Bitcoin and Ethereum rise again, but BlockFi goes bust

Despite a persistent climate of fear regarding the health of the market, the Bitcoin $16,000 is psychologically over the top November 29. Similarly, Ethereum is moving forward to approach its nearest support at $1,150.

Main cryptocurrency market a total increase 1% 24 hours this morning and its market capitalization is $822.27 billion.

The daily trading volume increased by 12% from yesterday and reached 46.87 billion dollars. It is divided into $2.98 billion in DeFi (6% of total volume) and $45.05 billion in stablecoins (96% of total volume).

The most noticeable gains and losses in the market

Among other cryptocurrencies, notable increases should be distinguished:

  • Phantom (FTM): Gains more than 20% to $0.2196.
  • Chainlink (LINK): Up more than 9% to $7.40.
  • Dash (DASH): up nearly 8% to $42.35.
Top Altcoin Gainers and Losers – Source: Coin360

Among the currencies that lost their value, we can distinguish the following:

  • Chain (XCN): Wips more than 3.5% to trade at $0.037.
  • Huobi Token (HT): Trading at $6.45, down about 1%.
  • Convex Finance (CVX): Down more than 1% to trade at $4.

BlockFi files for bankruptcy

Cryptocurrency loan company BlockFi was shown to be highly exposed in its accounts with FTX. The resulting losses force BlockFi to filing for bankruptcy Under Chapter 11 of the United States Bankruptcy Code.

BlockFi, a New Jersey-based company founded by cryptocurrency entrepreneur Zac Prince, is experiencing a major liquidity crisis and its accounts are suffering from Bitcoin, which has lost nearly 70% of its value against a higher price since 2021.

This failure leads some experts to think so Contagion can be significant for author companies. Thus, the CEO of Fitch Ratings Monsur Hussain said:

“BlockFi’s bankruptcy highlights key asset contagion risks associated with the cryptocurrency ecosystem.”

This month, FTX, founded by Sam Bankman-Fried, filed for bankruptcy protection in the US after investors pulled $6 billion from the platform in three days and rival platform Binance pulled out of a bailout.

Chinese police track and prevent zero Covid protesters

After a show of civil disobedience not seen since President Xi Jinping took office a decade ago, Chinese police moved to crush zero Covid protests, with at least one person arrested, according to videos on social media.

There are also claims that several protesters who participated in street meetings in different cities of the country were subjected to telephone conversations with officials.

Videos circulating on social media on Monday night showed hundreds of police barricading a large public space to prevent a mass gathering.

The The fragility of the Chinese economy and the current unrest, which makes the outlook uncertain, preserves this situation bearish sentiment in the cryptocurrency marketor at least in limbo.

Bitcoin price

Current Bitcoin price $16,479 and a 24-hour trading volume of $25 billion. In the last 24 hours he won about 2.0%and the market capitalization reaches 316 billion dollars.

Bitcoin Price and Tokenomics – Source: coinmarketcap

BTC is trading higher today after taking advantage of the $16,000 support. A an ascending trend line appearsbecause the closing of candlesticks above this level is a strong indication of a bullish recovery.

The nearest resistance is now $16,650: if it were to break above it, BTC can then easily find a course at $17,250 or more.

Bitcoin Price Chart – Source: Tradingview

Technical indicators such as RSI and MACD are now in the buy zone. Bitcoin rose above its 50-day moving average to $16,250. These elements tend indicating that the uptrend is not only likely, but also sustainable.

On the other hand, if Bitcoin breaks below the symmetrical triangle below $16,000, then only $15,650 will be supported.

The price of Ethereum

Current price of Ethereum 1207 dollarsfor an increase of almost 4% in the last 24 hours. The transaction volume of ETH in the same period is more than 7 billion dollars, and its capitalization reaches 147 billion dollars with 122,373,866 tokens in circulation.

Ethereum Price and Tokenomics – Source: coinmarketcap

ETH price made the 50% Fibonacci retracement at $1150, forming a bullish candle. upward trend.

ETH shows a good chance to break above the 50-day simple moving average Up towards the next resistance at $1,235.

And if this trend were to continue above this level, we can think that ETH could reach $1295 or higher.

Ethereum Price Chart – Source: Tradingview

Conversely, if the price does not break above the $1,235 resistance level, a downtrend may emerge and take Ethereum towards the 50% and 61.8% Fibonacci levels of $1,150.00 or $1,135.

Cryptocurrency pre-sale with huge potential profit

Dash 2 Trade (D2T)

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Dash 2 Trade gained interest from investors after earning $7 million in one month. As a result, D2T decided to stop the project in phase 4 and reduce the pre-sale target to $13.4 million.

In addition, Dash 2 Trade already has two exchanges (LBank and BitMart) that have promised to list the D2T token after the sale ends. 1 D2T is currently worth 0.0513 USDT, but will drop to $0.0533 at the end of the sale.

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Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: Crypto news

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