Bitcoin Price Steadies at $90K: Is Another Rally in Sight?

Ethereum infrastructure provider Fireblocks has been tapped by NongHyup (NH) Bank to provide support for a crypto prototype the South Korean bank is building. The two companies signed a memorandum of understanding, a non-binding agreement between the parties that outlines their intention to work together.

In particular, NH Bank will use the Fireblocks Tokenization Engine as it explores integrating digital assets into its VAT and other tax refund processes. This also includes its generation-skipping transfer tax process, imposed on capital transfers to descendants.

“This MoU marks a pivotal step for NH Bank as we strive to deliver innovative blockchain-powered services to our customers,” Lee Seok-yong, President of NH Bank, said in a statement, adding the bank is looking to introduce additional “new digital asset offerings.”

The move marks the latest global bank to explore blockchain technology for operational efficiency. For instance, South Korea’s second-largest commercial bank, Shinhan Bank, is testing using blockchain to decrease human error while a number of others introduced crypto services in recent years.

South Korea, often estimated to be one of the largest cryptocurrency markets in the world, is home to a number of the largest crypto firms including Bithumb and Upbit. The country was early in imposing legislation tailored to crypto regulation and recently introduced more rigid consumer protection guidelines for virtual asset service providers.

“This collaboration not only pioneers the use of blockchain in financial services, such as tax refunds, but also sets the stage for broader adoption of secure, blockchain-powered solutions across the banking sector,” Michael Shaulov, CEO and Co-founder of Fireblocks, said.

The country’s value added tax is 10% while the fee for VAT return ranges between 3% to 6%.

Fireblocks has reportedly enabled the transfer of $6 trillion worth of crypto assets. Its customer base includes exchanges, lending desks, custodians, banks, trading desks and hedge funds.

In addition to the tax refund pilot, NH Bank is looking to identify other “blockchain-driven projects within NH Bank’s ecosystem, as well as creating pathways for collaboration with financial institutions globally.”

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Coinbase Wallet will soon roll out a “Tap to Pay” crypto solution to compete against Cash App, Venmo, PayPal and other fast payment firms.

Speaking to Cointelegraph, Coinbase Wallet lead and Base founder Jesse Pollak revealed the feature for Coinbase’s non-custodial cryptocurrency wallet in “internal alpha right now,” with a full rollout “coming very soon.”

“Tap to pay is going to be huge, particularly for the long tail of merchants where maybe they are currently using Cash App or Venmo or PayPal,” he said at the DevCon conference in Bangkok on Nov. 13.

The creator of Ethereum layer 2 Base hopes to see 50 countries integrated into Coinbase Wallet by the end of 2025.

Chainlink (LINK) has seen a whirlwind of price activity, surging 50% before experiencing a sharp 15% retracement within 10 days. This volatility showcases the potential and unpredictability surrounding LINK’s recent price action, drawing attention from analysts and investors alike.

According to crypto analyst Ali Martinez, there’s a notable trend unfolding beneath the surface: Chainlink whales have been steadily accumulating LINK over the past two months. This accumulation by large holders suggests a growing conviction in LINK’s long-term value, reinforcing a bullish outlook for the asset.

Martinez’s data underscores this trend, highlighting that whales are continuing to add LINK to their portfolios despite the recent ups and downs in price. This activity suggests a solid foundation of support at current levels, as whales often act as market stabilizers.

The coming weeks are expected to be pivotal for LINK, as further accumulation by large holders could fuel another upward move. Investors are now watching closely as Chainlink’s price action could signal a broader shift in sentiment within the DeFi and Oracle sectors. Whether LINK will continue to build on this bullish momentum or enter a period of consolidation remains to be seen.

Chainlink Waking Up Smart Money

Chainlink has recently posted an impressive surge, aligning with the broader market’s rally as bullish sentiment resurfaces across the crypto space. Key data from crypto analyst Ali Martinez indicates a strong accumulation pattern among Chainlink whales, who have amassed over 15 million LINK in the past two months—an investment valued at around $165 million.

This substantial accumulation suggests high confidence among large holders, who appear committed to backing LINK despite its inherent price volatility.

While many altcoins have benefited from a wave of retail-driven speculation, Chainlink’s recent surge seems to be fueled by more than short-term market excitement. The active participation of whales, typically seen as more strategic investors, indicates a solid support base at current levels.

Martinez’s analysis highlights that the trend of accumulation by whales has been steady, even amid price fluctuations, which often signals confidence in longer-term potential.

However, the next few weeks will be telling. Analysts and investors closely monitor whether this accumulation trend will continue or if it was a temporary push to capitalize on favorable market conditions.

Sustained buying by whales would likely bolster LINK’s price further, reinforcing that Chainlink’s network and utility as a decentralized oracle provider hold significant value in the evolving blockchain ecosystem. Conversely, if accumulation slows, LINK could see a period of consolidation as the market recalibrates.

Key Levels To Watch

Chainlink is trading at $13.3 after reaching a local high of $15.3, marking a significant move that has renewed investors’ optimism. In this recent rally, LINK broke above the 200-day moving average (MA) at $12.8, a critical level often seen as a key indicator of long-term market sentiment.

To confirm this bullish momentum, LINK needs to hold this 200-day MA as a support level; if successful, it would reinforce the bullish price structure and signal the potential for further gains. Holding above $12.8 would set a strong foundation for LINK’s price action, suggesting that buyers have established control and are willing to defend current levels.

If this support holds, LINK could make a sustained push above its recent local high at $15.3. Analysts anticipate that a confirmed breakout would open the door for LINK to test higher resistance levels, with the potential for a strong continuation in the coming weeks.

However, if LINK fails to hold the 200-day MA, the price may retest lower support areas, potentially disrupting the bullish momentum. For now, all eyes remain on $12.8 as LINK attempts to solidify its recent gains and prepare for a possible run higher.

Featured image from Dall-E, chart from TradingView

Ethereum is down $126.68 today or 3.86% to $3154.99

• Largest percentage decrease since Nov. 4, 2024, when it dropped 3.87%
• Down two consecutive days, down 5.21% over this period
• Worst two day stretch since the two days ending Nov. 1, 2024, when it fell 5.91%
• Up 25.29% month-to-date
• Up 38.2% year-to-date
• Down 34.27% from its all-time high of $4800.00 on Nov. 9, 2021 (based on 5 p.m. levels)
• Up 53.98% from 52 weeks ago (Nov. 15, 2023), when it traded at $2048.93
• Down 21.74% from its 52-week high of $4031.50 on March 11, 2024 (based on 5 p.m. levels)
• Up 62.08% from its 52-week low of $1946.60 on Nov. 17, 2023 (based on 5 p.m. levels)
• Traded as low as $3122.24
• Down 4.86% at today's intraday low; Largest intraday % decrease since Oct. 31, 2024, when it was down as much as 6.58%

Note: The Ethereum price is a 5 p.m. ET snapshot from Kraken

Data compiled by Dow Jones Market Data

The United States Federal Bureau of Investigation (FBI) has reportedly raided the home of Polymarket CEO Shayne Coplan on Nov. 13, seizing his phone and electronics, according to the New York Post.

Coplan was woken up at 6:00 am Eastern Time in his New York City pad by US law enforcement officials who demanded he hand over his phone and electronics, the news outlet reported, citing a source close to the matter.

The CEO of the decentralized prediction markets platform appeared to confirm the reports on X, claiming to make a post from a new phone.

The MEXC x Zulu Network AMA may impact both MX and ZULU token prices. During this event, the companies will discuss new developments and innovations. AMAs are opportunities for transparency and engagement, which might boost market interest and confidence in these crypto assets. Moreover, the prize pool of 20,000 ZULU for participants could increase awareness and trading activity for ZULU. This type of event can sometimes lead to increased short-term price volatility. Learn more by visiting the MEXC announcement.