DAILY CRYPTOCURRENCY NEWS

Ethereum Fees Drop to the Lowest Rate in the Last Months

According to Santiment, Ethereum's median-sized transfer fee has dropped below $3. This shows that the demand for Ethereum transactions remains low. Lower transaction costs and increased scalability are expected to improve Ethereum's investor outlook. As a result, low fees often increase the likelihood of a bounce for Ethereum price.

Bitcoin Mining Hash Rate Spikes By 30% In 24 Hours

In the past 24 hours, Bitcoin's network hashrate has risen by 31.69% to reach 248.11 EH/s, further confirming the network's resilience against the potential breaches during the mining process.

Russian Regulators Meet on Common Ground — Bitcoin Can't Be Used for Payments

Russian authorities have yet to come to a full consensus on the future of cryptocurrencies, but government institutions agree with their intent to ban Bitcoin payments. Representatives of the Russian business community announced that other operations with digital assets will be legalized and regulated.

Intel Corporation Plans to Enter Mining Chip Race

Intel is bringing a breath of fresh air to the mining market by launching the SHA-256 optimized blockchain accelerator, which is claimed to have 1000x better performance per watt than the GPUs used for SHA-256 mining.

Wells Fargo Analysts: "It's Not Too Late to Invest in Bitcoin"

Analysts at Wells Fargo Investment Institute (WFII), the adviser and subsidiary of Wells Fargo Bank, claimed that cryptocurrency adoption is still in its early stages. In a report released by WFII's Global Investment Strategy team, analysts stated that Wells Fargo believes it is not too late to invest in crypto, despite its skyrocketing prices.

SEC Working With CFTC on Crypto Regulation, Says Chairman Gensler

The Commodity Futures Trading Commission (CFTC) has stated that it should be the primary body responsible for overseeing cryptocurrencies. According to Gensler, the team is working to protect investors by better regulating hundreds of new digital assets and currencies and overseeing the better-known Bitcoin and Ether markets.

Bitcoin's Exchange Supply Hits Three-Year Low

Despite the dramatical drops in Bitcoin, one of the most positive indicators is that the Bitcoin's exchange supply has touched a three-year low since December 2018.

Ripple's Asia-Pacific Policy Director: "ODL Can Be Used as a Neutral Bridge Between CBDCs."

In a recent interview, Ripple APAC Policy Director Rahul Advani talked about RippleNet's On-Demand Liquidity (ODL) service powered by the digital asset XRP. Advani's comments were made during an interview with financial news platform Bread.

Canada Set To Become Crypto Powerhouse With Proposed New Cryptocurrency Bill

Bill C-249 has passed its first phase and aims to spur cryptocurrency growth in Canada. Several market participants welcomed the bill and acknowledged its potential to make Canada an industry leader. Regulations are increasing in the cryptocurrency space worldwide.

Short-Term Holder SOPR Gives Bullish Signal

The SOPR (The Spent Output Profit Ratio) indicator increasingly shows fractal similarities to the summer of 2021, when the cryptocurrency market is undergoing a deeper correction. Additionally, as the short-term holder’s SOPR rises above 1, there are some signals that the current correction may already be over.

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 350578.85 TRY

Bitcoin lost a 0,38% value during morning hours and is priced around $41.975. Analysts at Wells Fargo Investment Institute (WFII), the adviser and subsidiary of Wells Fargo Bank, claimed that cryptocurrency adoption is still in its early stages. In a report released by WFII's Global Investment Strategy team, analysts stated that Wells Fargo believes it is not too late to invest in crypto, despite its skyrocketing prices.

When we consider the BTC/USDT pair technically, BTC broke the downtrend as of November 10 and surged towards $45.855. This zone (the dip level on December 2021) worked as a resistance level and along with sharp sales, BTC retreated below the 50MA level. Regarding the 7 and 14-day DEMA intersections, we expect the declines to continue towards the blue zone for BTC, where we see a sell signal.

RESISTANCES 42.640 / 43.315 / 43.882
SUPPORTS 41.398 / 40.831 / 40.156

BITCOIN [BTC] 350578.85 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 24464.47 TRY

Ethereum lost a 0,36% value during morning hours and is priced around $2867. According to Santiment, Ethereum's median-sized transfer fee has dropped below $3. This shows that the demand for Ethereum transactions remains low. Lower transaction costs and increased scalability are expected to improve Ethereum's investor outlook. As a result, low fees often increase the likelihood of a bounce for Ethereum price.

When we consider the ETH/USDT pair technically, ETH broke the short-term minor downtrend as of January 4 upwards and surged towards the major downtrend. But the breakout of the long-term downtrend could not hold onto. ETH dropped when facing resistance from the downtrend and the 50MA level. If it loses the demand zone marked in blue, it can fall to $2500.

RESISTANCES 2930 / 2999 / 3048
SUPPORTS 2695 / 2763 / 2813

ETHEREUM [ETH] 24464.47 TRY +7.00 +0.03 VOL 21 ETH

AVALANCHE [AVAX] 316.27 TRY

AVAX lost a 0,85% value during morning hours and is priced around $77,28. When we consider the AVAX/USDT parity technically, AVAX, which tested its major long-term downtrend several times, faced a reaction from this level and sales pressure, particularly after the data from the USA. The drop continued to the demand zone marked in blue for AVAX, which lost the 50MA level. If another breakout occurs, the next short-term support level is $72,12 (200MA).

RESISTANCES 82,09 / 86,25 / 89,23
SUPPORTS 67,81 / 71,97 / 74,95

AVALANCHE [AVAX] 316.27 TRY +7.00 +0.03 VOL 21 AVAX

RIPPLE [XRP] 8.19 TRY

Ripple lost a 1,90% value during morning hours and the current price is $0,7912. When we consider the XRP/USDT pair technically, XRP broke the sideways trend at $0,57-0,64 upwards. After the downtrend and 50MA level breakout, it had experienced a sharp rally. XRP tested the $0,74 (the 50MA level) on Friday. If it loses this momentum, the fall might deepen.

RESISTANCES 0,8337 / 0,8724 / 0,8977
SUPPORTS 0,7057 / 0,7444 / 0,7697

RIPPLE [XRP] 8.19 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 971.45 TRY

LTC lost a 1,95% value during morning hours and is priced around $123,3. When we consider the LTC/USDT pair technically, LTC, which has seen a horizontal price movement between $113,1 and $ 104,9 for a long time, broke the sideways and surged towards $145. After facing resistance from this zone, LTC lost the level of $129,8 (50MA level) on Friday. We would expect LTC to continue its decline towards $113,1.

RESISTANCES 128,44 / 133,70 / 136,91
SUPPORTS 111,50 / 116,76 / 119,97

LITECOIN [LTC] 971.45 TRY +7.00 +0.03 VOL 21 LTC

LINK lost a 1,85% value during morning hours and is priced around $15,36. When we consider the LINK/USDT pair technically, it appears the scenario we discussed last week has come true. The lower support level of the price action, which was stagnated in the daily chart was broken on Friday. After this breakout, our target level of $16 was reached yesterday. But LTC has not received any reversal signals, our expectation is there will be a retracement towards the demand zone marked in blue.

RESISTANCES 16,22 / 17,03 / 17,54
SUPPORTS 13,57 / 14,38 / 14,89

BASIC ATTENTION TOKEN [BAT] 5.52 TRY

BAT lost a 2,15% value during morning hours, and is priced around $0,7861. When we consider the BAT/USDT pair technically, there is no major change in the outlook, as we mentioned in the daily newsletter yesterday. BAT often tested the strong uptrend on June 2021 and broke it downwards last week. Then, it retreated towards the target level of $0,80. For LTC, which has not yet received a reversal signal, the decline may continue towards the demand zone marked in blue.

RESISTANCES 0,8180 / 0,8494 / 0,8714
SUPPORTS 0,7112 / 0,7426 / 0,7646

BASIC ATTENTION TOKEN [BAT] 5.52 TRY +7.00 +0.03 VOL 21 BAT

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