Bitcoin price forecast remains neutral on Saturday, with BTC consolidating from €16 to €400. Market volatility remains low despite the Thanksgiving holiday and a number of fundamentals fueling aversion sentiment to risk and keep investors in the dark.
Central Bank of Singapore Warns of Crypto Risks
The Monetary Authority of Singapore (MAS), the central bank of Singapore, issued a press release this week to clear up various misunderstandings and issues that arose as a result of the FTX crisis. The MAS then explained why he chose Binance over FTX.
According to MAS, neither Binance nor FTX are licensed in Singapore. FTX has not aggressively recruited users in Singapore, unlike Binance. The MAS ordered Binance to stop providing payment services to Singaporeans in September last year. A few months later, the cryptocurrency exchange stopped operating in the city-state.
The regulator said there was no evidence that FTX was directly targeting consumers in Singapore. Also, Singapore dollars could not be used to transact on FTX. Singaporeans, on the other hand, could use FTX services online. The most important message from the FTX crash, according to MAS, is that trading cryptocurrencies on any platform is risky and investors can lose all their money.
According to the MAS, many cryptocurrencies have lost value and are extremely volatile. Furthermore, the current turmoil in the cryptocurrency industry suggests that cryptocurrency trading is rife with pitfalls.
The warning from the Central Bank of Singapore that even legal cryptocurrency exchanges can fail has had a negative impact on the BTC/USD price.
Bitcoin Worth €1.5 Billion Remaining Coinbase
On November 24, 50 BTC was withdrawn from Coinbase and it exceeded €000 million at the time, making it the second largest BTC withdrawal from Coinbase in 800.
The next day, November 25, another withdrawal of 50.000 BTC was made, worth around €825 million. These institutions are taking advantage of the low prices and hoarding BTC as on-chain data suggests the bottom of the bear market cycle is near.
The second withdrawal of 50 BTC depleted Coinbase's reserves of more than $000 billion in just two days, making it the third largest BTC withdrawal in Coinbase history. Statistics show that Coinbase is not the only exchange seeing large BTC drawdowns.
Since January 2022, the BTC balance on all exchanges has been steadily declining. According to the data, the balance of decentralized exchanges fell below 12% for the first time since January 2018.
Binance Launches $XNUMX Billion Recovery Fund
Binance, the world's largest cryptocurrency exchange, announced the launch of the Industry Recovery Initiative on November 24. The initiative aims to help the struggling cryptocurrency industry in the wake of the FTX crash.
According to the exchange blog, Binance has committed €1 billion to the IRI, with the ability to quickly increase this amount to €2 billion if necessary.
Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group were among the companies that submitted 150 applications to help IRI.
The goal of this new initiative is to help the most unique and high-caliber companies founded by the best entrepreneurs and engineers facing severe and immediate financial difficulties.
According to a blog entry, this initiative stands out for its collaborative strategy to restore trust in Web3. Binance is trying to revitalize the cryptocurrency market. As a result, the news will increase the value of BTC/USD.
bitcoin price
The current price of Bitcoin is €16 and the 598-hour trading volume is €24 billion. Bitcoin is up more than 17% in the last 0,50 hours. CoinMarketCap currently ranks first, with a live market capitalization of €24 billion. It has a maximum supply of 318 BTC coins and a circulating supply of 21 BTC coins.