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Today’s Cryptocurrency Headline

Zenlink completes a funding round led by Alameda Research. Other investors are IOSG Ventures, HashKey Capital, Hypersphere Ventures, SNZ Holding, SevenX Ventures, DFG, TRG Capital, PAKA. Among them, angel round investment institutions IOSG Ventures and HashKey Capital continue to invest more although the financing amount has not been disclosed.

The funds raised will be used to expand development resources, promote integration, developer incentives, third-party security audits and global market expansion to promote widespread adoption of Zenlink in Polkadot ecology and prepare for the launch and continued growth of Zenlink. Zenlink closed a $1.1 million angel round in September 2020, led by HashKey Capital together with IOSG Ventures, D1 Ventures, and Youbi.

Bingbon’s Bitcoin Chart

Source: TradingView& Bingbon

The cryptocurrency market took a collective nosedive yesterday with Bitcoin falling more than $10,000. This drop was more than 19%, from $52,900 to $42,800. Meanwhile, Ethereum went from $4,000 to $3,000, a decline of more than 24%. During the crash, long positions in the market were quickly liquidated, leading to a rise in panic. Bitcoin prices recovered quickly after the flash crash, but still failed to recover yesterday’s losses.

Since BTC failed to break the $55,000 pressure for the second time in a row, traders have to watch the $41,100 support line. A price below that level might suggest that Bitcoin is poised for an even bigger correction. But if Bitcoin can get back above $50,000, it’s pretty much a confirmation that the fall is just a liquidation of leveraged bulls in the market. The short-term trend is about to usher in the direction of market choice, and investors should do a good job of risk control.