Bitcoin Friday remained in a narrow trading range of $16,000 to $17,250 as ongoing FUD kept price action limited. The Securities Commission of The Bahamas (SCB) was looking into ftx earlier this week.
The Financial Crimes Investigation Branch and the regulator worked together to investigate FTX’s breaches. This development came after FTX announced that, at the request of SCBs, it would begin allowing Bahamian fund withdrawals, which the commission quickly denied.
However, recent reports suggest that the SCB has already taken action against the exchange before starting its investigation.
The regulatory body announced on November 17 that it had taken over the assets of FTX Digital Markets (FDM) by transferring them to a digital wallet under SCB jurisdiction. The commission said that these actions were taken to protect client funds and interests.
Its situation worsened as more regulators began investigating the bankrupt company, FTX Exchange. The collapse of the exchange caused significant disruption to the cryptocurrency market.
After this event, bitcoin holders may choose to protect their assets by selling them. Furthermore, the price can move in either direction due to uncertainty.
El Salvador Will Start Buying 1 Bitcoin Every Day
Nayib Bukele, the President of El Salvador, announced on November 17 that his country would start buying one bitcoin per day. El Salvador is said to have completed its last bitcoin purchase, 80 BTC at $19,000 each, three and a half months ahead of schedule in July 2022.
According to data from BuyBitcoinWorldwide, El Salvador holds 2,381 BTC, with an average purchase price of $43,357.
The main factor used to calculate this amount is the presidential announcement of bitcoin investments. However, no record of the purchase has been made publicly or available on the network, so this cannot be confirmed.
According to media reports, the country spent over $103.23 million on the purchase of bitcoins. However, since the most popular cryptocurrency is currently valued at around $16,500, this means a loss of over $63 million, as the real value of its reserves is $39.47 million.
The announcement also responds to Bukele’s previous comments on the FTX controversy, with the President of El Salvador saying via Twitter on November 14 that “FTX is the polar opposite of bitcoin.”
A vocal bitcoin supporter and believer, Bukele claimed that bitcoin was created to combat Ponzi schemes, bank runs, and financial system fraud. This news could boost BTC/USD as buybacks are increasing bitcoin adoption in the country.
crypto market turnaround
Following the recent drama involving FTX and other exchange platforms, blockchain analytics firm Sentiment tweeted a chart outlining the conditions for crypto market recovery.
According to the tweet, cryptocurrencies are often successful when exchanges are not the primary focus. One of the most significant exchange crashes in history was the FTX crash. As a result, its shockwaves can have “long-lasting shockwaves”.
According to the tweet, the turning point for the cryptocurrency industry will come when the focus shifts to market leader Bitcoin (BTC) and away from exchange tokens.
According to a chart posted on Twitter yesterday by Sentiment, the price of BTC/USD usually falls when the social dominance of the exchange token increases.
bitcoin price prediction
It started trading at $16,827 with a high of $16,827 and a low of $16,673. BTC/USD is currently trading at $16,790.00, up 1.62% in 24 hours. Furthermore, its price has fallen by more than 4% in a week.
Bitcoin is consolidating in a wide trading range between $16,000 and $17,200, with a breakout likely to determine future price action. Bitcoin completed a 38.2% Fib retracement level at $18,100 on the 4-hour time frame and it now declined below the 23.6% Fib retracement level at $17,250.
On the downside, bitcoin has an immediate support at $17,250, and if the bearish trend continues, the price could drop as low as $15,850. As the RSI and 50-day moving average indicate a bearish bias, if the current support fails, bitcoin price could decline further towards $15,850.
While the MACD is in a sell zone, the recent histogram is contracting, indicating a bearish bias. However, today selling is seen below the $17,250 level. On the other hand, the increased demand for BTC has the potential to propel the BTC/USD price above $18,250 and towards $20,000.
Top Crypto Coins On Pre-Sale
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 since raised over $6.5 million. It has also confirmed 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 (RIA)
calvaria There is a new cryptocurrency gaming project that has the potential to dominate the play-to-earn market. Calvaria developers have identified that one of the main barriers to the widespread adoption of Web3 gaming is that the game requires users to have technical knowledge of crypto. This means that a lot of users are left out.
As such, Calvaria allows users who do not have cryptocurrency to play the game, setting it apart from the competition and enabling a new audience to become involved.
Calvaria’s pre-sales are gaining traction, with the project already in Phase 4 of 10 with approximately $1.8 million in funding. The price for 1 RIA token is currently $0.025, but this will increase incrementally in each subsequent phase of the pre-sale which is currently in phase 4.
Robotera (Tarot)
RobotEra (Tarot) is another project that has the potential to transform the gaming community and the virtual world. Pre-sales of the property have started recently but there is already a lot of interest from potential buyers.
RobotEra is a blockchain-based metaverse where users can create avatars and explore a digital world, and the platform’s native token is Tarot. In Robotera, players can buy land, build on it, and expand their territories with various assets.
In addition, Robotera has a shared metaverse where users can engage in a wide 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.
Visit the Robotera presale now
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