Best Crypto to Buy Today 29 December – FGHT, ICP, D2T, QNT, CCHG
The big news this week in the crypto space is that on Wednesday it was reported that Sam Bankman-Fried (SBF) will be arraigned before the Manhattan federal court on January 3, 2023. This is the latest development in a string of events leading up to his arrest by Bahamian Authorities on December 12, which was followed by his extradition to the United States.
US federal regulators and prosecutors are bringing forward a total of eight criminal charges against Bankman-Fried. His past associates, Gary Wang and Caroline Ellison of FTX and Alameda Research, respectively, have already pleaded guilty to crimes such as securities fraud and money laundering. To great dismay from the crypto community, Bankman-Fried was granted a $250 million bail to live with his parents in Palo Alto while wearing an electronic monitoring bracelet.
Meanwhile, not much else is happening in markets, with trading activity relatively subdued over the holidays.
Following its denial at the $16,900 FIB 0.5 confluence with the daily EMA 20 level, Bitcoin is now trading near the FIB 0.618 at roughly $16,636. With a 2% drop over the last two days accompanied by an increase in sell-off volume, traders need to take extra care when taking positions amid these conditions.
Should Bitcoin's price support area between $16,400 and $16,600, the next likely support is at around $16,100, which also acted as support back on November 28-29.
Bitcoin's meteoric rise over the past few years has made it an alluring investment option, and many investors do advise having a good chunk of one's portfolio in the digital asset--but there are other cryptos backed by reliable projects and teams that offer a great deal of potential for greater gains in the next bull run as well.
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