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Bitcoin It failed to sustain its uptrend on Nov 24 and nevertheless declined below $16,650 Dovish FOMC release Minutes of the meeting. Members of the Federal Open Market Committee (FOMC) voted in early November to increase interest rates by 75 basis points, or 0.75 percentage points. This was the fourth consecutive rate hike.
However, Fed Chairman Jerome Powell said at a news conference after the decision that a slower rate cut would soon be appropriate.
On November 24, the Federal Reserve tweeted about the minutes of the FOMC meeting to be held on November 1-2, 2022. Minutes contain information on future interest rate trends, which is important in determining the value of risky assets such as stocks and cryptocurrencies.
According to FOMC minutes, a “substantial majority” of Fed members anticipate a “soon” slowdown in rate hikes. The minutes also indicated that Chairman Jerome Powell’s post-meeting call for “higher rates for a longer period of time” was controversial, causing US currency and Treasury yields to fall, while stocks rose.
However, the put-call variables for bitcoin and ether, which measure the cost of bullish calls versus bearish puts, remain in the negative range, indicating a bias in favor of options.
In addition, a majority of respondents to the Open Market Desk survey predicted that the December meeting would result in a 50-basis-point increase in the federal funds rate target range. The price of BTC/USD increased after the information became public.
Mt Gox Bitcoin Awakened
The 2014 Mt Gox breach made headlines when 65 BTC were transferred to the exchange HitBTC. On 22 November, a bitcoin wallet linked to the BTC-e exchange began trading. Since August 2017, wallets related to the 2014 Mt. Gox hack have completed their bulk transactions.
A total of 10,000 BTC worth approximately $167 million were sent to two unknown recipients. The sender split the transaction and moved $3,500 BTC to another wallet. The remaining 6,500 BTC were sent to the same address.
Ki Young Joo, the creator of CryptoQuant, tweeted about a bitcoin transfer he saw on November 24. He clarified that it was not a government auction or anything like that as HitBTC was recently paid 65 BTC. He then suggested that the exchange suspend the account due to suspicious activity.
Holders are unable to use KYC as it has been corrupted during multiple transactions. Furthermore, Ki Young Joo said that the old bitcoin was created in a time of chaos. As a result, its movement was negative for BTC/USD.
New York Passes Law Banning Bitcoin Mining Operations
Earlier this week, New York Governor Cathy Hochul signed legislation prohibiting the use of carbon-based energy in some bitcoin mining operations. For the next two years, a proof-of-work mining company will be unable to expand, renew permits, or allow new competitors to begin operations unless it uses entirely renewable energy .
In the proof-of-work (PoW) mechanism that underpins bitcoin, miners compete to process new transactions. The law seeks to assess and reduce the negative environmental consequences of the industry.
BTC/USD price started to rise after Hochul signed a law banning some bitcoin mining operations from using carbon-based energy sources.
bitcoin price
the current bitcoin price $16,509, and a 24-hour trading volume of $29 billion. Bitcoin is up less than 0.5% over the past 24 hours. coinmarket cap Now ranks first with a live market cap of $346 billion. It has a total volume of 21,000,000 BTC coins and a circulating supply of 19,215,887 BTC coins.
Bitcoin is currently correcting higher towards the $16,600 level. Candles closing above this level indicate a bullish turnaround. A bullish bite and close of the $16,350 barrier suggested that the bullish trend could continue.
As a result, the sustained positive pressure could propel the price towards the $17,180 resistance. If there is another break above the $17,180 level, there could be more buying opportunities towards the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.
We can expect the rise to continue as both the RSI and the MACD are in the buy zone. If the $17,000 milestone is broken, BTC could drop to $17,600.
On the downside, bitcoin has support at $16,000, and a breach of this level could send the currency as low as $15,670.
Cryptocurrency Pre-Sale With Huge Profits
Despite the declining market, some coins have huge upside potential. Let’s examine them more closely.
Dash 2 Trade (D2T)
dash 2 business Ethereum-based trading intelligence platform that gives traders of all skill levels real-time statistics and social data, helping them make better-educated decisions.
D2T, founded by Learn2Trade Services, provides market driven insights, trading signals and forecasting services to investors. According to the cryptocurrency effort, customers will be given enough information to make an informed decision.
D2T started its token sale three weeks ago and has raised over $6.9 million. Following the pre-sale, D2T will be listed on LBank and BitMart, with the asset expected to see a significant increase in price.
The current price of 1 D2T is 0.0513 USDT, but it is predicted to climb to $0.0533 in the next phase of the sale and to $0.0662 in the final phase.
Calvaria (RIA)
calvaria There is an exciting new cryptocurrency gaming project that has the potential to dominate the play-to-earn market. Two major barriers to the widespread adoption of Web3 gaming have been identified by the Calvaria developers. While investors see the potential for Web3 games, users do not.
Pre-sales for Calvaria, which is already in Phase 4 of 10 and close to $1.9 million, are gaining traction. Investors are flocking to the booming GamFi project as the price of the native RIA token increases significantly with each pre-sale phase.
In stage 4 the price of each token was $0.025, but by stage 5, the price had climbed to $0.03, and in stage 10 the token was priced at $0.055.
Robotera (Tarot)
For investors who appreciate the Metaverse, Taro There is one digital asset to keep an eye on. The asset is the native token for Robotera, a world-building metaverse platform that allows players to access its systems through avatars.
Each user can purchase land and property, as well as contribute to the overall appearance of the virtual world. Robotera also features a community metaverse where users can engage in communal activities such as games and sports, as well as conversions.
Because everything is a non-fungible token (NFT), players own everything they buy. Taro is a new market pre-sale that is currently in its early stages. Regardless, it’s a valuable asset with significant upside potential.
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