On Nov. 29, bitcoin price prediction remained bearish below the $16,650 resistance level as “risk-off” sentiment continued to dominate global financial markets. BlockFi is the latest victim of the FTX meltdown and a lender in the troubled cryptocurrency space that has filed for bankruptcy.
BlockFi and eight affiliates filed for Chapter 11 bankruptcy in a U.S. bankruptcy court in New Jersey on November 28. The fill will allow the company to stabilize its operations and enter into a comprehensive restructuring agreement that maximizes value for all customers and other stakeholders.
BlockFi Insolvency – Brief Overview
BlockFi, a New Jersey-based company, said it owed money to over 100,000 creditors. The second largest creditor listed was FTX, a cryptocurrency exchange, with $275 million in debt.
In early 2022, BlockFi ran into trouble due to a sharp drop in cryptocurrency prices, which led to customer withdrawals and the liquidation of assets at the ailing Singapore-based Three Arrows Capital.
Over the summer, the company received a $400 million line of credit from FTX that allowed the lending company to avoid bankruptcy. However, on November 11, FTX filed for bankruptcy.
In the United States, a company can file for Chapter 11 bankruptcy to restructure its debt while operating under court oversight. The news that cryptocurrency lender BlockFi had filed for bankruptcy caused BTC/USD to drop in value.
Singapore banks’ bitcoin exposure is “insignificant” but subject to the highest risk weight
Singapore’s top minister, Tharman Shanmugaratnam, said Nov. 28 that the country’s banks must hold $125 of capital for every $100 of exposure to risky cryptoassets like Bitcoin (BTC) and Ethereum (ETH).
In a written response to the Singapore Parliament, Shanmugaratnam claimed that Singaporean banks had “insignificant” exposure to cryptocurrencies. According to the Monetary Authority of Singapore (MAS) minister, the exposure was “less than 0.05% of their total risk-weighted assets”.
Shanmugaratnam revealed Singapore’s active participation in the Basel Committee on Banking Supervision (BCBS) framework for banks’ cryptocurrency risk. The group is expected to present its final framework by the end of the year, he added.
Bitcoin engagement will increase as Singapore attracts more crypto players, benefiting the price of BTC/USD.
Binance’s PoR audit process
According to Binance CEO Changpeng “CZ” Zhao, the company is moving massive amounts of Bitcoin as part of its Proof-of-Reserve (PoR) audits. According to a Whale Alert report, on Nov. 28, Binance deposited 127,351 bitcoins, totaling more than $2 billion, into an unidentified wallet.
The massive Bitcoin transaction quickly sparked FUD, or fear, uncertainty and doubt, across the community, with many pointing out that Binance transferred a fortune’s worth of BTC in a single transaction.
CZ later announced on Twitter on November 28 that the significant transaction was part of Binance’s PoR review process. He also urged the community to remain calm and ignore the rumours.
bitcoin price
The current bitcoin price is $16,420 and the 24-hour trading volume is $25 billion. In the past 24 hours, the BTC/USD pair is up over 1.5%, while CoinMarketCap currently ranks first with a live market cap of $315 billion, up from $344 billion during the Asian session. It has a total inventory of 21,000,000 BTC coins and a circulating inventory of 19,218,643 BTC coins.
Bitcoin Price & Tokenomics – Source: coinmarketcap
During the UK session, BTC/USD traded mildly bullish after finding support at the $16,000 psychological trading level. On the 4-hour timeframe, an uptrendline extends support around the $16,000 level and candles closing above this level has triggered a bullish recovery in Bitcoin.
On the upside, the immediate resistance for bitcoin is $16,650, which is supported by a downtrend line. Bitcoin has also formed a double top level at $16,650 and a break above this level could take BTC as high as $17,250.
Bitcoin price chart – Source: Tradingview
Leading technical indicators like RSI and MACD have entered the buy zone, signaling the start of a buying trend. Bitcoin recently broke above the 50-day moving average of $16,250, which indicates the start of another uptrend.
If bitcoin breaks the lower symmetrical triangle pattern and the candle closes below $16,000, it will be vulnerable to the $15,650 support zone.
Presale of cryptocurrencies with massive profit
Despite market slowdown, some coins have huge upside potential. Let’s examine them in more detail.
Dash 2 Trading (D2T)
Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data to help them make more informed trading decisions.
The sale of its native D2T token, which is set to start in Q1 2023, has already raised more than $7.4 million. It has also announced the listing of BitMart and LBANK for early next year, giving early investors a good chance of earning decent returns.
Visit Dash 2 Trade Now
RobotEra (BREAD)
RobotEra (TARO) is a sandbox-style Metaverse that will launch its alpha version in Q1 2023.
Players can play as robots and contribute to the creation of their virtual world, which will include NFT-based land, buildings and other in-game items on their Ethereum-based platform.
1 TARO is currently selling for 0.020 USDT (it can be bought with either USDT or ETH), but this price will rise to $0.025 in the second phase of the pre-sale that starts soon.
Visit RobotEra now
skull (RIA)
Calvaria (RIA) is a blockchain-based card trading game where players compete with NFT-based cards to earn rewards. One of its most intriguing features is that it allows players to play it without cryptocurrency, which can help it stand out from other crypto-based titles.
The pre-sale for the token has raised $2.1 million and is currently in its fourth phase, where 40 RIA can be purchased with 1 USDT.
Visit Calvaria now
Find the best price to buy/sell cryptocurrency
Cryptocurrency Price Tracker – Source: crypto news
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