Bitcoin (BTC) struggled to break through $16,500 yesterday after Monday’s dip, but it finally did last night. Then the price shot up quickly and even briefly exceeded $ 17,000. Since then, bitcoin seems to be finding support around $16,900 and at the time of writing is trading at $16,897 on Binance and $16,320 on Bitvavo.
This means that the bitcoin price is 2.7% up today. Trading volume fell 1.7% in the past 24 hours. The total market capitalization is $326 billion and the dominance is 38%. The Fear & Greed Index comes out at 29 (Fear).
Bitcoin Fear and Greed Index is 29. Fear
Current price: $16,470 pic.twitter.com/3fRgygkoRJ
— Bitcoin Fear and Greed Index (@BitcoinFear) November 30, 2022
Brazil recognizes bitcoin as a means of payment, creates a short squeeze
The rise of bitcoin, and the rest of the crypto market, may be related to positive news from Brazil. A bill was passed there last night to recognize bitcoin as a means of payment in the country. More on this later on Crypto Insiders.
breaking news: #Bitcoin is now officially recognized as a means of payment in Brazil 🇧🇷
The bill was approved today, and now the President’s signature is the last needed step before it becomes law ✍️
Full coverage on my latest for Bitcoin Magazine:https://t.co/E6shHjS7LL
— Namcios (@namcios) November 30, 2022
The news caused a price increase that was then accelerated by a small short squeeze, reports Dutch analyst Maartunn:
— Maartunn (@JA_Maartun) November 30, 2022
A lot of fear in the crypto market
However, most investors remain very cautious. This is because the consequences of the FTX fiasco continue to pile up, but also because the macroeconomic situation is still bad and central banks hawkish stay.
Meanwhile, concerns in the financial markets are also increasing about the massive protests in China against the Covid lockdown. Meanwhile, fears of a recession are on the rise again.
Majority of fund managers are expecting a recession soon 👀 pic.twitter.com/WHPFC1CY5G
— Graham Stephan (@GrahamStephan) November 29, 2022
In addition, Genesis is not trying to go bankrupt. If this crypto company goes under, it could cause a huge blow. The company is affiliated with the Digital Currency Group (DCG) and thus parties such as Grayscale Investments, the largest bitcoin asset manager in the world.
Creditors to crypto brokerage Genesis are organizing with restructuring lawyers and seeking options that would keep the firm out of bankruptcy, sources say https://t.co/iPOB65hocN
— Bloomberg Crypto (@crypto) November 30, 2022
Will Powell move markets again?
More volatility may follow today. Jerome Powell, chairman of the Federal Reserve, is giving a speech tonight. If he bad hawkish or very much dovish sounds about the policy on interest rate hikes, it could provoke another strong reaction in the markets.
Powell speaks at 1:30 ET on Wed.
Wall Street has been so desperate for a pivot that it falls apart every time he talks, including his 8-minute speech at J-Hole on Aug 26 (-3.37%), and his pressers on Sep 21 (-1.71%) and Nov 2 (-2.5%).
Will Jay kill the SPX again? https://t.co/zN3Ypr40IR
— Jim Bianco biancoresearch.eth (@biancoresearch) November 30, 2022
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