The total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) are seeing a recovery, with the combined market capitalization adding more than $50 billion in the past 24 hours. Altcoins are also benefiting from this excitement, especially meme coins, with Mog Coin gaining more than 16% in a single day.
Today's Hot News
The US government has filed a lawsuit to seize more than $2.67 million in digital assets stolen from North Korea's Lazarus group, including $1.7 million in USDT from the 2022 Deribit hack. The move is part of an effort to recover some of the $28 million stolen from the options exchange.
The United Arab Emirates (UAE) has introduced VAT amendments affecting cryptocurrency transactions, requiring businesses in the digital asset sector to reassess their tax obligations. The changes, which come into effect on November 15, 2024, provide clarity on VAT provisions.
Cryptocurrency Market Is Recovering
Amid improving macroeconomic conditions, the total cryptocurrency market capitalization recorded a $54 billion increase in a day, reaching $2.16 million. This recovery signals a positive trend for the entire cryptocurrency market.
Currently, the total cryptocurrency market capitalization is hovering above the $2.11 million support level. A successful move to reclaim $2.24 million as support would allow for a further recovery, potentially erasing some of the losses seen recently.
However, if the market fails to clear the $2.24 million resistance level, the total market capitalization (TOTAL) could remain below this level in the near future, holding above the $2.11 million level as a key support level.
Bitcoin Continues Its Uptrend
Bitcoin price has recorded steady growth over the past 24 hours, currently trading at $63,551, comfortably above the $61,868 support level. This positive momentum reflects the improving market sentiment.
If broader market conditions remain stable and Bitcoin continues to build on this uptrend, a move to $65,292 is possible. Breaking this key level would open the door for further gains for Bitcoin, fueling its upward momentum.
Conversely, Bitcoin could fall back to the $61,868 support level if there is sudden selling pressure. Losing this key support level would invalidate the bullish outlook, potentially dragging BTC down to $60,000.
Mog Coin Surprise
Mog Coin has recorded a 16% increase in the past 24 hours, currently trading at $0.00000167 and holding above the important support level of $0.00000140. This upward movement reflects growing investor interest in the meme coin.
Mog Coin’s next target is to break above the $0.00000182 resistance level, which would mark a two-month high. If this level is successfully cleared, the price could head towards $0.00000200, further validating the bullish momentum.
However, if Mog Coin fails to break the $0.00000182 level, it is likely to continue consolidating between $0.00000140 and $0.00000182, which would invalidate the current bullish outlook.
#tintucbitcoin #Write2Win #MarketDownturn #BinanceTurns7 #AirdropGuide
