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The bitcoin exchange rate recovered after the biggest drop over the weekend from $56,000 to $42,000. Many, including the largest players, took advantage of this moment and bought the world's first cryptocurrency that had fallen in price.
A similar collapse was observed in altcoins, but there the correction took place in different ways. Not only did the ether manage to win it back instantly—returning to a level above $4,000, but even then the demand did not decrease, and at the time of writing this review, ETH is testing the $4,400 border.
Who gets a salary in bitcoins?
Recently, there have been more and more slogans that no matter how bitcoin is tried to be introduced into the real world of settlements and payments, it is unlikely to be done in the near future. In the next 3-5 years, the cryptocurrency will remain either a purely investment or a highly speculative instrument. The main reason is its excessive volatility. Would you agree to receive a salary that would decrease by more than 20% the next day? The report is obvious.
If you got paid for your work last Friday, your wallet would drop 21% on Saturday. The fall in bitcoin happened in a matter of hours. Yes, technical factors, of course, contributed to the fall—the main one was the dumping of the "marginalists," who pretty much picked up positions counting on crazy profits by the end of the year, when bitcoin "will definitely be at 100K." But the fact remains—there is nothing good about it. The rapid decline only underscores the danger of an emerging trend fanned by politicians and celebrities receiving payments in cryptocurrency.
In the U.S., there are more and more calls to invest in the fast-growing cryptocurrency industry, and the leaders of the crypto industry are trying to promote policies that aim to receive salaries in cryptocurrency. A prime example is Miami Mayor Francis Suarez, who announced last month that he would receive his next paycheck in Bitcoin. Suarez also announced recently that he is working on a plan to pay more than 4,000 city government employees in cryptocurrency. Not only that, he also promised that city residents would be able to pay taxes in bitcoins.
New York City Mayor-elect Eric Adams also recently noted in an interview that he is exploring ways in which the millions of people working in the largest city in the United States could be paid their salaries directly in Bitcoin and other cryptocurrencies. He also noted that he will receive his first three salaries in Bitcoin.
Sports and show business stars also do not miss the opportunity to promote the crypto industry. Professional athletes Russell Okung, Odell Beckham Jr., and Aaron Rodgers have said they will be paid, at least in part, in cryptocurrency.
But despite the disadvantages, which are huge, there are also advantages, which politicians and stars are focusing on - the possibility of big profits, since many private investors are looking more and more at the field of cryptocurrencies, which is still highly profitable. Cryptocurrency could certainly fall, they said, but it could also rally to levels much higher at which wage payments were made.
Iceland will no longer accept miners
Iceland has begun an active struggle with miners and is not going to let them into its territory. Sharp power outages in Iceland have led the island's main company, Landsvirkjun, to cut supplies to some industrial clients such as aluminum smelters, data centers, and fishmeal factories. The company said on Tuesday that the low water level in the accumulator tank, a power plant malfunction, and a delay in receiving electricity from an external generator led to an immediate reduction in power.
Currently, Iceland's largest consumers of electricity are its giant smelters, built decades ago to generate cheap energy. Now, in the short term, cryptocurrency miners, tempted by the cheap electricity needed to mine new coins, now have nothing to do there.
As for the technical picture of Bitcoin
A clear return and consolidation above the level of $50,220 further fuel the demand for the asset that has fallen in price. The main task of buyers now is to break through the level of $53,190, going beyond which will provide good growth and return to $55,930, and then up to $59,400, which will put a "fat point" in the fall of the cryptocurrency on December 3. It will be possible to talk about the return of pressure on BTC after it returns below $50,220, which will definitely push it to the $46,900 region and open the way for $42,300.
As for the technical picture of Ethereum
While the bulls are actively fighting for the level of $4,404, a breakthrough of which will push buyers' interest in order to enter $4,647, and the historical maximum of $4,860 nearby. A good support and an area where large buyers will show themselves is the level of $4,140. It is of interest and I recommend relying on it. A breakout of this area will clearly create problems for traders, pushing Ether by $3,912 and quite possibly increasing pressure up to the $3,680 test—a bad call to end this year.
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