SAN SALVADOR, El Salvador (AP) — El Salvador President Nayib Bukele announced in a recorded message played at a Bitcoin conference in Miami that next week he will send proposed legislation to the country's congress that would make the cryptocurrency legal tender in the Central American nation.
Before this latest surge for the top two cryptos, recent sudden drops followed a ban on cryptocurrency transactions and mining from China’s central bank, which declared all cryptocurrencies illegal in the country. After previously topping $52,000 in early September, Bitcoin’s price had dropped and struggled to get back over $50,000 until this month.
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In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.
Long-term holders, who have held their Bitcoin for more than 12 months, are reluctant to spend their coins, according to Glassnode’s “The Week On-Chain” report. Another positive is that investors continue to withdraw coins from centralized exchanges whose share of supply has dropped to a new record low at 12.9%.
Binance CEO Changpeng Zhao insisted that the long-term pay-off will be worth any compromise.
Investors should continue to hold and not worry about the fluctuations, like Danial, who says she’s not “jumping on the hype.”
Dogecoin has added nearly 3 percent over the last day and is priced at $0.28. In the last week, it has climbed over 2 percent.
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Bitcoin made a new life high at $66,998 on 20th Oct and since then it entered into a retracement phase and subsequently prices dipped below $59,000 in the following days.
The latest new SafeMoon wallet listings announced on Nov. 5 include Shiba Inu, Chainlink and Aave.
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And, while it has big ambitions, its current market value is someway below the $1 dollar threshold - but has experienced a steady increase in price since its launch.
Table 2. T-test p-values (for each period band of each cryptocurrency / metric pair).
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The Fibonacci retracement indicator, measured from the Oct. 17 swing low at $3,640 to the Oct. 21 swing high at $4,375, suggests that Ethereum is sitting on stable support. The combination of the 50% Fibonacci retracement level with the 50 four-hour moving average at $3,922 is the most significant interest area underneath ETH.
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