Crypto daily report

Bitcoin Price and Ethereum Regain Upward Momentum; BlockFi Files for Bankruptcy

Blockchain news, News

Despite the market’s ongoing fear, the leading cryptocurrency, Bitcoin, is rebounding above the psychological level of $16,000 on November 29. Similarly, Ethereum, the second-most valuable cryptocurrency, is rising after gaining support near the $1,150 level.

Major cryptocurrencies were trading mixed early on November 29, with the global crypto market cap increasing nearly 1.0% to $822.27 billion on the previous day.

Over the last 24 hours, the total crypto market volume increased by over 12.5% to $46.87 billion. The total volume in DeFi was $2.98 billion, accounting for 6% of the total 24-hour volume in the crypto market.

The total volume of all stablecoins was $45.05 billion, accounting for 96% of the total 24-hour volume of the crypto market.

Let’s take a look at the top 24-hour altcoin gainers and losers.

Top Altcoin Gainers and Losers

Fantom (FTM), Chainlink (LINK), and Dash (DASH) are three of the top 100 coins that have gained value in the last 24 hours. The FTM price has soared by more than 20% to $0.2196, the LINK price has grown by more than 9% to $7.40, and the DASH price has increased by nearly 8%.

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Top Altcoin Gainers and Losers – Source: Coin360 

Chain (XCN), Huobi Token (HT), and Convex Finance (CVX) are three of the top 100 coins that have lost value in the last 24 hours. Whereas XCN has lost over 3.5% to trade at $0.037, HT is down nearly 1% to trade at $6.45. At the same time, CVX’s price is down over 1% to trade at $4.

BlockFi Files for Bankruptcy

After suffering losses due to its exposure to the dramatic collapse of the FTX exchange earlier this month, cryptocurrency lender BlockFi announced Monday that it has filed for Chapter 11 bankruptcy protection.

When the paperwork was submitted to a New Jersey court, cryptocurrency prices were already in freefall. More than 70% of Bitcoin’s value has been wiped down from its all-time high in 2021.

BlockFi, a New Jersey-based company formed by financial executive-turned-crypto entrepreneur Zac Prince, filed for bankruptcy claiming that its significant exposure to FTX caused a liquidity crisis. 

Monsur Hussain, senior director at Fitch Ratings stated: 

“BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem,”

This month, FTX, established by Sam Bankman-Fried, sought bankruptcy protection in the United States after investors have withdrawn $6 billion from the platform over the course of three days and rival exchange Binance backed out of a rescue arrangement. 

China Police Track and Deter Zero-Covid Protesters

After a display of unprecedented civil disobedience since President Xi Jinping took office a decade ago, police in China have been out in force to crush zero-Covid protests and at least one person has been arrested, according to social media videos.

There were also claims that several protesters who participated in the street meetings in cities around the country were subjected to phone interviews with officials.

Supposedly, the arrest occurred late on Monday in the city of Hangzhou. Social media videos from Monday night purportedly show hundreds of police barricading a big public space to prevent a public gathering.

Hence, this is keeping the crypto market sentiment bearish. Let’s look at Bitcoin price prediction. 

Bitcoin Price 

The current Bitcoin price is $16,479 and the 24-hour trading volume is $25 billion. During the last 24 hours, the BTC/USD pair has gained nearly 2.0%, while CoinMarketCap currently ranks first with a live market cap of $316 billion, up from $310 billion yesterday. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,219,543 BTC coins.

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Bitcoin Price & Tokenomics – Source: coinmarketcap

On Tuesday, the BTC/USD is trading bullish after gaining support at the $16,000 psychological trading level. An upward trendline is extending support around the $16,000 level in the 4-hour timeframe, and the closing of candles above this level has triggered a bullish recovery in Bitcoin.

On the higher side, Bitcoin’s immediate resistance is at $16,650, which is supported by a downward trendline.

Bitcoin has also formed a double top level at $16,650, and a break above this level could take BTC to $17,250 or even higher.

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Bitcoin Price Chart – Source: Tradingview

Leading technical indicators like the RSI and MACD have entered the buying zone, indicating the start of a buying trend. Bitcoin has just surpassed the 50-day moving average at $16,250, signaling yet another bullish trend.

 Alternatively, if Bitcoin breaks the lower symmetrical triangle pattern and closes the candle below $16,000, it is likely to be exposed to the $15,650 support zone.

Ethereum Price 

The current price of Ethereum is $1,207, with a 24-hour trading volume of $7 billion. In the last 24 hours, Ethereum has gained nearly 4%. CoinMarketCap currently ranks #2, with a live market cap of $147 billion. It has a circulating supply of 122,373,866 ETH coins.

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Ethereum Price & Tokenomics – Source: coinmarketcap

Ethereum has recovered in the 4-hour timeframe after completing a 50% Fibonacci retracement at $1,150. Above this, Ethereum formed a bullish engulfing candle, signaling a bullish trend.

Furthermore, the ETH/USD pair has crossed above the 50-day simple moving average (SMA) of around $1,170, implying that the ETH has a good chance of heading north toward the $1,235 double top resistance level.

Increased demand for ETH may allow it to break through this level and reach $1,295 or even higher.

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Ethereum Price Chart – Source: Tradingview

Alternatively, failure to break above the $1,235 resistance level may trigger selling until the $1,150 or $1,135 Fibonacci retracement levels, which mark the 50% and 61.8% Fibonacci retracement levels, respectively.

Compiled by Coinbold

Binance, BTC, china, ETH, FTX, Huobi, NEAR