regulate industrial-scale Bitcoin (BTC) mining and any involvement by state businesses in the activity. The NDRC, which is in charge of policymaking for mining, has reportedly recently organized a special session on the subject. It also has increased the pressure on provinces and municipalities to investigate and clean up mining by state-owned entities. The Chinese government has taken a harsh stance ag...

Bitcoin (BTC) whales are back in the game near $60,000 as data shows classic bull market behavior. According to on-chain monitoring resources on Nov. 16, the third-largest Bitcoin whale address has increased its holdings by 207 BTC. Whales buy the dip Despite falling 8% over the past 24 hours, Bitcoin remains a solid buy for its biggest investors. For one address, now the third-largest with a balance of 193,433.46915660 BTC, it added the equivalent of $12.84 million to its balance at a price of $62,053 per Bitcoin.  “As of now, this address has increased its holdings by 635 BTC in November,” journalist Colin Wu noted in comments on the event. “The current balance of this address is 108,528.56 BTC, and the unrealized income is 4,632,109,617.37 USD.” Such whale behavior is in fact ...

Selecting a timeframe for technical analysis is always a tricky topic, but usually, the longer the trend, the higher the odds it shall prevail. For example, those analyzing the 3-day Bitcoin (BTC) chart will unarguably identify an ascending channel pattern that initiated in late June. Bitcoin price in USD on FTX. Source: Tradingview Bears will also always find ways to justify their views despite the fact that Bitcoin has hit new all-time highs following the United States consumer price surge to 6.2%, which is the biggest inflation surge in 30 years. However, data from on-chain analytics firm Glassnode shows that long-term investors have stopped net accumulating and are now diversifying into altcoins. According to analyst Willian Clemente, the recent net selling from that class of investors...

Google’s keyword search data shows interest in nonfungible tokens (NFTs) has surged to record levels, with traffic beating out search terms pertinent to many crypto assets ranked among the top ten. According to Google Trends, interest in NFTs saw a dramatic spike at the start of the year as Dapper Labs’ NBA Top Shot and vintage Ethereum-based NFTs saw frenzied speculation. While the bubble initially appeared short-lived — with search volume drying up by roughly 75% as of the end of June, interest began to bounce back in July before breaking into new highs at the end of October. Search volume for “NFT” (blue) and “non-fungible token” (red) over 24 months: Google Trends Since then, Google search traffic for NFT-related keywords has continued to surge, doubling over the past three months. The...

Famed billionaire and reality TV star, Mark Cuban, has revealed he is using blockchain technology to lock up carbon offsets on the Polygon network. In a Nov. 13 Twitter thread sharing a Cointelegraph story on KlimaDAO, the billionaire blockchain enthusiast stated that he has been buying $50,000 worth of carbon offsets and placing them on-chain as Base Carbon Tonnes (BCT) roughly every 10 days since the launch of KlimaDAO. BCTs are digital assets bridged onto the Polygon Network by Toucan Protocol that represent one tonne of carbon from the Verified Carbon Unit (VCU) registry. KlimaDAO, a decentralized blockchain project that aims to drive appreciation of the price of BCT and has accumulated over 9 million BCTs, told Cointelegraph that it uses Polygon because it is a Proof-of-Stake (POS) ne...

Institutional traders have locked a record sum of capital into Bitcoin investment products despite trade volume declining during the second half of 2021. According to CoinShares’ Nov. 15 “Digital Asset Fund Flows Weekly” report, Bitcoin (BTC) investment products saw total inflows of $97.5 million between Nov. 8 and Nov. 12 — pushing the sector’s assets under management (AUM) up to a record $56 billion. Year-to-date (YTD) inflows also tagged $6.5 billion last week. Bitcoin instruments represented 64.6% of the $150.9 million that flowed into digital asset investment products last week. While the record AUM coincided with BTC establishing a new all-time high of roughly $69,000 on Nov. 10, the markets have since pulled back by 10% to last trade hands for $62,100. Despite CoinShares noting that...

Despite his actual term at the helm of the New York City government kicking off some 1.5 months from now, Eric Adams, the city’s mayor-elect, has already started governing by publicity. Making the Empire City more business and tech-friendly is a centerpiece of Adams’ vocally projected agenda, and — much to the crypto community’s delight — the incoming mayor has made a point to repeatedly declare his support for all things Bitcoin (BTC). In the days following his Nov. 2 victory, Adams, the former Brooklyn borough president and a former police officer, issued a chain of crypto-friendly statements ranging from a pledge to take his first three paychecks in Bitcoin to suggesting that digital finance courses be incorporated into school’s curriculum. The mayor’s office, however, is just...