As the market celebrates Thanksgiving, Bitcoin Traded sideways on Nov 25, holding a narrow range from $16,350 to $16,700.
Crypto market sentiment remains “risk-off” due to FTX-driven fear, uncertainty and doubt (FUD). The failure of FTX, one of the largest cryptocurrency exchanges, sent shockwaves across the industry.
Binance’s Industry Recovery Initiative (IRI)
Following the devastation, the largest cryptocurrency exchange by volume is leading the charge to rebuild infrastructure. Binance has launched the Industry Recovery Initiative, a $1 billion fund to aid struggling cryptocurrency firms.
In an interview with Bloomberg on November 24, crypto billionaire Changpeng “CZ” Zhao said the fund would have a “loose” structure, be publicly available on a blockchain, and accept contributions from other industry participants.
Binance has contributed $1 billion for the project in cryptocurrency, which can be raised to $2 billion if needed.
According to the company, it has already received 150 requests for assistance from various struggling businesses. In addition, CZ confirmed that the fund may be interested in buying troubled crypto projects bought by the now-defunct exchange FTX.
Polygon Ventures, Animoca Brands, Jump Crypto, Aptos Labs, GSR Markets, Cronos and Bruker Group are among the companies that have already contributed $50 million for the initiative, This is one of Binance’s attempts to save the cryptocurrency industry. As a result, the value of BTC/USD will increase as a result of the news.
Belgium Rejects Bitcoin, Ethereum and Other Digital Currencies as Securities
Belgium’s financial regulator has reiterated that bitcoin, ether, and others that are issued only through computer code do not qualify as securities. The rationale was presented in a November 22 report by the Financial Services and Markets Authority (FSMA) of Belgium, with the version released for comment in July 2022.
According to the FSMA, the clarification comes in response to an increase in inquiries about how Belgium’s existing financial rules and regulations apply to digital assets.
According to the FSMA, the criteria used to classify assets are technology-neutral. It shows that the security status of an asset is independent of whether it is derived from the blockchain or any other source. Instead, digital assets with an issuer are more likely to be classified as securities.
According to the Belgian regulatory agency, even though cryptocurrencies are not considered securities, they may be subject to other laws if used by a business as a medium of exchange.
In contrast to Belgium’s clear guidelines, the US Securities Exchange Commission (SEC), which is currently competing with the US Commodity Futures Trading Commission (CFTC) for regulatory authority over digital assets, has adopted a “regulation by enforcement” strategy.
Russian Crypto Mining Bill
A new bill related to cryptocurrency mining has been introduced in the lower house of the Russian parliament. The bill proposed on November 17 to allow cryptocurrency mining and selling mined cryptocurrency.
Russia currently bans the use of cryptocurrencies for payment settlement. On the other hand, the new bill’s proposal aims to make cryptocurrency mining and sales legal under an “experimental legal regime”.
The proposed bill is expected to pass all three parliamentary readings in December 2022, according to Anatoly Aksakov, chairman of the Duma financial market committee.
Some sources say the bill could become law as early as January 1, while others say it could take effect as early as February 1. If Russia’s new mining bill becomes law, it is possible that miners will sell their digital assets on exchanges.
This would mean that miners send bitcoin to exchanges where it can be sold for fiat currency or traded for other cryptocurrencies. An increase in the supply of the cryptocurrency on exchanges increases selling pressure, pushing the BTC/USD price lower.
bitcoin price
the current bitcoin price $16,527, and a 24-hour trading volume of $23 billion. Bitcoin has remained mostly unchanged over the past 24 hours. coinmarket cap Now ranks first with a live market cap of $317 billion. It has a total volume of 21,000,000 BTC coins and a circulating supply of 19,216,643 BTC coins.
Despite the dovish FOMC meeting minutes, Bitcoin The $16,785 barrier has not yet been crossed. BTC/USD The pair is currently declining towards the 38.2% Fibonacci retracement level of $16,300. It has already crossed below the 50-day EMA line on the 4-hour time frame, indicating a sell bias.
Similarly, key technical indicators such as the RSI and MACD are on the verge of entering a sell zone, and if so, BTC could decline below $16,300 and reach the $16,000 support.
The next level of support is at $15,600. Conversely, a bullish breakout of the $16,785 level could expose BTC towards the $17,000 or $17,550 levels.
Cryptocurrency Pre-Sale With Huge Profits
Despite the downtrend in the market, some coins have the potential for massive reversals. Let us examine them more closely.
Dash 2 Trade (D2T)
dash 2 business Ethereum-based trading intelligence platform that provides real-time analytics and social data to traders of all skill levels, allowing them to make better-informed decisions. The platform will go live in the first quarter of 2023, providing investors with information to help them make proactive trading decisions.
D2T started its token sale just a few weeks ago and has already raised over $6.9 million. Following the pre-sale, D2T will be listed on LBank and BitMart, shortly after which experts expect a significant increase in the price of the asset.
1 D2T is currently worth 0.0513 USDT, however, it will rise to $0.0533 in the next phase of sales and $0.0662 in the final phase.
Calvaria (RIA)
calvaria There’s a new cryptocurrency gaming startup that has the potential to dominate the play-to-earn market. Calvaria developers have found two major barriers to widespread Web3 gaming adoption. While investors see the promise of Web3 games, users do not.
It is promising that it allows gamers to play it without having to mine any cryptocurrency, which could help it become more popular than other crypto-based titles. RIA will be used within its ecosystem for in-game item purchases and staking, making this a solid use case.
The token pre-sale has raised $1.9 million and is currently in its fourth phase which is already 93% complete, during which 40 RIAs can be purchased for 1 USDT.
Robotera (Tarot)
Taro There is one digital asset to keep an eye on for investors who enjoy the Metaverse. The asset is the native token for Robotera, a world-building metaverse platform that lets players use avatars to access its systems.
Each user has the ability to purchase land and properties and contribute to the general aesthetic of the virtual environment. In Robotera, there are also community metaverses where users can participate in communal activities such as games and sports, as well as competitions.
1 TARO is currently being sold for 0.020 USDT (it can be bought with USDT or ETH), but this price will climb to $0.025 during the second part of its presale, which will start soon.
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