The Bitcoin price prediction is rather remained neutral this Saturday, with price dropping from $16,400 to $16,780. Market volatility remains low despite the Thanksgiving holiday and a series of fundamental data keeping investors uncertain.
Central Bank of Singapore warns of cryptocurrency risks
L’Monetary Authority of Singapore (MAS), the central bank of Singapore, issued a press release this week to clarify several misunderstandings and issues that arose in the wake of the FTX crisis. Ella also explained why she pointed the finger at Binance over FTX.
According to MAS, neither Binance nor FTX have licenses in Singapore. But, FTX hasn’t aggressively recruited users in Singapore, unlike Binance. The MAS ordered Binance to stop providing payment services to Singaporeans as early as September last year. A few months later, the cryptocurrency platform ceased operations in the city-state.
The Singapore regulator said there was no evidence that FTX was directly targeting consumers in Singapore. Furthermore, Singapore dollars could not be used to transact on FTX. Singaporeans, on the other hand, could use FTX services online. The most important message from the FTX collapse, according to MAS, is that trading cryptocurrencies on any platform is risky and investors can lose all their money.
According to the MAS, many cryptocurrencies have lost value and are extremely volatile. Additionally, the current turmoil in the industry suggests that cryptocurrency trading is fraught with pitfalls.
The central bank of Singapore’s warning that even legal cryptocurrency exchanges can fail has had a negative impact on the price of BTC.
A withdrawal of $1.5 billion in Bitcoin on Coinbase
On November 24, 50,000 BTC was withdrawn from Coinbase (this was over $800 million) constituting the second largest BTC withdrawal from Coinbase in 2022.
The next day, November 25, another 50,000 BTC were withdrawn worth around $825 million.
The second withdrawal of 50,000 BTC has drops Coinbase reserves by more than $1.5 billion in just two days, making it the third largest BTC withdrawal in Coinbase history. Statistics show that Coinbase is not the only platform to see large BTC withdrawals.
Since January 2022, the BTC balance on all exchanges is steadily declining. According to the data, the balance on decentralized exchanges fell below 12% for the first time since January 2018.
Binance Launches Billion Dollar Recovery Fund
Binance, the world’s largest cryptocurrency exchange, announced the launch of the Industry Recovery Initiative on November 24, a plan to help the cryptocurrency industry in trouble following the FTX crash.
According to his blog, Binance has committed $1 billion to this plan with the possibility of rapidly increasing this amount to $2 billion if necessary.
Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group are among the 150 companies that have applied to benefit from this plan.
The aim of this new initiative is to help the most remarkable companies founded by the best entrepreneurs and engineers in order to face serious and immediate financial difficulties.
This initiative stands out for its collaborative strategy to regain trust in Web3 and revitalize the cryptocurrency market. Accordingly, the news should have a positive influence on the price of Bitcoin.
The price of bitcoin
The current Bitcoin price is $16,598 and the 24-hour trading volume was $17 billion. With an increase of more than 0.50% in the last 24 hoursthe market capitalization stands at $318 billion for a circulating supply of 19,217,300 BTC coins.
The BTC trading range is narrow from $16,300 to $16,800. And, the price is currently holding above the 23.6% Fibonacci retracement level of $16,400 on the 4-hour time frame. A breakout of this level can determine the next trading range.
In contrast, a bearish break of the 23.6% Fib level can expose Bitcoin to the 38.2% Fib level of $16,275 and the 61.8% Fib level of $15,900.
Indicators like the RSI and MACD are highly indecisive between buying and selling and reflect a hesitant market. However, the 50-day moving average keeps BTC on support at $16,450, indicating a high probability of an uptrend.
If the market is trending to buy, a break up of the $16,785 level could send BTC quickly towards $17,000.
Pre-sale of cryptocurrencies with nice potential profits
Despite the market gloom, a few pre-sold tokens have huge upside potential. Let’s review them.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trade intelligence platform that provides traders of all skill levels with real-time analytics and social data, enabling them to make better-informed decisions. The platform will go live in the first quarter of 2023, providing information to investors to help them make proactive trading decisions.
Dash 2 Trade, caught the attention of investors after raising $7 million in just over a month. As a result, the D2T team moves to Stage 4 and lowers the hard cap target to $13.4 million.
D2T lowers the cap for two main reasons.
For starters, the pre-sale analytics dashboard shows a partial goal achieved in advance, allowing for earlier deployment and immediate application of investment funds raised during the pre-sale to support the efforts of marketing.
Second, the market has changed, making Dash 2 Trade’s offerings ideal for retail investors looking to do their due diligence in the wake of the FTX scandal.
Dash 2 Trade was also successful as two exchanges (LBank and BitMart) promised to allow trading of the D2T token once the presale is over.
1 D2T is currently worth 0.0513 USDT, but it will drop to $0.0533 in the next and final stage of the sale. D2T has raised over $7 million so far, selling over 82% of its tokens.
Discover Dash 2 Trade now
RobotEra (TARO)
RobotEra (TARO) is a Sandbox-style Metaverse that will launch its alpha version in the first quarter of 2023.
Players will be able to play as robots and contribute to the creation of their virtual world, which will include NFT-based terrains, buildings and other game elements.
TARO has raised over $240,000 so far, and 1 TARO is currently being sold for 0.020 USDT (it can be purchased with USDT or ETH), but this price will drop to $0.025 in the second stage of the presale.
Discover RobotEra Now
Calvaria (RIA)
Calvaria is a new Bitcoin gaming company that has the potential to dominate the play-to-earn market. Developers at Calvaria (RIA) have found a significant barrier to the widespread adoption of Web3 games: the requirement for cryptocurrencies to play. Accordingly, the game will have both free-to-play and pay-to-win modes, with the free-to-play mode open to players who do not own any cryptocurrency.
The presale has already raised nearly $2 million since its inception and is currently in its final stages after the developers opted to close it early. The presale was to have ten stages and offer 300 million RIA tokens.
However, the developers have chosen to modify the presale offer, which means that stage 5 will be the last opportunity for investors to buy RIA before the tokens are on the open market, where prices are expected to skyrocket. .
More information about Calvaria can be found here.
Discover the Calvaria pre-sale
Find the best price to buy/sell cryptocurrency
