CRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, DEFI News, RIPPLE News thumbnail

Bitcoin lacks momentum above $56,000, why the rally isn’t over yet
Bitcoin is showing positive signs above $54,000 against the U.S. dollar.

The bitcoin price remained in positive territory and climbed above $55,000 resistance. Bitcoin found support around $54,500 and the low was formed at $54,396. The price is now rising and trading above the $55,500 level. There has been a breakout above the 23.6% Fibonacci retracement level of the recent decline from a swing high of $56,500 to a low of $54,396.
It now faces resistance near the $55,500 level. There is also a key downward channel forming on the hourly chart of the BTC / USD pair with resistance near $55,650.
The Bitcoin price is still in an uptrend

Nearly $2 billion in mining fees
is paid to Ethereum minersAccording to behavioral analysis platform Santiment, the balance of Ethereum miners continues to grow as the figure reached a 50-month high.

The provider of social metrics and network analytics noted that miners have stored the most Ethereum since July 2016..
Nearly $2 billion worth of ETH
is being accumulated by miners.Santiment noted on Twitter that the amount of Ethereum held by miners is at its highest level since July 13, 2016.
The price of Ethereum has risen 10. 32% in the past 7 days, recently surpassing the $3,600 mark.
Ethereum miners receive almost $2 billion

Bitmain has announced that it will not supply bitcoin miners to China
Bitmain, the manufacturer of bitcoin mining equipment will no longer ship to addresses in mainland China.

The Beijing-based firm has announced that it will comply with local regulations and suspend domestic shipping starting Oct. 11, but overseas operations will remain normal.
Bitmain’s move may not have much impact on the company as domestic sales have been falling since last year due to rising North American mining. The company’s move may formally mean the end of its domestic market share, which accounted for nearly 50% of revenue in 2017 and about 40% in the first half of 2018.
Statement from Bitmain

ConsenSys anticipates a $3B valuations, MetaMask encourages growth
ConsenSys is a top blockchain startup and now has a $3 billion valuation.

ConsenSys has recently seen huge profits due to decentralized finance boom. It is also a leader in the creation of financial services apps and other automated software that uses Ethereum.
Earlier this year, in April, ConsenSys raised $65 million from some of the leading financial giants such as Mastercard, JPMorgan, UBS, and others.

The XRP reached $1. 22, up more than 13%
Ripple-linked Ripple XRP rose more than $1. 20 overnight

According to CoinMarketCap, the sixth-largest cryptocurrency, XRP, has gained more than 13 percent in the last twenty-four hours as its price rose to $1.22.

Binance closes derivatives trading in South Africa
Binance, a global cryptocurrency exchange, is cutting its cryptocurrency trading offerings for South Africa.

Binance posted a blog on Oct. 8 announcing that futures, options and leveraged trading will be terminated immediately for South African users. Users who have open positions can close them by January 6.

South Korea won’t tax NFT profits, even though it is moving to tax cryptocurrency income.
South Korea isn’t sure how to tax NFT profits.

South Korea will begin taxing cryptocurrency income beginning in 2022. However, the Asian country’s Economy & Finance Minister Hong Namqi stated that the proposed cryptocurrency tax law wouldn’t apply to non-exchangeable tokens. During the annual review of South Korea’s National Assembly, the minister made these remarks.

Total value locked in Defi exceeded $200 billion for the first time
According to Defi Llama charts, Defi’s dominance has increased dramatically in 2021, and recent reports show that the total value locked into DeFi has reached a record $210.5 billion.

Chainalysis’ latest report on virtual currency adoption shows a significant increase in the Defi market over the past year. According to the Global Crypto Adoption Index, the report shows that Central and South Asia, Oceania, and Pakistan have seen the most cryptocurrency use.
In addition, it specifies that Defi activity has increased dramatically, as the share of total transaction volume dedicated to Defi activity has increased since May 2020, and will further exceed 50% by February. This activity was mainly driven Uniswap and Instadapp. However, significant activity also occurred on Compound and Curve.
Total value in Defi.