Ethereum bulls likely to profit $130 million on ETH options despite two-week slump

Ether (ETH) investors have no reason to complain after the 344% gains accumulated in 2021 until Nov. 24. Still, analysts fear that the $4,000 resistance test on Nov. 19 is forming a descending channel that aims at $3,600 by mid-December, an 18% correction from the current $4,400 price. Despite outperforming Bitcoin (BTC) by 16% in the past month alone and the ETH/BTC pair climbing to 10-week highs, Ether seems to be struggling with its own success. Ether/USD price on Bitstamp. Source: TradingView Users continue to complain about Ethereum gas fees,…

Russians transact $5B in crypto each year, Bank of Russia says

Russian people are among the world’s most active participants of the cryptocurrency market, according to the country’s central bank. The Bank of Russia published a fresh review on financial stability on Thursday, pointing out the country’s growing role in the $2.8 trillion market. Citing estimations reported by major local banks in July 2021, the Bank of Russia suggested that the total annual volumes of crypto transactions of the Russian population amount to 350 billion rubles, or $5 billion. It is unclear whether the Bank of Russia has converted these estimations…

Bitcoin bulls risk losing $365 million upon Friday’s BTC options expiry

Bitcoin’s (BTC) price action hasn’t been bullish despite the $69,000 all-time high on Nov. 10. Some argue that that descending channel formed 40 days ago is the dominant trend, and $56,000 marks its current resistance. BTC/USD price on FTX. Source: TradingView Such bearishness follows scrutiny from United States regulators, after a Nov. 1 report from the President’s Working Group on Financial Markets suggested that stablecoin issuers in the U.S. should be subject to “appropriate federal oversight,” similar to banks and savings associations. On Nov. 12, the Bitcoin-backed exchange-traded fund (ETF)…

NFT drops and Black Friday deals go mainstream?

From the rise of the Metaverse to major brands announcing nonfungible token (NFT) drops, cryptocurrency mass adoption is well underway. Americans in particular have taken a growing interest in crypto, as recent findings from the Pew Research Center found that nearly a quarter of 10,371 adults in the United States were familiar with cryptocurrency, while only one-eighth (13%) were entirely unfamiliar with the concept. Additional research from online broker firm, BrokerChooser, discovered that the U.S. is the third most interested county in NFTs, falling behind Canada and Australia.  Given America’s…

DeFi privacy project Panther raises $22M in 1.5-hour public sale

Panther Protocol, a privacy-enhancing technology provider for the decentralized finance (DeFi) industry, has completed its public sale to continue building privacy solutions for DeFi and Web3. Panter announced to Cointelegraph on Nov. 25 that it raised $22 million in its recent public sale of ZKP tokens, bringing the total amount raised to $32 million. Starting on Nov. 23, the Panther Protocol public sale successfully closed in just under 90 minutes, the Panther project previously announced. Launched in Q3 2020, the Panther Protocol is built using zk-SNARKs, a new form of…

PEOPLE price pumps 200% as new ‘We The People’ token unveiled

PEOPLE, the governance token of ConstitutionDAO, soared in value by nearly 200% in just 24 hours despite its trading volumes falling off the cliff in the same period, data on CoinMarketCap shows. The cost to purchase 1 PEOPLE token surged to $0.0321 compared to $0.0110 24 hours ago. In contrast, its trading volumes across the crypto exchanges dropped by almost 100% to over $181,000, reflecting that the ongoing bullish move had very little support behind it.  PEOPLE price performance on a 24-hour adjusted timeframe. Source: CoinMarketCap The story so far…

European Council approves two digital asset proposals

The European Union’s planned framework for regulating cryptocurrencies is one step closer to becoming official. On Wednesday, the European Council, which guides the EU’s political agenda, announced its position on the Markets in Crypto Assets (MiCA) framework and the Digital Operational Resilience Act (DORA). Following the deal, which must then be ratified, the European Council and Parliament may now begin discussions on the initiative before it is finally approved as legislation.  The MiCA framework is designed to safeguard investors and consumers from fraud, including guarantees that investors’ money is secure…

Bitcoin bulls have a lot to be thankful for despite BTC ‘probably’ not hitting $98K in 5 days

Bitcoin (BTC) will “probably” miss out on its predicted monthly close for November, analyst PlanB concedes. In a Twitter update on Nov. 25, the creator of the “worst case scenario” end-of-month price forecasts prepared to accept defeat for the first time. First ever miss “probable” for Bitcoin floor model At around $40,000 short, Bitcoin is currently far below what should have been its minimum monthly close for November. Now, PlanB acknowledges that BTC/USD hitting $98,000 in the next five days is somewhat unlikely. “Floor model $98K Nov close will probably…

Bitcoin ‘solidifies’ support at $58K as BTC price volatility hits 7-month low

Bitcoin (BTC) hit multi-day highs of $58,300 overnight into Nov. 25 with investors betting on the reduced likelihood of a further major price dip. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging above $57,000 Thursday, printing a higher low on the daily chart. This, trader and analyst Rekt Capital believes, shows support “solidifying” at current levels, with hope, therefore, remaining of a more convincing trend reversal. “Bitcoin has certainly solidified its support here, producing a long downside wick into the bottom of…