Bitcoin Price Predictions: Market Is Reacting To Genesis Global Capital Bankruptcy News
On January 20th, Bitcoin is trading at a range of $20,600 to $21,650. The reason for its winning streak might be linked to the fact that the market reached its greatest level of investor confidence since July. Meanwhile, institutional investors are the key drivers of the demand for Bitcoin.
#bitcoin is consolidating back in the bear flag and looking to rise to 22k (first target). 21,500 is the major hurdle it needs to surpass to go higher. The most important hurdle is 22,800 (weekly 200MA). If we get rejected there we will correct. pic.twitter.com/KXlRGli5fh
— ₿ᴜʟʟʀᴜɴɴer77 (@BullRunnner77) January 20, 2023
Data released by the crypto analytics firm Santiment shows that the trading crowd’s sentiment has reached its highest level in the last six months and its second-highest level of bullish sentiment in the last 14 months.
Genesis Global Capital Bankruptcy
On the negative side, institutional cryptocurrency brokerage Genesis Global Capital is preparing to file for bankruptcy. This was considered to be a significant element in keeping the lid on any more gains in cryptocurrencies.
It’s important to note that Genesis is now holding confidential conversations with a number of creditors.
BREAKING:
— Tola Joseph Fadugbagbe (@connectwithtola) January 20, 2023
DCG’s Crypto lending subsidiary Genesis files for bankruptcy.
Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on November 16, 2022 after FTX dazed the financial world with its bankruptcy.
The firm has since issued a warning that it could potentially file for bankruptcy. Bitzlato Ltd., a Miami-based digital marketing agency, is charged with money laundering by the US Justice and Treasury Departments.
In addition, Founder Bitzlato got arrested in Miami and this was perceived as another unfavorable element that has been capping the gains in the value of cryptocurrencies, including Bitcoin.
Hawkish Fedspeak & Rising COVID-19 Cases in China
Another factor that was hurting the cryptocurrency market was the hawkish remarks made by a number of Federal Reserve officials, as well as mounting worries about a possible recession this year.
It should be noted that the number of COVID-19 cases in China has risen, raising concerns about its near-term economic prospects. This, combined with the possibility of a worldwide recession this year, is now priced in by the markets, particularly if the Fed keeps raising interest rates.
Asia FX drifts lower on hawkish Fedspeak, weekly losses on tap https://t.co/gs2gpFDuDk pic.twitter.com/Ou6pIg3q0t
— FX Broker Awards ♔ (@fxbrokerawards) January 20, 2023
Moreover, the previously released downbeat US data show that the US economy is slowing down. The United States’ retail sales dropped the most in a year in December, while manufacturing output had its largest decline in over two years.
Sustainable Energy Usage Decline
The Bitcoin Mining Council recently published its Q4 2022 briefing, which revealed a current sustainable energy mix of 58.9%, a 0.5% reduction from the 59.4% number from the previous quarter. Although the current sustainable rate of 58.9% is higher than the rate of 56% as of Q2 2021, it is still somewhat lower than the previous quarter.
Bitcoin mining council Q4 2022 briefing shows a drop in sustainable energy usage – https://t.co/HwntgZszO9
— discount24.com.de (@Discount24D) January 20, 2023
Furthermore, the Bitcoin network consumed “a minimal quantity of global energy” and also was accountable for “negligible global carbon emissions.”
The hash rate experienced an increase of about 50%. While it did contribute to an increase in electricity usage, the efficiency reduced the impact.
Global Crypto Market Mood
The global cryptocurrency market continued to increase and reached $976 billion as a consequence of institutional investors that have been long-term holders of the largest digital asset. However, the majority of cryptocurrencies have recovered on the day.
On the flip side, the recent crackdown on Bitlato appears to have had little effect on the cryptocurrency market. It is crucial to remember that any more developments in this situation should be closely watched as they might have substantial effects on the crypto sector.
Bitcoin Price
Currently, the price of Bitcoin stands at $20,947 after a 0.69% drop in the last 24 hours, with a trading volume of $21 billion. Bitcoin’s immediate support level is near $20,630, and its 23.6% Fibonacci retracement.
If the bearish breakout of $20,630 occurs, the BTC price could be exposed to the next support level of $19,985, which marks the 38.2% Fib level.
However, Bitcoin has formed a series of doji and spinning top candlestick patterns that suggest indecision among investors. BTC may surge to target the $21,200 level.
A bullish breakout of this level has the potential to trigger a breakout above $21,600 and lead BTC toward the $22,000 mark.
3 Coins To Look Out For During Presale
Investing in altcoins can be rewarding for investors, who will get to collect coins before their release. Here are a few coins that are making headlines these days.
FightOut (FGHT)
FightOut is a convenient and cost-effective way to stay fit. By purchasing their FGHT tokens, you can gain access to expert personal training services at a low cost, allowing even those on a tight budget to reap the benefits of exercise.
The FGHT presale was a huge success, raising a whopping $3.08 million. All avatar-related activities have been documented, providing you with an excellent resource against which to judge your actions. You only have a limited time to get 60.06 FGHT for every $1 you spend (in ETH or USDT).
Furthermore, the market forecast indicates that FGHT prices will rise as the sale continues, so act quickly and seize this opportunity.
Visit FightOut Now
C+Charge (CCHG)
C+Charge is launching a groundbreaking blockchain-powered payment system for EV owners. When users make their first charge, they will receive carbon credits, with the ultimate goal of significantly reducing greenhouse gas emissions.
This game-changing technology has the potential to completely transform the long-established carbon credit market, which has been heavily dominated by a small group of people. It creates a level playing field and allows many companies to participate in this sector.
The Voluntary Credit Market (VCM) market is expected to reach an impressive $100 billion by 2030. C+Charge, a market leader in this space, is taking the lead and has successfully raised over $335,000 during its pre-sale, indicating that the industry is expanding rapidly.
Meta Masters Guild (MEMAG)
The Meta Masters Guild has seen tremendous growth, rising from $200,000 to a whopping $550,000 in just a few days. This phenomenal rise suggests that the public has placed a high level of trust in the company’s future expansion and profit-generating ability. Meta Masters Guild will release its first mobile game in Q3 2023.
MEMAG, their own cryptocurrency, enables users to exercise governance rights, engage in staking activities, and buy items and NFTs on the network. In addition, they intend to develop play-to-earn and Web3 games to provide even more interesting gaming experiences.
Early investors have a limited window of opportunity to participate in the MEMAG sale, which presently provides 1 MEMAG for $0.01.
However, this price is projected to rise in less than two weeks, so interested purchasers should act soon if they want to get the currency at the lowest possible price. Don’t miss out on this incredible bargain, which has seven phases!
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