Despite persistent investor concern over FTX repercussions, central bank monetary hawkishness, and the possible impact of public protests in China over the country’s stringent covid regulations, Bitcoin has continued its rise since Monday.
Recently, the price of the largest cryptocurrency by market capitalization traded above $16,979, reaching its highest level in roughly two weeks and an increase of around 4.5% over the previous 24 hours. In the almost month since the collapse of cryptocurrency exchange FTX following abnormalities in its financial sheet, BTC has displayed amazing resiliency, maintaining a substantial portion of its value over $16,000.
Ether performed better, rising more than 7.5% in the last week to $1,272, its highest point ever since the second week of November. With recent gains of over 7% by both the UNI, the token of the smart contracts-based Uniswap platform, and the SUSHI, the token of the decentralised exchange SushiSwap, other major cryptocurrencies also assumed various shades of green. DOGE, the popular meme currency, rose 6% to around $.10.7 cents. Over the previous week, DOGE has increased by around 50%.
The tech-heavy Nasdaq and S&P 500 closed down 0.5% and 0.1%, respectively, whereas the Dow Jones Industrial Average traded flat. U.S. equity indexes ended the day neutral amid mounting macroeconomic uncertainty. The Chinese government increased its attempts to quash Covid-related protests on Tuesday, dispatching police to protest zones and intensifying online censorship.
BNB Leads Gains Among Top Cryptos: Will Binance Coin Continue To Roar?
BNB’s price has risen by 2.36% in the last 24 hours, and is currently trading at $300.082 with a 24-hour trading volume of $1,059,515,334. Despite the general market slump, the coin has been one of the top performers. There is growing optimism among investors on the short; and long-term value of the coin. Recent highs and lows; and open and close indicate that the token is likely going on the bullish run. The bulls will likely target the $320 resistance before the bear might act on the price significantly.
Binance CEO Changpeng Zhao, stated that rather than fighting crypto: it should be regulated. The MACD is currently showing signs of attempting a bullish divergence. Experts predict the price of BNB to keep increasing before the end of the year.
Genesis Bankruptcy by EOY Now At 59% – Sentiment Of Bitcoin Investors Pivots
A possible bankruptcy of Genesis Trading and parent company DCG is depressing the sentiment on the Bitcoin market. Expert opinions currently suggest that it is more of a liquidity shortage than a solvency problem for DCG. Since DCG has high revenues and assets, the insolvency of Genesis would not be the end of the parent company. DCG still has a number of good assets, including Grayscale, which generates around $500 to $800 million a year in management fees. The likely outcome is a restructuring or an outright buyout by a bigger player. According to Selkis, this liquidity problem makes it more likely that DCG-Genesis will refinance using GBTC as collateral.
BCH Price: Investors May Not Want To Go Long Yet On BCH – Here’s Why
Bitcoin Cash (BCH) saw its chance to recover as the crypto market’s capitalization still hasn’t made that much recovery. After stalling for a few candles at or near its pre-FTX collapse price level, the Bitcoin hard fork continued its descent. BCH has greens on the weekly and biweekly timelines, but reds on the daily and monthly charts. This may indicate that trading BCH in the long term is not a good idea, at least yet. Bulls must keep an eye on the 50 Fib retracement line, as this will be the bears’ immediate objective.
A reversal could target the 38.20 Fib level to recoup lost ground. If bears outnumber bulls, BCH may breach the 61.80 Fib level. The regression channel is positive on a daily basis, suggesting the probability of a rally.
On-Chain Data Shows Signs Of Fresh Bitcoin Accumulation
On-chain data shows signs of some fresh Bitcoin accumulation taking place during the last month. UTXOs purchased between 1 week and 1 month ago have risen since the FTX crash. The relevant indicator here is the “Realized Cap – UTXO Age Bands,” which tells us which age group has what percentage of the Bitcoin realized cap. The value of the Bitcoin UTXOs falling into the 1w-1m band was in a decline during the bear market and had reached very low values by the time the FTX collapse rolled around. Since the crash, however, the age band has been observing a rapid uptrend. This means that there have been a large number of coins purchased between 1 week and 1 month ago.
Survey Suggests Institutional Investors Still Interested In Crypto
Crypto forecasts predicted a more positive outlook for the crypto market for November. The U.S. Federal Reserve held onto the rates hike, and FTX’s collapse further plunged the market into chaos. A survey conducted on 140 investors between September 21 and October 27 revealed this information. This survey was before the FTX incident, before the latest price downtrend. Coinbase CEO Brian Armstrong has moved to dissuade fears of a possible collapse similar to FTX.
He blamed the collapse of FTX on risky activity and misuse of investors’ funds. With over $8 billion worth of crypto removed from central exchanges, Binance exchange; now has the largest store of BTC holdings.
Ripple Vs. SEC: Lawyer Explains Why Nov 30 Is Crucial And Why A Settlement Is Possible
Ripple Labs continues to battle the U.S. Securities and Exchange Commission (SEC). The next important deadlines are already looming. Both Ripple and the SEC have to file their summary judgment briefs, which will remain under seal for the time being. The documents that will be made public on December 05 could be one of the most revealing documents of the trial.
Ripple’s possession of records of Hinman’s speech provides it with strong leverage, according to the attorney representing the fintech company. In order to keep these documents secret and prevent a broader impact on overall crypto market regulation, the SEC may be forced to settle. To the extent Ripple waives the confidentiality agreement, it could be a tell-tale sign of a settlement agreement.
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