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Bitcoin price is still at $17,000. Pension Fund Predicts Doomsday for Cryptocurrency

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price bitcoin and other cryptocurrencies on Friday as they traded in conjunction with stocks, which have increased this week as risk sentiment improves.

But despite a series of high-profile failures this year that have waned institutional interest in the sector, crypto still faces existential risks.

Bitcoin price rose 2% in the past 24 hours to $17,200, trading near the digital asset’s latest rally. Despite this, the bitcoin price is still down about 20% in a month since the shocking bankruptcy of cryptocurrency exchange FTX on November 11. Bitcoin is trading at about a quarter of its record high in late 2021, but it is still above its record price. Lows of the last two years of $15,500.

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According to Edward Moya, an analyst with the broker OandaAnd the

“Bitcoin appears to be stuck in a swing around the $17,000 level until we get past some key pricing data and [Federal Reserve] resolution.”

Due to the collapse of FTX, there have been no recent developments in the cryptocurrency, resulting in a lull.

The Dow Jones Industrial Average and the S&P 500 are fluctuating in tandem with Bitcoin and its peers, as they have for most of 2022, despite a challenging macro environment characterized by high inflation and rising interest rates. This link has been a double-edged sword in the cryptocurrency market since the FTX crash, as tokens have followed stocks higher while also being vulnerable to a price crash when stocks are down.

At the end of the week, investor sentiment rose. The Consumer Price Index is due next week, followed by Friday’s release of inflation data from the Producer Price Index. The Fed’s monetary policy decision, which will be announced after its meeting on December 13-14, will be the main event, as the institution is expected to ease its painful schedule of rate hikes.

Until then, traders should anticipate that cryptocurrencies will continue to move closely with stocks, even though the Bitcoin technical outlook points to some weakness.

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“Bitcoin held $16,800 despite the S&P 500 dropping significantly this week, which could be a sign of strength in the short term. However, the technical analysis suggests that we may have some downsides” – Marcus Sotirio, analyst at brokerage firm GlobalBlock digital assets

However, there are more important matters at hand than the near future.

Institutions have been shaken by recent events in the crypto world

Institutional investors appear to be turning away as a result of FTX breakdown, which sent cryptocurrency prices down and raised concerns about a crackdown on regulation. The digital currency industry has long engaged with institutions such as banks and pension funds, as their participation is seen as a critical requirement for the upward movement of token prices and broader adoption of digital assets.

According to Reuters this week, which cited two unnamed sources, CPP Investments, Canada’s largest pension fund, has abandoned efforts to seek investment opportunities in cryptocurrency. The Teachers Pension Plan of Ontario and the Caisse de Dépôt et Placement du Québec (CDPQ) have reduced their private investments in cryptocurrency companies to zero as a result of similar negative experiences with digital assets. Cryptocurrency lenders Celsius and FTX, which both filed for bankruptcy this year, had investors including CDPQ and Ontario Teachers.

These actions highlight how difficult it is for established institutions to get involved in cryptocurrencies. According to Stéphane Ouellet, CEO of cryptocurrency derivatives broker FRNT Financial, the Celsius and FTX bankruptcies also show the lack of clear metrics for assessing the viability of cryptocurrency businesses.

“Despite some inroads into Bitcoin and cryptocurrency by traditional finance firms, a clear path toward participation in cryptocurrencies has not been established for the majority of existing financial institutions.”

Ether, the second largest cryptocurrency after bitcoin, rose 4% to more than $1,275. Cardano and Polygon, two smaller altcoins, saw gains of 1% and 3%, respectively. Dogecoin and Shiba Inu both saw gains of 2%, which put memecoins in the black as well.

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BNT/USD is trading near the $0.50 resistance

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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

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BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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DYDX/USD could rise above $1.20

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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

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DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

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