Bitcoin Price Prediction – Can BTC Rally to $20,000 This Week?
Bitcoin price prediction remains neutral on Saturday, with BTC consolidating from $16,400 to $16,780. The market volatility remains low despite the Thanksgiving holiday and a series of fundamentals driving risk-off sentiment and keeping investors in the dark.
The Monetary Authority of Singapore (MAS), Singapore's central bank, issued a press statement this week to clarify several misunderstandings and issues that have arisen in the aftermath of the FTX crisis. The MAS then explained why it chose Binance over FTX.
According to MAS, neither Binance nor FTX is licensed in Singapore. FTX did not aggressively recruit users in Singapore, whereas Binance did. The MAS ordered Binance to stop providing payment services to Singaporeans in September of last year. A few months later, the cryptocurrency exchange ceased operations in the city-state.
The regulator stated that there was no proof that FTX was directly targeting Singapore consumers. Furthermore, Singapore dollars could not be used to make trades on FTX. Singaporeans, on the other hand, could use FTX services online. The most important message from the FTX collapse, according to the MAS, is that trading cryptocurrencies on any platform is risky, and investors may lose all of their money.
According to the MAS, many cryptocurrencies have lost value and are extremely volatile. Furthermore, the current turmoil in the crypto sector suggests that trading cryptocurrencies are fraught with danger.
The warning from Singapore's central bank that even legal cryptocurrency exchanges may fail had a negative impact on the price of BTC/USD.
On November 24, 50,000 BTC were withdrawn from Coinbase and It was more than $800 million at the time, making it the second-largest BTC withdrawal from
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