Lugano, Switzerland Launches Bitcoin Anchored Stable Coin "LUGA"The Swiss city of Lugano has announced the launch of a Bitcoin anchored stable currency, Lugano (LUGA), which can be used by over 350 merchants in Lugano. The city government has revealed that it will begin accepting payment of taxes in Bitcoin on December 1st
Lugano, Switzerland Launches Bitcoin Anchored Stable Coin "LUGA"
The Swiss city of Lugano has announced the launch of a Bitcoin anchored stable currency, Lugano (LUGA), which can be used by over 350 merchants in Lugano. The city government has revealed that it will begin accepting payment of taxes in Bitcoin on December 1st. In addition, the city of Lugano has announced the allocation of $50 million in entrepreneurial funds to support startups focused on cryptocurrency and blockchain technology, with a focus on areas such as Bitcoin core development pools, lightning network development pools, and public projects.
Uniswap founder destroyed 99.99% of HayCoin supply, causing HayCoin to skyrocket by 307%
HayCoin is a test token deployed by Uniswap founder Hayden Adams. After destroying 99.99% of its token supply, its value soared by 307% to $2.5 million. Adams wrote on social media that he destroyed the token supply after feeling uncomfortable with having almost all of it. According to the cryptocurrency price tracker DexTools, as of 3:38 PM Eastern Time on October 20th, the price of a HayCoin has exceeded $2.5 million. Adams stated that he will not participate in the transaction of the token in the future as he has burned all supplies.
HODLers holds approximately 69% of BTC circulation supply, approaching historical highs
According to IntoTheBlock data, the BTC balance held by Bitcoin HODLers hovers around historical highs, reaching 13.45 million Bitcoins, accounting for approximately 69% of the circulation supply. HODLers refer to individuals who hold Bitcoin for more than a year and accumulate over time. IntoTheBlock analyst Slim Daddy said this is a potential reason why Bitcoin can maintain its strong price position despite market turmoil.
Mike Novogratz: Bitcoin spot ETFs will be approved this year
Galaxy Digital CEO Mike Novogratz stated on CNBC's SquawkBox program that the US Securities and Exchange Commission is expected to give the green light to Bitcoin spot ETFs, which will be approved and happen this year.
Today's Market Analysis
BTC:
- The current price is $29666, with a 24-hour trading volume of $16962329239.71. BTC has increased by+1.23% in the past 24 hours.
- With the increasing popularity of Bitcoin ETFsMidea Securities and Exchange CommissionThe members also stated that they will give the green light to Bitcoin spot ETFs, and there is a high probability of passing them before the end of the year. Recently, there seems to be all positive news, which has also played a supportive role in the current bear market turmoil.
- Technical analysis: The current daily trend is still maintaining an upward trend, with a strong trend. The current pressure level is 30300 $, and the support level is 28100 $. Looking at the weekly trend, it has gradually gathered and paralleled. It is highly likely that Bitcoin will break through the pressure level above 30000 $for consolidation and repair. The monthly indicator shows that this round of rise has almost reached its peak.
ETH:
- The current price is $1604.12, and ETH has increased by+1.22% in the past 24 hours. The reason why Ethereum's recent trend has been relatively bearish is actually due to many whale accounts selling heavily, which is the main reason,
- Linkage is the main focus, with the daily moving average closing in parallel, and the weekly line starting to dip. Based on comprehensive indicators, the position of $1600 has basically reached its peak, with little room for improvement. The next step should be consolidation.
Mainstream currency:
- BNB, currently priced at $212.84, has fallen by -0.16% in the past 24 hours. Currently, BNB is mainly linked and may rebound in the near future. Looking at the 7-day data, BTC has risen by 10%, while BNB is only 3.2%. There is still a possibility of a rebound during the process of market recovery.
- XRP, currently priced at $0.5166, has increased by+1.15% in the past 24 hours. The current trend is linked, with a 7-day increase of 6.3%, which is not bad either.
- SOL, currently priced at $28.07, has risen by+6.36% in the past 24 hours, with a seven day increase of+26.3%, which is a very good performance. The current daily trend is still strong, almost upward, and the weekly trend is also upward. From this perspective, as long as BTC breaks through the pressure level and remains above 30000 $consolidation, SOL will continue to move upward. In fact, my personal suggestion is that SOL should stop earning at high points, perhaps there is still room for improvement, However, currently it is also at a high level in the short term. Since the overall market has reached its peak, there is not much room for SOL to continue rising, after all, there is currently no significant positive news for SOL.
- DOGE, the current price is $0.0603, and Big Dog has increased by+1.49% in the past 24 hours. The current linkage is the main trend, and Big Dog has been at the bottom for a long time, so it's time for a rebound. Stay tuned.
- DOT, the current price is $3.7605, which has increased by 0.99% in the past 24 hours. Boca has been in a negative decline for two months, and the current price has reached the bottom position. If it falls further, it will not fall anywhere. You can wait for a rebound.
Summary:
Recently, the market has been rising for several consecutive days, and I personally think this trend is almost over. I would like to remind everyone that it is still a bear market, and the market sentiment is extremely unstable. BTC has risen by over 10% in the past seven days, and the currency with the highest seven day increase in mainstream currencies has reached (+67% BSV) (SOL+26%). This is already the limit data in the bear market. Stop earning when high, and still have a sense of awe towards the market.
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