Gemini website is down and users are not able to access their trading or withdraw their funds. Here is a screenshot: https://i.redd.it/3tmq7y13dc0a1.jpg . I posted the screenshot a few minutes ago but the post was automatically removed. If Gemini is not going down and this is just an unfortunate co-incidence, then the timing could not…
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The latest casualty of the FTX meltdown raises concerns over the Grayscale Bitcoin Trust institutional investment fund.
Bitcoin cash rose to a one-week high in today’s session, despite crypto markets mostly trading lower. The global cryptocurrency market cap is down by 2.45% as of writing, which comes as traders reacted to rising geopolitical tensions. Polkadot was a notable token to slip, as prices collided with a key support point. Bitcoin Cash (BCH) […]
Following FTX’s demise, Ethereum and the whole cryptocurrency industry in general experienced one of its most challenging periods. Because of this, the value of ETH, a significant alternative currency, has plummeted by over 36% in the last week. Bearish emotion may be pervading over the cryptocurrency market, but the second most popular cryptocurrency is now trading almost sideways. But @sanr king, a contributor to Santiment’s insights, has been thinking about this pricing stability. One should view his observation of a heavy influence from whales in the market with caution, as this is often a precursor to a more severe bear market. Now, what does the ETH chart reveal? Related Reading: Solana Loses 60% Of Its Value After FTX Collapse – Can SOL Bounce Back This Week? ETH Prognosis: Dark Clouds Ahead According to @sanr king, the present market model cannot account for the whales’ “abnormal” accumulation period. This is risky since it suggests the coin is fairly priced in relation to the market as a whole. To recapture bullish momentum, ETH will need the market to correct its overvaluation, which is currently a tall order given the current bearish trend. After losing 6.4% over the past week, ETH’s price is establishing a double bottom in front of the previous price movements. This bearish formation occurs following a retreat, which transpired in the $1,214 price range in this instance. The latest price movement is barely above the 23.60 Fibonacci retracement line. A breach below this Fibonacci level would confirm a bearish break and bolster the market’s existing bearish momentum. The fact that investors are more ready to HODL than sell, reflecting a high level of investor confidence in the present market direction, does not help matters. Which in this instance is a decline. ETH Bears Take The Driver Seat The current position is unlikely to improve in the near future, as a decline is more likely to occur than a rebound. Even though RSI values are rising over the long haul, the CMF value of -0.18 indicates a complete bear market takeover. As the scenario worsens in the next days and weeks, the crypto sector will endure a great deal more of suffering. ETH will soon lose its footing at $1,200 and could fall to the $1,100 range. Related Reading: Shiba Inu (SHIB) Ranks No. 1 In Top 5,000 ETH Whales’ Crypto Holdings ETH total market cap at $147 billion on the daily chart | Featured image from Watcher Guru, Chart: TradingView.com
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BNB’s price fails to hold amidst market turmoil as the price falls back to its key support zone with a range-bound movement. BNB’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. BNB’s price continues to hold $270 on the daily timeframes as the price aims for a bounce above the 50 Exponential Moving Average (EMA) The price of Binance Coin (BNB) has been a standout performer in recent weeks rallying from a low of $280 to a high of $390 before facing rejection due to the current market state that has affected most crypto projects. The crypto market has seen some drastic shift in sentiment, with Binance Coin (BNB) 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. Previous months saw the price of most altcoins trend higher as many produced gains of over 200%, 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: Dogecoin Holds Above 0.08; Here Is Why This Is Good For DOGE Army Binance Coin (BNB) Price Analysis On The Weekly Chart The crypto space has seen a lot of turbulence in the last few days, with many altcoins struggling to show strength after losing key support that was holding off price declines. The current market uncertainty has caused traders and investors to be hesitant to purchase altcoins, as there is no guarantee that they will rise in value 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, including the price of BNB suffering some major prices as it lost its support of $300. BNB’s price declined to a weekly low of $260 before bouncing off this region, showing some great strength to a region of $275 as the price aims to break higher. The price of BNB needs to flip the region of $300 for BNB price to trend higher and regain its bullish structure. Weekly resistance for the price of BNB – $300. Weekly support for the price of BNB – $200. Price Analysis Of BNB On The Daily (1D) Chart The price of BNB remains considerably strong in the daily timeframe as the price trades above $270 support after bouncing off from the region of $260. If the price of BNB breaks above $300, we could see more rallies for BNB price; a break below a region of $270-260 would lead to more sell-offs for BNB with a possibility of price trending to a region of $200. Daily resistance for the BNB price – $300. Daily support for the BNB price – $270-$260. Related Reading: FBI Plans To Extradite FTX Bankman-Fried From Bahamas As Contagion Spills To Genesis? Featured Image From zipmex, Charts From Tradingview
“There is no sugarcoating it: the FTX collapse has been a dumpster fire,” said House Financial Services Committee ranking member Patrick McHenry.
Data shows the Bitcoin 7-day volatility has come alive during the last week as the collapse of crypto exchange FTX has shaken up the market. Bitcoin 7-Day Volatility Has Spiked To Values Above 7% According to the latest weekly report from Arcane Research, the current 7-day volatility levels are the second highest seen in this year. The “volatility” is an indicator that keeps track of the average daily returns in the price of Bitcoin over a specific period of time. While this timespan can be of any length, the “7-day” and “30-day” versions of the metric are the most natural. A notable feature of the volatility indicator is that it only measures returns using the closing prices on each day. This implies that any intraday market movements aren’t accounted for by the metric, so as long as the price returns to the norm by the end of the day. Related Reading: This Indicator Hints US Investors Sold Bitcoin Harder Than Others During Crash When the volatility has a high value, it means the price of the crypto has fluctuated a lot recently. On the other hand, low values suggest the BTC market has been displaying stale activity. Now, here is a chart that shows the trend in the Bitcoin 7-day and 30-day volatilities over the past year: Looks like the values of the metrics have spiked up in recent days | Source: Arcane Research’s Ahead of the Curve – November 15 As you can see in the above graph, both the 7-day and 30-day versions of the Bitcoin volatility have observed a sharp increase recently. Before this rise, the indicator had very low values for a month or so, with the 7-day version especially reaching historical lows of 1%. Related Reading: Glassnode Suggests Bitcoin Long-Term Holder Conviction Not Lost Yet The collapse of FTX and the resulting market crash is behind the crypto’s sudden turn to volatile nature during the last week. The 7-day volatility has surged above the 7% mark, reaching levels only behind the yearly high of June, when 3AC went bankrupt. Historically, Bitcoin has become calmer following big spikes in the volatility like the one being observed right now. However, the report notes that the current market environment is filled with contagion-related uncertainty and abnormal positioning in derivatives, so the market will likely continue to be volatile in the coming days. BTC Price At the time of writing, Bitcoin’s price floats around $16.7k, down 5% in the last week. Over the past month, the crypto has lost 12% in value. The below chart shows the trend in BTC’s price over the last five days. The value of the crypto seems to still be consolidating around $16.7k | Source: BTCUSD on TradingView Featured image from Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, Arcane Research
Following Blockfi, Liquid Global, and Salt Lending halting withdrawals, reports indicate that Genesis Global Trading’s lending unit has halted customer withdrawals. Genesis’ interim chief executive officer Derar Islim said that the company’s trading and custody units were still operational. DCG-Owned Genesis Halts Lending Unit’s Redemptions and New Loans On Nov. 16, 2022, Coindesk reporter Nelson […]
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