Two days ago, bankruptcy administrators and FTX debtors published an update for unsecured creditors claiming the discovery of $5.5 billion in liquid assets. Roughly $3.5 billion of these funds are cryptocurrency assets, with 11 different digital currencies classified as “liquid assets.” However, two of the firm’s top cryptocurrency caches are not liquid as the company’s […]
FTX Trading, doing business as FTX.com, was one of roughly 130 companies under FTX Group that filed for bankruptcy following the firm’s reported liquidity crunch in November.
(1) What is FTT? If you google "What is FTT FTX" you are told that FTT "is a beloved cryptocurrency for traders with just under 30,000 total addresses holding the token. In just over 3 years, it has grown to a market cap of over $3,000,000,000 USD, The FTX Token has proven itself useful for…
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The last two weeks have been incredible for the price of bitcoin. The digital asset has been able to successfully make its way out of a depressing bear trend and reached two-month highs in the process. However, with the recent pullback, there may be a bit more pain for bitcoin investors before the upward rally continues. Analyst Justin Bennett Says Bitcoin Below $20,000 Is Possible In a new issue of his crypto trading newsletter, analyst Justin Bennett reveals some bearish tendencies of the market. He first points to the fact that the market has enjoyed a good amount of gains, adding as much as 28% to its value in just the last 18 days. But as is expected after such a rally, a market correction has pulled back the price of the digital asset. Related Reading: Bitcoin Price: Investors Predict 12% Decline For BTC In Next Two Weeks While there have been speculations that this pullback would only be temporary, Bennett explains that it could go a lot further. Now, the analyst does not take away from the bull trend that bitcoin is currently on but rather presents a scenario where the price of the cryptocurrency could back to below $20,000 before the rally resumes. BTC could see sub-$20,000 before rally resumes | Source: Cryptocademy BTC has already fallen back into the $20,000 region as of the time of this writing, giving credence to Bennett’s analysis. However, with key support for the digital asset now resting at $20,000, bears could pull the price as close to this support as possible before the bears take over once more. “I like Bitcoin higher toward $25,000 and potentially $29,000, but not without a pullback into the $20,000 region first,” Bennett said in his newsletter. Factors That Drive This Pullback In the same newsletter, Bennett points to the PPI data release that underwhelmed the market. In the end, the much-anticipated release was lower than expected, triggering fatigue in the market. Bitcoin had fallen below $21,000 as a result of this. Also pointing to the US Dollar Index (DXY), the analyst explained the movement of this index on the back of the PPI data release would’ve been bullish for assets such as BTC. “But I think markets got ahead of themselves, so a lot of that bullishness was already priced in,” Bennett added. BTC corrects downward following rally | Source: BTCUSD on TradingView.com Since this pullback has pushed the price of BTC dangerously close to the 5-day moving average, it should come as no surprise if the cryptocurrency were to lose another couple of hundred dollars off its value in the coming days. Related Reading: Bitcoin On Exchanges Drop By 44%, Could This Fuel More BTC Rally? However, the bullish trend is expected to continue shortly as trading volume remains high, and investor sentiment reaching 9-month highs, sitting very close to greed on the Crypto Fear & Greed Index. BTC is trading at $20,779 at the time of this writing. Its price is down 2.18% in the last 24 hours, but up 14.54% in a 7-day period. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from CryptoSlate, chart from TradingView.com
Meme coins moved lower on Jan. 19, as cryptocurrency markets plunged following recent highs. Shiba inu, which rose to a nine-week high on Wednesday, fell by nearly 10% today. Markets have been largely overbought in the past few days, with bears seemingly reentering. Dogecoin was also in the red today. Shiba Inu (SHIB) Shiba inu […]
Join us as we discuss decentralized finance, how it performed in 2022, and what its potential is in 2023.
Gemini, the popular bitcoin & crypto exchange company, today announced the launch of electronic over-the-counter trading (eOTC), an automated crypto trading solution designed for institutions. The Gemini eOTC solution offers a variety of advantages to institutional traders including: Competitive Pricing & Execution: Liquidity is sourced from top-tier liquidity providers with deep liquidity pools, enabling counterparties…
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Reduced inflationary pressure fueled crypto investors’ appetite for risk markets, eliminating the possibility of bears profiting from the Jan. 20, $580 million Bitcoin options expiry.
Based on the year-to-date performance and their drawdown from their all-time highs (ATHs), Bitcoin (BTC) and Ethereum (ETH) have performed very similarly. While BTC has risen by 25.5% since the beginning of the year, ETH has climbed by about 27%. From its ATH, Bitcoin has declined by 69.9%, while Ether is down by 68.9%. Despite this very comparable performance, the debate persists that Ethereum may replace (“flip”) Bitcoin as the largest cryptocurrency by market cap within the next few years or in the next bull cycle. One supporter of this theory is Dragonfly Capital’s Haseeb Qureshi. In a recent interview, the investment firm’s managing partner said that if any cryptocurrency is ever going to reach $1 trillion, it will be Ethereum. His reasoning? Institutional investors who need to align buying with their Environmental, Social, and Governance (ESG) agenda: You need institutional buyers to be willing to buy this thing in size and Ethereum is really the only game in town if you are an institutional buyer. Furthermore, the expert expressed that it is becoming increasingly difficult for institutions to justify Bitcoin as an investment. “I see it a lot because we work a lot with big institutions […]. It’s explicitly something that gets more and more of a concern for them. They want to invest in crypto, but it has to be compliant with their ESG mandate,” Qureshi said. 2. Ethereum is superior to #Bitcoin in the eyes of institutions, as it’s more ESG friendly. “If you want a trillion dollar coin, you’re not going to get there off the back of retail.” “Ethereum is really the only game in town if you want institutional buyers.” pic.twitter.com/f2H2gg224T — Miles Deutscher (@milesdeutscher) January 18, 2023 Another argument made by proponents of the theory is also that Ethereum is predominantly OFAC (US Office of Foreign Assets Control) compliant, which could make it easier for institutions to enter the market. Related Reading: Will Bitcoin Price Fall If Genesis Files For Bankruptcy? Here’s What We Know On the other hand, Bitcoin supporters are likely to counter that the mining industry is one of the most sustainable industries of all. In its latest report, the Bitcoin Mining Council found that the energy mix in Bitcoin mining is now 58.9% sustainable. Furthermore, estimates suggest that Bitcoin mining can reduce global emissions by up to 8% by 2030, simply by converting the world’s wasted and dangerous methane emissions into emissions that are 80 times less harmful. Here’s What Ethereum / Bitcoin Technical Analysis Says A look at the Ethereum / Bitcoin 4-hour chart shows that ETH currently remains in a downtrend compared to BTC. ETH saw a spike above and out of the pennant for the ETH/BTC ratio, followed by a retrace back to support as Bitcoin broke out from $18,000 to $21,000 in a matter of days, as explained by the founder of LedgArt via Twitter. Related Reading: Ethereum Price Dips From $1,600 But ETH Could Start A Fresh Rally According to the analyst, these types of fake-out wicks are breaking out to the downside. He argued: “Still expecting this level to break lower over the next several weeks as BTC continues to strengthen, absorbing liquidity from alts similar to what happened in the 2019 bear market rally,” and shared the chart below. BTC is currently changing hands at $18,798, while ETH is sitting just above the $1,500 support level at $1,528. Featured image from Kanchanara / Unsplash, Chart from Twitter/TradingView.com
