Bitcoin price prediction remains neutral as the BTC/USD pair is consolidating in a narrow of $16,000 to $17,250 as ongoing FUD kept price action limited. The SCB had FTX under observation earlier this week.
There was a joint investigation into FTX’s infractions by the regulator and the Financial Crimes Investigation Branch. This came after FTX said it would begin processing withdrawals in Bahamian dollars at the SCB’s request, a move the commission quickly quashed.
#BAHAMAS: The development came after FTX stated it would begin facilitating withdrawals of Bahamian funds at the behest of the SCB, which the commission soon refuted.
— CaribbeanNewsNetwork (@caribbeannewsuk) November 18, 2022
While the SCB has been investigating the exchange, new reports show it has already taken action against it.
On November 17th, the governing body issued a statement saying it had taken control of FTX Digital Markets (FDM) funds and transferred them to a digital wallet managed by the SCB.
The commission claimed they did this to protect customer funds and assets. As more authorities looked into FTX exchange, a bankrupt company, the situation deteriorated.
The cryptocurrency market has been severely impacted as a result of the exchange’s demise. In light of this development, BTC/USD owners may decide to liquidate their holdings. Moreover, the price could go up or down due to random fluctuations.
Genesis Global Capital Pause Withdrawals
Derar Islim, interim CEO of Genesis Global Trading, notified customers on November 16 that, in the wake of FTX’s demise, the company’s lending division has temporarily suspended cash withdrawals and new loan applications. Genesis Global Capital, the division responsible for working with institutions, has $2.8 billion in outstanding loans as of the end of the third quarter of 2022, as stated on the company’s website.
As far as Islim is aware, Genesis Trading, which acts as a broker for Genesis Global Capital, is wholly separate from Genesis Global Capital and is supported financially by that loan company. He then added that Genesis’ trading and custody services are active and in full working order.
Islim revealed to the audience that Genesis is considering its options in the loan market, one of which is finding a new source of liquidity. In addition, the following week Genesis will brief customers on its plans, he said. The BTC/USD pair and other cryptocurrencies all fell after Genesis Global Trading suspended withdrawals. Hence, this is keeping Bitcoin’s uptrend limited.
Bitcoin Price Prediction
As of writing, Bitcoin is trading at $16,790, an increase of 1.62% in the past 24 hours. Plus, its value has fallen by more than 4% in only the past week. Bitcoin’s price is currently consolidating in a trading range between $16,000 and $17,200.
The BTC/USD pair has completed a 38.2% Fibonacci retracement at the $18,100 level in the 4-hour period and has now gone below the 23.6% Fibonacci level of $17,250. Bitcoin’s price is currently below resistance at $17,234, but it has support of around $15,850.
There is a negative bias in the RSI and 50-day moving average, suggesting that Bitcoin’s price could drop to $14,530 if the current support level fails to hold.
Recent contracting histograms on the Moving Average Convergence Divergence Indicator (MACD) suggest that the negative momentum is ebbing. But today selling pressure is evident below the $17,250 mark. However, if there is a surge in demand for bitcoin, the BTC/USD exchange rate might rise above $18,250 and head toward $20,000.
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