May 18, 2024

The crypto market experienced major events in the early hours of today, November 22. Binance CEO Changpeng Zhao announced his resignation from his role as the CEO based on financial crime charges.

Changpeng Zhao has decided to plead guilty to the accusations of financial crimes and agreed to pay $4.3 billion in settlement. The announcement has sent shockwaves in the crypto market, dropping Bitcoin below the $37,000 price level. 

Nevertheless, some altcoins seem to shake off the early FUD and still record impressive gains in the last 24 hours. These altcoins and their exciting developments are discussed in detail below. 

Blur (BLUR) – The Reliable NFT Marketplace 

Top Crypto Gainers on November 22 - BLUR, SNX, And KLAY
Top Crypto Gainers on November 22 – BLUR, SNX, And KLAY

BLUR is up by 22.0% in the last 24 hours, with a price of $0.44 at 6:17 a.m. EST. Also, it has gained 22.4% in the last seven days, confirming an improved outlook for the BLUR token. 

BLUR’s price gains today are likely due to the introduction of a new staking mechanism, whale accumulation, and an airdrop event. 

One whale staked 6.03 million $BLUR worth $2.19 million, adding value to the token. Also, another whale accumulated 14.9 million BLUR tokens from the OKX exchange and sent them all to the staking contract. 

Also, the ongoing airdrop event in the ecosystem is creating a positive effect, with 307.6 million BLUR worth ($97.5 million) being claimed. These events are attracting more investors to the ecosystem, leading to gains on the daily chart. 

BLUR forms Maribozu On Daily Chart, Will It Overcome The $0.44 Resistance?

Top Crypto Gainers on November 22 - BLUR, SNX, And KLAY

BLUR has formed a long green Maribozu candle on the daily chart, confirming the buyers’ dominance today. It builds on its gains from yesterday, flipping the $0.34 resistance to support. 

BLUR is testing the $0.44 resistance level, and a break above it will send the asset to $0.44. Also, BLUR is trading above the median band of the Donchian Channel (D.C.) and rising to the upper band.

This is a strong bullish sentiment hinting at further price increases ahead for the asset. 

Additionally, the Relative Strength Index (RSI) indicator is close to the overbought region, displaying a value of 68.38. The RSI is still rising, implying that the buyers still control the price.

So, BLUR will likely break above the $0.44 resistance in the coming days to move into the overbought region above 70.

Synthetic Network  (SNX) – The Decentralized Asset Insurance Protocol 

Top Crypto Gainers on November 22 - BLUR, SNX, And KLAY

SNX’s price at 7:17 a.m. EST is $3.64, with an 8.7% increase in the last 24 hours. Also, SNX is up by 32.6% in the last seven days as the buyers resume the uptrend. Remarkably, the Synthetix Perps Data Report reveals rapid growth in the ecosystem, leading to price gains for the SNX token. 

Synthetix Network posted this data covering seven days from November 13-20. Quite remarkably, the seven-day total volume recorded was $1.242 billion, with the average daily volume at $177.4 million. 

These figures show the rising interest among investors in accumulating SNX tokens, leading to a price surge for the asset. Meanwhile, the impending launch of the Perps version 3 is also driving growth in the ecosystem.

It will introduce a multi-collateral feature providing deep liquidity solutions for platform users. 

Also, there will be a smoother liquidation process for large positions and gradual configurable delays for partial liquidations. These improvements will attract more DeFi players to the Synthetix ecosystem.

On the daily chart, SNX shows an impressive rally in the last 24 hours. 

SNX Finds Support At $3.22, What Next?

SNX’s price gains are sustained by the buyers at the $3.22 support that prevented further decline after the November 21 retracement. Also, SNX has pivoted off the $3.22 support today, November 22, as it attempts a break above the $3.66 support level. 

Notably, the RSI indicator has recovered from a decline to enter the overbought region above 70. The RSI displays a value of 71.68 and is still rising as the buyers continue to mount pressure on SNX. 

Also, the Moving Average Convergence/Divergence (MACD) indicator confirms the ongoing bullish trend. 

The MACD is above its signal line and displays a buy signal confirmed by the green Histogram bars. Based on these bullish sentiments, SNX will likely continue its rally in the short term and overcome the $3.66 resistance. 

Bitcoin ETF Token (BTCETF) – The Burn Mechanism Ecosystem For Long-Term Rewards

Amid the ongoing speculation surrounding Bitcoin ETFs and their approval, an exciting crypto project has emerged. Bitcoin ETF Token is a project that leverages the importance of a Bitcoin Exchange Traded Fund (ETF) for its long-term growth. 

With companies such as Blackrock and Grayscale pushing for an ETF approval, it is likely a question of how soon the approval will occur. 

Also, its utility token, BTCETF, operates on the Ethereum network and is ERC-20 compliant. This token gives its holders access to rewards through such mechanisms as staking. 

Also, the token burn mechanism available on the Bitcoin ETF platform will likely preserve its long-term value. The goal is to burn 25% of the total supply after five notable milestones are attained in the ecosystem. 

5% of the supply will be burnt at each milestone, and the transaction tax will be reduced by 1%. 

BTCETF Presale Ongoing As Investors Take Advantage Of Staking Option 

>>>Visit Bitcoin ETF Token Presale<<<

The BTCETF presale is ongoing, and over $1,33 million has been realized out of the presale goal of $1.75 million. These impressive figures confirm the rising interest from investors in the token. 

Also, each BTCETF token is worth $0.0056 at this stage. However, a price increase will occur in a few hours, granting early investors paper rewards. Users can easily purchase the BTCETF tokens with crypto or fiat options using a bank card. ETH, BNB, and USDT are supported by the platform. 

Additionally, BTCETF supports a buy and stake feature where users can instantly stake their purchased tokens. Over 144 million tokens have been staked as of today, November 22.

However, the more tokens are added to the pool, the lower the APY value. 

Also, the distribution of the BTCETF staking rewards will be at a rate of 119 tokens per block created. However, these rewards will be distributed over five years and calculated based on a user’s investment and the APY. 

Analyst Provides Bitcoin ETF Update, Remains Hopeful 

According to crypto analyst James Seyffart, Grayscale held meetings with the U.S. SEC division for trading and marker on November 21. Also, he stated that other potential Spot Bitcoin ETF issues met with the SEC recently. 

However, he noted that there is no clarity on the exact timeline of the approval. Nevertheless, Seyffart predicts that the Bitcoin ETFs have a 90% chance of getting approved by January 10, 2024. 

These bold predictions buttress the importance of Bitcoin ETFs to the future of the crypto market. 

Also, ARK Invest, another major player in the push for a spot in Bitcoin ETF approval, filed another update with the SEC. These efforts are largely supporting the recent rally in the crypto market based on positive investor sentiments. 

Therefore, BTCETF holders and traders are at an advantage if they accumulate the tokens ahead of this approval. Once the ETFs are approved, other exciting parts of the Bitcoin ETF roadmap will be executed, providing additional rewards for the community. 

Klatyn (KLAY) – The Open-Source Public Blockchain

KLAY’s price at 7:21 a.m. EST is $0.193, with a 7.6% increase in 24 hours. Also, KLAY posted positive figures this week with a 13.9% gain on its price. KLAY’s price gains are likely due to diverse updates and exciting developments within the Klatyn ecosystem, 

According to an announcement on November 20, Klaytn NFT holders will be granted special roles on the Discord channel. Also, they will gain access to exclusive activities and giveaways. 

However, participants must acquire the iSafePal wallet, a multi-chain device with a smooth user experience. 

Also, the iSafePal has integrated top-ranking Klayn DApps in their ecosystem. These include DeFiKingdoms, a cross-chain game, and Klayswap, among others. The additional utility in the ecosystem is driving KLAY’s price gains with a bullish pattern formed on the daily chart. 

KLAY Flips $0.177 Resistance Level To Support: Is The Rally Over?

KLAY shows signs of strong bullish momentum, overcoming pressure from sellers to rally in the last 24 hours. It has formed a large green candle on the daily chart after flipping the $0.177 resistance level to support. 

Presently, KLAY is testing the $0.194 resistance level, and a break above it will send the asset to $0.2 if the buyers prevail. 

Meanwhile, the RSI indicator confirms the bullish sentiment with a value of 78.36 and rising in the overbought region. This confirms that the buyers will likely retain control of KLAY’s price in the coming days.

So, KLAY will likely break above the $0.194 price level if the buying pressure is sustained. 

Conclusion

Once again, the crypto market offers investors a reminder of its infamous volatility. Based on the market share of Binance, the ongoing saga could lead to a dip in prices and a spike in FUD levels in the market. 

As a result, BNB, the native token of the Binance exchange, recorded a sharp decline of 9% in the last 24 hours. 

Based on this bearish event, a retracement of 1.75% has occurred in the value of the general crypto market. However, the true extent of the decline will unravel in the coming days

Nevertheless, investors can take advantage of the top gainers and exciting presales to earn rewards. However, proper risk management and effective trading strategies are vital in volatile periods.


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