ftx: Crypto Movement at a Glance: FTX rattles crypto market, top cryptos near yearly lows

Synopsis

However, the crypto market showed some signs of recovery on Friday after confidence returned over the macroeconomic outlook, and FTX also started to open its withdrawals partially to its users. Even though the day started with a market bounce back, some cryptos continued to fall.

The global crypto market remained calm at the start of the week but witnessed a roller coaster ride since mid-week. Bitcoin has stably remained above the $20,000 level over the past few weeks, even after the FOMC meeting.

After the FTX suffered a decline in its ETH reserves, the situation in the crypto market started to get worse. Later, the moves made by Binance and FTX turned most cryptocurrencies volatile.

Additionally, the liquidations on the Solana also added to the existing selling pressure. Due to these events, BTC fell to its new yearly low at $15,867 on Wednesday. Other cryptocurrencies also dipped in line with the BTC, impacting investor sentiment.

However, the crypto market showed some signs of recovery on Friday after confidence returned over the macroeconomic outlook, and FTX also started to open its withdrawals partially to its users. Even though the day started with a market bounce back, some cryptos continued to fall.

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View Details »On Friday, BTC started with a false breakout at its local resistance level of $17,964. If BTC falls below the $16,550 level, it can push the crypto further toward the $16,000 support zone. Now, the resistance lies in the $17,500 zone.

If BTC can move above the resistance, the next level would be $18,000. The second largest cryptocurrency, Ethereum, was changing hands over the $1,200 level. ETH is still down by 16.5% since last Friday due to the FTX’s meltdown. The coming days would be critical for the entire crypto spectrum.

On the other hand, in an exciting turn of events, the largest franchise in the world, Subway, is testing out the Lighting Network layer-2 Bitcoin payments solution and is getting good results in Berlin, Germany. Over the past few months, Berlin’s Subway has recorded over 120 Bitcoin transactions.

MetaMask allows moving tokens on multiple blockchains with its new DApp without researching to find and choose a reliable bridge. The new bridge solution is available in beta to all MetaMask users via the Portfolio Dapp, allowing them to view multiple MetaMask accounts and their assets in one place.

Japan’s largest mobile operator, NIT Docomo, with over $40 billion in annual revenue, partnered with Astar Network, a multichain smart contract to accelerate Web3 implementation in the country. The partnership would benefit individuals and corporations to utilize tokens for governance.

Blockchain-based intelligence company TRM Labs announced a $70 million expansion to its Series B funding round. The total funds raised to $130 million. Thoma Bravo, the world’s largest private equity firm, was one of the investors.

Artists and creators globally are criticizing OpenSea’s decision regarding removal of enforcement of royalties for NFT creators. Apparently, amid the recent drop in NFT trading volumes and stiff competition, OpenSea took this decision. However, it seems to be now bowing down to the pressure and reconsidering its stance.

Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:

Top gainers of the week (as of 10.00 hours IST on November 13, 2022)
Trust Wallet Token (TWT): 44% up
PAX Gold (PAXG): 4% up
Fei USD (FEI): 1% up

Top losers of the week (as of 9.30 hours IST on November 13, 2022)
Solana (SOL): 60% down
Huobi Token (HT): 43% down
Aptos ( T): 41% down
ApeCoin ( E): 40% down
Arweave (AR): 39% down
NEAR Protocol (NEAR): 37% down
Helium (HNT): 36% down

Note: The study includes only top-100 cryptocurrencies in terms of market capitalization listed on the source of data, that is, Coinmarketcap

(The author , Edul Patel, is CEO, and Co-founder, Mudrex)

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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Updated: 11/13/2022 — 01:00