Bitcoin (BTC) sees a small revival after a few red days. On Monday evening and yesterday morning, bitcoin hit its annual low of around $15,600 several times and even dropped to $15,400 on some exchanges.
For the time being, this level has held up, because yesterday afternoon and last night, bitcoin made two jumps. This brings the price back into last week’s range, although the $16,600 seems to provide a little too much resistance for the time being. The bitcoin price is at $16,510 on Binance and $16,000 on Bitvavo at the time of writing.
This means that the bitcoin price is up 5.5% today. Trading volume fell 0.4% in the past 24 hours. The total market capitalization is $317 billion and the dominance is 38.5%. The Fear & Greed Index comes out at 22 (Extreme Fear).
Bitcoin Fear and Greed Index is 22 – Extreme Fear
Current price: $15,783 pic.twitter.com/yoZfnMhxdd
— Bitcoin Fear and Greed Index (@BitcoinFear) November 22, 2022
Equity markets also turn green
The rise in bitcoin and the crypto market is accompanied by a small uptick in other financial markets, such as the S&P 500. It shows that the markets are still highly correlated in this year’s poor macroeconomic condition.
*Tuesday S&P 500 Heat Map: pic.twitter.com/vjOItxVhyc
— Jesse Cohen (@JesseCohenInv) November 22, 2022
FOMC minutes to follow tonight
New key economic data from the United States is being released today. The eyes are mainly focused on the so-called FOMC minutes. These minutes from the previous Federal Open Market Committee (FOMC) meeting may provide more insight into Federal Reserve policy.
Will the Fed be more dovish Or will the Fed remain mainly hawkish? We’ll probably find out at 8:00 tonight. Prices can react volatile to that, but tomorrow is Thanksgiving in the US. That means the markets are closed and the volume in the crypto market is likely to be lower than normal.
Big day tomorrow in terms of economic data and news releases, but it’s the day before Thanksgiving so I expect volume will be muted.
Stay nimble, my friends.
I can’t wait for the November FOMC minutes. pic.twitter.com/kc0R5QY8dt
— Caleb Franzen (@CalebFranzen) November 23, 2022
Largest bitcoin miner in the world in trouble
Core Scientific, the largest bitcoin miner in the world, is in trouble. The company announces that the losses are piling up so much that it is not certain that it will still exist a year from now. When such a miner has to capitulate, it can cause a major blow to the price. More on this on Crypto Insiders later today.
$BTC miner is about to go bankrupt
“The mining competition is intensifying, but the rewards are too small, and the miners are being strangled even more.”
— CryptoQuant.com (@cryptoquant_com) November 23, 2022
Fourth largest 1-day loss in bitcoin history
Analytics company Glassnode reports that last Friday the bitcoin market saw a realized loss of a whopping $1.9 billion. That’s the fourth-biggest one-day loss Bitcoin has ever suffered. This year, only the crash of Terra (LUNA) caused a bigger blow.
The total #Bitcoin market Realized Loss peaked at -$1.9B last Friday.
This is the fourth largest daily realized loss in history, ranking behind:
-$2.0B during LUNA collapse
-$2.2B in June 2021 start of bear
-$2.5B in June 2022 sub-$20k
Live Chart: https://t.co/VIgD2Xgaiv pic.twitter.com/5gBsUgnfZm
— glassnode (@glassnode) November 23, 2022
Number of 1+ BTC addresses is rising sharply
The number of addresses with more than 1 BTC is rising parabolically, says Philip Swift, founder of Look Into Bitcoin. This increase follows the FTX fiasco, but may be due to investors getting their BTC from different exchanges and then keeping it in one wallet.
Number of addresses holding >1BTC has gone parabolic since the FTX fiasco, likely as people take funds off multiple exchanges and consolidate them into cold storage wallets.
Live chart: https://t.co/XFSAZGBJZh pic.twitter.com/INMFyfv8s7
— Philip Swift (@PositiveCrypto) November 22, 2022
Bitcoin whales are not accumulating
Analyst IT Tech warns that bitcoin whales are not yet accumulating. According to the analyst, an increase in the number of addresses does not mean that they accumulate. The balances of the very largest wallets are actually declining:
— IT Tech (@IT_Tech_PL) November 22, 2022
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