As Christmas approaches, the crypto industry is experiencing a lot of speculation and uncertainty. Bitcoin has bounced off its support level at around $16,500, but caution is being urged against chasing pumps in the market. In regulatory news, the SEC has charged FTX founder Sam Bankman-Fried and other executives with various charges and hinted at heightened aggression towards crypto exchanges. Choice.com is offering its first-ever NFT token offering (NTO), encouraging users to mint exclusive and rare tokens. However, some bad news hit the industry as one of the largest Bitcoin mining firms, Core Scientific, filed for bankruptcy amid plunging crypto prices and high energy costs.
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H2: Friday Before Christmas: Wild Times in the Crypto Market
It’s the Friday before Christmas and things are heating up in the crypto market. From Christmas rallies to SEC regulations and high-profile cases, there’s a lot to unpack in this week’s roundup.
H2: Bitcoin’s Price Action and Trading Strategies
Bitcoin’s price action has been bouncing off the support level of $16,500 several times. The market is playing with the $16,500 to $17,300 region, with a brief peak of $18,000 before quickly being rejected. There’s no reason to chase pumps in the market at the moment, and sticking to a dollar-cost averaging strategy can be effective. For short-term trading, Bitget offers up to $10,000 in deposit bonuses, with a Christmas Santa goodie bag promotion happening until December 28th.
H2: Sam Bankman-Freed’s Case and the Mysterious Wallet Address
FTX founder Sam Bankman-Freed was released on a $250 million bail, despite claiming he had no money to his name. This sparked speculation on where the money came from, with Bitboy Crypto’s Ben Armstrong tweeting about following the money trail. He pointed to a wallet address that’s been timing the market exceptionally well with big moves, making people wonder if it has anything to do with Bankman-Freed.
H2: SEC’s Aggression and FTX’s Token Security
In another blow to the crypto market, the SEC has charged FTX and its executives while claiming that FTT is a security. The language around FTX’s case suggests the SEC’s heightened aggression towards crypto exchanges, and this could lead to further regulation and potentially bans. The concern is that FTX printed out an air token with no backing or assets, then traded it to gain value, and used it as collateral for loans.
H2: Introducing Choice.com and NTOS
Choice.com is a leading earning marketplace that creates solutions used by over 750,000 users in more than 100 countries worldwide. They issue bank cards in partnership with Visa and provide services to individuals and legal entities, with a turnover of over one billion dollars. Cho is the native token of Choice.com, and it’s powered by its own Advanced D5 platform, charism. Cho is listed on major exchanges like GAY, UniSwap, L Bank, and Coin Tiger. They’ve launched the first nto which combines token distribution with NFT minting for secondary market sales.
H2: Bitcoin Mining Firm Bankruptcy
One of the largest Bitcoin mining firms has filed for bankruptcy due to plunging cryptocurrency prices and skyrocketing energy prices. This reinforces the volatility of the crypto market and the challenges mining companies face in the bear market. Slowly dollar-cost averaging some Bitcoin miners could be a risky move, but if done right, could yield high rewards in the long run.
In Conclusion
This week’s roundup shows that the crypto market is as unpredictable as ever. From regulatory challenges to high-profile cases and bankruptcies, it’s essential to stay up to date on the latest news and trends. Stick to a sound trading strategy and stay vigilant in the wild times ahead.
