The Bitcoin price is currently just below $24ki at the time of writing, after a cautious day for the bulls. The largest cryptocurrency by market capitalization initially peaked at $24.3k before falling slightly to nearly $24ki currently. Altcoins, on the other hand, remained largely stable as the market positioned itself strongly. More on that later.
In other news, chances of a near-term bullish rebound are increasing as on-chain analytics paint a rosy picture. According to analysis website Glassnode stock market balances are at their lowest level in 4 years and could boost the bulls’ returns. Historically, low exchange balances mean the crypto is likely to see a price gain as most bitcoins have disappeared from major exchanges.
The adult entertainment industry is looking to integrate blockchain technology to create safer and more inclusive platforms for all. The adult sector is often overlooked and is one of the first to incorporate technology. Reportedly, the very first film ever shot was also a porn film. Now, the industry sees crypto as a potentially revolutionary idea that could have many applications, including online payments.
As the news of a recession in the United States spread around the world, analysts are trying to react to this development and try to analyze it. Several market commentators present alternative measurements that make the current situation somewhat positive. While the US economy has shrunk for two consecutive quarters with low unemployment, the recent recovery in the markets has given hope to many. Mati Greenspan, managing director of Quantum Economics, believes that there is currently a paradoxical situation where markets reacted positively and GDP fell at the same time. The recent increase in interest rates could be the reason, he argued.
US Senator Pat Toomey has again criticized the Securities and Exchange Commission (SEC) for the financial crisis facing Celsius and other crypto lending companies. These companies are in multi-billion dollar crypto defaults. Senator Toomey stated that the SEC is to blame for applying existing outdated laws to the entire crypto sector, something that was harmful. Another US lawmaker is trying to blame companies like Google and Apple for fake crypto ads and scams. He wants these companies to provide information about these fake apps.
Speaking of Celsius, another big scandal has arisen as there is phishing attack reported to the company. According to the company, these attacks have leaked emails and personal information from customers. Nothing is going right for the company right now as it quickly implodes after a massive insolvency episode.
Another major troubled lender, Voyager, has been ordered by the U.S. Federal Reserve to stop making “false claims” that the money in it is insured by the Federal Deposit Insurance Corporation (FDIC). The allegations were made by the company, but the Fed has indicated that this is not the case.
Professional football club Crawley FC have signed a new midfielder following an NFT-based fan vote. This is one of the first such events in the world of sports and could improve fan engagement with the sport in the near future.
A Singaporean minister is a proponent of the metaverse and stated at a recent conference that marriages and court proceedings could be held in an entirely digital environment. He also believed that the divorce proceedings and other dispute resolution processes could also be moved there.
Bitcoin is positioning itself above $24k
Bitcoin rose above $24k earlier today and has so far held around this key resistance.
The last 24 hours started with the BTC rate around $23.8k. It traded around this value all day, moving above $24k and trading around that level. It dropped to around $23.5ki very briefly before returning to around $24k at the time of writing.
Going forward, Bitcoin stagnates again just below the key $24k resistance. It went above this important level several times, but it is still a stone’s throw away from it. The bulls need to make a move above $24k asap. If they don’t, the Bears will get another chance. The overall outlook for the market is rarely positive, and foreign exchange reserves are at historic lows. So, it would be highly beneficial for the bulls if they move above the main resistance in the near future.
Bitcoin’s total market capitalization was around $456 billion and its share of the crypto market was 42.36%.
Altcoins remain stable
Other cryptocurrencies, also known as altcoins, remained largely stable at the end of the day. Big winners were Binance Coin (BNB, 6.5%), Polkadot (DOT, 3.8%), Avalanche (AVAX, 3.2%) and Ethereum Classic (ETC, 8.27%). ETC has gained a lot lately as the ETH merger approaches due to the uncertainty surrounding it.