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Bitcoin Price Prediction as BTC Climbs Back Up $16,500 and Prepares for a Big Move – Here’s Where It’s Headed Next



Bitcoin failed to maintain its upward trend on November 24 and fell below $16,650 despite the release of dovish FOMC meeting minutes. Members of the Federal Open Market Committee (FOMC) voted in early November to raise interest rates by 75 basis points, or 0.75 percentage points. It was the fourth such rate increase in a row.

However, Fed Chair Jerome Powell stated in a press conference following the decision that a slower rate would be appropriate soon. 

On November 24, the Federal Reserve tweeted about the minutes of the FOMC meeting held on November 1-2, 2022. The minutes contain information on future interest rate trends, which is critical for determining the value of risky assets such as stocks and cryptocurrencies. 

According to the FOMC minutes, a “Substantial Majority” of Fed members anticipate a “soon” slowdown in rate increases. The minutes also indicated that Chairman Jerome Powell’s post-meeting call for “higher rates for longer” was contentious, causing the US currency and Treasury yields to fall while stocks rose. 

However, put-call variables for bitcoin and ether, which measure the cost of bullish calls versus bearish puts, remain in the negative range, indicating a bias in favor of options. 

Furthermore, the majority of respondents in the Open Market Desk survey predicted that the December meeting would result in a 50-basis-point increase in the federal funds rate target range. The price of BTC/USD increased after the information became public.

Mt. Gox Bitcoin Awakened

The 2014 Mt. Gox breach made headlines when 65 BTC were transferred to the exchange HitBTC. On November 22, a Bitcoin wallet linked to the BTC-e exchange began trading. Since August 2017, the 2014 Mt. Gox hack-related wallet has completed its massive transaction.

A total of 10,000 BTC, worth approximately $167 million, were sent to two unidentified recipients. The sender split the transactions and transferred $3,500 BTC to other wallets. The remaining 6,500 BTC were sent to a single address.

Ki Young Ju, the creator of CryptoQuant, tweeted about the observed Bitcoin transfers on November 24. He clarified that it was not a government auction or anything of the sort because HitBTC was recently paid 65 BTC. He then suggested that the exchange suspend the account due to suspicious activity.

Holders are unable to use KYC because it has been corrupted during multiple transactions. Furthermore, Ki Young Ju stated that old Bitcoin was created during a time of lawlessness. As a result, its movement was negative for BTC/USD.

New York Passed Legislation that Bans Bitcoin Mining Operations

Earlier this week, New York Governor Kathy Hochul signed legislation prohibiting the use of carbon-based energy in some bitcoin mining operations. For the next two years, a proof-of-work mining company will be unable to expand, renew permits, or allow new competitors to begin operations unless it uses entirely renewable energy. 

In the proof-of-work (PoW) mechanism that underpins Bitcoin, miners compete to process new transactions. The law seeks to assess and mitigate the negative environmental consequences of the industry. 

The price of BTC/USD began to rise after Hochul signed legislation prohibiting some bitcoin mining operations from using carbon-based energy sources.

Bitcoin Price 

The current Bitcoin price is $16,509, and the 24-hour trading volume is $29 billion. Bitcoin has gained by less than 0.5% in the last 24 hours. CoinMarketCap now ranks first, with a live market cap of $346 billion. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,215,887 BTC coins.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Bitcoin is currently gaining traction toward the $16,600 level. Candles that close above this level signal a bullish turnaround. A bullish engulfing slicing through and closing over the $16,350 barrier shows that the bullish trend may continue. 

As a result, continued positive pressure might push the price up to the $17,180 resistance level. If the $17,180 level is broken again, there may be more buying opportunities till the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.

Bitcoin Price Chart – Source: Tradingview

We may expect the rise to continue because the RSI and MACD are both in a buying zone. If the $17,000 milestone is breached, BTC may fall to $17,600.

On the downside, Bitcoin’s support level is at $16,000, and a breach of this level may send the currency as low as $15,670.

Cryptocurrency Pre-Sale With Massive Profit 

Despite the market’s slump, a few coins have enormous upside potential. Let us check them more closely.

Dash 2 Trade (D2T)

Dash 2 Trade is an Ethereum-based trading intelligence platform that gives traders of all skill levels real-time statistics and social data, helping them to make better-educated decisions.

D2T, established by the Learn 2 Trade service, provides investors with market-driven insights, trading signals, and prediction services. Customers will be given enough information to make informed judgments, according to the cryptocurrency effort. 

D2T began selling tokens three weeks ago and has raised more than $6.9 million. Following the presale, D2T will be listed on LBank and BitMart, with a large increase in asset price expected.

The present value of 1 D2T is 0.0513 USDT, but this is predicted to climb to $0.0533 in the following stage of sales and $0.0662 in the final stage.

Visit Dash 2 Trade now

Calvaria (RIA)

Calvaria is an exciting new cryptocurrency gaming project that has the potential to dominate the play-to-earn market. Two major barriers to widespread Web3 gaming adoption have been identified by Calvaria developers. While investors see the potential of Web3 games, users do not.

Calvaria’s presale, which is already in stage 4 of 10 and close to $1.9 million, is gaining traction. Investors are flocking to the fast-growing GameFi project as the price of the native RIA token climbs considerably at each presale stage.

Tokens cost $0.025 each in stage 4, but by stage 5, the price had climbed to $0.03, and tokens cost $0.055 in stage 10.

Visit Calvaria Presale Now

RobotEra (TARO) 

For investors who appreciate the metaverse, TARO is one digital asset to keep an eye on. The asset is the native token for RobotEra, a world-building metaverse platform that allows players to access its system through avatars.

Every user can buy land and properties, as well as contribute to the overall appearance of the virtual world. There are also community metaverses in RobotEra where users can engage in communal activities such as sports and games, as well as conversions.

Because all things are Non-Fungible Tokens (NFTs), players own whatever they purchase. TARO is a new market presale that is currently in its early phases. Regardless, this is a valuable asset with significant upside potential.

Buy TARO on Presale Now.

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

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FTX’s Bankman-Fried to face market manipulation probe, Do Kwon chimes in



United States federal prosecutors have reportedly begun investigating whether the collapse of the Terra ecosystem was in fact triggered by market manipulation tactics by former FTX CEO Sam Bankman-Fried.

According to a Dec. 7 report from The New York Times (NYT), the prosecutors — as part of a broader inquiry into FTX’s own collapse — are investigating whether Bankman-Fried’s empire intentionally caused a flood of “sell” orders on Terra’s algorithmic stablecoin TerraClassicUSD, USTC (formerly UST).

The sudden increase in UST sell orders were said to make it difficult to match them with corresponding “buy” orders, which in turn forced more downward price pressure on UST, causing it to depeg from its intended 1:1 ratio with the U.S. Dollar.

The events also led to the fall of Terra’s native token, Terra Classic, LUNC (formerly LUNA) as the two cryptocurrencies were designed to be linked.

But while no one has been able to precisely determine the root cause behind the collapse of LUNC and USTC in May, it is known that the majority of the USTC sell orders came from Bankman-Fried’s trading firm Alameda research, according to the NYT.

A person with knowledge on the matter also told NYT that Alameda Researched also placed a big bet on the price of LUNC falling.

Like with most comments Bankman-Fried has shared since FTX’s collapse, the former CEO claimed that he was “not aware of any market manipulation and certainly never intended to engage in market manipulation,” according to NYT.

“To the best of my knowledge, all transactions were for investment or for hedging,” he added.

Related: The nightmare continues for Sam Bankman-Fried and FTX — Law Decoded, Nov. 14-21 

Responding to the recent report, Terraform Labs CEO Do Kwon shared his thoughts on the matter to his 1 million Twitter followers in a Nov. 8 tweet, who suggested it was time for Genesis Trading come clean about an alleged  $1 billion loan in UST to “SBF or Alameda” shortly before Kwon’s Terra ecosystem crashed.

Kwon also stated that a large currency contraction that UST underwent in Feb. 2021 was started by Alameda “when they sold 500mm UST in minutes to drain its curve pools during the MIM crisis.”

“What’s done in darkness will come to light,” Kwon added on the matter.

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US regulator to seek feedback on DeFi’s impact on financial crime



A United States financial regulator is looking to gain feedback from the banking industry about how decentralized finance (DeFi) may affect the bureau’s efforts to stop financial crime.

The Financial Crimes Enforcement Network (FinCEN) said it is “looking carefully” at DeFi, while the agency’s acting director, Himamauli Das, said the digital asset ecosystem and virtual currencies are a “key priority area” for the agency.

Das gave prepared remarks on Dec. 6 at the American Bankers Association’s Financial Crimes Enforcement Conference.

The acting director added the agency is “taking a close look” at its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework for cryptocurrencies and digital assets to decide if “additional regulations or guidance are necessary.”

“We are engaging with relevant U.S. government stakeholders in this effort,” said Das. “We welcome engagement with industry — including the banking community — to better understand your assessment of the vulnerabilities and risks.”

In particular, the regulator was concerned at DeFi’s “potential to reduce or eliminate the role of financial intermediaries” that are critical to its AML and CFT efforts.

Das said it recognizes DeFi “will continue to impact the financial services industry” and the agency will need to mitigate the “illicit finance and national security risks posed by the misuse of digital assets.”

Related: Terrorists still predominantly use cash over crypto: UN officials

FinCEN’s evaluation of its AML and CFT frameworks is part of the Executive Order on Ensuring Responsible Development of Digital Assets issued by United States President Joe Biden on Mar. 9.

A result of the Executive Order was the U.S. Treasury Department’s “Action Plan to Address Illicit Financing Risks of Digital Assets.”

Among other priority actions, the plan recommended increased private sector engagement through “the publication of official documents, discussions, and Treasury programs that enable public‐private and private‐private information sharing.”

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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

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

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