Home Forex BTC – On the ropes!

BTC – On the ropes!

by SuperiorInvest

The entire cryptocurrency ecosystem is experiencing a real shock, partly due to the loss of investor confidence after the earthquake caused by the collapse of the exchange platform FTX and the domestic investment fund Alameda, both owned by Sam Bankman-Fried. The aftershocks were long overdue, and Genesis, an American trading company specializing in crypto-currency lending that focuses primarily on institutional clients, could become the first major casualty of the FTX-Alameda affair. This jolt served Bitcoin, which is struggling hard to bounce back, and is currently below par $16,000 in $15,633.

To avoid bankruptcy Genesis engaged in a real race for funding up to 1 billion dollars. In this context, the company turned to an investment fund Apollo Global Management as well as k Binance but suffered a re-buff. The exchange platform explained that the potential conflict of interest with the economic model Genesis would be at the beginning of its withdrawal. Last night the company announced that it was revising its need for refinancing downwards, from 1 billion dollars on 500 million. However, the company said it has no plans to file for bankruptcy “in the near future.”

Source: @Genesis on Twitter

Already today, crypto broker Genesis warned of the risk of bankruptcy due to contagion from the rapid demise of Sam Bankman-Fried’s FTX empire, according to Bloomberg .

This difficult climate has been further exacerbated by the return of the dollar as a safe haven, the rise in the number of Covid cases in China and hawkish remarks by some members of the Fed, as well as the continuation of the war in China. Ukraine, which could cause the risk of a nuclear accident.

Technical analysis

BTC the price is currently at $15,700 the level below his cloud KIJUN (Lv) and Tenkan (Lj); lagging span (Lb) is located under the cloud and its partners clearly show a bearish momentum. This decline could lead the price to the lowest level at $15,428, and if it is broken, it could reach its support level $14,000 the second time. Conversely, if the price started to rise again, it could reach $18,354.

 

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Kader Djellouli

Market analyst

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