Category: Cryptocurrency News

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 DOGE’s price fails to hold amidst market turmoil as price falls back to its support zone with a range-bound movement.  DOGE’s price continues to show strength after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors.  DOGE’s price continues to hold $0.08 on the daily timeframes as the price aims for a bounce above the 50 Exponential Moving Average (EMA) The price of Dogecoin (DOGE) has been a standout performer for October, rallying with over 100% gains in 24 hours. Still, In the last few days, the crypto market has seen some drastic shift in sentiment, with Dogecoin (DOGE) and the price of other altcoins battling for survival after the news broke that Binance would not be taking over FTX and the company had gone bankrupt. Most altcoins trend higher as many produced gains of over 200%, including DOGE rallying from a region of $0.55 to a high of $0.15, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance) Related Reading: Solana Loses 60% Of Its Value After FTX Collapse – Can SOL Bounce Back This Week? Dogecoin (DOGE) Price Analysis On The Weekly Chart The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline. The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon. The news of other exchanges being in the mix of the FTX saga has raised more fears as many investors and traders shy away from investing in some projects, but this is not so for the DOGE army as they have defended $0.08 acting as a good support area for more rallies. DOGE’s price declined to a weekly low of $0.073 before bouncing off this region, showing some great strength to a region of $0.088 as the price aims to break higher. The price of DOGE needs to flip the region of $0.1 for DOGE price to trend higher.  Weekly resistance for the price of DOGE – $0.1. Weekly support for the price of DOGE – $0.07. Price Analysis Of DOGE On The Daily (1D) Chart The price of DOGE remains considerably strong in the daily timeframe as the price trades above $0.08 support after bouncing off from the region of $0.075. If the price of DOGE breaks above $0.1, we could see more rallies for DOGE price; a break below a region of $0.07 would lead to more sell-offs for DOGE.   Daily resistance for the DOGE price – $0.1. Daily support for the DOGE price – $0.08-$0.075. Related Reading: XRP Price Drops While 2 Bullish Events Are Kicking Off Featured Image From zipmex, Charts From Tradingview

Moving away from the FTX drama for a moment, for an update on the success of ETH staking rewards. Those who are staking ETH with lido are currently sitting on an almost unbelievable 10.20% APR right now. EDIT: For the people who think I'm promoting lido and encouraging this use your bloody noggin. I thought…
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As Daily Mail reports, FTX’s former CEO Sam Bankman-Fried could be facing extradition. After more and more shocking details about FTX, Alameda and their leaders came to light in recent days, Bankman-Fried is facing extradition by the FBI, according to the latest reports. Already on Monday, it was revealed that the U.S. Department of Justice (DOJ) has teamed up with officials from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to investigate FTX’s business practices. Specifically, the regulators’ focus is on how FTX handled customer funds while trying to prop up its sister firm, Alameda Research. In order to interrogate Bankman-Fried in this regard, U.S. and Bahamian authorities are currently discussing the possibility of bringing the FTX founder to the United States, according to Bloomberg News, citing three people familiar with the matter. BREAKING: FBI to extradite SBF to the U.S – DailyMail About time! — Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 16, 2022 Is FTX Contagion Taking Hold Of Genesis Trading Today? Several crypto firms have already disclosed their exposure to FTX and Alameda. While some are simply writing off the losses to zero, other firms have been hit harder. BlockFi has halted all withdrawals and is preparing for bankruptcy unless it recovers its funds from SBF. Related Reading: Bitcoin Investors Become Wary Of Crypto Exchanges Following FTX Crises However, things could also look critical for Genesis Trading. The broker had made public that its derivatives business had $175 million stashed in an FTX trading account, which is now gone. As a result, the industry giant and Genesis’ parent company, Digital Currency Group, has reportedly promised a $140 million capital infusion to bolster its balance sheet. An email from Genesis to its customers states: While the operation of our lending and trading businesses has not been impacted by recent market events, Genesis has taken steps to strengthen its balance sheet with an additional equity infusion of $140M from our parent company, Digital Currency Group. However, Autism Capital, a Twitter channel that has received strong attention in the wake of the FTX collapse due to its proximity to the events, is warning of another hard blow to the crypto industry. Related Reading: Bitcoin Price Stuck Below $17K, What Could Spark A Decent Increase The Twitter user reports, citing “semi credible rumors” that Genesis may have solvency problems. They are having a call with their creditors tomorrow at 8 AM EST to explain the situation. If true, they may possibly be dissolving ETHE and GBTC to pay back their lenders. We will know more tomorrow. We are aware that Grayscale controls GBTC and ETHE, not Genesis. DCG (the parent company of Genesis and Grayscale) is backstopping Genesis, and dissolving the trusts may be necessary if there is a solvency issue, and if it is big enough. At presstime, the Bitcoin seemed unfazed by the rumors and was trading at $16.596. Levels of importance for Bitcoin are $17.3K and $18K to the upside as well as $14K and $16.5k to the downside. [Update:] Genesis is halting withdrawals for the time being. We recognize how challenging this past week has been due to the impact of the FTX news. At Genesis we are entirely focused on doing everything we can to serve our clients and navigate this difficult market environment. — Genesis (@GenesisTrading) November 16, 2022

Authorities in both countries are reportedly in conversation about whether to bring the former FTX CEO back to the United States.

There are some steps we should all have in mind when we start using some of these platforms. This is something that I always check. So, the first step toward a positive experience is to choose a good crypto site. It is critical to only consider those that can be regarded as provably fair crypto…
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The Turkish agency responsible for tackling money-related crime has initiated an investigation against troubled crypto exchange FTX. Days after the trading platform filed for bankruptcy in the United States, the department revealed it has been tracking its activities in Turkey. Turkish Financial Watchdog Sets Out to Dig Deeper Into FTX Case Turkey’s Financial Crimes Investigation […]

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The crypto market might see “second-order effects” from counterparties that may have lent or interacted with either FTX or Alameda.

The island of Tuvalu said it plans to build a digital version of itself in order to preserve its history as it faces erasure due to climate change.