Bitcoin, the world’s largest and most popular digital token, has recovered slightly above the $17,000 mark, halting its previous long declines. Bitcoin has been falling in value over the last seven days due to FTX’s bankruptcy, which has harmed the cryptocurrency market. BTC dropped to $15,872.94 before rising to a high of $17,200.
However, the recent BTC recovery could be attributed to improving crypto market sentiment, which aids major cryptocurrencies in regaining traction. The global market capitalization of cryptocurrencies has increased by more than 4% to $843 billion, according to Coinmarketcap.
The good news is that Binance was planning to launch a “relief fund” to assist cash-strapped crypto firms in fueling the rise in major cryptocurrency prices. Meanwhile, the stronger-than-expected US inflation data was viewed as another important factor that boosted the price of Bitcoin.
Binance Relied Fund
Binance is establishing an industry recovery fund to support otherwise sound projects that are experiencing liquidity issues to mitigate the negative effects of FTX.
Changpeng Zhao, the CEO of the world’s largest “exchange,” tweeted in the early hours of Monday, the 14th. The company stated that more information would be provided shortly.
Recovering Crypto Market
Since the start of the day, the global crypto market has been sending mixed signals, indicating that it is a slow day for cryptocurrencies. Following a few extremely tense days due to the FTX bankruptcy, the market hardly records significant entry or exit moves and remains cautious.
While Ethereum (ETH) is over $1,250 and has gained less than 0.50% in the last 24 hours, Bitcoin (BTC) has traded virtually flat and is still close to $17,000. The collapse of Sam Bankman-exchange, Fried’s, which is currently making headlines, has reduced investors’ appetite for risk.
Upticks in US Dollar
As more Federal Reserve members supported the tighter monetary policy, the broad US dollar maintained its early-day upward trend and attracted some additional bids against the euro and pound.
Fed Vice Chair Lael Brainard reaffirmed remarks made by Fed Governor Christopher Waller over the weekend that interest rates must continue to rise to combat inflation, albeit at a slower pace.
The dollar rose against the pound and held steady against the euro, remaining more than 1% above its two-month low. As a result, it was expected that the strong US dollar would continue to be a key 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 has risen by less than 1% in the last 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 has risen over the $16,000 support level to reclaim the $17,000 level. At the moment, it’s consolidating in a narrow trading range of $16,000 to $17,000, and a breakout of this will determine further price action.
In the 4-hour timeframe, Bitcoin has completed a 23.6% Fibonacci retracement at the $17,150 level, and it is now steady under it. The 50-day moving average is likely to provide resistance at $17,350, and a cross above this level has the potential to lead the BTC/USD price toward $18,190.
Bitcoin’s price action is being limited by the formation of Doji and spinning star candles. To determine further price action, let’s wait for the trading range of $16,000 to $17,000 to break.
Top Crypto Coins on Pre-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, allowing them to make more informed decisions.
It began its token sale three weeks ago and has since raised over $6.2 million. It has also confirmed its first CEX listing on LBank exchange.
1 D2T is currently worth 0.0513 USDT, but this is expected to rise to $0.0533 in the next stage of sales and $0.0662 in the final stage.
Calvaria is a new cryptocurrency gaming project with the potential to dominate the play-to-earn market. Calvaria developers have identified two major barriers to widespread Web3 gaming adoption. While investors see Web3 games’ potential, users do not.
Calvaria’s presale is gaining traction, with the project already in stage 4 of 10 and close to $1.7 million in funding.
As the price of the native RIA token rises significantly at each presale stage, investors are flocking to the rapidly growing GameFi project.
In stage 4, tokens cost $0.025 each, but by stage 5, the price had risen to $0.03, and 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 asset’s presale has only recently begun, but there is already considerable interest from prospective 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 purchase land, build on it, and expand their regions with various infrastructures.
The goal is to create a metaverse in which everyone is comfortable with their personal property holdings. Furthermore, RobotEra has a shared metaverse where users can engage in a variety of activities such as sports, concerts, and other competitive events.
The first stage of TARO’s presale is now live, and it is quickly selling out.