Decentral Block Post

Bitcoin (BTC) passed $21,000 at the Nov. 4 Wall Street open as bulls tackled a formidable sell wall.

Sellers move aside for new multi-week highs

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD breaking through resistance to hit local highs of $21,262 on Bitstamp.

The pair had struggled to return to higher levels during the week, but the latest order book data from Binance showed asks now shifting up to north of $21,500.

The day’s high marked Bitcoin’s best performance since Sept. 13, beating previous local peaks.

Material Indicators, which provided the order book charts, noted that above-expected United States unemployment figures may be aiding risk assets by increasing the chances of a Federal Reserve interest rate pivot.

Bitcoin (BTC) headed toward $21,000 on Nov. 4 as bulls attempted to reclaim lost ground.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose overnight to put in new daily highs of $20,683 on Bitstamp.

$21,000 sell wall proves ugly

While so far a lower high on hourly timeframes compared to the Nov. 1 and 2 spikes, the move served to make up for losses, which came on the back of the Federal Reserve interest rate hike decision.

Potential for a push beyond $21,000 was limited, however, thanks to exchange sellers stacking asks at that level.

“If you want to sell, place your orders slightly lower than $21k,” Onchain Edge, a contributor at analytics platform CryptoQuant, wrote in part of a tweet alongside data from the Binance order book.

Blockchain gaming company Gala Games urged its community for calm after misplaced fears of a  multi-billion dollar rug pull or hack caused the GALA token to temporarily crash 25.6%.

The initial panic, which Gala Games later implied was unfounded, came after a single wallet address appeared to mint over $2 billion GALA tokens out of thin air — which was flagged by blockchain security firm PeckShield on Nov. 3.

Fears that the unusual activity was a sign of an exploit or rug pull caused the GALA token price to drop a dramatic 25.6% from $0.0394 to $0.0293 over a 130-minute stretch late on Nov. 3, according to data from CoinGecko.

However, Gala Games took to Twitter on Nov. 4 to dispel the “FUD” surrounding its native token, explaining that “lots of people are tossing around words like ‘hack’ and ‘rug’. Neither of these is the case.”

Gala Games president for blockchain Jason Brink explained that the unusual activity detected on decentralized exchange (DEX) PancakeSwap was performed by pNetwork, who was working to drain the liquidity pool as a means to safeguard it from a potential vulnerability.

October may have seen a decline in nonfungible token (NFT) trading volume and sales, but analytics firm DappRadar says an 18% growth in monthly unique NFT traders shows the market is still in “great demand.”

According to a Nov. 3 report from DappRadar, the number of monthly unique NFT traders in October reached 1.11 million, increasing 18% from September, of approximately 950,000. 

This is despite trading volumes falling 30% to $662 million in October, the lowest registered in 2022, while the sales count decreased by 30% to 6.13 million, the firm said, adding:

“The rise in the unique traders’ count indicates that new people are entering the NFT market, and it is still in great demand.”

The month was a busy one for the NFT community.

A local report from South Korea claims that the country's prosecutors have obtained evidence to suggest Terraform Labs co-founder Do Kwon had onceordered an employee to manipulate the price of Terra Luna Classic (LUNC).

A report by Korean Broadcasting System (KBS) on Nov. 3 quotes an official from the South Korean Prosecutors Office, who said they have obtained a "conversation history" in which "CEO Kwon specifically ordered price manipulation."

The reported evidence came in the form of a "messenger conversation" between Kwon and a former Terraform Labs employee. Prosecutors did not disclose further details, noting: 

“I can’t reveal details, but it was a conversation history where CEO Kwon specifically ordered price manipulation.”

While the exact details of the price manipulation remain undisclosed, the price action of Terra’s LUNC (formerly LUNA) during the last bull market was undoubtedly one of the most impressive across all cryptocurrencies.