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a few hours ago, Bitcoin Attempted to break the $17,000 barrier but was held up by the release of UK inflation data. Most alternative cryptocurrencies are also down slightly today. SBF, the former CEO of FTX, has been talking on Twitter about how he plans to make clients whole and how he plans to revive his cryptocurrency business.
Bitcoin is currently trading at $16,740 after starting the day at $16,886. It touched a high of $17,002 and a low of $16,761.
The recent Russia-Ukraine conflict has caused a decline in the cryptocurrency market. Let’s take a look.
Fears of escalating conflict in Ukraine weighed on prices
The main concern about the war in Ukraine is that it could turn into a larger conflict between Moscow and the US-led NATO alliance. The deadly missile attack on a Polish village on the Ukrainian border has made that fear clear.
Tuesday at 3:40 p.m. A missile hit prezvodoA town in southeastern Poland, not far from the border with Ukraine, reportedly killed two agricultural workers, according to local media.
Since Russian President Vladimir Putin authorized a full-scale invasion of Ukraine on February 24, this region of Poland has been living with war. Millions of refugees have used their routes to leave the fighting, and billions of dollars worth of Western military equipment have been sent to Ukraine to help its people fight back.
Tuesday’s bombing marked the first time fighting broke out in Polish territory, highlighting just how close Europe is to a confrontation between the world’s two strongest nuclear powers.
After the incident, first of all, allegations and counter-allegations were leveled against each other. According to the Associated Press, citing an unnamed senior US intelligence official, the explosions were reportedly triggered by Russian missiles which crossed into Poland. But the threads of that explanation began to crumble.
As a result, safe-haven appeal has increased and risk-off market sentiment has increased, increasing demand for gold and driving a sell-off in stock and cryptocurrency markets.
Producer Price Index (PPI) Report
According to the Labor Department report released on November 15, the cost of wholesale products except food and energy has decreased. The trend could be due to slower demand due to better supply chains and higher lending rates. This corroborates economists’ claims that commodity prices had begun to decline.
Producer Price Index (PPI) Also indicated a decrease in the inflation rate. A 0.6% increase in the cost of final-demand goods was reportedly responsible for the increase in the PPI excluding food, energy and business services. In October, the PPI increased by 0.2%, below the consensus estimate of 0.4%, and annualized prices fell to 8.0% from 8.4%.
As a result of the lower-than-expected PPI data, the crypto market rallied, and prices increased. The BTC/USD value started to rise immediately after the announcement. The lower-than-expected PPI data has fueled the crypto market and pushed prices higher. Immediately after the announcement, the value of BTC/USD started to increase.
Crypto Prices Support As US Dollar Cools Down
After a parabolic rise throughout 2022, the US Dollar Index is showing signs of cooling off. The latest CPI and PPI data showed that the Fed is making significant progress in containing out-of-control inflation. However, momentum may slow after the US Dollar Index (DXY) recently hit levels not seen since 2002.
If all goes according to plan, investors should see the falling DXY as a reason to increase their exposure to riskier assets like cryptocurrencies.
At the time of writing, the DXY is 106, down 0.25% in 24 hours and up over 4% in 5 days. Meanwhile, DXY has been under pressure, and its declines have coincided with gains in bitcoin and other cryptocurrencies.
Historically, declines in the DXY have coincided with reversals in the price direction of bitcoin. This indicated that BTC/USD was rising due to the falling value of the US Dollar.
SEC Decision on ARK 21Shares Spot Bitcoin ETF
The United States Securities and Exchange Commission (SEC) has extended the deadline to decide whether shares of ARK 21Shares’ bitcoin exchange-traded fund should be listed on the Chicago Board Options Exchange (BZX) exchange.
It postponed a decision on whether to approve stock-picking firm ARK Invest, run by Cathy Wood, to offer a spot bitcoin exchange-traded fund until January 27, 2023.
On May 13, ARK 21Shares submitted the first ever Bitcoin (BTC) ETF application to federal regulators. On November 15, the SEC announced that the designation period would be extended.
This year, the market regulator has rejected several proposals for bitcoin-tracking ETFs, including from Grayscale, Fidelity and NYDIG. As a result, the decision on the ARK 21Shares Bitcoin ETF has been delayed.
bitcoin price prediction
The current price of one bitcoin is $16,649, with a 24-hour trading volume of $34 billion. Bitcoin is down over 1% over the past day and currently holds a market capitalization of $349 billion. There are now 19,208,200 BTC coins in circulation, with a maximum of 21,000,000 BTC coins.
The technical outlook for bitcoin hasn’t changed much as it is still trading similar to our previous bitcoin price prediction,
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 now declined below the 23.6% Fib retracement level at $17,250.
On the downside, an immediate support for bitcoin is located at $17,250, and a continuation of the bearish trend could lead the price to drop towards the $15,850 support. As the RSI and the 50-day moving average are showing a bearish bias, we could see a drop in BTC price towards $15,850 or even lower on a bearish breakout of the $14,500 support area.
On the other hand, the MACD is in a buy zone, but the most recent histogram is contracting, indicating a weak bullish bias. That being said, today a selloff could be seen below the $17,250 level.
On the other hand, the increased demand for BTC has the potential to lower the $17,250 resistance and push the BTC/USD price towards the $18,250 or $19,335 levels.
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 $6.3 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 There is a new cryptocurrency gaming project that has the potential to dominate the play-to-earn market. The Calvaria developers have identified two major obstacles to the widespread adoption of Web3 gaming. While investors see the potential for Web3 games, users do not.
Pre-sales of Calvaria are gaining traction, with the project already in Phase 4 of 10 with approximately $1.7 million in funding.
As the price of the native RIA token increases significantly with each pre-sale phase, investors are flocking to the rapidly growing GamFi project.
In stage 4, the price of each token was $0.025, but by stage 5, the price had risen to $0.03, and in stage 10 the token was priced at $0.055.
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 infrastructures.
The goal is to create a metaverse in which everyone is comfortable with their personal possessions. 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.
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