On Sunday, November 20, the total market capitalization of the cryptocurrency is $821 billion, which is 1.93% lower than yesterday. The market capitalization of DeFi coins decreased by 1.83%.
Bitcoin, the leading cryptocurrency, was mostly unchanged, up 6% from its recent low of $15,828. Since Bitcoin has been trapped below $17,000 for days, there has been no significant move in the asset.
With such low trading volumes, this was to be expected to some extent. This has a knock-on effect on alternative currencies, with Ethereum (ETH) in particular struggling to sustain above $1,200.
Let’s take a look at the fundamental events impacting the cryptocurrency market today.
Grayscale avoids reserve evidence, creating fear of collapse
The imminent collapse of Grayscale is of greater concern now that the Bitcoin fund has refused to release proof of reserves.
When asked why it couldn’t publish its portfolios on Nov. 18, the investment firm used a Twitter thread to blame security concerns for the uproar. Since Grayscale and Genesis are both owned by Digital Currency Group, skepticism regarding the company’s financial stability has increased.
The cryptocurrency world wondered how this could affect Grayscale and its key product, GBTC. Reports that Genesis was unable to raise $1 billion before halting withdrawals also fanned the flames.
On his Twitter thread, Grayscale says he creates a separate company for each product. It said sales of the underlying assets could not take place due to regulations surrounding its digital asset offerings. It has also been said that Coinbase Custody Trust Company is the custodian.
Neither Grayscale nor its parent company own the Bitcoins used to support the GBTC product.
Grayscale’s Twitter thread further mentioned:
“Due to security concerns, we do not make such on-chain wallet information and confirmation information publicly available via cryptographic reserve proof or other advanced cryptographic accounting technique.”
Exchanges such as Binance, Huobi, and Crypto.com have released backup proofs in an effort to gain the trust of the community.
Thus, the imminent collapse of Grayscale is keeping the cryptocurrency market’s uptrend limited.
Kraken Founder Jesse Powell Predicts Next ‘Big Event’
After the collapse of FTX, industry veteran Jesse Powell shares his thoughts on the current cryptocurrency industry climate and offers a prediction of what will drive the market out of its bear market.
As Powell explains in a new interview for the Bankless podcast, the industry will need time to recover from the FTX catastrophe due to the loss of billions of dollars and the need to rebuild its reputation.
The Bitcoin (BTC) halving, which is expected to take place in the first half of 2019, has been cited by the founder of Kraken as a potential next bullish driver for the cryptocurrency markets.
Bitcoin price prediction
The current price of Bitcoin is $16,553 and the 24-hour trading volume is $18 billion. Bitcoin is down more than 0.50% in the last 24 hours. CoinMarketCap now ranks first, with a live market cap of $318 billion. It has a total amount of 21,000,000 BTC coins and a circulating supply of 19,212,587 BTC coins.
Bitcoin price is currently consolidating within a broad trading range, ranging from $15,800 to $17,200. As the price of Bitcoin fell below the 23.6% Fibonacci level of $17,250, the probability of a downtrend remains high until the next $15,800 support area.
On the downside, Bitcoin’s immediate support is at $14,530 and the price could drop as low as $13,850 if the downtrend continues. With the RSI and 50-day moving average pointing to a bearish bias, Bitcoin price could drop below $15,830 if the current support fails to hold.
Today, however, the selling sentiment is still strong below $17,250. Rising demand for BTC, on the other hand, could push the BTC/USD price above $18,250 and towards $20,000.
The best cryptocurrencies in presale
Given the recent slowdown in the cryptocurrency market, you may be wondering which coins have good upside potential.
Let’s talk about the best cryptocurrencies currently in presale and with high upside potential.
Click 2 Exchanges (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time analytics and social data, enabling them to make more informed decisions.
It started its token sale three weeks ago and raised over $6.6 million. It also announced the launch of its first CEX listing on LBank exchange.
1 D2T is currently worth 0.0513 USDT, but is expected to rise to $0.0533 in the next round of selling and $0.0662 in the final round.
Visit Dash 2 Trade now
Calvaria is a brand new cryptocurrency gaming project with the potential to dominate the gaming market for earnings.
According to the developers of Calvaria, one of the main obstacles to the widespread adoption of Web3 games is that the games require users to have technical knowledge of cryptocurrencies. As a result, a large number of users are excluded.
Calvaria allows users who don’t own cryptocurrency to play the game, setting it apart from the competition and opening up the game to a whole new audience. The resale of RIA is gaining momentum, with the project already in phase 4 of 10 and nearly $1.8 million in funding.
At the moment, 1 RIA token costs $0.025 USD, but this will increase incrementally with each successive phase of the presale, which is currently in Phase 4.
Visit the Calvaria pre-sale now
Another project with the potential to change the gaming community and the virtual world is RobotEra (TARO). Although the pre-sale of the asset has only recently begun, there is already a lot of interest from potential buyers.
The platform’s native token is TARO, and it is a blockchain-based Metaverse where users can create avatars and explore a digital world. RobotEra players can buy land, build on it and expand their regions with various resources.
RobotEra also has a shared metaverse where users can participate in a variety of activities such as sports, concerts, and other competitive events. The first phase of the TARO pre-sale is now active and is rapidly selling out.
Visit the RobotEra presale now