Market picture 

Bitcoin failed to build on the gains, rolling back to the levels of two days ago, losing 1.2% in the past 24 hours to $16.5K. Global markets have been quiet due to US holidays and few meaningful economic publications, allowing the cryptocurrency to continue balancing in a tight range for almost two weeks.

The cryptocurrency market's capitalisation fell by 1% to $827bn overnight. Without a solid positive stock index performance, crypto has nowhere to draw strength for future purchases.

Bitcoin has failed to exploit the inverted head-and-shoulders pattern fully. Perhaps the reason for that is the lack of big players due to the holidays. However, the chances are high that it is still because of the ongoing cautious selling in the sector: the big players continue to reduce their positions, probably forgetting about it again for a couple of years.

News background 

The New York Times reported that the troubled cryptocurrency lender Genesis Global Capital is not ruling out bankruptcy. Genesis has hired investment bank Moelis & Company to explore options, including filing for insolvency.

Ripple chief technology officer David Schwartz said the community was unlikely to learn a lesson from the FTX collapse and would be cautious going forward. Changpeng Zhao, head of Binance, allowed for the possibility of buying FTX assets. In an interview with Bloomberg, he said that some of them could still be saved.

The 10,000 BTC stolen from the Mt.Gox exchange, which has been dormant for seven years, is on the move. Ki Young Ju, a crypto analyst and head of CryptoQuant, made the announcement. In doing so, he commented that it was criminal money. The transaction was the largest since August 2017.

Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

More Bitcoin News

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price has been following the broader market bullish cues over the last few days sustaining its rise from 48 hours ago. Although the sentiment seems to have shifted slightly, UNI holders can still book profits if the Decentralized Finance (DeFi) token climbs to this level.

More UniSwap news

ATOM price suggests bears are still in control for these reasons

ATOM price suggests bears are still in control for these reasons

Cosmos price is producing a countertrend rally after suffering a steep decline throughout the month. If market conditions persist, ATOM could wipe out newly established bullish positions. Key levels have been defined to gauge ATOM’s next potential move.

More Cosmos news

Cardano Price Prediction: A new yearly low before the bounce

Cardano Price Prediction: A new yearly low before the bounce

Cardano price has suffered a vicious downtrend move throughout November. Ss price consolidates, the technicals suggest a bounce occurs while on-chain metrics hint that investors are considering securing profits sooner than later.

More Cardano news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP