Category: Cryptocurrency News

Institutional investors have been quite neutral on both bitcoin and the crypto market at large for a while now. This has translated into a mix of inflows and outflows into various digital assets, alternating with each passing week even through the bear market. However, current net flow records show that these large investors are beginning to find their chosen position in the market and it is in the camp of the bears. Bitcoin Sees Outflows Bitcoin had been recording minor inflows in the last month-and-a-half which had been good for the digital asset despite not having much of an impact. This has now changed completely as the figures for last week show $13 million in outflows for the digital asset. This bearish sentiment has been more prominent in the short bitcoin that is now on to its third consecutive week of outflows. The $7.1 million brought the total outflows from short bitcoin to $28 million. These outflows show that large investors are pulling out of the market more instead of taking one side over the other, an overall bearish development. Related Reading: Can Solana (SOL) Sustain Its Google-Triggered Price Rally? The digital asset outflows for the week came out to $15.6 million during this time. Furthermore, it was a bearish start to the month of November with $19 million in outflows already. So even though November has been a historically bullish month for the crypto market, investors do not seem to believe this will be the case this time around. Crypto market suffers general bearishness | Source: Crypto Total Market cap on TradingView.com Reason For Bearishness While it has not had as much of a profound effect as expected, the result of the FOMC meeting has been largely influencing the behaviors of investors in the market. The fourth consecutive interest rate hike by 75 bps showed that the Fed was nowhere close to backing down on its hawkish stance against the high inflation rates. As expected, such high interest rates will have an effect on markets such as crypto, greatly limiting their ability to grow, especially during a bear market. It is also no surprise that the United States led the outflows for the week since the Fed decision has the most impact in the region. Related Reading: What Happens To Dogecoin If Twitter Fails To Implement Crypto Plans? Nevertheless, there were still some inflows from across the point. Both Switzerland and Germany saw inflows of $6.8 million and $4 million respectively, most of which were focused on altcoins. Ethereum finally put an end to its outflow trends with inflows of $2.7 million. XRP followed this trend with inflows of $1.1 million, marking its third week of inflows. Since that time, the crypto market has taken a turn so it is expected that there might be a change in institutional investor sentiment in the coming week. However, the general crypto market sentiment continues to skew largely into the negative, which means no significant inflows should be expected.  Featured image from BitIRA, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Hey guys we are going through tough times right now, Recession, War Energy Crisis and Bitcoin falls below 19000…. I just want to say that I am extremely surprised that so many people are active in our sub, hopefully we will rewarded for the stress, pain and insecurities in the years to come. Enjoy the…
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This should go without saying but it needs to be said. Billionaires are not our friends. Somehow these people manage to amass cult followings who hang on their every word almost like Gospel. Many of us have come to crypto for financial freedom and uses where conventional finance has failed us. Heck, even if you…
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Recently, the crypto space has been facing an unexpected display between two prominent crypto exchanges, Binance and FTX. The CEO of Binance, Changpeng Zhao (CZ), announced that the exchange would liquidate all FTT tokens in its holdings. Naturally, this news created a negative impact on FTX and its token. Further, the entire crypto market has been thrown into the red as most crypto assets are losing value. The crash in the price of FTT is also influenced by a massive depreciating trend on several other tokens. Related Reading: Users Flee FTX? Exchange Sees 47% Drop In On-Chain Balance FTX Token (FTT) Falls Among Worse Performers The announcement of Binance CEO CZ has dramatically declined FTX and its token, FTT. Nobody understands the reasons behind CZ’s decision regarding FTT. But some speculate a possible vital issue between the executive and the SBF-owned exchange. FTT has plummeted by a double-digit percentage following Binance’s announcement. As of yesterday, Monday, November 7, FTT dropped to around $22. At the time of the writing, the token is trading below $17.31, indicating a drop of 23.33% over the past 24 hours. Also, its market cap is currently over $2.30 billion. The situation has been getting worse for FTX. The exchange suffered a devastating decline in its ETH reserve. Hence, users were having difficulties completing some transactions on the platform. On his part, the CEO of FTX exchange, Sam Bankman-Fried (SBF), has been putting some effort into remedying the situation. He has involved the firm’s subsidiaries, SBF-owned companies, and other exchanges for assistance through funds transfers to FTX. Also, the CEO assured customers that FTX’s performance was acceptable. But today’s price drop exceeded 20% of the token’s value from the previous day. Broader Crypto Market Losses Massively The broader crypto market has taken the trend from FTT. As a result, the cumulative market cap had dipped from its coveted position above $1 trillion after losing over $70 billion in a single day. At the press time, the value sits at $978.74 billion, showing a decline of 4.76% over the past 24 hours. Ethereum is now below $1,500 as it dropped over in its value. Also, Polkadot, Cardano, Tron, OKB, and MATIC plummeted by 5%. The list of losers includes Dogecoin, Solana, Ripple, Avalanche, Shiba Inu, and others. Related Reading: The Binance Vs. FTX War: Here Are The Most Recent Stats & On-Chain Data Bitcoin Price stalls Below $20,000 Bitcoin has maintained an impressive performance over the last week. The token rose to the $20,000 level and eventually hit $21,500 during the weekend. Also, BTC displayed outstanding sustainability above $20k despite the increase in interest rates by the US Fed. But the story has suddenly turned in the early trading hours of today. BTC lost about $1,000 from its value through the bears’ activities. At the time of writing, Bitcoin is trading at $18,250, showing a drop of about 9.37% over the past 24 hours. Its market cap is at $378.01 billion, and its dominance over the altcoins sits at 38.60%. Featured Image From Pixabay, Charts From Tradingview

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Twitter’s subscription model is a step toward decentralization, and it will better align incentives between content creators and consumers.

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The redesignation of the crypto mixer essentially replaces the U.S. Treasury’s actions from August, establishing sanctions for its role in “enabling malicious cyber activities.”

They are reportedly facing latency issues due to the high level of new user sign-ups and transfers to the platform.

The crypto market is trading in the red, with Bitcoin and other cryptocurrencies recording double-digit losses over today’s trading session. The number one cryptocurrency retraces its profits from last week and fallback into a new yearly low. Related Reading: Chainlink (LINK) Loses Gains Due To Market Bloodbath, Is Rebound Possible? At the time of writing, Bitcoin (BTC) trades at $18,200, with a 13% loss in the last 24 hours and an 11% loss in the previous seven days. Other cryptocurrencies in the crypto top 10 by market cap are following a similar trajectory, with Dogecoin (DOGE) showing the highest losses over this period.  Bitcoin Crashes Amid FTX “Lehman Moment” The crypto market is reacting to the events related to FTX and Binance. Dubbed the “Crypto Exchange Wars,” Binance emerged victorious when FTX confirmed a deal to surrender its assets, except for FTX.US.  The Sam Bankman-Fried led platform could not redeem its users’ new request for withdrawal. According to reports, the venue was missing as much as $6 billion and was forced to halt its operations.  Amid this uncertainty, the crypto market and Bitcoin faced immense selling pressure. Rumors have surfaced about Alameda, FTX’s trading arm, possibly liquidating its BTC to cover some of its losses, but the team behind the platform has no official statement.  There is speculation about the current state of the market, which has been reflected in Bitcoin and other cryptocurrencies. In addition, the U.S. Midterm election is adding more uncertainty into the mix.  NewsBTC reported yesterday that a Republican win could be bullish for crypto and digital assets. This party has been more prone to support the industry and crypto projects when compared to the Democratic party.  BitMEX Founder Arthur Hayes published his perception of the future of Bitcoin and the crypto industry. Hayes seems bearish as he announced the acquisition of puts (sell) option contracts for Bitcoin.  These contracts have a strike price of $15,000, meaning they can exercise if BTC’s price records another fresh low and crashes into $15,000 to $14,000 or much lower. The BitMEX Founder wrote:  FTX = Lehman That wasn’t the bottom. $SPX hit 666 in March of 2009. Therefore $17,500 BTC is at risk. How ‘bout dem puts now… — Arthur Hayes (@CryptoHayes) November 8, 2022  However, the crypto market has withstood massive stress and several capitulation events. A Lehman moment in the industry might signal a bottom, not more downside. In addition, Hayes has publicly stated its bullish stand on the crypto market.  Related Reading: What Is The Possibility Of Cardano Touching $0.50 Mark? Let’s Explore For more insights into today’s price action, check out the video below: