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Former BitMEX CEO says Bitcoin has bottomed out

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Former CEO of the company BitMEXArthur Hayes thought Bitcoin (BTC) He bottomed out, saying, “Most of the neglected companies have run out of bitcoin to sell, so the BTC price may have bottomed out.”

Arthur Hayes Bitcoin has bottomed out

According to the former CEO of a cryptocurrency-related stock market, cryptocurrencies may have suffered the worst of it as there are no longer enough tokens to be offered for trading by the largest and most trusted companies. In his opinion, Bitcoin can expect a rally in the coming days.

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To illustrate his position, Hayes says that centric lending institutions tend to use pre-deal loans when faced with financial challenges. Realizing that BTC acts as a reserve asset for cryptocurrency and that it is the purest and most liquid asset, he argues that all companies that are prone to bankruptcy have all gone bankrupt, leaving the coast clear for the bulls.

In a Dec. 11 interview with S. Melker of the podcast I look forward “There has been a massive sale of Bitcoin,” he said. The former CEO of digital asset derivatives platform BitMEX in a post on Dec. 19 made an almost identical argument, claiming that large Bitcoin trades have yet to take place on exchanges due to the crypto winter, where institutions and trading firms are exchanged. Trying to stay afloat by selling their property.

I can’t prove that all of the bitcoins held by these failed institutions were sold during multiple crashes, but it appears they went out of their way to liquidate the most liquid crypto collateral they could use right before they crashed.”

While Arthur was unable to show that every bitcoin held by bankrupt companies was sold during market dips, he does confirm that institutions made every attempt to trade the most valuable crypto collateral before filing for bankruptcy.

To support this hypothesis, Hayes argues that companies on the verge of a liquidity crisis have no reason to hold onto their Bitcoin because at that point it becomes urgent. For example, in May, the Luna Foundation Guard sold most of its Bitcoin reserves to maintain the TerraUSD (UST) stablecoin peg.

On that note, Hayes says the expected course of action for distressed companies is to “ask for loans and then sell their bitcoin holdings to avoid going bust.” Thus, BTC drops in value right before companies file for bankruptcy, with Hayes saying that the crash marks the lowest possible level for Bitcoin in the current cycle.

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In particular, during the weeks following the collapse of the crypto company FTX, Bitcoin price It fell to $15,599 as crisis-hit institutions offloaded their bitcoin holdings. Over the past few months, countless major players in the industry have filed for bankruptcy, including FTX, BlockFi, Voyager Digital, Three Arrows Capital (3AC), and Celsius.

However, Hayes says that the cryptocurrency will not make an immediate recovery as traders try to recoup their losses during bear market rallies, but supports that he remains confident that cryptocurrency prices will come back higher, adding that “it is worth waiting for.”

BTC has entered its winter

The fourth quarter of 2022 saw a loss of about 58% in Bitcoin prices, which was similarly affected by mining activity along with the loss of nearly $1.2 trillion in the market for all cryptocurrencies. Regulators are watching the situation closely due to the heavy losses suffered by institutions and retail investors, and cryptocurrency regulations are getting stricter around the world, especially in the United States.

However, many analysts said that this week is the most important for major cryptocurrencies as there are many important events on the horizon. First, the release of the Consumer Price Index (CPI), which was published on December 13, and second, the Federal Reserve’s expected rate hike decision on Wednesday.

In terms of CPI data, Bitcoin (BTC) and Ethereum (ETH) prices rose after the US Bureau of Labor Statistics released Consumer price index (CPI) for the month of November. From the report, the US Consumer Price Index fell to 7.1% from 7.7% in October. The expected CPI data for November was 7.3%.

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Bitcoin (BTC) price is up more than 3% after the inflation data. In the last 24 hours, bitcoin price is now up 5% from a low of $16,944 to a high of $17,796 as of press time, based on CoinGecko Data. The trading volume rises by more than 25%, which indicates that the traders are engaged.

According to analysts, as the Christmas holidays approach, followed by the end of the year, Bitcoin could record a historic “Santa rally.” However, the same analyst recognizes that other factors also have a say in BTC’s fate, citing the movement of the US Dollar Index (DXY), Bitcoin’s supply shock ratio approaching a 10-year high, and the end of miners selling their assets.

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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.

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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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