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Bitcoin Price and Ethereum Prediction; Celsius Customers to Get $44M in Crypto From Bankruptcy



Bitcoin Price and Ethereum Prediction; Celsius Customers to Get $44M in Crypto From Bankruptcy

Bitcoin, the leading cryptocurrency, has failed to hold above the $16,900 support level, which has now become a major resistance. While Ethereum, the second-most valuable cryptocurrency, has also breached a major support level of $1,240, extended by an upward channel.

Given this, BTC and ETH are likely to trade on the bearish side.

Major cryptocurrencies traded unevenly early on December 8, as the global crypto market capitalization fell 1.87 percent in the previous day to $839.72 billion. Over the last 24 hours, overall crypto market volume grew 2.40 percent to $36.85 billion.

Let’s take a look at the top 24-hour altcoin gainers and losers.

Top Altcoin Gainers and Losers

Nexo (NEXO), EOS (EOS), and Synthetix (SNX) are three of the top 100 coins that have gained value in the last 24 hours. NEXO’s price has risen nearly 3.50% to $0.6675; EOS’s price has risen more than 2% to $0.9795; SNX’s price has risen nearly 2.6%.

Top Altcoin Gainers and Losers – Source: Coin360 

Axie Infinity (AXS), ImmutableX (IMX), and Dash (DASH) are three of the top 100 coins that have lost value in the last 24 hours. Whereas AXS price has lost about 8.5% to trade at $8.15, IMX is down nearly 8% to trade at $0.4375. At the same time, the DASH price is down over 8% to trade at $43.75.

Celsius Customers to Get $44M in Crypto From Bankruptcy

The funds consist of cryptocurrency previously housed in earn accounts but have since been moved to a custody account on Celsius. A federal judge has mandated that Celsius, a cryptocurrency lending platform, refund $44 million worth of cryptocurrency to users of its custody program.

Bloomberg reports that United States Bankruptcy Judge Martin Glenn issued the directive orally on December 7 during a hearing, saying:

“I want this case to move forward. I want creditors to recover as much as they possibly can as soon as they possibly can.”

According to a Bloomberg report from December 5, Celsius is looking to sell $18 million of stablecoins held in these accounts to fund its reorganization, with Glenn set to address the issue of fund ownership on December 12. 

Celsius has argued that users who deposited funds within its earn accounts gave up ownership of the funds when they agreed to the company’s terms of service. 

US Unemployment Claims in Focus 

Later today, the investors’ focus will remain on the US jobless claims, which are due to come out during the US session. In the week ending November 26, the number of people applying for unemployment benefits fell to 225,000. The Labor Department reported on December 1, down 16,000 from the week before when there were 241,000 applications. The average number of claims over four weeks has gone up by 1,750 to 227,000, canceling out weekly swings.

Weekly US Jobless Claims – Source: Trading economics 

Initial unemployment claims fell to 225K from an anticipated 235K for the week—signs of higher-than-expected initial claims for unemployment insurance in the United States. The number of people seeking unemployment benefits is a surrogate measure of job losses. 

In light of these findings, it is clear that American workers still have exceptional job security despite the obvious economic weaknesses.

Bitcoin Price 

Bitcoin’s current price is $16,825, and the 24-hour trading volume is $19 billion. The BTC/USD pair has lost nearly 1% in the last 24 hours, while CoinMarketCap currently ranks first with a live market cap of $323 billion, down from $357 billion yesterday.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Due to the strength of the US dollar, the BTC/USD pair has broken below the $16,900 support level, which is now acting as resistance. BTC could fall to the next support level of $16,500 or even $16,000 in this scenario.

Bitcoin Price Chart – Source: Tradingview

A bullish breakout above $16,900, on the other hand, could expose the BTC price to $17,200 or $17,350.

Ethereum Price 

The current price of Ethereum is $1,229, with a $5 billion 24-hour trading volume. Ethereum has lost nearly 2% in the last 24 hours, and CoinMarketCap currently ranks second, with a live market cap of $150 billion.

Ethereum Price & Tokenomics – Source: coinmarketcap

On the 4-hour chart, Ethereum has broken through the upward channel that had been supporting the coin at $1,238. Closing candles below this level indicate the possibility of a downtrend continuation. 

Ethereum Price Chart – Source: Tradingview

On the downside, Ethereum’s immediate support is around $1,200, and it can fall as low as $1,180 or $1,150. On the plus side, Ethereum’s resistance remains between $1,240 and $1,280.

IMPT Presale Ends in 4 Days 

IMPT is a new Ethereum-based network that will reward users for doing business with environmentally conscious companies. IMPT has raised more than $15.6 million since its initial public offering in October, with 1 IMPT currently trading at $0.023., a groundbreaking platform for carbon offsetting and carbon credits trading, will end its token presale on December 11th due to its extraordinary success.

Visit IMPT Now

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Cryptocurrency Price Tracker – Source: Cryptonews

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SBF bail guarantor to go public, UK crypto framework and Celsius…



Top Stories This Week

SBF’s $250M bail guarantors should be made public, rules judge

The identities of two individuals who helped former FTX CEO Sam Bankman-Fried with his $250 million bail bond could be revealed next month following a recent ruling by United States District Judge Lewis Kaplan. Bankman-Fried’s legal counsel has until Feb. 7 to contest the decision. As bankruptcy proceedings continue, FTX and affected parties have requested subpoenas for information and documents from close relatives of Bankman-Fried, claiming not all members of his inner circle have responded to requests for information. Other recent news includes Alameda Research suing bankrupt crypto lender Voyager Digital in an attempt to claw back $445.8 million in loan repayments made before FTX collapsed.

UK Treasury publishes crypto framework paper: Here’s what’s inside

The United Kingdom’s HM Treasury published a long-anticipated consultation paper for its upcoming crypto regulation. The document covers a broad range of topics, from algorithmic stablecoins to nonfungible tokens to initial coin offerings. The authority aims to level the playing field between crypto and traditional finance by incorporating digital assets into the U.K.’s Financial Services and Markets Act 2000.

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Zooko’s Triangle: The Human-Readable Paradox at the Heart of Crypto Adoption


Play2Earn: How Blockchain Can Power a Paradigm Shift in Building Game Economies

Celsius publishes list of users eligible to withdraw majority of assets

Bankrupt crypto lending firm Celsius came up with a withdrawal process for users who had funds in its custody in June 2022, when the company ceased withdrawals. Celsius released an official update on upcoming withdrawals, providing the list of users eligible to access approximately 94% of qualified custody assets. Users will also receive specific details related to gas and transaction fees associated with the upcoming procedures.

Silvergate faces DOJ investigation over FTX and Alameda dealings

Crypto bank Silvergate is being probed by the United States Department of Justice fraud unit over its involvement with the bankrupt FTX exchange and its affiliates. Investigators are trying to find out how deep the FTX and Alameda Research dealings went with the California-based bank. According to Silvergate, Alameda opened an account in 2018, before the launch of FTX. Silvergate was heavily impacted by the collapse of FTX in November, reporting a $1 billion loss last quarter.

Meta CEO Zuckerberg steadfast on metaverse plans despite $13.7B setback

Mark Zuckerberg, CEO of Meta, said the company plans to remain committed to its long-term strategy for the metaverse despite its Reality Labs business suffering operating losses amounting to $13.7 billion in 2022 — the largest ever yearly losses recorded for its metaverse-building division. The company’s overall revenue for the fourth quarter was $32.1 billion, surpassing Wall Street expectations.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $23,572, Ether (ETH) at $1,661 and XRP at $0.40. The total market cap is at $1.09 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Render Token (RNDR) at 94.86%, dYdX (DYDX) at 45.84% and ImmutableX (IMX) at 43.41%.

The top three altcoin losers of the week are UNUS SED LEO (LEO) at -12.30%, eCash (XEC) at -5.50% and Toncoin (TON) at -5.30%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Read also


Fan tokens: Day trading your favorite sports team


Is the cryptocurrency epicenter moving away from East Asia?

Most Memorable Quotations

“Regulators rightfully will scrutinize this industry much, much harder, which is probably a good thing, to be honest.”

Changpeng “CZ” Zhao, founder and CEO of Binance

“The fact that both the SEC and CFTC took action against market manipulation by an alleged rogue trader is a credit positive for the industry as a whole.”

Cristiano Ventricelli, assistant vice president of decentralized finance at Moody’s Investor Service

“None of the signals that I’ve seen so far suggest that we should shift the Reality Labs strategy long term.”

Mark Zuckerberg, founder and CEO of Meta

“Behind the scenes, Celsius conducted its business in a starkly different manner than how it marketed itself to its customers in every key respect.”

Shoba Pillay, former federal prosecutor and partner at Jenner & Block

“We believe that Bitcoin mining is being unfairly targeted and double-taxed by the IRS, currently.“

Dennis Porter, CEO of Satoshi Action Fund

“[Bitcoin is] not an effective store of wealth. But we are in a world where money as we know it is in jeopardy.”

Ray Dalio, billionaire investor and entrepreneur

Prediction of the Week 

$25,000 Bitcoin now ‘crowded trade’

The Federal Reserve raised interest rates by 0.25% this week, in line with almost all expectations, leading the BTC/USD pair spiking above $24,000 for the second time in as many days, with market participants still hopeful for a trip to $25,000 before a more significant retracement.

“BTC has had a clean breakout above its macro downtrend line + a backtest,” investment research resource Game of Trades stated on Twitter, adding that “the next big resistance to clear is the $25k region.”

Pseudonymous trader Crypto Tony acknowledged that the target may no longer materialize. “$25,000 is my main target, but I am seeing now a lot of people asking for this, and is becoming a crowded trade,” he wrote.

FUD of the Week 

BonqDAO protocol suffers $120M loss after oracle hack

Decentralized autonomous organization BonqDAO has suffered a smart contract exploit that led to millions of dollars being stolen via an oracle hack that allowed the exploiter to manipulate the price of the AllianceBlock (ALBT) token. An independent analysis from blockchain security firm PeckShield has estimated the loss to reach $120 million, comprising $108 million from 98.65 million Bonq Euro (BEUR) tokens and $11 million from 113.8 million Wrapped AllianceBlock Tokens (WALBT).

Bithumb owner arrested in South Korea over alleged embezzlement

A man suspected of being the real owner of South Korea’s largest crypto exchange, Bithumb, has been arrested for embezzlement. According to prosecutors, he and his brother, head of Bithumb affiliate Inbiogen, colluded to embezzle corporate funds and manipulate the stock prices of Inbiogen. Among other headlines, Spanish authorities have arrested the CEO of Hong Kong cryptocurrency exchange Bitzlato in a joint effort between France, Portugal, Cyprus and United States law enforcement.

Kraken shuts down Abu Dhabi office, suspends support for AED

Crypto exchange Kraken has closed its Abu Dhabi office less than a year after receiving regulatory approval to operate in the region. According to the company, existing users will still have access to the platform using other fiat currencies. Several employees are also expected to remain in the area. The move in the Middle East comes after Kraken announced plans to cut its workforce by 30% — more than 1,000 people — in an effort to survive the crypto winter.

Best Cointelegraph Features

Is the Metaverse really turning out like ‘Snow Crash’?

Snow Crash foretold many of the issues with the Metaverse back in the 1990s. Here are some of the problems that still need to be solved.

Tiffany Fong flames Celsius, FTX and NY Post: Hall of Flame

Tiffany Fong stumbled into Twitter fame after getting burned in the Celsius bankruptcy. She says she has no idea where it will lead.

Why are crypto fans obsessed with micronations and seasteading?

From repurposed cruise ships like MS Satoshi to the blockchain-governed Liberland and Satoshi Island, crypto fans are trying to create utopian new communities built around new rules.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Genesis unsecured creditors’ committee appointed



Genesis unsecured creditors

A seven-member committee has been appointed to represent the interests of unsecured creditors in Genesis Global bankruptcy case, according to court filings on Feb. 4. 

The committee will represent the creditors in court, having the right to be consulted before major decisions and to participate in the reorganization plan. Members are generally select from a list of twenty largest unsecured creditors.

Among the chosen members are Mirana Asset Management – an arm of crypto exchange Bybit, SOF International, Digital Finance Group, and crypto exchange Bitvavo, along with three individual creditors Amelia Alvarez, Richard Weston, and Teddy Andre Amadeo Goriss.

The group was appointed by William Harrington, a representative for the United States Trustee – an executive branch agency within the Justice Department responsible for monitoring bankruptcy cases. The formation of a creditor’s committee is an important step in bankruptcy proceedings.

Related: Genesis Capital’s fall might transform crypto lending — not bury it

With over $290 million exposure, Bitvavo sits among the biggest creditors, alongside claims of Mirana with $150 million and $37 million from Digital Finance Group.

Genesis Global Holdco and its lending business subsidiaries, Genesis Global Capital and Genesis Asia Pacific — collectively known as Genesis Capital, filed for bankruptcy on Jan. 19, citing liabilities up to $10 billion.

The companies sought relief under Chapter 11 two months after disclosing liquidity issues due to the collapse of crypto exchange FTX. Withdrawals have been suspended from Genesis Global Capital’s platform since Nov. 16.

On Jan. 24, a group of creditors filed a securities class action (SCA) lawsuit against Genesis parent-company Digital Currency Group (DCG), and its founder and CEO Barry Silbert, alleging violations of the federal securities laws.

The lawsuit claims that Genesis committed securities fraud through a scheme to defraud potential and existing digital asset lenders by making false and misleading statements. In the plaintiffs’ view, Genesis intentionally misrepresented its financial condition, in violation of the United States Securities Exchange Act section 10(b).

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Bitcoin Price Prediction as BTC Trading Volume Surges to $40 Billion – Here’s Where BTC is Headed Next



Bitcoin Price Prediction as BTC Trading Volume Surges to $40 Billion – Here

The bitcoin market is currently experiencing a surge in trading volume, reaching $40 billion in the past 24 hours. This is a significant increase from the previous record of $34 billion set in May of this year. 

With this increased activity, it is important to consider the future of Bitcoin prices and where they may be headed next. 

In this article, we will discuss the current state of the market and explore some potential scenarios for where Bitcoin prices may go next based on its current trading volume. Cuts Staff as Crypto Market Struggles, one of the leading crypto companies, has recently announced that it will be cutting its staff due to the current struggles in the cryptocurrency market. The company has been facing a difficult time with its operations as many investors have been pulling out of the market and prices have dropped significantly., a digital currency company, has announced the layoff of around 150 employees which accounts for 25% of its staff. The current bear market in digital currencies, which started in 2022, has taken its toll on many companies. It doesn’t appear this trend will end soon and the company is just one of the victims.

Within recent weeks, has joined a list of other cryptocurrency-centric companies that had to resort to laying off staff due to the financial effects of the pandemic. Recently, Coinbase, one of the most well-known digital currency exchanges, announced cutting down its workforce by about 1,000 people to reduce its operational expenditure by 25% in the coming months.

The news comes as a surprise to many in the industry as had previously been seen as a leader in the space, providing a secure platform for users to store and trade their digital assets. 

Bitcoin Derivatives Market Volumes Show Encouraging Signs Of Recovery After 2022 Downturn

In 2022, Bitcoin experienced a prolonged bear market resulting in a 60% drop in its price and a rapid decrease in bitcoin futures and options volumes.

Last November, the sudden shutdown of FTX caused investor sentiment to become very negative. This led to a massive withdrawal from derivatives trading, along with long liquidations and an overall bearish trend in the market.

According to statistics from the block, the trading volume of Bitcoin futures was around $1.3 trillion in December 2021 but dropped dramatically to just $620 million in November 2022, representing a decrease of almost 50%. These figures were obtained from leading cryptocurrency exchanges.

Since the start of 2023, there has been a substantial rise in Bitcoin price and its derivatives market has also become increasingly bullish. For example, Bitcoin was recorded to be trading at $24,000 earlier in the week.

Positive Gains in On-Chain Data in 2023

ProfChaine, a well-known market analyst, recently tweeted about the reversal of the derivatives market with a particularly strong short selling and bullish sentiment. His post was accompanied by multiple charts illustrating the 3-month moving annualized basis of bitcoin futures.

This metric demonstrates the variation in the average price of futures contracts when compared to the spot price, which can indicate an increase or a decrease. When speculating on the price of futures contracts, a positive expected rate is attained if the pricing trend is higher than the spot rate, whereas a negative expectation rate occurs if prices are expected to decrease.

As seen in the chart, open interest leverage has risen at the start of 2021, contradicting earlier predictions of a drop in market volumes this year. Moreover, a marked decrease was also witnessed in 2022. 

The rise in futures trading suggests that the market is strong and is a positive indicator of an extended bull run. This implies that investors can expect to see their investments grow in the near future.

Hence, Bitcoin has been experiencing a positive trend lately, which is reflected in the surge of the derivatives market volume. This indicates further growth in the cryptocurrency’s price.

Bitcoin Price 

The Bitcoin price currently stands at $23,417 and its 24-hour trading volume is $18 billion. There has been a 0.80% decrease in value over the last day. It holds the top spot on CoinMarketCap with a market cap of around $451 billion.

Bitcoin is currently in a bearish trend and, if the immediate support area at $23,300 is broken, it could potentially cause further losses to $23,000. However, it should be noted that this point may also act as a point of support due to the presence of an uptrend line.

The RSI and MACD indicators are suggesting that selling pressure is likely to increase, resulting in the BTC price dropping to $22,750 as its next support level.

Bitcoin Price Chart – Source: Tradingview

At the moment, BTC/USD appears to be in a bullish phase due to its 50-day exponential moving average above $23,300. If the price successfully breaks past $23,950, it could potentially reach up to $24,500.

Bitcoin Alternatives

CryptoNews Industry Talk has evaluated the top 15 cryptocurrencies for 2023. If you’re looking for a more promising investment opportunity, there are other alternatives to consider. 

The number of cryptocurrencies and new ICOs (Initial Coin Offerings) keeps increasing on a weekly basis.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

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