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Bitcoin sees bump from Taproot upgrade

2021.11.15 Adam James

Meanwhile, VanEck is launching its Bitcoin futures-based ETF this week following the rejection of its Bitcoin spot offering.

Crypto Market Daily image

The global cryptocurrency market cap today is $3.02 trillion — a 1.8% increase over the last 24 hours. Both leading cryptocurrencies are showing modest losses over the past day, with BTC down roughly 0.83% and ETH down roughly 0.14%.

Markets had a modest bump in the past day, which is reflected in the prices for BTC and ETH. Source: COIN360

Bitcoin Taproot upgrade activated over the weekend

Bitcoin’s latest upgrade was activated over the weekend and is being celebrated as the most-prominent cryptocurrency network’s first major protocol upgrade since SegWit. The privacy- and security-focused Taproot upgrade introduces Schnorr signatures — essentially allowing more-complex transactions, such as multi-sig transactions, to aggregate keys.

VanEck launching Bitcoin futures ETF following spot rejection

Cboe will list the VanEck Bitcoin Strategy ETF on Nov. 16 under the ticker XBTF. While the U.S. Securities and Exchange Commission approved VanEck’s futures-based exchange-traded fund at the end of October, the regulator rejected the firm’s spot ETF proposal late last week — a fairly unsurprising decision given the SEC’s previous record of postponements and rejections of physically backed ETF proposals.

Crypto payments increasing from cinemas to charities

The weekend brought additional news regarding the growing acceptance of cryptocurrency payments. Adam Aron, CEO of AMC, announced that the cinema chain would be accepting cryptocurrencies for online payments. Among the coins accepted include BTC, ETH, BCH and LTC — although Aron added that DOGE would be added soon. The AMC CEO also highlighted that these already accounted for 14% of their online transactions.

Top altcoins gainers and losers: DeFi token UMA surges

  • UMA/USDT +47.25%
  • YEE/USDT +16.71%
  • VRA/USDT +16.20%
  • GM/USDT -10.10%
  • SBTC/USDT -11.17%
  • JFI/USDT -11.33%

Among cryptocurrencies with a market capitalization above $1 billion, UMA is up nearly 50% in the past day. Meanwhile, OMI is down the most — roughly 4.42%.

UMA spiked just after midday earlier today. Source: OKEx

BTC technical analysis: Late jump yesterday

Falling below 63,000 USDT on Friday, BTC seemed to find support at roughly 63,500 USDT. Upon the second test, BTC jumped late yesterday likely due to its Taproot upgrade and is now trading around 65,500 USDT.

OKEx’s BTC/USDT — 11/15. Source: OKEx, TradingView

ETH technical analysis: Breaking out after testing support

ETH largely continued to trickle down over the weekend following last week’s peaks. However, after testing support at 4,500 USDT several times, ETH seems to have broken out — in line with its recent trend.

OKEx’s ETH/USDT — 11/15. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.



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