The price of bitcoin has been in a downtrend since December 16. The price of the first cryptocurrency has reacted badly to rumors on the Binance exchange platform. Since then, bitcoin traders have grown suspicious and have begun withdrawing assets from the platform.
Since December 16, the price of bitcoin has fallen below $17,000. The fear awakened by Binance Insolvency Risk and other exchanges do not do bitcoin business.
Binance Insolvency Risk Drives BTC Downfall
The decline of bitcoin was fueled in part by the wave of panic surrounding Binance’s possible insolvency risk. TradingView analyzed data from the BTC/USD pair on Bitstamp and reveals that bitcoin broke through the $16,928 mark. Still, this pair has seen some growth lately due to the FED policy update and macro data in general.
But concerns about Binance’s solvency have exposed bitcoin’s fragility, if not high volatility. This is how many traders predict the fall of Binance, which has become the largest cryptocurrency platform in the world after bankruptcy in FTX.
Binance’s bankruptcy would lead to a drastic drop in bitcoin, Ethereum and the entire crypto market. This may have been noticeable as bitcoin was not the only crypto to fall following Binance rumours. In fact, the price of Ethereum also fell, as did the price of Binance Coin (BNB), which is at $240.
Binance Reserve Data provides market certainty
Earlier this month, Binance released its backup data in an attempt to prove it was creditworthy and a reliable platform. However, this data, which had been audited by the Mazars firm, had been the subject of fierce controversy. Subsequently company CryptoQuant conducted another audit of Binance’s reserves. He published his report on December 14 and confirms that Binance is solvent and in good financial health.
In its report, CryptoQuant explains that in order to audit Binance’s reserve data, it made a comparison between the commitments announced by the platform and the on-chain metric data regarding the reserves. binance reserves in BTC. This is how CryptoQuant claims that the data provided by Binance is similar to the one presented in their audit report.
Binance CEO, Changpeng Zhaoalso tried to reassure investors, calling the rumors “scared blue”.
Despite this reassuring report and the efforts of Binance’s CEO, pbitcoin price continued to decline until it hit the $17,000 mark on December 16. Some pessimistic traders predict that BTC will enter a new downtrend and it could fall as low as $12,000.
Bitcoin aims for new level of support
In the face of a general decline in the cryptocurrency market, bitcoin is targeting a new level of support $16,700. Many traders hold Binance Coin responsible for bitcoin not looking good.
However, at the opening of Wall Street on December 16, BTC looked poised to break through the $17,000 mark.
Is it time to turn to altcoins in pre-sale?
The current market situation and the price forecast on bitcoin is not reassuring. Therefore, if you want to invest in cryptos, you should turn to presale altcoins. There are many cryptos in presale at the moment and some are worth it. Here are some of them.
Dash 2 Trade, end of pre-sale soon
Dash 2 Trade (D2T) is a popular cryptocurrency trading platform. It offers many tools for both new and experienced traders to make better decisions in the market.
To the extent social analytics and trading platform, D2T offers several very useful features. This is the case for trading signals, a pre-sale token evaluation system, social sentiment and trading platform performance indicators, a token registration notification system, a back-testing tool for trading strategies, etc.
The Dash 2 Trade platform will be powered by D2T, its native token, which will be used to access the various features. Currently ending its pre-sale, Dash 2 Trade has already managed to raise over $9.9 million. Its D2T token is available from $0.0533 and once listed on crypto exchanges, the price will increase.
FightOut (FGHT): a fitness application currently in pre-sale
Fight it out (FGHT) is a newly launched move-to-earn (M2E) fitness app. This chain of gyms aims to establish itself in Web3 and offer the fitness lifestyle to various users. The pre-sale of FightOut started a short time ago, and the investors believe that the project promises a lot.
The FightOut Platform also aims to transform the M2E landscape in Web3 and differs from other existing M2E platforms. In fact, we can note that these platforms are not efficient and to participate in them you have to destroy yourself by acquiring non-fungible tokens (NFT).
But with fight out the approach is different, users benefit from a global follow-up and they are rewarded for their exercise and their activity on the platform. Plus, with FightOut you don’t have to go broke buying NFTs.
Right now on sale,FGHT tokens are available at a price of 60.06 for 1 USDT. In a few days, the presale brought in more than 2 million dollars.
Calvaria (RIA): already in the last pre-sale stage
Calvary (RIA) is a blockchain based crypto battle card game. It’s an interesting alternative to the Axie Infinity, which has lost a lot of ground over the course of this year. Unlike other crypto games, Calvaria is thriving and has set itself the goal of getting crypto adopted by as many users as possible.
The pre-sale of RIA token of Calvary is currently in its final phase and only 21% of tokens are still available. The platform managed to raise $2.45 million through its pre-sale.