PRIME CRYPTO FX

Indebted property developer China Evergrande is set to raise about $273 million by selling its remaining shares in film production and streaming company HengTen Networks, according to a filing released ahead of the market open Thursday.

Shares of Evergrande fell more than 1% in morning trade Thursday. HengTen shares jumped 23%.

Evergrande, the largest issuer of U.S. dollar-denominated debt among Chinese real estate developers, has teetered on the edge of official default this year. The company has made 11th hour payments and resumed construction on apartments owed to buyers. But that’s only a fraction of what the developer owes.

The sale of HengTen is Evergrande’s latest effort to raise capital. The deal is worth 2.13 billion Hong Kong dollars ($273.2 million), with 20% — or $54.6 million — due within five business days, and the rest in two months, the filing said.

The developer said it reached an agreement Wednesday to sell about 1.66 billion HengTen shares to Allied Resources Investment Holdings for 1.28 Hong Kong dollars each, according to a filing with the Hong Kong stock exchange.

That’s about 24% below HengTen’s closing price Wednesday of 1.69 Hong Kong dollars a share.

Reported by CNBC

Traders look to ‘buy the dip’ after spot ETF rejection sends Bitcoin price to $62K

Bears swooped in to seize the upper hand on Nov. 12 after news that the United States Securities and Exchange Commission (SEC) had rejected the VanEck spot Bitcoin (BTC) Exchange Traded Fund (ETF) application made ripples through the crypto-sphere and deflated the bullish momentum that had been building throughout the week.

While many investors had high hopes that the passage of a spot BTC ETF would send the price of Bitcoin to the coveted $100,000 price level, its denial was expected by others, including Bloomberg senior ETF analyst Eric Balchunas, who placed the odds of the SEC approving the VanEck fund at less than 1%.

Data from TradingView shows that after holding support at $65,000 on Nov. 11, the bull's defensive line began to break early on Nov. 12 and was followed by a 4% slide to a low of $62,280.

Even with BTC's negative reaction to the ETF rejection, more experienced traders issued words of calm, including market analyst and Cointelegraph contributor Michaël van de Poppe.

For those who remain long-term bullish on Bitcoin and crypto in general, van de Poppe sees this as a good opportunity to pick up good projects at a discount.

Higher lows and higher highs are bullish

A similar “buy the dip” sentiment was expressed by analyst and pseudonymous Twitter user ‘Venturefounder’, who posted the following chart pointing to the fact that “Bitcoin still made the 2nd higher high and the 3rd higher low (for now).

“Seeing low $60,000 again after making ATH at $69,000 should be seen as a gift. If BTC does get a pullback to $57,000-$61,000 (not guaranteed), it's an excellent buy zone. $57,000 is also the 50DMA right now.”

The overall cryptocurrency market cap now stands at $2.766 trillion and Bitcoin’s dominance rate is 43.2%.

The United Nations showed off the winners of its nonfungible token (NFT) climate initiative called DigitalArt4 Climate.

The UN-led NFT Climate Initiative showed off the results of its art climate initiative at United Nations Climate Change Conference, also known as COP26, in Glasgow, Scotland.

The UN-Habitat group partnered with Unique Network, IAAI GLOCHA, and Exquisite Workers on the DigitalArt4Climate initiative.

The initiative aimed to empower artists, designers and activists worldwide to create digital art that will inspire people worldwide to take action against the climate crisis, while concurrently introducing them to NFTs, a technology that has the ability to liberate artists globally by allowing them to monetize their work in ways that have not been possible before.

NFTs use the security and transparency of blockchain to authenticate unique digital items, and that has given new life to digital art, which can now be auctioned off based on rarity. After hundreds of submissions worldwide, and tens of thousands of votes on the art pieces themselves, one winner and three sub-theme winners have been selected.

The digital artist Bricx Ma****lo Dumas, who hails from the Philippines, has been declared the winner of the DigitalArt4Climate art competition, with his piece Nexus. Dumas’ artwork depicts a hand holding a blue-colored drink in a plastic bag with a straw, and a cigarette whose smoke evaporates into tiny leaves. Out of over two hundred who submitted from 58 countries, Dumas is the only finalist from Southeast Asia. Dumas will be awarded 1500 euros ($1,721) for winning the competition.

The second place winners include Amir Karimi’s Every Second: Lake (Iran), Ekaterina Lestienne’s The Wildfire (France), and Chloe Hajjar’s Allegory of Survival (USA). Each of these runner-ups will receive $574.