Gala Crypto News for Today

Gala Crypto News is your one-stop-shop for all the latest news in the cryptocurrency world. Stay up-to-date on all the latest happenings in the space, and get insights from industry experts on where the crypto markets are headed.

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Bitcoin

Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008.

BTC climbs to $9,200 as buyers defend key support

Bitcoin bulls have once again defended a key support level, with the cryptocurrency climbing back above $9,000.

The move higher comes after a period of consolidation around the $8,800 level, which had been established as a key support in the wake of the sell-off seen last week.

The buyers have so far defended this level on three separate occasions, with each dip being met with strong buying pressure.

The latest move higher has seen BTC climb back above the $9,000 level, which is now acting as a key resistance.

A break above this level could see Bitcoin head back towards the $9,500 region, which is where the buyers ran into trouble last week.

Bitcoin SV, Litecoin, and Ethereum Classic Price Analysis: ETC Breaks Out

BTC/USDT
From yesterday’s open at $11,590, Bitcoin moved higher today to $11,715 at its highest point. The coin retraced a bit to the current trading price of around $11,650.
On the hourly chart, we can see that after BTC formed the double bottom pattern mentioned yesterday, it surged higher and managed to break out past both the 50-hour and the 100-hour moving averages. The move higher brought it to test and retest the descending trend line since September 25th multiple times before finding support above it and pushing higher.
The next resistance lies at $11,850 which is marked by yesterday’s high. Above this, higher resistance lies at $12,000 which is where Bitcoin found resistance on September 25th as well.

LTC/USDT
Litecoin entered a minor correction today as it moved lower from yesterday’s high of around $52.5 to the current level of $51.15.
On the hourly chart, we can see that Litecoin reached an intraday high of around $52 before a rejection from there caused it to move lower inside a descending channel formation since early this morning. The coin is currently testing support at the lower boundary of this channel around $51 as buyers step in.
The next level of support lies at yesterday’s low of around $50 followed by the ascending trend line since September 24th which currently stands at around $49.5.

ETC/USDT
From yesterday’s close at around $5.78, Ethereum Classic surged today to an intraday high of around $6 before retracing slightly lower to its current level of trading just below $6.
On the hourly chart, we can see that ETC formed an ascending triangle pattern as buyers stepped in and pushed prices higher multiple times while encountering rejection at around $6 since early this morning until a few hours ago when a breakout finally occurred. This sent Ethereum Classic surging higher towards its next level of resistance at around $6.19 which is where ETC found resistance on September 25th on its way down from highs set on September 24th just below $7….

Ethereum

The world’s second-largest cryptocurrency by market capitalization is Ethereum. The digital asset, native to the Ethereum blockchain, is ETH.ETH is the fuel, or “gas”used to power the Ethereum network. developers use ETH to pay for transaction fees and services on the Ethereum network.

Ethereum 2.0 deposit contract is now live

The Ethereum 2.0 deposit contract is now live, meaning that users can finally start staking ETH and earning rewards. The deposit contract allows users to convert ETH into so-called “shares” or “units” of an Ethereum staking pool. Shares represent a user’s percentage ownership of the pool and their entitlement to rewards.

To get started, users need to first connect to an Ethereum staking provider of their choice and create a new account. Once they have done so, they will be given a unique deposit address. Next, users need to send at least 32 ETH to this address in order to be eligible for rewards. It is important to note that once ETH has been sent to the deposit contract, it cannot be withdrawn for a period of three months.

Once the required amount of ETH has been deposited, users will automatically become part of an Ethereum staking pool and will start earning rewards based on their percentage ownership of the pool. It is important to note that rewards are not paid out in ETH but in “shares” or “units” of the staking pool. These units can then be converted back into ETH at any time.

The launch of the Ethereum 2.0 deposit contract marks a major milestone in the development of the Ethereum blockchain and paves the way for a more scalable and energy-efficient network.

DeFi lending platform MakerDAO to launch multi-collateral Dai on Ethereum mainnet

MakerDAO, the company behind the Dai stablecoin, has announced that its multi-collateral Dai (MCD) will go live on the Ethereum mainnet on November 18th.

With MCD, users will be able to collateralize their crypto assets to generate Dai, instead of just using ETH as collateral. This move is designed to reduce the risks associated with single-collateral Dai and make the platform more robust.

Currently, there is only one type of Dai, which is backed by ETH. However, with MCD, there will be three types of Dai: Single-collateral Dai (SCD), Multi-collateral Dai (MCD), and Sai (a synthetic USD stablecoin).

SCD will continue to exist alongside MCD and users will be able to choose which type of Dai they want to use. However, it is worth noting that MCD will have a few advantages over SCD, such as lower interest rates and a more stable price.

Litecoin

Litecoin has leapt higher in the last few hours of trading, following a period of consolidation below the $3.00 level. LTC/USD had attempted to break out to the upside on a number of occasions but faced some tough resistance around $2.80.

Litecoin Foundation partners with Beam to explore MimbleWimble implementation

The Litecoin Foundation has announced a partnership with Beam to explore the possibility of implementing MimbleWimble on Litecoin.

MimbleWimble is a privacy-focused blockchain protocol that uses “confidential transactions” to keep transaction amounts private. The protocol also enables “atomic swaps,” which allow for the exchange of one cryptocurrency for another without the need for a third-party custodian.

If implemented, MimbleWimble could make Litecoin one of the most private and fungible cryptocurrencies in existence. The Litecoin Foundation believes that MimbleWimble could also help to reduce blockchain bloat, improve scalability, and enable new use cases such as cross-chain atomic swaps.

Beam is currently in the process of implementing MimbleWimble on its own blockchain. The company plans to launch a mainnet later this year.

The Litecoin Foundation will be working with Beam to explore the feasibility of implementing MimbleWimble on Litecoin. No timeline has been set for the project, but the foundation says it is committed to taking “a responsible and gradual approach” to any potential changes.

Litecoin price analysis: LTC/USD range-bound below $50.00, bulls need more strength

Litecoin, currently ranked #6 by market cap, is up 1.32% over the past 24 hours. LTC has a market cap of $3.1B with a 24 hour volume of $200M. Litecoin Price Analysis Overall, the bulls have been in control since the end of September as Litecoin price remained well above the $50.00 handle. Looking at the 4-hour chart, you can see that after a breakout above the downtrend line and the 100-SMA (green), Litecoin price managed to retrace all the way back to just above $50.00 where it found decent support from multiple moving averages including the 200-SMA (purple).

From here, LTC price started to move higher once again as bulls managed to push it all the way up to just below $60.00 before they ran out of steam and had to take a breather. The bears tried to take control but they failed miserably as Litecoin found support around $54.00 where it proceeded to move higher yet again.

At this point, Litecoin price is once again trading just below $60.00 which seems to be acting as strong resistance at this point in time. Additionally, it is also worth noting that the 100-SMA (green) has now crossed above both the 200-SMA (purple) and the 50-SMA (yellow) which is a bullish signal indicating that we could see further upside in the near-term if buyers can muster enough strength to push LTC/USD back above $60.00

XRP

XRP price analysis: XRP/USD bulls need to push above $0.2500 to continue higher

XRP price is trading in a positive zone above $0.2400 against the US dollar.
The price is likely to make another attempt to surpass the $0.2500 resistance area in the near term.
There is a key bullish trend line forming with support near $0.2450 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
The pair could start a strong increase if it clears the $0.2520 resistance area in the near term.

XRP price analysis: XRP/USD bulls need to push above $0.2500 to continue higher

The XRP/USD pair is trading comfortably above the $0.2350 level and the simple moving averages (SMAs).

There is a key bullish trend line forming with support near $0.2360 on the 4-hours chart of the XRP/USD pair.

The price is likely to continue higher towards the $0.2500 and $0.2580 levels in the near term.

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