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On Sunday, November 20, the total cryptocurrency market cap was $821 billion, down 1.93% from yesterday. The market cap of DeFi Coin has decreased by 1.83%.
Bitcoin, the leading cryptocurrency, remained unchanged more than 6% from the recent low of $15,828. The asset hasn’t seen any significant changes since bitcoin has been stuck below $17,000 for days.
With the trading volume being so low, this was to be expected to some extent. This has had a domino effect on alternative coins, with Ethereum (ETH) in particular struggling to hold above $1,200.
Let’s take a look at the fundamental events affecting the cryptocurrency market today.
Grayscale avoids proof-of-reserve, sparks fears of collapse
The impending collapse of Grayscale is of greater concern now that the Bitcoin Foundation has refused to release proof of reserves.
When asked why it could not publish its wallet on November 18, the investment firm used a Twitter thread to blame security concerns for the uproar. Since both Grayscale and Genesis are owned by Digital Currency Group, doubts have risen about the financial stability of the companies.
The crypto world wondered how this could affect Grayscale and its flagship product, GBTC. Reports that Genesis was unable to raise $1 billion before withdrawing withdrawals also fueled the flames.
On its Twitter thread, Grayscale claims to have created a separate company for each product. It claimed that the sale of the underlying asset could not take place due to regulations surrounding its digital asset offering. It was also mentioned that Coinbase Custody Trust Company is the custodian.
Neither Grayscale nor its parent business owns the bitcoins used to back the GBTC product.
Grayscale’s Twitter thread further noted:
“Due to security concerns, we do not make such on-chain wallet information and confirmation information publicly available through cryptographic proof-of-reserve or other advanced cryptographic accounting techniques.”
Exchanges such as Binance, Huobi, and Crypto.com have issued proof of stores in an effort to gain community trust.
Therefore, the impending collapse of Grayscale is limiting the uptrend of the crypto market.
Kraken founder Jesse Powell predicts the next ‘big event’
After the collapse of FTX, industry giants Jesse Powell Sharing his thoughts on the current climate of the crypto sector and providing predictions to pull the market out of its bear market.
As Powell explained in a new interview for the Bankless Podcast, the sector will need time to recover from the FTX devastation due to the billions of dollars lost and the need to rebuild its reputation.
The halving of Bitcoin (BTC), which is expected in the first half of 2019, has been cited by the founder of Kraken as a potential next bullish driver for the cryptocurrency markets.
bitcoin price prediction
the current Bitcoin The price is $16,553, and the 24-hour trading volume is $18B. Bitcoin is down more than 0.50% in the last 24 hours. Coinmarketcap now ranks first with a live market cap of $318 billion. It has a total volume of 21,000,000 BTC coins and a circulating supply of 19,212,587 BTC coins.
Bitcoin price is currently consolidating within a broad trading range from $15,800 to $17,200. As bitcoin price declined below the 23.6% Fibonacci retracement level of $17,250, the potential for a downside move to the next support area of $15,800 remains high.
On the downside, an immediate support for bitcoin lies at $14,530, and if the bearish trend continues the price could drop as low as $13,850. As the RSI and the 50-day moving average are showing a bearish bias, if the current support fails, bitcoin price could decline further below $15,830.
However, today, the selling bias remains strong below $17,250. On the other hand, increased demand for BTC could propel the BTC/USD price above $18,250 and $20,000.
Top Crypto Coins On Pre-Sale
Given the recent downturn in the cryptocurrency market, you might be wondering which coins have good upside potential.
Let’s talk about the top crypto coins that are currently on pre-sale and have high potential.
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 more informed decisions.
It launched its token sale three weeks ago and has raised over $6.6 million. It also announced the launch of its first CEX listing LBank Exchange,
1 D2T is currently worth 0.0513 USDT but it is expected to rise to $0.0533 in the next phase of the sale and to $0.0662 in the final phase.
calvaria There is a new cryptocurrency gaming project with the potential to dominate the play-to-earn market.
According to the Calvaria developers, one of the main obstacles to the widespread adoption of Web3 gaming is that the game requires users to have technical knowledge of crypto. As a result, a large number of users have been excluded.
Calvaria allows users who do not have cryptocurrency to participate in the game, setting it apart from the competition and opening the game up to a new audience. The RIA’s resale is picking up pace, with the project already in Phase 4 of 10 with approximately $1.8 million in funding.
At the moment, the price of 1 RIA token is $0.025 USD, but it will increase incrementally with each next phase of the pre-sale, which is currently in phase 4.
Another project with the potential to transform the gaming community and the virtual world is RobotEra (Tarot). Though the pre-sale of the property has started recently, there is already a lot of interest from potential buyers.
The native token of the platform is TARO, and it is a blockchain-based metaverse where users can create avatars and explore a digital world. In Robotera players can buy land, build on it and expand their territories with various assets.
Robotera also features a shared metaverse where users can participate in a variety of activities such as sports, concerts, and other competitive events. first phase of tarot pre sales It’s live now, and it’s selling out fast.
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