Crypto bulls in control after resistance breach

Crypto bulls in control after resistance breach
Crypto
Ara Zohrabyan
Author:
Ara Zohrabyan
Published on: 05.12.2022 17:42 (UTC)
Post reading time: 1.58 min
419

Bitcoin price continues climbing after the bearish dynamics was reversed following the successful breach above resistance two weeks ago. It is above $17,200 currently. A glance at the daily chart reveals bears relinquished control decidedly last week as price climbed to new highs staying above the resistance after breaching above it. Bulls are firmly in control currently!



Global crypto market is showing signs of recovery after the crypto exchange FTX collapse as Bitcoin, the largest cryptocurrency, slumped by 18% in November, its biggest monthly loss in five months while Ether , the second-largest cryptocurrency overall, tumbled 21%. Stronger than expected US jobs report added some uncertainty to expected outcome of Federal Reserve’s meeting next week as traders weigh whether strong jobs market report won’t make [policy makers lean toward another 75-basis point rate hike. Meanwhile Genesis creditors hired lawyers to look how to prevent crypto brokerage's bankruptcy and finance giant TP ICAP obtained UK crypto license, and Telegram announced plans to build crypto exchange in response to FTX collapse.

 

Genesis Global Trading's creditors have hired restructuring lawyers to find a way to avert the crypto brokerage from having to file for bankruptcy. Two different law firms have been retained after the crypto investment bank suspended redemptions and new loan originations on November 16.

 

TP ICAP, the world’s largest interdealer-broker, has registered as a digital-asset provider with the UK’s Financial Conduct Authority. The company, which is a major player in infrastructure for wholesale markets for traditional finance, is working with custodian Fidelity Digital Assets to offer a platform to match orders and execute spot crypto trades.

 

Telegram founder Pavel Durov has announced plans to develop decentralized cryptocurrency products, including a crypto exchange and non-custodial wallets. Durov claimed Telegram seeks to rectify the existing centralization of cryptocurrency entities, pointing out that the current blockchain ecosystem has deviated from its founding principle of promoting decentralization.

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