Best of the Week: Reasons for Bitcoin correction, Samy Dana’s Hole Prediction and Big Profits with Ripple

What happened of most important in the Bitcoin, cryptomoedas and blockchain markets.

The almost two-month Bitcoin rally ended last Thursday, with the currency hitting resistance of $19,450 and correcting drastically to support of $16,000.

In Brazil the rally ran smoothly to an all-time high of $105,000. With Thursday’s correction, the currency noted its support at $90,000. According to analysis of the Brazilian exchange Bitcoin Market, however, the correction can reach R$ 70,000.

After the correction, which was already expected by the market, analysts tried to trace the reasons that led the largest cryptomeda to interrupt the rise: the pressure of whale sales near the historical maximum, the immense amount of future contracts opened at the same level and the resumption of withdrawals by the Okex exchange, which had suspended withdrawals weeks ago.

Despite the correction, experts assure that there is still no reason to fear: the US$ 16,000 is seen as a good level of purchases and below this level there is a mountain of purchase orders to hold the cryptomeda prices.

In addition to Bitcoin, the altcoin markets were also knocked down by the correction, with the ETH falling from $650 to $500 and the XRP, which performed impressively last week, finding support at $0.55.

The Ripple was even one of the stars of the week, with a high that reached 90% and long-time traders excited by the unexpected valuation of the XRP. Cointelegraph Brasil even reported that XRP carriers could win cryptomoedas for free.

Pierced forecasts of the „experts“ of the financial market

An old Bitcoin critic is back in the headlines of Cointelegraph Brasil: the analyst and influencer Samy Dana. The commentator former Rede Globo began to criticize BTC in 2014 and even said that cryptomeda had no value. In the most read story of the week, we chose the „worst forecasts“ of Samy Dana, a traditional financial market enthusiast, for Bitcoin.

Another controversial figure, Federal Deputy Kim Kataguiri, published a message on Facebook complaining about not having bought Bitcoin in 2009, when the world’s first cryptomoeda was launched and was worth almost nothing. The deputy’s unusual phrase became a series of memes.

Also in Brasilia, Economy Minister Paulo Guedes once again attacked disaffected and even allies, like the president of the Central Bank, Roberto Campos Neto.

The week was also one of expectation for the world party of retail traders: Black Friday. As reported by Cointelegraph Brasil, a series of exchanges such as Binance and NovaDAX prepared offers to attract customers on the date.

The exchanges even promised $ 540,000 in cryptomoedas „free“ and discounts of up to 50% on the purchase of BTC.

The market for cryptomoedas brokers has also gained recognition, with Bitcoin, NovaDAX and FoxBit being among the 10 most important blockchain startups in Brazil.

Another Brazilian trader also drew attention by announcing profits of 4,900% with investments in BTC.

Other news involving the cryptoesphere and blockchain also moved the market. Notaries will adopt blockchain document authentication throughout Brazil.

In addition, the Brazilian government has signed a decree to regulate the use of blockchain in foreign trade.