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Bitcoin price drops more than 20% to $42,000. What’s going on?




With the new Covid Omicron variant, the bitcoin price drops more than 20%. Bitcoin, Ethereum, and several other cryptocurrencies face a storm of bearish catalysts. Cryptocurrency prohibitions might also be the cause.

Bitcoin price dropped drastically in the early hours of this Saturday, November 4th, falling more than 20%, coming to trade at US$ 42,000. 

The price of Ethereum plummeted, dropping more than 25%, to around $3,400, and other known cryptocurrencies have also seen their market prices going down. The total market capitalization dropped 16% to $2.2 trillion. 

Top 10 Cryptocurrency Market // Source: CoinMarketCap

On a side note, in early November, the total market capitalization of cryptocurrencies reached $3 trillion for the first time in history.

Cryptocurrencies have been in chaos since the appearance of the Omicron form of the coronavirus. 

The Bitcoin price drops more than 20% What could be the cause?

On November 26th, bitcoin dropped to a seven-week low to trade at $54,000, entering the falling territory, when in October, it passed the $68000 barrier. At the time of the writing of this article, the price recovered, and it’s trading at $47205,98.

image 13 - Crypto DeFinance
Bitcoin price // Source: CoinMarketPrice

Tech stocks also had a bad week, with the Nasdaq index closing the week down about 2.5%. Cryptocurrency and stock prices are typically not closely correlated, however, large stock sales may be causing investors to become more aware of the overall risk and exit cryptocurrency positions.

The World Health Organization (WHO) said on past Friday, November 3rd, that the variant was detected in 38 countries, compared to 23 two days ago, with initial data suggesting that the strain is more contagious than others.

In addition to fears over the omicron variant, rising yields on US Treasuries may be prompting investors to abandon riskier investments in search of safer returns.

The index fell to its lowest level in over seven weeks. The return of the “red tide” to the markets harmed the most cyclical industries, such as retail and tourism. The energy industry was also among those that suffered the most losses as a result of the reduction in the price of an oil barrel.

Fed Chairman Jerome Powell stated on Tuesday that “it is time to remove the temporary end of inflation,” bolstering the notion that interest rates may increase sooner than expected, which penalized equities on both sides of the Atlantic.

Jerome Powell further warned that this new coronavirus variant offers possible economic hazards at a time when US inflation is at its highest level since 1990.

And this could be leading the investors to liquidate their Cryptocurrency positions.

Cryptocurrency prohibitions and regulatory restrictions across the world

image 14 - Crypto DeFinance
Source: Cointelegraph Analytics

Other causes could be the potential for further regulatory restrictions to be weighing on cryptocurrency valuations. 

China has effectively banned cryptocurrency and mining transactions. The conflict between Chinese officials and miners lasted for more than six months. 

China prohibited mining activities in May of this year, forcing these business people to shift their equipment to other countries such as the United States, Kazakhstan, and Russia.

On November 16th, China resumed its war on miners, declaring that Chinese officials would work more to penalize unlawful miners.

“Virtual currency mining is high energy consumption and carbon emissions, and does not play a positive role in industrial development and technological progress.”

Said the Chinese Government.

Despite portraying itself as an ecologically correct and environmentally conscious country, China’s primary energy source is coal combustion, as seen in the quotation below.

Following the departure of miners to other nations such as the United States, bitcoin mining is already proving to be more environmentally friendly.

“The risks arising from the production and trading of virtual currency are becoming increasingly prominent. Its blind and disorderly development has a severe adverse impact on promoting high quality economic and social development, energy conservation and emission reduction.”

said Meng Wei, a spokesperson for National Development and Reform Commission in China.

India is about to introduce legislation, not to ban, but to regulate all cryptocurrencies.  According to the government announcement, the new law will allow for “limited exclusions to promote the underlying cryptocurrency technology and its purposes.”

The Indian Central Bank further stated that they raised “severe concerns regarding macroeconomic and financial stability.”

The regulation is meant to safeguard Indian consumers when a rising number of individuals, many of whom lack financial expertise or information, are making these sorts of transactions and risk losing their entire investment, treating cryptocurrencies as assets.

The United States has recently signed the US spending bill included new taxes for cryptocurrency brokers.

Among these various factors, Bitcoin, Ethereum, and several other cryptocurrencies faced a storm of bearish catalysts.

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Avalanche (AVAX) Chain Turns a Corner: Promising Projects and Opportunities to Watch

Team Bitcoin Daily



Avalanche Blockchain Announces Major Initiative and Highlights Emerging Projects

Avalanche, the high-performance blockchain platform, is making significant strides with its latest initiative, “Avalanche Vista.” The Avalanche Foundation has launched this $50 million program to promote tokenization on the Avalanche blockchain. Tokenization enables off-chain assets to be converted into digital tokens, simplifying transactions and democratizing asset allocation. This groundbreaking approach allows multiple investors to collectively invest in single assets, making certain markets more accessible to smaller investors.

Potential use cases for tokenization on Avalanche’s blockchain include real estate, company equity, venture capital, debt instruments, intellectual property, and portfolio diversification. The Avalanche Vista fund will be used to purchase various tokenized assets on the Avalanche blockchain, showcasing the platform’s versatility and commitment to innovation.

As Avalanche gains momentum, several emerging projects on the AVAX chain deserve attention. Among them are $KIMBO, $COQ, and $TD, each offering unique opportunities and potential for growth.

1. Kimbo Labs ($KIMBO)

Kimbo Labs has officially launched as a business entity, allowing it to partner with real-world businesses and launch Kimbo products through its own webshop. This development adds significant value to the project and its treasury.

Exchange Listings: Kimbo Labs is in deep discussions with several exchanges, awaiting better market conditions to roll out its listings.

Marketing Efforts: The project has launched test ads on Instagram, TikTok, and YouTube, targeting new audiences. Additionally, Kimbo Labs is creating organic content and planning a major meme contest to boost engagement.

Event Participation: Kimbo Labs plans to join several festivals in Q3 and Q4 2024 and will participate in the AVAX Summit in Buenos Aires in October 2024.

Kimbonet Development: The team is working on exciting new features for Kimbonet and is open to collaboration with top holders and knowledgeable community members.

NFT Staking: Soon, Kimbo NFT holders will be able to stake their NFTs for benefits, with new collaborations in the pipeline.

2. Coq Inu ($COQ)

Coq Inu is a humorous and innovative meme coin that has captured the Avalanche community’s attention. Launched with a transparent and community-focused approach, Coq Inu’s contract has been fully renounced, and its liquidity burned to ensure transparency and prevent manipulation.

Community Engagement: Coq Inu seeks to entertain and engage the Avalanche community through its unique and playful concept.

Rapid Growth: Since its launch in December 2023, Coq Inu experienced a meteoric rise, drawing significant trading volume and interest from meme coin enthusiasts.

CoqBook: The premier sports betting platform powered by $COQ has recently been released, adding a new dimension to the Coq Inu ecosystem and attracting further attention.

3. Big Red ($TD)

Big Red is an ambitious project integrating Cornell University’s heritage with modern blockchain technology on the AVAX blockchain. This project leverages the strengths of both Cornell University and AVAX to deliver a range of utilities and opportunities for its community.

Cornell University Collaboration: Big Red partners with Cornell’s renowned entrepreneurship program, offering valuable resources and networking opportunities.

Meadowlands Sports Complex Sponsorship: As a proud sponsor, Big Red enhances its brand visibility and connects with a broad audience through daily commercials at the largest sports complex in the United States.

National Branding Efforts: Big Red has partnered with major television networks to air advertisements, significantly boosting visibility and engagement across the nation.

These projects exemplify the innovative spirit and potential of the Avalanche blockchain. With initiatives like Avalanche Vista and the continued development of promising projects like $KIMBO, $COQ, and $TD, the future of Avalanche looks brighter than ever.

For more information on Avalanche and its latest developments, please visit

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Hashdex Unveils Innovative Dual Crypto ETF Targeting Bitcoin and Ethereum

Team Bitcoin Daily



Hashdex Unveils Innovative Dual Crypto ETF Targeting Bitcoin and Ethereum

In a strategic move to capitalize on the growing interest in cryptocurrency investments, Hashdex has announced its plan to launch a new Hashdex Nasdaq Crypto Index US ETF, which will track both Bitcoin (BTC) and Ethereum (ETH).

On Tuesday, Nasdaq published the 19b-4 application for this groundbreaking ETF, marking a significant development in the crypto investment landscape. Unlike traditional ETFs that focus on a single cryptocurrency, Hashdex’s new offering aims to provide exposure to the two largest digital assets by market capitalization simultaneously.

The decision comes shortly after the SEC’s approval of Bitcoin Spot ETFs earlier this year and amidst ongoing evaluations of various 19b-4 applications for Ethereum Spot ETFs in May. This move positions Hashdex uniquely in the market, allowing investors to benefit from the potential of both BTC and ETH in a single investment vehicle.

Bloomberg expert Seyffart weighed in on the announcement, noting that a dual BTC and ETH ETF from Hashdex, weighted by market capitalization, is a logical progression in the evolving ETF landscape. While Hashdex opted not to pursue an Ethereum Spot ETF application alongside other major issuers, their focus on a hybrid ETF underscores their commitment to innovation and strategic diversification.

According to the application, the Hashdex Nasdaq Crypto Index US ETF will include cash holdings but refrain from incorporating additional cryptocurrencies. If approved, custodianship will be entrusted to industry leaders Coinbase and BitGo, with the SEC’s final decision expected by March 2025.

This initiative marks a significant milestone as the first US spot ETF application encompassing more than one cryptocurrency. Current plans allocate approximately 74% of the ETF’s portfolio to Bitcoin and 26% to Ethereum, reflecting the respective market capitalizations of these digital assets.

While similar investment products are already available in Europe, such as Bitpanda’s Bitpanda Crypto Index 5/10/25, which tracks the largest cryptocurrencies by market cap, Hashdex’s dual crypto ETF aims to provide US investors with a novel opportunity to diversify their crypto holdings within a regulated framework.

In summary, Hashdex’s innovative approach to launching a dual BTC and ETH ETF underscores the increasing integration of cryptocurrencies into traditional financial markets. As regulatory approvals progress, this ETF could pave the way for broader acceptance and adoption of digital assets among institutional and retail investors alike.

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Ethereum Name Service (ENS): Riding High on Recent Innovations

Team Bitcoin Daily



Ethereum Name Service (ENS): Riding High on Recent Innovations

The Ethereum Name Service (ENS) has emerged as a standout performer among the top 100 cryptocurrencies, thanks to recent advancements and a significant price surge.

ENS Price Surge and Innovations

In the past 24 hours alone, the price of Ethereum Name Service (ENS) has surged by 17%, marking it as one of the top performers in the altcoin market. This growth is part of a broader trend that has seen ENS rise by an impressive 29% over the past week, alongside other notable cryptocurrencies like Lido.

Multichain Expansion and Product Updates

One of the key drivers behind ENS’s recent price surge is its expansion beyond the Ethereum network. Previously limited to Ethereum-based addresses (.eth), ENS now allows users to link their addresses to public keys on other blockchains such as Bitcoin and Solana. This multichain capability has significantly enhanced the utility and interoperability of ENS, attracting increased interest from investors and users alike.

Future Plans and Community Governance

Looking ahead, ENS is poised to expand further by integrating with Ethereum Layer 2 networks, a move currently under consideration through a community vote in the ENS-DAO. This strategic initiative aims to leverage Layer 2 scalability solutions to enhance transaction speed and reduce costs, thereby improving overall user experience and adoption.

Technical Analysis and Price Targets

At its current price of $26.57, ENS is trading near its annual highs, reflecting strong bullish momentum. Analysts anticipate a potential breakout above key resistance levels, particularly the $27.42 to $28.94 range. A sustained move above these levels could propel ENS towards new annual highs above $30.50, with further upside potential towards the $38.34 to $41.78 range in the medium term.

Chart Technical Outlook

Chart analysts highlight the importance of overcoming resistance levels, particularly the critical hurdle at the December 2021 high. Successful breaches of these levels could pave the way for ENS to target higher price zones, potentially reaching levels around the Golden Pocket at $54.22 and beyond.

Market Sentiment and Strategic Positioning

The recent performance of ENS underscores its appeal as a strategic bet on Ethereum’s ecosystem growth. As Ethereum explores new market opportunities, including the potential introduction of spot ETFs, ENS stands to benefit from increased adoption and investor confidence in blockchain innovations.


With its recent price surge and strategic innovations, Ethereum Name Service (ENS) continues to demonstrate its potential as a leading player in blockchain-based naming services. As it expands across multiple blockchains and enhances its technical capabilities, ENS remains well-positioned to capitalize on the evolving landscape of decentralized applications and digital asset management. Investors and enthusiasts alike are closely watching ENS as it navigates towards new milestones and broader market acceptance in the coming months.

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