Sales below the surface still prevail in crypto

Failing to build on the rally, Bitcoin returned to levels seen two days ago, losing 1.2% in the last 2 hours to $16.5,000. Global markets were quiet due to US holidays and few major economic releases, allowing the cryptocurrency to continue to balance in a narrow range for almost two weeks. , The value of the cryptocurrency market fell by one percent overnight to $827 billion. Without a stable positive stock index development, the crypto has no strength to gather for future purchases. Bitcoin failed to take full advantage of the inverse head and shoulders. Bitcoin fxpro Maybe this is due to the lack of big players due to the holidays. However, probably the reason is still the continued cautious selling of the sector: the big players will continue to reduce their positions, probably forgetting it again for a few years. News Background The New York Times reports that struggling cryptocurrency lender Genesis Global Capital is not ruling out bankruptcy. Genesis hired investment bank Moelis and Company to explore options, including filing for insolvency. David Schwartz, Ripple’s CTO, said the community is unlikely to learn from the FTX debacle and will be cautious going forward. Binance manager Changpeng Zhao provided an opportunity to buy FTX assets. In an interview with Bloomberg, he said that some of them could still be saved. The 10,000 BTC stolen from the Mt.Gox exchange, which has been inactive for seven years, is on the move. Ki Young Ju, cryptanalyst and head of CryptoQuant, made the announcement. At the same time, he commented that it was criminal money. The transaction was the largest since August 2017. This article was written by Alex Kuptsikevich, Senior Analyst at FxPro.

Ethan Andrews

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