During the European session, Bitcoin continued to trade sideways, but overall the trading bias remained positive above the triple bottom support area of the $15,800 level. Digital Currency Group (DCG), a key player in the cryptocurrency sector, announced Monday that it is the parent company of several well-known companies, including Genesis and Grayscale.
Genesis is the only full-service prime broker in the cryptocurrency market and has been a treasure in DCG’s portfolio.
The company is critical in providing access and risk management to large institutions. When DCG rescued it, it was already in trouble due to the bankruptcy of Three Arrows Capital (3AC). 3AC currently owes the parent company $1.2 billion.
Genesis announced last week that it would suspend payments for its Genesis Earn initiative. It was revealed that the company will require a $1 billion capital infusion by today, November 21.
According to rumors, Grayscale may struggle if Genesis is unable to secure this sum from outside supporters.
One of the primary sources for the current rumors is Andrew Parish, co-founder of ArchPublic. In a tweet on November 20, he claimed that Genesis has “zero interested parties.” The Grayscale Bitcoin Trust now holds 634,000 BTC, which could be sold, putting tremendous pressure on the BTC/USD price.
FTX Further Fillings
According to a bankruptcy court filing dated November 19, the bankrupt exchange, FTX, owes a total of $3.1 billion to its 50 largest creditors. The debtors were described as customers in the petition, but their names were not given.
On November 20, FTX’s new management team reminded other cryptocurrency exchanges to be on the lookout for assets stolen from its platform.
Contagion fears have destroyed more than $200 billion in digital currency market value since FTX began to collapse in early November. The FTX exploiter has been active since November 12, when he stole approximately $600 million in cryptocurrency from the defunct exchange FTX.
The hacker appears to be washing away the stolen funds with decentralized pools and crypto bridges. The decline in BTC/USD continued on November 21 as more information about FTX’s collapse emerged over the weekend and concerns spread to other crypto platforms.
New Difficulty Record as Miner Sales Decline
The current environment makes it more difficult for Bitcoiners to accept all-time highs than all-time lows. Despite the fact that Bitcoin has been working hard to improve network security, skepticism about the statistics has persisted.
The network difficulty for the Bitcoin currency increased by 0.51% to a new high on November 20 at the most recent automated readjustment. Mining difficulty reflects the degree of competition among miners.
The fact that the measure is now increasing despite the current decline in BTC/USD price movement indicates that certain entities are adding more hashing power to the network while ignoring shrinking profit margins.
Despite this, miners have been selling less recently than their one-year average, implying that the urgent need to reduce reserves may be easing.
The current Bitcoin price is $16,156, and the 24-hour trading volume is $31 billion. Bitcoin has fallen by over 2% in the last 24 hours.
CoinMarketCap now ranks first, with a live market cap of $310 billion. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,213,406 BTC coins.
Bitcoin is gaining immediate technical support near the $15,850 level. The closing of candles above this level indicates the possibility of a bullish reversal. The formation of a tweezer’s bottom pattern above $15,850 indicates the possibility of a bullish reversal.
As a result, increased buying pressure may propel an uptrend until the resistance levels of $16,500 and $17,180 are reached. An additional breakout of the $17,180 level may open up more room for buying until the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.
The RSI and MACD indicators remain in the sell zone, and the 50-day moving average is also indicating a sell trend below $16,500. As a result, a bearish breakout below a triple bottom pattern could expose the BTC price to the $14,475 territory.
Today, keep an eye on $15,850 as it is likely to act as a pivot point for Bitcoin.
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