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Bitcoin Price and Ethereum Regain Upward Momentum; BlockFi Files for Bankruptcy – Cryptonews

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Despite the market’s ongoing fear, the leading cryptocurrency, Bitcoin, is rebounding above the psychological level of $16,000 on November 29. Similarly, Ethereum, the second-most valuable cryptocurrency, is rising after gaining support near the $1,150 level.
Major cryptocurrencies were trading mixed early on November 29, with the global crypto market cap increasing nearly 1.0% to $822.27 billion on the previous day.
Over the last 24 hours, the total crypto market volume increased by over 12.5% to $46.87 billion. The total volume in DeFi was $2.98 billion, accounting for 6% of the total 24-hour volume in the crypto market.
The total volume of all stablecoins was $45.05 billion, accounting for 96% of the total 24-hour volume of the crypto market.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Fantom (FTM), Chainlink (LINK), and Dash (DASH) are three of the top 100 coins that have gained value in the last 24 hours. The FTM price has soared by more than 20% to $0.2196, the LINK price has grown by more than 9% to $7.40, and the DASH price has increased by nearly 8%.
Chain (XCN), Huobi Token (HT), and Convex Finance (CVX) are three of the top 100 coins that have lost value in the last 24 hours. Whereas XCN has lost over 3.5% to trade at $0.037, HT is down nearly 1% to trade at $6.45. At the same time, CVX’s price is down over 1% to trade at $4.
After suffering losses due to its exposure to the dramatic collapse of the FTX exchange earlier this month, cryptocurrency lender BlockFi announced Monday that it has filed for Chapter 11 bankruptcy protection.
When the paperwork was submitted to a New Jersey court, cryptocurrency prices were already in freefall. More than 70% of Bitcoin’s value has been wiped down from its all-time high in 2021.
BlockFi, a New Jersey-based company formed by financial executive-turned-crypto entrepreneur Zac Prince, filed for bankruptcy claiming that its significant exposure to FTX caused a liquidity crisis. 
Monsur Hussain, senior director at Fitch Ratings stated: 
“BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem,”
This month, FTX, established by Sam Bankman-Fried, sought bankruptcy protection in the United States after investors have withdrawn $6 billion from the platform over the course of three days and rival exchange Binance backed out of a rescue arrangement. 
After a display of unprecedented civil disobedience since President Xi Jinping took office a decade ago, police in China have been out in force to crush zero-Covid protests and at least one person has been arrested, according to social media videos.
There were also claims that several protesters who participated in the street meetings in cities around the country were subjected to phone interviews with officials.
Supposedly, the arrest occurred late on Monday in the city of Hangzhou. Social media videos from Monday night purportedly show hundreds of police barricading a big public space to prevent a public gathering.
Hence, this is keeping the crypto market sentiment bearish. Let’s look at Bitcoin price prediction. 
The current Bitcoin price is $16,479 and the 24-hour trading volume is $25 billion. During the last 24 hours, the BTC/USD pair has gained nearly 2.0%, while CoinMarketCap currently ranks first with a live market cap of $316 billion, up from $310 billion yesterday. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,219,543 BTC coins.
On Tuesday, the BTC/USD is trading bullish after gaining support at the $16,000 psychological trading level. An upward trendline is extending support around the $16,000 level in the 4-hour timeframe, and the closing of candles above this level has triggered a bullish recovery in Bitcoin.
On the higher side, Bitcoin’s immediate resistance is at $16,650, which is supported by a downward trendline.
Bitcoin has also formed a double top level at $16,650, and a break above this level could take BTC to $17,250 or even higher.
Leading technical indicators like the RSI and MACD have entered the buying zone, indicating the start of a buying trend. Bitcoin has just surpassed the 50-day moving average at $16,250, signaling yet another bullish trend.
 Alternatively, if Bitcoin breaks the lower symmetrical triangle pattern and closes the candle below $16,000, it is likely to be exposed to the $15,650 support zone.
The current price of Ethereum is $1,207, with a 24-hour trading volume of $7 billion. In the last 24 hours, Ethereum has gained nearly 4%. CoinMarketCap currently ranks #2, with a live market cap of $147 billion. It has a circulating supply of 122,373,866 ETH coins.
Ethereum has recovered in the 4-hour timeframe after completing a 50% Fibonacci retracement at $1,150. Above this, Ethereum formed a bullish engulfing candle, signaling a bullish trend.
Furthermore, the ETH/USD pair has crossed above the 50-day simple moving average (SMA) of around $1,170, implying that the ETH has a good chance of heading north toward the $1,235 double top resistance level.
Increased demand for ETH may allow it to break through this level and reach $1,295 or even higher.
Alternatively, failure to break above the $1,235 resistance level may trigger selling until the $1,150 or $1,135 Fibonacci retracement levels, which mark the 50% and 61.8% Fibonacci retracement levels, respectively.
Dash 2 Trade 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 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.
Dash 2 Trade, a platform for crypto trading intelligence and signals, has piqued investors’ interest after raising $7 million in just over a month. As a result, the D2T team has decided to discontinue the project at stage 4 and lower the hard cap target to $13.4 million.
Dash 2 Trade has also been a success, with two exchanges (LBank and BitMart) promising to list the D2T token after the presale concludes. 1 D2T is currently worth 0.0513 USDT, but at the end of the sale, this will increase to $0.0533.
D2T has so far raised over $7.4 million by selling more than 84% of its tokens.
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A quick 3min read about today's crypto news!

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Bitcoin drops to lowest in more than a week, ether slides as FTX collapse ripples through crypto market – CNBC

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Bitcoin has shot up 50% since the new year, but here's why new lows are probably still ahead – The Conversation Indonesia

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PhD Researcher in Finance, University of Bath
Senior Lecturer in Corporate Finance, University of Bath
James Kinsella works part-time as an investment analyst for Tyndall Asset Management.
Richard Fairchild does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

University of Bath provides funding as a member of The Conversation UK.
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To the delight of investors across the cryptosphere, the price of bitcoin (BTC) has rallied over 53% since its low of US$15,476 (£12,519) in November. Now trading around US$23,000, there’s much talk that the bottom has finally been reached for the leading cryptocurrency after a year of painful decline – in November 2021, the price peaked at almost US$70,000.
If so, it’s not only good news for bitcoin but the whole market in cryptocurrencies, since the others broadly move in line with the leader. So is crypto back in business?
The past is littered with various periods of market turmoil, from the global financial crisis of 2007-09 to the COVID-19 collapse in 2020. But neither of these is a particularly good comparison for our purposes because they both saw sharp drops and recoveries, as opposed to the slow unwinding of bitcoin. A better comparison would be the dotcom bubble burst in 2000-02, which you can see in the chart below (the Nasdaq is the index that tracks all tech stocks).
Nasdaq 100 index 1995-2005
Look at the bitcoin chart since it peaked in November 2021 and the price action looks fairly similar:
Bitcoin bear market price chart 2021-23
Both charts show that bear markets go through various periods where prices rise but don’t reach the same level as the previous peak – known as “lower highs”. If bitcoin is following a similar trajectory to the early 2000s Nasdaq, it would make sense that the current price will be another lower high and that it will be followed by another lower low.
This is partly because like the 2000s Nasdaq, bitcoin seems to be following a pattern known as an Elliott Wave. Named after the renowned American stock market analyst Ralph Nelson Elliott, this essentially argues that during a bear phase, investors shift between different emotional states of disappointment and hope, before they finally despair and decide the market will never turn in their favour. This is a final wave of heavy selling known as capitulation.
You can see this idea on the chart below, where bitcoin is the green and red line and Z is the potential capitulation point at around US$13,000 (click on the chart to make it bigger). The black line is the path that the Nasdaq took in the early 2000s. The blue pointing finger above that line is potentially the equivalent place to where the bitcoin price is now.
Bitcoin now vs Nasdaq in the early 2000s
The one other thing to note on the chart is the wavy line that’s moving horizontally along the bottom. This is the stochRSI or stochastic relative strength index, which is an indication of when the asset looks overbought (when the line is peaking) or oversold (when it’s bottoming).
A sign of a coming shift is when the stochRSI moves in the opposite direction to where the price is heading: so now the stochRSI is coming down but the price has held up around US$23,000. This too suggests a fall could be imminent.
Within markets, there is often a game that investors from institutions such as banks and hedge funds play with amateur (retail) investors. The aim is to transfer retail investors’ wealth to these institutions.
This is particularly easy in an unregulated market like bitcoin, because it is easier for institutions to manipulate prices. They can also talk up (or talk down) prices to stir up retail investors’ emotions, and get them to buy at the top and sell at the bottom. This “traps” the irrational investors who buy at higher prices, transferring wealth by giving the institutions an opportunity to convert their holdings into cash.
It therefore makes sense to compare how the retail and institutional investors have been behaving lately. The following charts compare those crypto wallet addresses that hold 1 BTC or more (mostly retail investors) with those holding upwards of 1,000 BTC (institutional investors). In all three charts, the black line is the bitcoin price and the orange line is the number of wallets in that category.
Retail investor behaviour
Institutional investor behaviour pt 1
Institutional investor behaviour pt 2
This shows that since the FTX scandal back in November, which led to the world’s second-largest crypto exchange collapse, retail investors have been buying bitcoin aggressively, resulting in the highest number of addresses holding at least one BTC ever. On the other hand, the biggest institutional investors have been offloading. This suggests that the institutional investors agree with our analysis.
There are those who argue that bitcoin is a bubble and that ultimately cryptocurrencies are worthless. That’s a separate debate for another day. If we assume there is a future for blockchains, which are the online ledgers that enable cryptocurrencies, the key question is when bitcoin will reach the accumulation phase that typically ends a bear phase in any market.
Known as Wyckoff accumulation, this is where the price of the asset repeatedly tests two areas: the upper bound where traders previously sold heavily enough for the price to stop rising (known as resistance), and the lower bound where traders bought heavily enough that the price stopped going down (known as support).
At the point where institutional investors decide the lower bound has proved to be sufficiently resilient – in other words, they think the price is cheap at that level – they will start buying the asset again. That moment is only likely to come after there has been a capitulation.
Of course, history does not repeat itself exactly. It may be this is the first time that retail investors have outsmarted the large institutions, and that the only way is now up.
More likely, however, there is more pain on the way. With a recession on the cards, unprecedented job layoffs and weak retail data coming out of the US, it doesn’t point to the kind of optimism that tends to move markets higher. It would therefore make sense to brace yourself for another plunge in the price of bitcoin and the rest of the crypto market.
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Copyright © 2010–2023, The Conversation US, Inc.

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Crypto Price Today Live: Bitcoin marches to $17K; Solana, XRP & Uniswap rally up to 13% – Economic Times

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SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.
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An entity linked to Vedanta Resources is in talks with bulge-bracket global banks to garner up to $2 billion in bridge loans to finance bond redemptions and debt repayments due for the conglomerate’s holding company and its associates over the next few months, multiple industry sources told ET.
India needs to unleash the animal spirits of the private sector and remain fiscally prudent while speeding up growth further to leverage the unique demographic dividend it enjoys, top industry executives and government officials said.
As many as seven countries will sign up with India to use India Stack’s digital public goods, minister of state for electronics and information technology Rajeev Chandrasekhar told ET.
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