Crypto synthesis November 21 – Bitcoin drops below $ 7700 – Bitcoin.com creates $ 200 million BCH investment fund

Bitcoin drops below $ 7700 – Over the past 24 hours, Bitcoin has experienced a sharp decline, and its price is below the $ 7,700 threshold. Unfortunately, the technical charts show that it is very likely that the downward trend will continue. RoboForex analyst Dmitriy Gurkovskiy warns that the BTC may reach $ 7,230 in the coming days.

The hash rate of the network is also declining, because a Bitcoin under $ 8000 means reduced profitability for miners.

On the whole, the top cryptocurrencies have evolved similar to Bitcoin, with percentage drops between 3 and 10%.

Binance acquires the WazirX Indian exchange

Binance has announced that it has acquired the WazirX exchange in India for a confidential amount. It is estimated that the purchase price of the Indian company is between 5 and 10 million dollars.

Despite the restrictions imposed by the Central Bank of India, WazirX has a volume of monthly transactions of approximately $ 30 million. These are achieved through the P2P platform developed by the company.

Binance will thus integrate a new fiat currency on its platform – the Indian rupee. Users will be able to purchase USDT on the WazirX P2P platform.

Canaan Creative is raising just $ 90 million through IPOs

Cannan Creative was listed on the Nasdaq stock exchange on Wednesday, but the results were not very encouraging. Specifically, the company sold shares worth $ 90 million, although the initial plan was to raise $ 400 million.

According to a Bloomberg report, one of the reasons for the poor results is that one of the future investors, Credit Suisse, has given up the deal at the last minute. Apparently, the bank was worried that the IPO would not generate enough market interest.

Previously, Canaan also tried to list on the Hong Kong stock exchange. Apparently, this is not the right time for IPOs of crypto mining hardware manufacturers.

Bitcoin.com creates $ 200 million BCH investment fund

Bitcoin.com, the company backed by crypto investor Roger Ver, plans to set up a $ 200 million investment fund to spur Bitcoin Cash adoption.

The fund, nicknamed the “BCH Ecosystem Investment Fund”, will invest and incubate payment startups using the BCH blockchain and cryptocurrency. The targeted start-ups are mainly payment gateways, transfer processors and wallets.

Details on this fund will be made available to those interested on the Bitcoin.com site on a dedicated page in the near future.