Bitcoin finds a new support around the $16,500 levels.
In an unfortunate event, a prominent crypto lending firm exchange posted a tweet, stopping withdrawals and new loans at its lending unit. They claimed to have witnessed high levels of withdrawals recently post the bankruptcy of another major exchange, after which they had to take this step to conserve liquidity. It does not come as a surprise since investors worldwide have been rushing to conserve their capital amidst turmoil in the global crypto markets. This has led to record redemptions in crypto exchanges around the world, with liquidity being the most important aspect now.
Even in uncertain times, many investors remain bullish on crypto, reinforcing their belief in the technology. Among those bullish is Tim Draper, a billionaire investor who has always been positive about crypto. As he puts it, “No change in the price prediction. Still $250,000 by early next year.” Draper in fact believes that the recent bankruptcy will lead to more decentralization in the markets.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16,500 on November 17, with BTC/USD down by 0.34% in the last 24 hours. BTC/USD is trading below its 20-day EMA (18,954.47), with other altcoins also trading flat in the last 24 hours. Regulatory authorities are expected to frame stricter rules for crypto in the coming future, owing to recent events.