Bitcoin price showed a slight increase of 1.71%% in the last 24 hours amid crypto-lending platform BlockFi filing for chapter 11 bankruptcy. In the last 24 hours, Bitcoin trading volume was $25,195,723,296 USD.
The worrisome negative sentiment going around at this point is that crypto-lending platform BlockFi filed for bankruptcy on Monday just days after suspending production following FTX's bankruptcy filing. The liquidity crisis that caused the collapse of the FTX crypto exchange has caused the companies involved to be affected.
FTX, founded by Sam Bankman-Fried, filed for bankruptcy in the United States earlier this month after investors pulled $6 billion from the platform in three days and rival exchange Binance dropped a bailout plan. However, amid the overwhelming negative sentiment, the market capitalization of the cryptocurrency market increased by 2.01% to $834.81B since yesterday.
The current Bitcoin price is $16,498 US dollars, and the 24-hour trading volume is $25,204,216,179 USD. Bitcoin has increased by 1.71% in the last 24 hours. It has a total supply of 21,000,000 BTC and a circulating supply of 19,219,606 BTC. Unfortunately the price of Bitcoin has yet to break the $16,800 barrier. A fall below the $16,000 support area, BTC could suffer further losses.
BTC/USD traded higher on Tuesday after finding support at the $16,000 trading level. In the 4-hour time frame, the trend line is up, distancing from the support level near the $16,000 level, and a close above this level could indicate an upward recovery in Bitcoin. Conversely, initial resistance for Bitcoin is at $16,650, which is supported by a downtrend line.
Basically the turmoil that befell FTX and the Covid-19 crisis that happened in China had an impact on the crypto market in November.
