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Bitcoin Gains Around 2% Amid BlockFi Declares Bankruptcy

Breaking out of a three-week trading range, Bitcoin exceeds $17,000

As a result of the crypto lending platform BlockFi declaring bankruptcy, the price of bitcoin has increased by 1.71 percent in the previous 24 hours. The total volume of Bitcoin trades during the last 24 hours is $25,195,723,296.

Notably, bitcoin lender BlockFi filed for bankruptcy on Monday, only days after freezing withdrawals in the wake of FTX’s bankruptcy filing. The bankruptcy petition claims that the company’s heavy reliance on FTX led to a severe cash shortage.

Sam Bankman-FTX Fried’s exchange filed for bankruptcy in the United States earlier this month after a $6 billion trading withdrawal in three days and the cancellation of a rescue offer by Binance, a competing exchange. The total value of all cryptocurrencies on the market is $834.81 billion, an increase of 2.01% from the day before.

Updated Real-time US Dollar Value of Bitcoin

Bitcoin trades at $16,466.96, and the 24-hour volume is $25,204,216,179. In the last day, the value of Bitcoin has risen by 1.71 percent. There are a total of 21,000,000 Bitcoin. However, only 19,219,606 are now in circulation. The price of Bitcoin has not yet surpassed $16,800. Bitcoin might fall much more if it breaks the $16,000 support level.

BTC price chart

On Tuesday, the BTC/USD is trading upward after finding safety at the $16,000 mark. In the 4-hour time frame, a rising trendline is extending support close to the $16,000 level, and the closing of candles beyond this level has signalled a return to the upside for Bitcoin.

For Bitcoin, the immediate resistance is around $16,650, which is supported by a falling trendline. There is a double top of around $16,650 in Bitcoin’s price action, and a break above this level may send BTC soaring to $17,250 or perhaps higher.

 

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