Today, November 29, a lot has happened in the crypto news. In this article we list the most interesting and biggest news for you. Although the bitcoin (BTC) price is still stable, there are a number of situations to take into account, including the situation in China.
Bitcoin price today
Starting with the bitcoin price. This morning’s daily update showed it was trading around $16,500 on Binance and $15,900 on Bitvavo. Today little has changed during the day.
Bitcoin does not seem to be able to break through $16,500 for the time being, resulting in a small drop today. This morning’s price update also showed that the selling pressure can increase; the Hash Ribbon indicator confirms that miners have entered a capitulation phase. The hash rate is falling and the flow from miners to crypto exchanges is growing.
Situation in China crucial for bitcoin
The situation in the world was already shaky due to COVID-19 and the Russian war in Ukraine. Now there seem to be problems in China as well. According to Jim Wyckoff, the turmoil in the country could spill over to global markets, including crypto.
According to him, it may be a bad sign that bitcoin did not rise during the past weekend. Bitcoin should be a safe haven for many, but it turned out not to be for the Chinese. According to Wyckoff, the bears therefore the short term upside with possible further declines ahead.
Bitcoin investors not afraid
Is there no good bitcoin news to report? Fortunately; despite the collapse of FTX, many investors still bought bitcoin. This is evident from data from blockchain analysis company Glassnode. Since FTX went under, so-called ‘shrimps,” which are wallets with less than 1 BTC, 96,200 bitcoins. This group of wallets now owns 6.3% of the total amount of bitcoins in circulation.
Also the ‘crabs,’ wallets with 1 to 10 BTC, hit aggressively. Not everything flows from bitcoin purchases. It is likely that a large group of investors prefer to get their crypto from exchanges and send it to their own wallet.