Bitcoin, the world’s largest and most popular digital token, rose just above $17,000, ending its previous long-term decline. Bitcoin has been losing value for the past 7 days due to the collapse of FTX, which has hurt the cryptocurrency market. BTC fell to $15,872.94 before rising to $17,200.
However, BTC’s recent recovery can be attributed to improving crypto market sentiment, which is helping the major cryptocurrencies pull back. According to Coinmarketcap, the global market capitalization of cryptocurrencies increased by more than 4% to $843 billion.
The good news is that Binance was planning to set up a “relief fund” to help cashless crypto firms boost the price of the underlying cryptocurrency. Meanwhile, stronger-than-expected US inflation data was seen as another important factor boosting Bitcoin’s price.
Binance Trust Fund
Binance is creating an industry recovery fund to support healthy projects facing liquidity problems to mitigate the negative effects of FTX.
Changpeng Zhao, CEO of the world’s largest “stock exchange”, tweeted on the morning of Monday the 14th. The company said that additional information will be provided soon.
Crypto market recovery
Since the beginning of the day, the global cryptocurrency market has been sending mixed signals indicating a slow day for cryptocurrencies. After a couple of very busy days due to the FTX bankruptcy, the market hardly registers any significant entry or exit movements and remains cautious.
While Ethereum (ETH) has crossed $1,250 and gained less than 0.50% over the past 24 hours, Bitcoin (BTC) has traded virtually flat and is still near $17,000. Currently making headlines, the Sam Bankman-exchange, Fried’s bankruptcy has dampened investors’ appetite for risk.
Increases in the US dollar
As more Federal Reserve members backed tighter monetary policy, the broad US dollar maintained its early-day uptrend and attracted some additional bids against the euro and sterling.
Fed Vice Chairman Lael Brainard confirmed Fed Governor Christopher Waller’s comments over the weekend that interest rates should continue to rise, albeit more slowly, to combat inflation.
The dollar rose against the pound and was flat against the euro, more than 1% above a two-month low. As a result, a strong US dollar was expected to remain the main factor limiting BTC gains.
Bitcoin Price Prediction
The current price of one bitcoin is $16,716, with a 24-hour trading volume of $19 billion. Bitcoin is up less than 1% in the last day and currently has a market cap of $351 billion. There are currently 19,208,200 BTC coins in circulation, with a max supply of 21,000,000 BTC coins.
Bitcoin broke above the $16,000 support level to recover the $17,000 level. Currently, it is consolidating in a narrow trading range between $16,000-$17,000, a break of which will determine future price action.
During the 4-hour period, Bitcoin completed a 23.6% Fibonacci retracement at $17,150 and is now stable below it. The 50-day moving average is likely to offer resistance at $17,350, and a cross above this level has the potential to take BTC/USD to $18,190.
Bitcoin’s price action is limited by the formation of Doji and rotating star candles. Let’s wait for a break of the trading range between $16,000 and $17,000 to determine further price action.
The best cryptocurrency coins before the sale
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time analytics and social data, enabling them to make more informed decisions.
It launched its token sale three weeks ago and has since raised more than $6.2 million. It also approved the first CEX listing LBank exchange.
1 D2T is currently worth 0.0513 USDT, but it is expected to rise to $0.0533 in the next phase of the sale and $0.0662 in the final phase.
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Calvaria is a new cryptocurrency gaming project with the potential to dominate the gaming profit market. Calvaria’s developers identified two major barriers to widespread Web3 game adoption. While investors see the potential of Web3 games, users do not.
The project is now in stage 4 of stage 10, and with nearly $1.7 million in funding, Calvaria’s pre-sale is becoming increasingly popular.
Investors are flocking to the fast-growing GameFi project as the price of the local RIA token increases significantly at each pre-sale stage.
In stage 4, tokens cost $0.025 each, but in stage 5, the price went up to $0.03, and in stage 10, tokens cost $0.055.
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TARO is another project that has the potential to change the gaming community and the virtual world. The initial sale of the asset has recently started, but there is already a lot of interest from potential buyers.
RobotEra is a blockchain-based metaverse where users can create avatars and explore the digital world, and the platform’s native token is TARO. In RobotEra, players can buy land, build on it, and expand their region with various infrastructures.
The goal is to create a metaverse where everyone is comfortable with their personal property. In addition, RobotEra has a shared metaverse where users can engage in various activities such as sports, concerts and other competitive events.
The first phase of TARO’s presale is now live and it’s selling fast.
Visit the RobotEra (TARO) Presale now