On 29 November the Bitcoin The price prediction remains bearish below the $16,650 resistance as a “risk-off” sentiment prevails in the global financial markets. BlockFi is the latest victim of the FTX collapse, and it is a lender in the troubled crypto space that has filed for bankruptcy.
BlockFi and eight partners filed for Chapter 11 bankruptcy in the US Bankruptcy Court in New Jersey on November 28. The filling will help the firm stabilize its operations and finalize a comprehensive restructuring agreement that maximizes value for all customers and other stakeholders.
Blockfi Bankruptcy – Quick Review
BlockFi, a New Jersey-based company, said it owed money to more than 100,000 creditors. As its second largest creditor, it listed FTX, a cryptocurrency exchange, worth $275 million.
In early 2022, BlockFi faced difficulties as a result of a sharp drop in cryptocurrency prices, which resulted in client withdrawals and liquidation of assets from struggling Singapore-based Three Arrows Capital.
During the summer, the company received a $400 million line of credit from FTX, which allowed the lending company to avoid bankruptcy. However, on November 11, FTX declared bankruptcy.
In the United States, a company can file for Chapter 11 bankruptcy to restructure its debts while operating under the supervision of the court. The news that crypto lender Blockfi filed for bankruptcy sent BTC/USD prices down.
Singapore bank has ‘negligible’ bitcoin exposure but subject to highest risk weighting
Senior Minister of Singapore Tharman Shanmugaratnam, Having said 28 that banks in the country must hold $125 in capital for every $100 at risk for risky crypto assets such as bitcoin (BTC) and ethereum (ETH).
In a written response to Singapore’s parliament, Shanmugaratnam claimed that Singaporean banks have “negligible” exposure to cryptocurrencies. According to the Minister of the Monetary Authority of Singapore (MAS), the exposure was “less than 0.05% of their total risk-weighted assets.”
Shanmugaratnam revealed Singapore’s active participation in the Basel Committee on Banking Supervision (BCBS) framework for cryptocurrency exposure of banks. He said the group is expected to finalize its framework by the end of the year.
If Singapore attracts more crypto players, exposure to bitcoin will increase, which will benefit the price of BTC/USD.
Binance’s PoR audit process
According to Binance CEO Changpeng “CZ” Zhao, the company is moving large amounts of bitcoin as part of its proof-of-reserve (PoR) audit. According to a Whale Alert report, Binance deposited 127,351 bitcoins totaling more than $2 billion in an unknown wallet on November 28.
The massive bitcoin transaction quickly sparked FUD, or fear, uncertainty, and doubt, throughout the community, with many pointing out that Binance moved a fortune of BTC worth in a single transaction.
CZ later announced on Twitter on November 28 that the significant transaction was part of Binance’s PoR auditing process. He also urged the community to remain calm and not pay heed to rumours.
bitcoin price
the current bitcoin price $16,420 with a 24-hour trading volume of $25 Billion. During the past 24 hours, the BTC/USD pair has gained more than 1.5%, while coinmarket cap It currently ranks first with a live market cap of $315 billion, up from $344 billion during the Asian session. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,218,643 BTC coins.
During the UK session, BTC/USD traded slightly higher after taking support near the psychological trading level of $16,000. On the 4-hour time frame, there is an ascending trend line forming with increasing support near the $16,000 level, and a candle close above this level showed a bullish recovery in bitcoin.
On the upside, immediate resistance for bitcoin lies at $16,650, which is supported by a descending trend line. Bitcoin has also formed a double top at $16,650, and a break above this level could send BTC as high as $17,250.
Major technical indicators such as RSI and MACD have entered the buy zone, indicating the start of a buying trend. Bitcoin recently surpassed the 50-day moving average at $16,250, indicating the start of another bullish trend.
If bitcoin breaks out of the lower symmetrical triangle pattern and closes the candle below $16,000, the $15,650 support area will be vulnerable.
Cryptocurrency Pre-Sale With Huge Profits
Despite the bearish market, some coins have the potential for huge upside. Let us examine them more closely.
Dash 2 Trade (D2T)
dash 2 business Is a trading intelligence platform that provides investors with real-time analytics and social trading data, allowing them to make more informed trading decisions.
Its native D2T token sale, set to launch in the first quarter of 2023, has already raised more than $7.4 million, It also announced exchange listings of BitMart and LBANK early next year, giving early investors a good chance to make some decent returns.
Robotera (Tarot)
robot era (TARO) is a sandbox-style metaverse that will launch its alpha version in the first quarter of 2023.
Gamers will be able to play as robots and contribute to the creation of its virtual world, which will include NFT-based land, buildings and other in-game items, on its Ethereum-based platform.
1 TARO is currently being sold for 0.020 USDT (it can be bought with USDT or ETH), but this price will increase to $0.025 during the second phase of its pre-sale, which will start soon.
Calvaria (RIA)
calvaria (RIA) is a blockchain-based card-trading game in which players battle with NFT-based cards to earn rewards. One of its most intriguing features is that it allows gamers to play it without having any cryptocurrency, which could help it gain traction over other crypto-based titles.
The token pre-sale has raised $2.1 million and is currently in its fourth phase, during which 40 RIAs can be purchased for 1 USDT.
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