Blockchain-Technologien können Verbesserungen für das Finanzwesen mit sich bringen, so Cunliffe.
US-Senatsausschuss setzt Termin für FTX-Anhörung fest
Die Anhörung ist eine der ersten, in der US-Gesetzgeber untersuchen, was mit der Börse passiert ist.
Ethereum eyes a break below a yearly low. A price of below $1,000 beckons
Ethereum (ETH/USD) set its yearly low of around $900 in June 2022. Technical indicators show that the cryptocurrency is proceeding to test this low level. As of press time, ETH price was $1,085 with increasing bear momentum. Should the bearish trend continue, ETH could claim a new low in the year.
Despite ETH price weakness, Santiment data indicates that whales are still active on the cryptocurrency. On November 21, Ethereum whales scooped 947,940 more ETH tokens, valued at around $1.03 billion. The amount is the fifth largest on a single day this year. The increased whale activity indicates the belief that large investors have in the likely turnaround of the token. With a price of $1,000, the investors see a massive discount.
But ETH could fall further, and taking advantage of it at a lower level could be more attractive. The view is additionally supported by market sentiment, which shows bets on lower prices have intensified recently. Accordingly, around 75% of inflows into Ethereum and Bitcoin have been short products. The question is, where is the likely new price?
ETH price outlook as momentum weakness at support
On the weekly chart, ETH trades at or near the support zone. While there is a chance for bulls to arrest the decline below this level, momentum is weak. The MACD indicator lies in the bear zone. The weekly candlestick just broke below an inside-bar pattern, implying that bears are in control.
What next for ETH?
With weak crypto sentiment and momentum, ETH price will likely proceed lower to find support around $800. The level will be its lowest so far since January 2021. It means that the crypto winter will have wiped out the 2021 boom gains
Alternatively, ETH bulls may try to defend $900, the cryptocurrency’s June low. It will still be a toll order as the general sentiment remains weak and ETH is under intense pressure. The $900 level would be an area to watch for the next few days.
Where to buy ETH
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
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Binance will not invest in lending platform Genesis: WSJ report
Crypto lending platform Genesis is currently struggling and could be in need of investors to enable it to maintain its operations.
Cryptocurrency exchange Binance will not invest in Genesis, according to a recent report by the Wall Street Journal.
The report revealed that the cryptocurrency lending platform sought investment from Binance, the world’s leading cryptocurrency exchange. However, Binance turned down the opportunity to invest in the company owned by the Digital Currency Group.
The WSJ report added that Binance turned down the opportunity over a potential conflict of interest with Genesis’ business model. Furthermore, Genesis also sought investment from Apollo Global Management. However, it remains unclear if Genesis will receive the funds it needed from the asset management firm.
This latest cryptocurrency news comes roughly a week after Genesis suspended redemptions and new loan origination on its platform.
Today Genesis Global Capital, @GenesisTrading’s lending business, made the difficult decision to temporarily suspend redemptions and new loan originations.
— Digital Currency Group (@DCGco) November 16, 2022
At the time, Genesis said;
“This decision was made in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion. The impact lies with the lending business at Genesis and does not affect Genesis’s trading or custody businesses. Importantly, this temporary action has no impact on the business operations of DCG and our other wholly owned subsidiaries.”
Genesis assured its users that it would continue to offer over-the-counter trading for spot and derivatives trading in addition to its custody services.
Despite Binance turning down a chance to invest in Genesis, a company spokesperson told The Block that Genesis doesn’t plan to file for bankruptcy soon. The spokesperson said;
“We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”
Genesis’s announcement to suspend redemptions affected Gemini, another leading crypto exchange. At the time, Gemini said its Earn program would not be able to meet customer redemptions within the service-level agreement of five business days.
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Bitcoin Price Prediction: Will BTC go back up soon?
Bitcoin price has come under intense pressure in the past few months as investors get extremely fearful about the industry. BTC plunged to a low of $15,718, which is significantly lower than its all-time high of near $70,000. It has fallen by over 26% from its highest level this month, crashing its total market cap to about $302 billion.
Will BTC go back up?
Bitcoin price has been in a deep sell-off as a somber mood has engulfed the crypto industry. The two main reasons for the crash are the collapse of FTX and the rising interest rates in the United States.
The Fed has embraced an extremely hawkish tone in the past few months in its bid to fight soaring inflation. Precisely, it has increased rates by 400 basis points and analysts expect that it will continue hiking for a while.
High interest rates are usually dangerous for risky assets like cryptocurrencies and growth stocks. This also explains why many growth companies like Carvana, Tesla, and Wayfair have seen their shares collapse in the past few months.
Meanwhile, the recent collapse of FTX and Alameda has led to significant contagion risks in the crypto industry. The two companies were significant players in the crypto industry, with FTX being the second-biggest crypto exchange in the world by valuation.
Alameda, on the other hand, was one of the biggest liquidity providers in the industry. As a result, its collapse has had a major impact in the industry. Many people have then decided to completely or temporarily move from the crypto industry.
Bitcoin price sell-off capitulation will likely not happen any time soon. For it to happen, interest rates will likely start moving lower or the Fed will need to signal that it will start slashing. Also, there needs to be clarity on crypto regulations.
Bitcoin price forecast
The daily chart shows that the BTC price has been in a strong bearish trend in the past few months. This sell-off accelerated after the coin moved below the important support level at $18,048, which was the lowest point this year. It was also slightly below the highest point in 2017.
Bitcoin remains significantly below all moving averages while oscillators have moved to the oversold level. Therefore, I suspect that the coin will continue falling in the near term. If this happens, the next key psychological level to watch will be at $10,000.
How to buy Bitcoin
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
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