The price of bitcoin has been in a downtrend since December 16. The price of the first cryptocurrency has reacted badly to rumors on the Binance exchange platform. Since then, bitcoin traders have become suspicious and have started withdrawing assets from the platform.
Since December 16, the price of bitcoin has fallen below $17,000. The fear aroused by Binance insolvency risk and other exchanges does not do bitcoin’s business.
Binance Insolvency Risk Drives BTC Downfall
The decline of bitcoin was fueled in part by the wave of panic surrounding Binance’s possible insolvency risk. TradingView analyzed data from the BTC/USD pair on Bitstamp and reveals that bitcoin broke through the $16,928 mark. Still, this pair has been seeing some growth recently due to the FED policy update and macro data in general.
But concerns around Binance’s solvency have exposed bitcoin’s fragility, if not high volatility. This is how many traders predict the fall of Binance, which has become the largest cryptocurrency platform in the world, following the bankruptcy of FTX.
A bankruptcy of Binance would lead to a drastic drop in bitcoin, Ethereum and the entire crypto market. This may have been noticeable, as bitcoin was not the only crypto to fall following Binance rumours. Indeed, the price of Ethereum also fell, as did that of Binance Coin (BNB) which is at $240.
Binance Reserve Data Provides Market Reassurance
Earlier this month, Binance released its reserve data in a bid to prove it was creditworthy and a reliable platform. However, these data, which had been audited by the Mazars firm, had been the subject of fierce disputes. Subsequently, the firm CryptoQuant conducted a second audit of Binance’s reserves. He published his report on December 14 and certifies that Binance is solvent and in good financial health.
In its report, CryptoQuant explains that to audit Binance’s reserve data, it made a comparison between the liabilities announced by the platform and the on-chain metric data relating to the reserves. binance reserves in BTC. This is how CryptoQuant claims that the data provided by Binance is similar to that presented in its audit report.
Binance CEO, Changpeng Zhaoalso tried to reassure investors and called the rumors “scared blue”.
Despite this reassuring report and the efforts of Binance’s CEO, the pbitcoin price continued to fall until it hit the $17,000 mark on December 16. Some pessimistic traders are predicting that BTC will enter a new downtrend and it could drop as low as $12,000.
Bitcoin targets new level of support
In view of a general fall in the cryptocurrency market, bitcoin is targeting a new level of support towards $16,700. Many traders hold Binance Coin responsible for bitcoin’s not looking good situation.
However, at the opening of Wall Street on December 16, BTC appeared to be ready to break through the $17,000 mark.
Is it time to turn to altcoins in presale?
The current market situation and the price forecast of bitcoin are not reassuring. Therefore, if you want to invest in cryptos, you have to turn to presale altcoins. There are many cryptos currently on presale and some are worth it. Here are some of them.
Dash 2 Trade, the end of the presale soon
Dash 2 trade (D2T) is a popular cryptocurrency trading platform. It offers many tools for both new and experienced traders to make better decisions in the market.
Inasmuch as social analytics and trading platform, D2T offers several very useful features. This is the case for trading signals, a pre-sale token evaluation system, social sentiment and trading platform performance indicators, a token registration notification system, a back-testing tool for trading strategies, etc.
The Dash 2 Trade platform will be powered by D2T, its native token which will be used to access the various features. Currently about to complete its pre-sale, Dash 2 Trade has already managed to raise over $9.9 million. Its D2T token is available from $0.0533 and once listed on crypto exchanges, its price will increase.
FightOut (FGHT): a fitness application currently in presale
Fight Out (FGHT) is a newly launched move-to-earn (M2E) fitness app. This chain of gyms aims to establish itself in Web3 and offer the fitness lifestyle to different users. The pre-sale of FightOut started a short time ago, and investors believe that the project has great promise.
The FightOut Platform also aims to transform the M2E landscape present in Web3 and differentiates itself from other existing M2E platforms. Indeed, we can note that these platforms are not efficient and to participate in them, you have to ruin yourself by acquiring non-fungible tokens (NFT).
But with Fight Out, the approach is different, the users benefit from a global follow-up and they are rewarded for their exercise and their activity on the platform. Plus, with FightOut, you won’t have to go broke buying NFTs.
Currently on presale,FGHT tokens are available at a price of 60.06 for 1 USDT. In just a few days, the presale raised more than $2 million.
Calvaria (RIA): already at the last presale stage
Calvaria (RIA) is a blockchain-based crypto fighting card game. It is an interesting alternative to Axie Infinity which has lost a lot of ground during this year. Unlike other crypto games, Calvaria is booming and has set itself the goal of getting crypto adopted by as many users as possible.
The presale of RIA token of Calvaria is currently in its final phase and only 21% of tokens are still available. The platform managed to raise $2.45 million throughout its pre-sale.