Bitcoin saw slight gains but remains below the crucial $17,000 level. It shattered bulls’ hope that 7% gains between November 21 and November 24 were enough to mark a cycle low at $15,500.
The top cryptocurrency was recently trading at $16,318. It has gained 0.73% in the last 24 hours. Ether, up by 1.11%, was holding at $1,186. Bitcoin’s resilience dovetailed with a wider slowdown in asset activity of all stripes as the United States celebrated its Thanksgiving holiday.
Marco Sampaio, the co-founder and CEO of Hashdex, said there is a need to see if there is going to be more contagion coming. The crypto industry knows that the macro is also playing a role in this. Sampaio said the pressure coming from China is also putting pressure on crypto or risky assets in general. He remains cautious about what’s going to happen. The Hashdex boss outlined that institutional investors focused on crypto’s long-term potential have been less affected by the industry’s recent debacles than companies that have been trading and are dis-allocating their assets. Sampaio said the market needs time to overcome the difficult time.
Two weeks ago, Genesis announced it had temporarily suspended withdrawals because of unprecedented market turmoil. The company hired professional advisers to explore all possible options. Moreover, Genesis Global Capital is the subject of an investigation by U.S. regulators over the suspension of withdrawals and the company’s liquidity crisis.
Overall, Bitcoin remains under pressure from institutionalists whose risk appetite is firmly tied to stock markets. The popular cryptocurrency continues to look for a bottom from which it can push back. However, the negative external backdrop is not yet conducive to buying.