Minor rallies were witnessed in the market, but the general outlook remains the same.
Bitcoin witnessed a brief rally upward on November 15, 2022, helped by slightly positive viewpoints of the world economy. Though it is still trading below $17000, it crossed the $17K threshold by a small margin for a brief span of time. Notably, the United States Bureau of Labor Statistics released the Producer Price Index (PPI) for October, which indicated that wholesale prices rose less than expected. Stock markets also witnessed uptrends due to this news. This may lead to the Federal Reserve rethinking the rate hikes for the future since inflation seems to have hit its peak.
Post the bankruptcy of a prominent crypto exchange where major venture capitalists were involved, the crypto markets crashed, leading to a war of words on social media debating the future of this industry. Many noted that a strong regulatory framework governing the crypto markets would have prevented a crisis of this scale. Long-term investors remain comparatively positive and have helped increase inflows into crypto investment products.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16,800 on November 16, with BTC/USD down by 0.29% in the last 24 hours. BTC/USD is trading below its 20-day EMA (19,092.67), with other altcoins also not witnessing much change in the last 24 hours. Crypto experts continue to push for better regulations for the industry, which would reduce scams and fraud and boost the markets.