Bitcoin Falls But Remains Above $20,000; Arweave Becomes Top Gainer

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), the two most valued cryptocurrencies in the world, traded lower on Thursday after the US Federal Reserve increased interest rates by 75 bps at its latest meeting. Fed Chairman Jerome Powell, meanwhile, said it's very premature to think about pausing rate hikes.

Timeline of Arweave, Bitcoin

Web2 giant meta interrogates Arweave for storing digital collectibles on their social media platform Instagram causing a massive inflow in AR price. Moreover, this perpendicular growth assisted buyers in forming a bullish reversal pattern called the double bottom.

The Union Bank of the Philippines said on Nov. 2 that it had begun a trial program for custody and trading services for Bitcoin BTC $20,290 and Ether ETH $1,547 for a small group of retail customers.

Bitcoin fell towards the $20,000 mark on Thursday, after the U.S. Federal Reserve once again moved to increase interest rates. The Fed hiked rates by 75 basis points (bps), as it chose to maintain its current hawkish policy. Ethereum, which initially surged on the news, was also lower in today's session.

CryptoQuant co-founder Ki Young Ju said the Chinese government is a crypto whale, despite its negative posture toward the industry. The post China holds $3.9B worth of Bitcoin despite anti-crypto stance appeared first on CryptoSlate.

Meta shares might be on a continual death spiral, but news of a major NFT integration in the pipeline has sent two cryptocurrencies to the top of the trending charts. Meta announced on Tuesday that users of its Instagram and Facebook social media platforms will soon be able to create and sell NFTs directly to fans via the platforms.

A popular crypto analyst who called the May 2021 Bitcoin (BTC) collapse says a historically reliable indicator is flashing bullish for the digital asset. Pseudonymous analyst Dave the Wave tells his 129,100 Twitter followers that the moving average convergence divergence indicator (MACD) suggests Bitcoin is coming out of the months-long bear market.

Meta has integrated decentralized data storage protocol Arweave to permanently store digital collectibles from Instagram. The post Meta to use decentralized data storage protocol Arweave to store NFTs from Instagram appeared first on The Block.

The value of Bitcoin (BTC) is facing bearish pressure, with the asset staring at a possible breach below the crucial $20,000 level in the wake of the latest Federal Reserve interest rate hike. 

Despite the macroeconomic headwinds, the Bitcoin price has been holding up far better than the traditional markets in recent weeks. As Bitcoinist reported, Bitcoin showed strength just yesterday once again.

United States-based cryptocurrency mining organization Marathon Digital Holdings mined 615 BTC this October, the highest monthly total in its history. Marathon's October mining production is only one BTC below its production during the third quarter of 2022, when it had produced 616 BTC.