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Bitcoin remained in a tight trading range of $16,000-$17,250 on Friday as ongoing FUD continues to limit price action. The Bahamas Securities Commission (SCB) was monitoring FTX earlier this week.

The Financial Crimes Investigation Branch and the regulator worked together to investigate FTX’s breaches. The development came after FTX announced that at the request of the SCB, it would start allowing withdrawals of funds from the Bahamas, which the commission quickly denied.

However, recent reports show that the SCB had already taken action against the exchange days before launching its investigation.

The regulator announced on November 17 that it had taken custody of the assets of FTX Digital Markets (FDM) by transferring them to a digital wallet under the jurisdiction of the SCB. The commission said these measures were taken to protect customer funds and interests.

As more regulators began to investigate the bankrupt FTX exchange, its situation deteriorated. The collapse of the exchange caused major disruptions in the cryptocurrency market.

Following this event, Bitcoin holders can choose to protect their assets by selling them. Moreover, due to unpredictability, the price could change in any direction.

El Salvador will start buying 1 bitcoin per day

The President of El Salvador, Nayib Bukele, announced on November 17 that his country would start buying one bitcoin per day. El Salvador reportedly finalized its last Bitcoin purchase, 80 BTC at $19,000 each, in July 2022, three and a half months ago.

El Salvador has 2,381 BTC with an average purchase price of $43,357, according to data from BuyBitcoinWorldwide.

The main factor used to calculate this amount is the President’s announcement of Bitcoin investments. However, no record of the purchases has been made public or available on the network, so it cannot be confirmed.

According to media reports, the country has spent over $103.23 million on Bitcoin purchases. However, given that the most popular cryptocurrency is currently valued at around $16,500, this implies a loss of over $63 million, as the real value of its stock is $39.47 million.

The statement also responds to Bukele’s earlier comments on the FTX controversy, in which the President of El Salvador said on November 14 via Twitter that “FTX is the polar opposite of Bitcoin.”

Bukele, a strong believer and proponent of Bitcoin, claimed that Bitcoin was created to fight against Ponzi schemes, bank runs, and fraud in the financial system. Since the buyout is increasing Bitcoin adoption in the country, this news could boost BTC/USD.

Crypto market turnaround

Following the recent drama involving FTX and other exchanges, blockchain analytics firm Santiment tweeted out a chart outlining the conditions for a crypto market recovery.

According to the tweet, cryptocurrency often succeeds when exchanges aren’t the primary focus. One of the biggest exchange crashes in history was the FTX crash. As a result, his shockwaves can have “long-lasting shockwaves”.

According to the tweet, the critical turning point for the cryptocurrency industry will occur when the focus shifts back to market leader Bitcoin (BTC) and away from exchange tokens.

According to a chart posted yesterday on Twitter by Santiment, the price of BTC/USD generally drops when the social dominance of exchange tokens increases.

bitcoin price prediction

It started trading at $16,827, with a high of $16,832 and a low of $16,673. BTC/USD is currently trading at $16,790.00, up 1.62% in 24 hours. Moreover, its price has fallen by more than 4% in one week.

Bitcoin Price and Tokenomics – Source: Tradingview

Bitcoin is consolidating in a broad trading range between $16,000 and $17,200, with a breakout determining future price action. Bitcoin made a 38.2% Fibonacci retracement at the $18,100 level within the 4-hour time frame and has now fallen below the 23.6% Fibonacci level of $17,250.

On the downside, the immediate support for Bitcoin is $17,250, and if the downtrend continues, the price could drop as low as $15,850. Since the RSI and the 50-day moving average indicate a bearish bias, Bitcoin price could drop to $15,850 if the current support fails to hold.

Bitcoin price chart – Source: Tradingview

While the MACD is in a sell zone, recent histograms are contracting, indicating a fading bearish bias. Today, however, selling is visible below the $17,250 level. The increase in demand for BTC, on the other hand, has the potential to push the BTC/USD price above $18,250 and towards $20,000.

Top Crypto Coins in pre-sale

Trade Dash 2 (D2T)

Dash 2 Exchange is an Ethereum-based trade intelligence platform that provides traders of all skill levels with real-time analytics and social data, enabling them to make more informed decisions.

It began its token sale three weeks ago and has since raised over $6.5 million. It also confirmed its first CEX listing on LBank Scholarship.

1 D2T is currently worth 0.0513 USDT, but it is expected to reach $0.0533 in the next stage of sales and $0.0662 in the final stage.

Visit Dash 2 Trade now

Calvary (RIA)

Calvary is a new cryptocurrency gambling project with the potential to dominate the gambling market to win. Calvaria developers have identified that one of the main obstacles to the widespread adoption of Web3 games is that the games require users to have technical knowledge of crypto. This means that a lot of users are left behind.

As such, Calvaria allows users who do not hold cryptocurrency to play the game, setting it apart from the competition and allowing a whole new audience to get involved.

Calvaria’s pre-sale is gaining momentum, with the project already in stage 4 of 10 and nearly $1.8 million in funding. 1 RIA token currently costs $0.025, but this will gradually increase with each subsequent stage of the presale which is currently in stage 4.

Visit Calvaria in presale now

RobotEra (TARO)

RobotEra (TARO) is another project that has the potential to change the gaming community and the virtual world. The presale of the asset has only recently started, but there is already considerable interest from potential buyers.

RobotEra is a blockchain-based metaverse where users can create avatars and explore a digital world, and the platform’s native token is TARO. In RobotEra, players can buy land, build it, and expand their regions with various assets.

Additionally, RobotEra has a shared metaverse where users can participate in a variety of activities such as sports, concerts, and other competitive events.

The first step of TARO presale is now live and selling out fast.

Visit the RobotEra presale now

Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: Crypto news

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