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Following the release of UK inflation figures, the price of Bitcoin remains below $17,000. which was higher than expected Most altcoins in the market followed suit as traders remain cautious.

Bitcoin is currently trading at $16,740, down from $16,886 at the start of the day. BTC has been hovering between $16,761 and $17,002 over the past 24 hours following the recent Russian-Ukrainian conflict.

Genesis Global Capital Pause Withdrawals

Following FTX’s demise, Genesis Global Trading’s lending division temporarily stopped accepting cash withdrawals and new loan applications, according to interim CEO Derar Islim, who notified clients Nov. 16.

The division, known as Genesis Global Capital, serves institutional clients and had a total of $2.8 billion in active loans at year-end. third quarter 2022according to the company’s website.

Genesis Trading, which acts as a broker to Genesis Global Capital, is independently managed and funded by the lending entity, according to Islim. He added that Genesis custody and trading services were still fully operational.

Islim informed attendees that Genesis was exploring lending segment options, including locating a new source of liquidity. He went on to say that Genesis will explain its strategy to customers the following week.

BTC/USD and other cryptocurrencies fell after Genesis Global Trading suspended client withdrawals.

The President of El Salvador will buy Bitcoin

El Salvador, the first country in the world to accept Bitcoin as legal tender in September 2021, resumed BTC buying after a brief pause due to bearish market sentiment. El Salvador President Nayib Bukele said on Nov. 16 that the Central American country will start buying Bitcoin on Nov. 17.

The announcement came about three months after the country finally acquired BTC in July 2022. El Salvador started buying Bitcoin after declaring it legal tender in September 2021.

BTC was then in a bull market, making every investment the country made profitable, as the price was setting new all-time highs every two weeks.

However, by the second quarter of 2022, the bear market had set in and El Salvador’s first purchases of BTC seemed like a gamble that resulted in significant losses.

El Salvador currently holds 2,381 BTC at an average purchase price of $43,357, according to public statistics. As a result, buying BTC from the country cost around $103.23 million, while the same BTC is now worth $39.4 million. Due to the harsh crypto winter, El Salvador’s adoption of Bitcoin may look bleak.

However, by simply maintaining its BTC purchase, the country could easily offset its losses in the next bull cycle. Additionally, as investors rise due to redemptions, this news could benefit BTC/USD.

BTC and stocks correlation

The cryptocurrency industry is still reeling from FTX, one of the once-dominant cryptocurrency exchanges, declaring bankruptcy and stepping down as CEO. Another thing to worry about with Bitcoin is its association with stocks.

Comparing the S&P 500 Index and Bitcoin activity, cryptocurrency trader and analyst Josh Rager observed on Nov. 15, it’s clear that the leading digital asset mirrors the downward trend in the stock market.

He went on to say that the stock market is Bitcoin’s biggest concern right now as stocks are falling and Bitcoin is following suit.

However, as good inflation news emerged in the United States, Bitcoin and cryptocurrency markets surged alongside stock markets. The modest improvement follows recent data from the November 15 PPI report, which showed a decline in the cost of goods, excluding food and energy, giving US equities a boost. BTC/USD followed the stocks and rose in value after the announcement.

bitcoin price prediction

At the time of writing, the price of Bitcoin is $16,649, with a 24-hour trading volume of $34 billion. Bitcoin has fallen around 1% in the past day and currently holds a market capitalization of $349 billion.

Bitcoin Price and Tokenomics – Source: Tradingview

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

On the downside, immediate support for Bitcoin is $17,250, and a continuation of the downtrend could push the price down to $15,850. Since the RSI and the 50-day moving average indicate a bearish bias, the price of BTC could fall to $15,850 if the current support does not hold.

Bitcoin price chart – Source: Tradingview

The MACD, on the other hand, is in a buy zone, but recent histograms are contracting, indicating a declining bullish bias. However, selling can be seen today below the $17,250 level.

Rising demand for BTC, on the other hand, has the potential to breach the $17,250 resistance and push BTC/USD price above $18,250, 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 $6.3 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 $1.7 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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