On this December 5, Bitcoin finally broke above the major resistance level of $17,000, and it now hits $17,330 gaining nearly 2% compared to yesterday. Ethereum follows roughly the same trajectory at almost $1,300 showing an increase of almost 3%.
The cryptocurrency market as a whole gains 1.58% compared to the previous day and the overall crypto market capitalization is $865.67 billion. In the past 24 hours, the market’s overall trading volume increased by 5.9% to $32.24 billion in trades.
Overall DeFi volume was $2.42 billion, which is 7.49% of the total 24-hour volume. The overall volume of all stablecoins was $29.19 billion, which represents 90.52% of the total trading volume.
The most notable gains and losses in the market
If we look at the side of the increases, we can distinguish 3 cryptos which make nice progress over 24 hours:
- Cronos (CRO): with almost 12% better to reach $0.071.
- Celo (CELO): rising more than 11% to $0.6955.
- Litecoin (LTC): with an increase of nearly 7.5% to $83.16.
On the other hand, on the cryptocurrency side in decline, we note the declines of:
- Monero (XMR): which is down about 1.30% to trade at $144.50.
- Neutrino USD (USDN): down nearly 1% to trade at $0.8890.
- TRON (TRX): Down more than 0.50% to $0.0535.
Bybit to Cut Workforce by 30% as Cryptocurrency Market Heads Down
Bybit, a centralized cryptocurrency exchange, is the latest market player to announce layoffs as crypto decline continues. The company, which is headquartered in Singapore, had already laid off staff in June this year.
Moreover, this is all part of ongoing corporate restructuring efforts. Bybit co-founder and CEO Ben Zhou made the statement on December 4, adding that the layoffs would affect all departments.
Kraken will also cut more than 1,000 jobs amid a bear market
Kraken co-founder and CEO Jesse Powell announced that the company would lay off nearly 1,100 employees, or 30% of its workforce, to “adjust to current market conditions”.
Specifically, Powell pointed to “macroeconomic and geopolitical concerns” as driving the company’s disappointingly weak growth. He pointed out that the recent market downturn has reduced trading volumesnew registrations and customer demand.
Kraken claimed that it was forced to lay off many employees when it had already cut staffing and marketing expenses. Kraken’s layoffs reflect the numerous staff cuts at other cryptocurrency companies this month due to the market.
Unchained Capital (which laid off 600 people) and Coinbase (which laid off 60) are among the companies that have recently downsized. Additionally, following the collapse of FTX, BlockFi filed for bankruptcy earlier this week.
Bitcoin’s dollar price hit a two-year low some time ago due to the crash. Overall, a suffering and losing cryptocurrency market is impacting businesses in the industry, despite technical analysis showing a recent uptrend for major cryptocurrencies.
The price of bitcoin
The current Bitcoin price is $17,330 with a 24-hour trading volume of $19 billion. He therefore progressed by almost 2% compared to the previous day and reached a capitalization of 363 billion dollarscompared to $357 billion yesterday.
Having broken through the $17,250 barrier, and having RSI and MACD indicators in the buy zone, we can legitimately think that the upward trend on the BTC will continue.
Bitcoin is now approaching its next resistance level of $17,650, and a break above it could push it up towards $18,000.
On the other hand, Bitcoin’s support is now at $17,200, and if it breaks below it, its price could drop again towards $17,000 or even lower at the $16,750 level.
The price of Ethereum
The current price of Ethereum is $1,296 and it traded for $5.5 billion worth of ETH on the last day. Displaying a increase of almost 3% in 24 hoursthe new crypto market cap today stands at $158 billion.
On the 4-hour chart, Ethereum is trading higher just below the psychological level of $1,300.
the bullish bias remains quite strong, as the 50-day moving average is near $1,250 and acts as support for the current price. Additionally, the RSI and MACD indicators have recently entered the buy zone, indicating a window of opportunity for an extended uptrend.
The increased demand for ETH has the potential to drive its price up to the $1,350 resistance level. Even so, if ETH fails to break above the $1,300 level, the price may drop towards the $1,250 or $1,220 support zones.
It will therefore be necessary to keep an eye on the level of $1,300, which is likely to serve as a pivot price today.
The IMPT presale ends soon: only one week left to buy
IMPT is another Ethereum-based network that will reward users for doing business with environmentally friendly companies. These benefits will be provided through the IMPT token of the company, which can be used for acquire NFT-based carbon offsets can be sold or withdrawn.
IMPT has raised over $14 million since its IPO in October, with 1 IMPT currently trading at $0.023.
IMPT.io, the revolutionary carbon offsetting and carbon credit trading platform, will end its token presale on December 11 because of the extraordinary success already achieved.
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