Bitcoin, the largest and most popular digital token in the world, rallied slightly above the $17,000 mark, ending its previous long declines. Bitcoin has lost value over the past seven days due to the bankruptcy of FTX, which has hurt the cryptocurrency market. BTC fell to $15,872.94 before surging to $17,200.
However, the recent rally in BTC could be attributed to improving sentiment in the crypto market, which is helping major cryptocurrencies regain ground. The global market capitalization cryptocurrencies rose more than 4% to $843 billion, according to Coinmarketcap.
The good news is that Binance was planning to launch a “relief fund” to help cash-strapped crypto businesses fuel the price rise of major cryptocurrencies. Meanwhile, stronger-than-expected US inflation data was seen as another important factor pushing the price of Bitcoin higher.
Binance Trust Fund
Binance is setting up an industry recovery fund to support otherwise healthy projects that are experiencing liquidity issues to mitigate the negative effects of FTX.
Changpeng Zhao, the CEO of the world’s largest “stock exchange”, tweeted in the early hours of Monday 14. The company said more information would be provided shortly.
Crypto market recovery
Since the start of the day, the global crypto market has been sending mixed signals, indicating that it is a slow day for cryptocurrencies. After a few extremely tense days due to the bankruptcy of FTX, the market hardly registers any significant movements in or out and remains cautious.
While Ethereum (ETH) is above $1,250 and has gained less than 0.50% in the past 24 hours, Bitcoin (BTC) has traded virtually flat and is still near $17,000. The collapse of the Sam Bankman, Fried’s stock market, which is currently making headlines, has reduced investors’ appetite for risk.
Rise of the US dollar
As more and more members of the Federal Reserve supported the tightening of monetary policythe broader US dollar maintained its initial uptrend and attracted some additional offers against the euro and the pound.
Fed Vice Chairman Lael Brainard reaffirmed remarks made by Fed Governor Christopher Waller over the weekend that interest rates must continue to rise to fight inflation , although at a slower pace.
The dollar rose against the pound and held firm against the euro, remaining more than 1% above its two-month low. As a result, the strength of the US Dollar was expected to continue to be a key factor limiting BTC’s 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% over the past day and currently holds a market value of $351 billion. There are now 19,208,200 BTC coins in circulation, with a maximum of 21,000,000 BTC coins.
Bitcoin broke above the $16,000 support level to reclaim the $17,000 level. At the moment, it is consolidating in a narrow trading range of $16,000-$17,000, and a breakout of it will determine further price action.
In the 4-hour timeframe, Bitcoin made a 23.6% Fibonacci retracement at the $17,150 level, and it is now stable below it. The 50-day moving average is likely to provide resistance at $17,350, and a cross above this level has the potential to drive BTC/USD price towards $18,190.
Bitcoin’s price action is limited by the formation of Doji and rotating star candles. To determine further price action, let’s wait for the $16,000-$17,000 trading range to break.
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 $6.2 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.
Calvary is a new cryptocurrency gambling project with the potential to dominate the gambling market to win. Calvaria developers have identified two major obstacles to the widespread adoption of Web3 games. While investors see the potential of Web3 games, users don’t.
Calvaria’s pre-sale is gaining momentum, with the project already in stage 4 of 10 and nearly $1.7 million in funding.
As the price of the native RIA token increases dramatically with each presale stage, investors are flocking to the growing GameFi project.
In stage 4 the tokens cost $0.025 each, but in stage 5 the price had risen to $0.03 and the tokens cost $0.055 in stage 10.
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 infrastructure.
The goal is to create a metaverse in which everyone is comfortable with their personal possessions. 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.