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US Congressman Mike Collins buys ETH worth $80k

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Republican Mike Collins, re-elected to the U.S. House of Representatives in Georgia’s 10th Congressional District, holds Ethereum.

Collins disclosed an investment in Ethereum (ETH) worth nearly $80,000, according to the platform Quiver Quantitative. The platform, which tracks investment purchases and trades of key public figures, shared this via a post on X on Nov. 8.

As well as Ethereum, the lawmaker has reportedly also purchased $15,000 worth of Aerodrome (AERO). Aerodrome is an automated market maker and decentralized exchange that functions as the central liquidity hub for Base, a layer-2 network on Ethereum launched by Coinbase.

Rep. Collins disclosed the ETH investment just three days after Donald Trump resoundingly won the U.S. election to send crypto skyrocketing. Ethereum price rose alongside Bitcoin (BTC) as sentiment flipped extremely bullish following Trump’s victory.

Bitcoin broke to a new all-time high above $76k while the price of ETH rose to highs of $2,957 on Nov. 8.

However, the native token of the smart contracts platform that’s the largest home of decentralized finance protocols, has yet to rally as BTC has. ETH is still nearly 40% off its ATH above $4.8k reached in May 2021 and has yet to master a fight back to reclaim its year-to-date high above $4k reached in March.

While not the first Congressman to disclose they hold cryptocurrency as part of their portfolio, Collins’ move suggests a likely new trend as the crypto industry lays a mark on the U.S. legislative map with the highest number of pro-crypto elected candidates.

Sentiment for the U.S. crypto market is also largely positive as the industry looks to put behind it the negative approach of regulation by enforcement of the Securities and Exchange Commission.

The SEC, under Chair Gary Gensler, has over the past four years espoused a crackdown that critics say threatened to pull the U.S. to the back of the line in terms of crypto and blockchain innovation.

Trump promised to fire Gensler immediately he took office.



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Altcoin

Bitcoin Cash eyes 18% rally

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Bitcoin Cash (BCH) added nearly 35% to its value in the past month and rallied 12% on Nov. 21. Bitcoin’s (BTC) observed a rally to $98,384 early on Nov. 21, with BCH and other top cryptocurrencies tagging along for the ride. 

An analysis of on-chain and technical indicators and data from the derivatives market shows that BCH could extend gains and retest its mid-April 2024 peak of $569.10. 

Bitcoin hits all-time high, fork from 2017 ignites hope for traders

Bitcoin hit a record high of $98,384 on Nov. 21, a key milestone as the cryptocurrency eyes a run to the $100,000 target. BTC was forked in 2017, creating a spin-off or alternative, Bitcoin Cash. 

BCH hit a peak of $1,650 in May 2021. Since April 2024, BCH has been consolidating with no clear trend formation. 

BCH price rallied nearly 30% since Nov. 15, on-chain indicators show that further rally is likely in the Bitcoin spin-off token. 

Bitcoin Cash’s active addresses have climbed consistently since August 2024. Santiment data shows an uptrend in active addresses, meaning BCH traders have sustained demand for the token, supporting a bullish thesis for the cryptocurrency. 

The ratio of daily on-chain transaction volume in profit to loss exceeds 2, is 2.141 on Thursday. BCH traded on-chain noted twice as many profitable transactions on the day, as the ones where losses were incurred. This is another key metric that paints a bullish picture for the token forked from Bitcoin. 

Binance funding rate is positive since Nov. 10. In the past eleven days, traders have been optimistic about gains in BCH price, according to Santiment data. 

Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH - 1
BCH price vs. active addresses, binance funding rate, ratio of daily on-chain transaction volume in profit to loss | Source: Santiment 

The network realized profit/loss metric identifies the net gain or loss of all traders who traded the token within a 24 hour period. NPL metric for Bitcoin Cash shows traders have been taking profits on their holdings, small positive spikes on the daily price chart represent NPL. 

Investors need to keep their eyes peeled for significant movements in NPL, large positive spikes imply heavy profit-taking activities that could increase selling pressure across exchange platforms. 

84.48% of Bitcoin Cash’s supply is currently profitable, as of Nov. 21. This metric helps traders consider the likelihood of high profit-taking or exits from existing BCH holders, to time an entry/ exit in spot market trades. 

Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH - 2
BCH price vs. network realized profit/loss, percent of total supply in profit | Source: Santiment

Derivatives traders are bullish on BCH

Derivatives market data from Coinglass shows a 33% increase in open interest in Bitcoin Cash. Open interest represents the total number of active contracts that haven’t been settled, representing demand for the BCH token among derivatives traders. 

Derivatives trade volume climbed 613% in the same timeframe, to $2.35 billion. Across exchanges, Binance and OKX, the long/short ratio is above 1, closer to 2, meaning traders remain bullish on BCH and expect prices to rally. 

Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH - 3
Bitcoin Cash derivatives data analysis | Source: Coinglass 

BCH futures open interest chart shows a steady increase in the metric, alongside BCH price gain since November 5, 2024. Open interest climbed from $190.74 million to $254.87 million between November 5 and 21.  

Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH - 4
BCH futures open interest | Source: Coinglass

Technical indicators show BCH could gain 18%

The BCH/USDT daily price chart on Tradingview.com shows that the token remains within the consolidation. The token is stuck within a range from $272.70 to $568.20. BCH could attempt to break past the upper boundary of the range, a daily candlestick close above $568.20 could confirm the bullish breakout. 

The April 2024 high of $719.50 is the next major resistance for BCH and the second key level is at $805.80, a key level from May 2021. 

The relative strength index reads 64, well below the “overvalued” zone above 70. RSI supports a bullish thesis for BCH. Another key momentum indicator, moving average convergence divergence flashes green histogram bars above the neutral line. This means BCH price trend has an underlying positive momentum. 

The awesome oscillator is in agreement with the findings of RSI and MACD, all three technical indicators point at likelihood of gains. 

Chart of the week: Bitcoin Cash eyes double-digit rally, bullish indicators point to gains in BCH - 5
BCH/USDT daily price chart | Source: Crypto.news

A failure to close above the upper boundary of the range could invalidate the bullish thesis. BCH could find support at the midpoint of the range at $419.90 and the 50-day exponential moving average at $388.50. 

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.



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Sui Network blockchain down for more than two hours

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The Sui Network is suspected to be down for more than two hours. The protocol has not produced any new transaction blocks since Nov. 21 UTC 9:15.

Sui Network blockchain down for more than two hours - 1
Data from the Sui Vision explorer shows that the protocol has not produced any new transactions since 9:15 am UTC | Source: Sui Vision

Based on the latest data from Sui Network’s explorer site Sui Vision, the decentralized layer-1 blockchain has stopped producing blocks for more than two hours.

At the time of writing, the last transaction block took place on Nov. 21 at 9:15 am UTC. Since then, no new blocks have been produced on the blockchain.

The Sui Network confirmed the outage on its official X account, stating that the blockchain is currently unable to process transactions. However, it claims that the problem has been identified and will be back to normal soon.

“We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates,” wrote the protocol on X.

Sui’s blockchain outage has seemingly impacted the SUI token price. According to data from crypto.news, the Sui token has gone down by nearly 2% in the past hour. It is currently trading hands at $3.41. In the past 24 hours, SUI has plummeted by 7.29%.

Even though, the token has gone up by nearly 75% in the past month.

SUI currently ranks in the 18th place in the lineup of cryptocurrencies, holding a market cap of $9.7 billion and a fully diluted valuation of $34 billion. The Sui token has a circulating supply of $2,8 billion tokens.

The South Korean crypto exchange, Upbit, announced it will be temporary suspending deposits and withdrawals for the Sui token due to its block generating outage.

The notice informs users that if they deposit or withdraw Sui tokens after the announcement was posted, then there is a chance that their funds cannot be recovered.

Several crypto industry figures took to X to comment on the recent Sui Network outage. Most of them teased Sui’s goal of becoming Solana’s biggest competitor. Ironically, the Solana blockchain also has a track record of outages in the past, with the latest one recorded in February this year.

“Sui [is] just repeating Solana history,” said one X user.

“Hasn’t Solana gone down multiple times?” asked another X user.

“SUI blockchain is down. And they claimed to be a Solana Killer,” wrote crypto YouTuber Ajay Kashyap on his X post.





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BONK hits new all-time high following Upbit listing

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BONK has emerged as the top gainer among the leading 100 assets following a major announcement from the South Korean crypto exchange Upbit.

Bonk (BONK), the first Solana-based meme coin, surged 18% on Wednesday to hit a new all-time high of $0.000058. Its market cap soared to over $4.1 billion when writing, flipping Dogwifhat’s (WIF) $3.2 billion market cap to reclaim its position as the largest meme coin on the Solana blockchain.

Why is BONK going up?

The altcoin’s price uptick coincided with a jump in the meme coin’s futures open interest. According to data from CoinGlass, OI for BONK’s futures market rose to an all-time high of $53.5 million, more than 7 times its monthly low of $6.3 million, suggesting a growing demand from investors.

Bonk’s recent rally followed its listing on South Korea’s largest crypto exchange, Upbit. BONK’s daily trading volume shot up 95% amid the listing, hovering over $3.5 billion when writing.

Another key factor driving the altcoin’s gains is Bonk DAO’s announcement of a massive 1 trillion token burn scheduled for Christmas Day, which is set to reduce the total number of tokens in circulation, thereby increasing scarcity.

Whales have also been interested in the meme coin lately. According to data shared by Lookonchain, a whale with a history of profitable meme coin investments has spent 3.4 million USDC to buy 65.4 billion BONK tokens. Last week, another whale was seen picking up 29.32 billion BONK at $0.0000387.

Whale buying typically boosts retail investor confidence in an asset, potentially driving FOMO (fear of missing out) among those seeking quick gains.

Bullish momentum to continue

BONK’s rally hasn’t lost strength despite surging over 72% in the past week alone. On the 1-day BONK/USDT price chart, BONK’s EMA lines show a strong bullish trend, with the short-term 50-day EMA above the long-term 200-day EMA and the price staying above both lines. 

BONK hits new all-time high following Upbit listing - 1
BONK price, 50-day EMA and 200-day EMA — Nov. 20 | Source: crypto.news

Based on this setup, the bullish trend is expected to continue in the short term as the buyers remain in control. However, the Relative Strength Index showed a reading of 82, which confirms the bullish momentum but puts the meme coin at overbought levels.

BONK hits new all-time high following Upbit listing - 2
BONK RSI chart — Nov. 20 | Source: crypto.news

Despite the overbought status, an analyst suggests that BONK is undergoing a ‘Blue Sky breakout,’ which could sustain its upward trajectory in the coming days. 

This speculation is supported by strong catalysts driving the uptrend and the current hype around meme coins. Separately, Bitcoin’s recent rally to new highs has amplified market-wide sentiment, further boosting interest in the meme coin sector, which gained 2.3% over the past day.



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