Category: Cryptocurrency News

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“With a global MiCA, the FTX crash would not have happened,” said European Parliament economics committee member Stefan Berger.

As someone who lost a chunk of money in Celsius (and as a fellow human being), I feel fucking horrible for your losses. Now that Binance backed out, things seem even more shit for those with funds left on FTX. Regardless of how much you had on there, regardless of wether or not its good…
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In this episode of NewsBTC’s daily crypto technical analysis videos, we are examining past Bitcoin bear markets to see how much further we could have before a bottom is in. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): November 9, 2022 Bitcoin price continues to set new low after low now that support has been decisively broken.  Related Reading: Bitcoin Bloodbath Takes Crypto To New Bear Market Lows | BTCUSD November 8, 2022 Expanded Flat Corrective Pattern Fills Out Further The market is clearly bearish, but on the brighter side we have what could be the final wave in an expanded flat pattern. The push to new lows continues to fill out what could be a large falling wedge pattern. But considering the price action and sentiment out there, it is challenging to consider any bullish thesis. Bitcoin price is now at the 0.5 retracement using Fibonacci on log settings. But that isn’t very reassuring. Given the expectations for the $14K and $13K area, either Bitcoin price action stops short of that level, or slices right through it. Has the corrective pattern completed? | Source: BTCUSD on TradingView.com Related Reading: Bitcoin Price: Can Cyclical Tools Predict The Next Bubble? | BTCUSD November 7, 2022 Bitcoin Bear Market Worst-Case Scenario In these next charts, the worst case scenario would involve filling a BTC CME gap at under $10,000. Not only is there confluence there with diagonal uptrend support, but that is roughly 85% retracement from the peak.  This is notable, because during the 2018 bear market, BTC fell by 84%, and in the 2015 bear market it dropped 86%. If you average out those two samples, you get an 85% retracement on average. Much like the top cryptocurrency peaked well below the ROI levels of past bull runs, bear markets won’t see as much of a decline either. The idea is that Bitcoin volatility is disappearing over time. BTC Futures gap presents worst-case scenario | Source: BTCUSD on TradingView.com Related Reading: Litecoin Recovery To End Ongoing Crypto Darkness? LTCUSD November 2, 2022 When Will BTC Put In a Bottom? On the topic of time, time is most certainly a factor in bear markets. The 2018 bear market took roughly 12 months to reach a bottom, or the same amount of time since the second peak of the BTC double top through now.  The 2015 bear market took 14 months to find a bottom. If we count the first peak in Bitcoin, the bear market has been the longest ever at 19 months before reaching a bottom. How much longer can the bear market last? | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.co

The world’s largest cryptocurrency exchange Binance will not go through with purchasing the rival crypto exchange FTX. The company noted that after due diligence and “news reports regarding mishandled customer funds,” Binance has decided not to pursue the FTX acquisition. Binance Drops the FTX Acquisition After the crypto exchange Binance revealed it would purchase FTX, […]

The firm pushed Maple Finance to halt Alameda’s dedicated borrower pool earlier this year.

Crypto exchange Binance is officially out of the FTX agreement. According to an official statement, the company won’t purchase its competitor. Related Reading: OKB Token Still Holds Above 14% Following Market Plummet Via its official Twitter handle, Binance claims that regulatory pressure and other factors impacted their decision. The report claimed that the company reviewed FTX’s books and decided to walk out of their non-binding agreement. The company said: As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of http://FTX.com. Binance Walks Away, Crypto Industry In The Dark Before the official announcement, there was much speculation about Binance pulling out of the deal because of potential legal consequences. The company claims it was trying to protect crypto investors. Thousands of users report that their funds remain stuck on FTX. The crypto exchange halted new withdrawal requests yesterday due to a “liquidity crunch.” Binance was allegedly trying to fill this hole by acquiring the company and to provide liquidity for the users. However, the situation went “beyond our control or ability to help,” the company claimed while adding: Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market. As a result of today’s event, the crypto market has seen massive losses. The number one cryptocurrency by market capitalization, Bitcoin, is trading well below its 2020 all-time high. BTC’s price trades at $16,000 with 11% and 20% losses in the last 24 hours and the past week, respectively. Beyond the price action in large cryptocurrencies, which continues to record new lows for 2022, this week’s events negatively impact the crypto industry. In the U.S., regulators are already announcing investigations and denouncing the sector for “harming” investors. Related Reading: FTX Legal Department Jumps Ship, Binance Deal Fizzles Out Across the crypto community, the consensus points towards stricter regulations and darker days for the nascent asset class. Don’t know what to say anymore. Will just say things seem bleak right now and they are. Emotions are running high. Recovery seems impossible. Just don’t do anything drastic people. It’s not worth it. — Hsaka (@HsakaTrades) November 9, 2022 

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Binance cited allegations of the mishandling of consumer funds and an investigation from regulators as reasons for exiting the agreement.

Solana has just crashed 43% in the past 24 hours and has fallen 56% in the past 3 days, while it still continues to fall Of course all cryptos are falling today due to the FTX + Binance news, and even Bitcoin has hit new bear market lows below $16,500 but solana is getting hurt…
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