During the European session, Bitcoin It bounced off the $15,650 double-bottom support and it finally showed some upside momentum. One of the largest crypto lenders, Genesis Global Capital, halted customer withdrawals due to liquidity issues caused by an increase in withdrawal requests following the FTX collapse.
Following the demise of FTX, Genesis announced on November 16 that withdrawals would be temporarily halted due to “unprecedented market turmoil”.
On November 10, the company publicly disclosed that it had approximately $175 million in funds locked up in FTX trading accounts. The struggling crypto investment bank was in talks with potential investors to raise another $1 billion.
Also, crypto exchange Binance is reportedly in talks about potentially bailing out the lender controlled by Digital Currency Group.
The Wall Street Journal reported on November 21 that Genesis had approached Apollo Global Management and Binance for funding. However, Binance rejected this due to a potential conflict of interest. As it looks for new funding, Genesis Global Trading has mentioned bankruptcy as a possible option.
On 21 November, Genesis said it had “no plans” to declare bankruptcy anytime soon and would try to reach an “agreeable” solution. Because of this news, BTC/USD fell to a two-year low.
Lack of trust in exchanges triggers FUD
The recent bitcoin decline surprised most market participants as the dust settled after the FTX crisis. Despite Sentiment’s clarification, the first cryptocurrency is still struggling to retain its value.
Sentiment, an analytical firm, tweeted about the falling value of BTC/USD on 21 November. According to the research firm, rising fears of centralized exchanges following the FTX crisis led to the FUD drop to $15,800 for the first time in two years. ,
The event could also have an impact on bitcoin address activity, which reached a six-month high. Furthermore, according to Sentiment, bitcoin hit benchmarks over the weekend.
According to data analysis, 1.1 million BTC addresses were active on a daily basis on November 20. This suggested that the currency was distributed to multiple addresses.
Furthermore, it appears that many investors profited by moving assets away from centralized exchanges. This was due to the fact that supply outside the exchanges was more than inflows into the exchanges. Furthermore, there has been a decrease in reported exchange flows in recent days.
On 17 November, the most recent increase per stream was 253,000. This suggested that despite reduced selling pressure, investors remained skeptical towards CEX.
El Salvador’s Bitcoin Adoption “Not Very Sustainable”
Ethereum creator Vitalik Buterin has questioned the bitcoin community’s enthusiasm for El Salvador and its president Nayib Bukele, claiming they have overlooked the fact that Bukele’s administration is “not very democratic.”
According to Vitalik Buterin, co-founder of Ethereum,
“Many bitcoin users overlook the fact that the government in Bukele is not a particularly democratic government, has a lot of issues, and that they are not very good at respecting other individual liberties.”
El Salvador was the first country to make bitcoin legal tender, requiring businesses to accept the largest cryptocurrency as payment.
The action sparked widespread outrage among citizens and businesses. The adoption of El Salvador’s bitcoin law coincided with a crypto bull run, during which the bitcoin price reached a high of over $69,000.
The cryptocurrency market has now collapsed, with bitcoin losing over 76% of its value since its peak.
Buterin said that the bitcoin adoption model in El Salvador was built on the assumption that the price would go up, but because the price of bitcoin has dropped, “it looks terrible now, and not many people are using it.”
bitcoin price
the current bitcoin price $16,156, and a 24-hour trading volume of $33 billion. Bitcoin has gained more than 2% in the last 24 hours.
coinmarket cap Now ranks first with a live market cap of $310 billion. It has a total volume of 21,000,000 BTC coins and a circulating supply of 19,213,406 BTC coins.
The BTC/USD pair started trading at $15,766 on November 22, reaching a high of $16,281 and a low of $15,616. Bitcoin is finding immediate technical support near the $15,850 level. Candles closing above this level indicate the possibility of a bullish reversal.
A tweezers bottom pattern above $15,850 suggests the possibility of a bullish reversal. As a result, increased buying pressure could extend higher towards the $16,500 and $17,180 resistance levels.
If there is another break above the $17,180 level, there could be more room for buying towards the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.
The RSI and MACD indicators are still showing a sell signal below $16,500, and the 50-day EMA is also showing a sell signal. Consequently, a bearish breakout below a triple bottom pattern could expose BTC price to the $14,475 range.
Today, keep an eye on $15,850 as it is likely to act as a pivot point for bitcoin.
Pre-Sold Cryptocurrency With Huge Potential Profits
Dash 2 Trade (D2T)
dash 2 businessProduced by Learn 2 Trade Services, provides market driven insights, trading signals and prediction services to investors. The cryptocurrency initiative promises to provide consumers with enough information to make informed decisions.
D2T is an 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.
D2T started its token sale three weeks ago and has raised over $6.8 million. It also announced the launch of its first CEX listing on the LBank market. The current price of 1 D2T is 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.
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