So I'm really tired of hearing about crypto lenders going bankrupt. Celsius, 3 Arrows, Blockfi, FTX, and now Genesis is on the brink. It makes zero sense, lending is literally the easiest way to make money. Now, I've dabbled in DeFi. I've also gotten loans from banks. In traditional finance, whenever the loan was greater…
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The BIS (Bank of International Settlements) is a Switzerland-based bank belonging to 63 national central financial institutions that recently revealed a new survey based on Bitcoin. Primarily, the BIS offers various banking services to several national central banks. Also, it creates a platform for regulatory policies and monetary discussions. The organization also delivers analysis based on the economy of the nations. Related Reading: Tom Brady, Gisele Bundchen, And Sam Bankman-Fried Sued Over FTX Collapse The member central financial institutions of the BIS elected about 18 directors to govern its operations. The central member financial institutions consist of the governors of the central banks in France, Belgium, the United States, Germany, the United Kingdom, and Italy. These are the permanent directors of the board. They may also collectively appoint another director from one of the member central banks. Finally, the governors from the other member major financial institutions are to elect the 11 directors left of the entire board. The BIS Study Considering the ongoing movement of the crypto market, it’s no surprise that many investors are at a loss. Therefore, the BIS decided to look at the situations of crypto investors regarding the current state of the crypto market. Its findings revealed that about one-third of BTC retail investors are currently at a loss. The study was based on the activities of retail investors on different exchange applications. According to the survey, most exchange application downloads occurred when BTC was still above $20K. The study covered data from 2015 to 2022, spanning about 95 nations. The survey showed that the retail investors bought an average of $100 worth of BTC monthly. From this data, about 81% of retail investors are currently at a loss. This occurrence is raising concerns about venturing into crypto investments. The BIS believes the crypto ecosystem is one of the riskiest investments for anyone. Moreover, its implementation may not do the economy any good as it stands now. Bitcoin Still Attracts Retail Investors As opposed to the belief of the BIS, investors are still showing more interest in Bitcoin regardless of the current situation. The BIS, however, noted that digital currencies are pretty volatile. Therefore, should intending investors venture into it, they could also incur losses. Moreover, these digital assets are still not recognized as global payment methods. This fact also indicates that cryptocurrencies have no governmental backing. Related Reading: Bitcoin 7-Day Volatility Comes Alive As FTX Collapse Shakes Market The Bank of International Settlements also cited that despite the fall of Bitcoin, investors still perform trading transactions with this token. About 75% of the BTC price is lost within the space of a year, and that’s not all. Considering the crash of FTX and 3AC, the BIS noted that investors’ confidence in crypto investments should be somewhat shaky. At the time of writing, Bitcoin is trading at $16,586. Featured image from Pixabay, chart from TradingView.com
Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, has commented on the collapse of crypto exchange FTX, stating that “it is partly fraud and party delusion.” Noting that “the country did not need a currency that’s good for kidnappers,” he stressed: “I basically like the existence of the Fed … I hate bitcoin […]
Oasis × DappRadar Accelerator Demo Day Showcasing the five unique projects from Oasis & DappRadar Accelerator. The event will be held via a Zoom Webinar and is open to the public. Date: November 17th Time: 4PM UTC Teams presenting: Jungle Race – https://junglerace.io/ Inspired by the games of the 90s, Jungle Race was born…
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If I wanted to bridge, lets say some ETH from mainnet to optimism, I've noticed I can choose between the optimism bridge itself, or many others: hop, stargate, across, celer etc… Do these all work by the same mechanism? From what I understand if I used the optimism bridge, my mainnet ETH would get locked…
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The provisional liquidator overseeing the FTX Digital Markets bankruptcy proceedings says FTX wasn’t authorized to file for bankruptcy in the U.S without his approval.
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Bitcoin price is struggling to clear the $17,000 resistance zone. BTC must stay above $16,000 to avoid more losses in the near term. Bitcoin is still consolidating above the $16,350 and $16,000 support levels. The price is trading just above $16,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a recovery wave if it clears the $17,000 resistance zone. Bitcoin Price Faces Resistance Bitcoin price made an attempt to gain strength above the $17,000 resistance zone. However, BTC struggled to remain stable above the $17,000 level. The price traded as high as $17,098 and recently started a slow decline. There was a move below the $16,800 and $16,650 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high. The price even spiked below the $16,500 level. However, the bulls were active near the 50% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high. Bitcoin price is now trading just above $16,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,750 level. There is also a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair. The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance could set the pace for a decent recovery wave. Source: BTCUSD on TradingView.com The next major resistance is near $17,500, above which the price could rise towards the $18,000 zone. Any more gains might send the price towards the $18,500 resistance zone. Fresh Decline in BTC? If bitcoin fails to gain pace above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,600 level and the 100 hourly SMA. The next major support is near the $16,350 zone. The main support is near the $16,000 zone. A clear move below the $16,000 support might spark another major decline in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $16,350, followed by $16,000. Major Resistance Levels – $16,750, $17,000 and $17,500.
submitted by /u/Jumpman707 [link] [comments]
