The Bitcoin price outlook hasn’t changed much during today’s Asian session as BTC remains above the important $16,550 support level. Given the bullish technical cues, the market is waiting for a critical breakout signal before entering a typical bull market.
An ongoing market fear is keeping Bitcoin and other cryptocurrencies under pressure.
Sam Bankman-Fried Rescinds Extradition Contest
Former FTX CEO Sam Bankman-Fried plans to appear in court in the Bahamas on Monday to withdraw his opposition to extradition to the US, where he faces fraud charges. As he rode the cryptocurrency bubble to make FTX one of the largest exchanges in the world, Bankman-Fried acquired an estimated fortune of over $20 billion.
The 30-year-old cryptocurrency mogul was charged in Manhattan federal court on Tuesday with allegedly stealing billions of dollars from FTX customers and using the money to pay off debts, cover personal expenses and invest in his crypto hedge fund Alameda : Research LLC.
If he agrees to extradition, he could be charged in a US court with wire fraud, money laundering and improper use of campaign funds.
According to Margulies-Ohnuma, Bankman-Fried will appeal and a judge will decide on bail at her preliminary hearing in Manhattan. That hearing should take place within 48 hours of Bankman-Fried’s arrival in the United States, the attorney said, adding that it likely will happen much sooner.
Mazars stops working with crypto companies, Binance is in danger.
Sam Bankman Freed’s fall from grace is complete, and as a result, his rival Changpeng Zhao, the founder of the cryptocurrency exchange Binance, is under increasing scrutiny.
Concerns were raised again on Friday when auditing firm Mazars Group suspended work for Binance and other cryptocurrency firms over reports that should show the firms are holding enough reserves to cover a potential surge in consumer withdrawals.
Zhao has often stated that Binance does not embezzle customer funds, as FTX allegedly did, and that his exchange can handle any number of withdrawals. Binance has been around longer than FTX, which means it has weathered previous “crypto winters,” such as the 80% drop in Bitcoin’s value between December 2017 and December 2018.
Anyway, those were tough days.
Indeed, it was likely the market’s mistrust of Mazars’ “proof of reserves” reports that forced the business to cease all such work. This latest move by Mazars threatens to cloud a picture of accounting that many already considered opaque.
Binance’s market dominance in the wake of the FTX collapse doesn’t sit well in a sector that advocates decentralization, even for those who ostensibly support CZ and its exchange.
The recent fall in cryptocurrency prices in response to the news of CZ’s company is adding fuel to the fire, causing Bitcoin and other leading altcoins to fall. Let’s look at the technical side of the market.
Bitcoin price prediction
The current price of Bitcoin is $16,747 and the 24-hour trading volume is $11 billion. Bitcoin price is down almost 0.20% since yesterday.
The BTC/USD pair is expected to find immediate support near $16,560 on Sunday. BTC prices could bounce to the 23.6% Fibonacci retracement level at $17,000 as the RSI and MACD indicators are in the oversold zone.
Further, the BTC/USD pair should meet new resistance at $17,250, a level stretched by the 38.2% Fibonacci retracement point and the 50-day simple moving average.
On the other hand, a break below $16,570 could expose BTC to $16,150.
Highly profitable altcoins
Several coins are making news because of the risk-limiting mindset in the cryptocurrency market.
Let’s take a look at them.
FightOut (FGHT) – Pre-sale begins
FightOut, a brand new earn-to-go (M2E) fitness app and gym network that aims to bring the fitness lifestyle to the web3, has begun its pre-sale, and investors believe the initiative has the potential to revolutionize the current web3 M2E. landscape.
Existing M2E apps like StepN simply measure steps and require expensive non-fungible token (NFT) purchases to join, but FightOut offers a more comprehensive approach to tracking and paying its users for their exercise and activity and doesn’t demand anything. expensive purchases.
FightOut’s FGHT tokens are currently available at 60.06 USDT for 1 USDT, and interested investors should act soon to secure their tokens, as the pre-sale has raised over $2.86 million in just a few days.
The FightOut crypto ecosystem will be powered by the FGHT coin.
Visit FightOut now!
Dash 2 Trade (D2T) – Pre-sale enters final phase
Dash 2 Trade is a promising cryptocurrency trading platform startup that you can invest in. With its unique features, the upcoming analytics and social trading platform is set to take the crypto-trading sector by storm. Trading signals, social sentiment and chain indicators, pre-sale token rating system, token listing signal system and strategy backtesting tool are among the features.
The Dash 2 Trade ecosystem will be powered by the D2T token, which users must purchase and hold to use the platform’s services. Dash 2 Trade is now running a token pre-sale at significantly reduced prices with sales exceeding $10 million. The tokens can currently be purchased for $0.0533 per token and will be listed on several centralized exchanges over the next month.
Visit Dash 2 Trade here
Calvaria (RIA) – Final pre-sale now!
Play-to-earn combat crypto game RIA can become a reality. Calvaria’s mission is to increase crypto acceptance by building a bridge between the real world and cryptocurrency in the form of a fun and simple crypto game. Investors can take a look at Calvaria’s RIA token presale.
With only 20% of tokens remaining, Calvaria has now raised $2.48 million and is nearing the end of its fundraising campaign.
Visit Calvaria now!
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