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BTC and ETH: good cop and bad cop

How was your weekend? Any interesting news? Great! Because we always have it! And today, the key players of the digital market are on the agenda: BTC and ETH. The first one continues to please us with its ups (hopefully with no downs), while the second one was an unpleasant surprise. All the details are in today’s digest.

For the first time since January 2018, bitcoin has consolidated above the $16,000 mark and continues to move towards the historical high of $20,000, which was recorded in 2017. Remarkably, the BTC rally strengthened after the announcement of the news that the PayPal payment system added cryptocurrency transactions to its services. From November 12 this year, PayPal account holders in the United States can use the service to store, buy and sell digital coins.

Due to the rapid bitcoin upswing, the number of transactions in the blockchain network reached a record level in a week. The next resistance is located around $17,200, and it is very likely that in the short term, BTC will stage a bullish breakout of this area.

Meanwhile, cryptocurrency exchanges and users of the Ethereum network faced problems due to an unannounced hard fork. Some platfrms were forced to suspend the withdrawal of ETH due to problems with the fintech provider Infra. However, Infra assured users that they were already working on their elimination.

Due to the hard fork, such exchanges as Binance, Bithumb, Upbit and, as well as many miners took a hit. The Ethereum team confirmed that, from a technical point of view, it was an unannounced hard fork, but many users did not support the developers’ decision to conduct an undisclosed update, blaming them for the lack of transparency in the ecosystem.



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