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Bitcoin shrugs off BlockFi, China protests as BTC price holds $16K

Bitcoin (BTC) held crucial $16,000 support into Nov. 29 as bulls weathered ongoing FTX fallout and macro triggers.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader teases BTC long as $16,500 reappears

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD leaving lower levels untouched overnight.

The pair had seen a flash downturn after the Nov. 27 weekly close thanks to uncertainty from China over COVID-19 measures.

A recovery nonetheless took the market higher, with $16,500 coming into play at the time of writing.

As Cointelegraph reported, traders and analysts had warned that it was all but essential to preserve current support, with a violation opening up the road to $14,000 or lower.

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Blockchain-based fintech company prepares to enter $500B freight settlement market

Although rare, real-world blockchain utility does exist, now evidenced by one company’s efforts to reduce transactional fees in supply chains.

FTX reportedly used Alameda's bank accounts to process customer funds

Former FTX CEO Sam Bankman-Fried, in a conversation with Vox admitted to using Alameda’s banking facilities for FTX user deposits.

FTX reportedly used Alameda's bank accounts to process customer funds

Former FTX CEO Sam Bankman-Fried, in a conversation with Vox admitted to using Alameda’s banking facilities for FTX user deposits.

First US State where you can no longer mine crypto: Law Decoded, Nov. 21-28

New York governor Kathy Hochul signed the moratorium, prohibiting any new mining operations that aren’t based on 100% renewable energy.

National Bank of Ukraine releases draft concept for digital hryvnia

One of the design options for the Ukrainian CBDC describes the e-hryvnia available for usage in crypto exchange operations.

National Bank of Ukraine releases draft concept for digital hryvnia

One of the design options for the Ukrainian CBDC describes the e-hryvnia available for usage in crypto exchange operations.

LBRY alleges Apple forced it to censor certain terms during COVID-19

After Elon Musk lamented the winding back of Apple's Twitter advertising, crypto company LBRY replied about its own troubles with Apple and censorship.

Israel's chief economist lays out recommendations for crypto regulation

The chief economist said the Supervisor of Financial Service Providers and the Israel Securities Authority should be granted more powers to oversee the industry.

Israel's chief economist lays out recommendations for crypto regulation

The chief economist said the Supervisor of Financial Service Providers and the Israel Securities Authority should be granted more powers to oversee the industry.

Calls for regulation get louder as FTX contagion continues to spread

The FTX saga has made some crypto executives, researchers, analysts, and politicians more aligned on regulation than ever.

Calls for regulation get louder as FTX contagion continues to spread

The FTX saga has made some crypto executives, researchers, analysts, and politicians more aligned on regulation than ever.

Calls for regulation get louder as FTX contagion continues to spread

The FTX saga has made some crypto executives, researchers, analysts, and politicians more aligned on regulation than ever.

FTX resumes employee and contractor payments after weeks in limbo

Bankrupt crypto exchange FTX has announced it will be “resuming ordinary” cash payments, salaries and benefits to its remaining employees around the world.

The announcement came from new FTX CEO John Ray III on Nov. 28, as the insolvency professional looks to help FTX and its approximated 101 affiliated companies (FTX Debtors) navigate their way through the U.S. Bankruptcy Court in Delaware.

"With the Court's approval of our First Day motions and the work being done on global cash management, I am pleased that the FTX group is resuming ordinary course cash payments of salaries and benefits to our remaining employees around the world.”

“FTX also is making cash payments to selected non-U.S. vendors and service providers where necessary to preserve business operations, subject to the limits approved by the Bankruptcy Court,” he added.

The announcement comes around 10 days after FTX debtors filed a motion to pay prepetition compensation and benefits to employees and contractors in the Delaware bankruptcy court on Nov. 19, which excludes payments to former FTX CEO and founder Sam Bankman-Fried, along with Gary Wang, Nishad Singh, and Caroline Ellison.

FTX resumes employee and contractor payments after weeks in limbo

The payments will exclude former FTX CEO Sam Bankman-Fried, and certain former execs including Gary Wang, Nishad Singh, and Alameda's Caroline Ellison.

FTX resumes employee and contractor payments after weeks in limbo

The payments will exclude former FTX CEO Sam Bankman-Fried, and certain former execs including Gary Wang, Nishad Singh, and Alameda's Caroline Ellison.

Bitcoin capitulations abound — Data shows realized and unrealized losses at record-highs

Bankruptcies, shrinking profit margins and traders realizing hefty losses are all signs of capitulation from various market participants.

Bitcoin capitulations abound — Data shows realized and unrealized losses at record-highs

Being three weeks removed from the FTX collapse, Bitcoin (BTC) analysts are combing through data to decipher whether more selling will continue or if a bear market floor has been reached. 

One thing miners, short-term and long-term holders have in common is they are losing in the Bitcoin market right now.

According to on-chain analysis from Glassnode, the scale of both realized and unrealized losses amongst Bitcoin holders is one of the heaviest capitulation events in BTC’s history. Capitulation is hindering all groups from the increasing number of bankruptcies and dwindling miner revenue.

Bitcoin’s realized losses fourth largest on record while unrealized losses increase

November recorded $10.8 billion in 7-day realized losses for Bitcoin. The largest recorded realized loss in Bitcoin’s history is June 2022 when $19.8 billion was recorded. Such losses show that a large volume of Bitcoin has changed hands at discounted prices.

Bitcoin realized 7-day losses. Source: Glassnode

A popular crypto investing saying is “you cannot lose if you do not sell.” Unrealized losses track the entire Bitcoin market versus total market capitalization. The November 2022 56% unrealized loss is the largest in the current bear market. In 2014-2015, unrealized losses hit an all-time high for Bitcoin holders at 86%. The current unrealized losses are the fourth largest in Bitcoin’s history.

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ECB president reiterates calls for 'MiCA II' in response to FTX collapse

In June, Christine Lagarde said a potential MiCA II framework “should regulate the activities of crypto-asset staking and lending, which are definitely increasing.”

FTX collapse impacts Miami’s nightclub scene: Report

Young crypto entrepreneurs went from spending big bucks on champagne showers to being visibly absent from the nightclub scene.

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