crypto: Crypto Price Today: Bitcoin marches to $17k; Solna tanks 3%, XRP gains 2%

Synopsis

Bitcoin traded sideways above the $16,800 level. It is trading near the two-year low price zone. It is likely to extend losses till the lower mark from where a significant recovery or bounce is possible.

New Delhi: Crypto markets found some ground on Friday but major tokens were trading sideways with marginal changes after the FTX fallout. Bitcoin was seen marching towards $17,000 levels. Ethereum remained mildly under pressure.

With investor confidence in cryptocurrencies ebbing as a result of the collapse of Sam Bankman-Fried’s FTX exchange, the total marketcap of digital assets has fallen this month below $800 billion, a level not seen since early 2021.

Top crypto tokens were trading on a mixed note. Solana dropped more than 3%, whereas Tron was 2% down. XRP rallied more than 2%, while Bitcoin also posted similar gains.

The global cryptocurrency market cap was trading higher around $841 billion, rising about a per cent in the last 24 hours. However, the total trading volume dropped more than 12% to $52.62 billion.

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Global Updates
The Securities Commission of the Bahamas announced that it ordered the contents of FTX’s crypto wallets to be transferred to government-controlled wallets on the previous Saturday.

Crypto exchange FTX collapsed spectacularly into bankruptcy last week as trust in its accounting for billions of dollars in assets vanished.

Funding rates have turned positive for bitcoin in an early, albeit hopeful sign that market sentiment is shifting positive. Derivatives markets show some signs of hope, but only slightly.

UK lawmakers were left disappointed after Binance sent them a series of news articles about the collapse of rival crypto exchange FTX last week after they had asked for records detailing the company’s role in the process.

Alameda Research, the crypto hedge fund at the center of Sam Bankman-Fried and FTX’s downfall, had a “secret exemption” from the crypto exchange’s liquidation procedures, according to bankruptcy filings.

Expert take: Edul Patel, Mudrex
Bitcoin traded sideways above the $16,800 level. It is trading near the two-year low price zone. It is likely to extend losses till the lower mark from where a significant recovery or bounce is possible.

The price of Ethereum held above the $1,000 psychological support level. It could be solid support if it can establish above the $1,350 resistance. However, if the pressure continues, we might see a drop to $1,100.

Tech view by BuyUcoin cryptocurrency exchange
Chiliz (CHZ) has grown by over 20% in seven days which makes it one of the best-performing crypto assets in the current week.

CHZ is primarily deployed for sports tokens for fan engagement and with FIFA season approaching, we can expect the growth momentum of the token to sustain.

Chart-CHZET CONTRIBUTORS
CHZ has created partnerships with sports heavyweights like FC Barcelona and Manchester City which promises more mass use cases for the native token. The future of the token will largely depend on the mass adoption of fan-based sports NFTs.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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    Updated: 11/18/2022 — 01:00