Fri, February 03, 2023

The price of cryptocurrencies

Bitcoin’s price on November 27

There are numerous cryptocurrencies around the world. However, Bitcoin, Ethereum, and several other digital currencies are well-known even in the most isolated countries.

Bitcoin is the number one cryptocurrency in terms of market capitalization. For the last couple of weeks, Bitcoin is struggling to regain its position. At first, Bitcoin’s price fell to less than $10,000. Moreover, instead of returning to its previous price, Bitcoin suffered additional losses. As a result, the price declined to $9,000 and then to $8,000.

On November 26, Bitcoin’s price started an upside correction from the $6,535 low against the U.S. dollar. The price first reached more than $6,800. Moreover, it broke the resistance level above $7,000.

This trend continued as price surpassed the $7,200 resistance area. However, Bitcoin was unable to break the resistance levels above $7,375 and $7,400. A high was formed near $3,372 before the price declined below $7,200.

There was a downside break below $6,950. The next support levels are near the $6,660 and $6,540 level. At the moment, Bitcoin’s price is $6,946.

Another important digital currency is Ethereum, which is the second-largest cryptocurrency in the market. Yesterday, Ethereum bean the recovery process as the price rose above the $140 and $142 resistance level.

Moreover, the price even surpassed the $150 level, but it struggled to continue its journey to the top. It failed to overcome the resistance levels above $152 and $155. A high was formed near $152 before falling to less than $150.  Right now, Ethereum’s price is $142.

South Korean Crypto Exchange and cryptocurrenciesCrypto and illegal activities

On Wednesday, the South Korean crypto exchange Upbit reported that it lost 342,000 ether (ETH).

It suspended withdrawals and deposits as a precaution. The crypto exchange will cover the loss of its assets. According to Upbit, it will take at least two weeks to solve all the problems caused by this action. Upbit also moved all assets held in a hot wallet to cold storage.

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