Bitcoin is globally stable as of November 17 (slight pullback of 1.7%), but news that financial services platform Genesis Trading has suspended withdrawals for “extraordinary market instability” is not the most reassuring. Ethereum, on the other hand, fell 2.5% to $1,213.
The global cryptocurrency market is down 1% from yesterday and is valued at $835 billion. Trading is down from yesterday, with a volume of $60.72 billion which does not show a feeling of frenzy or panic.
Total DeFi volume sits at $3.30 billion, representing 5% of the market’s total 24-hour volume and stablecoins account for $57.26 billion in volume, or more than 94% of trade performed over 24 hours.
The most notable gains and losses in the market
Apart from BTC and ETH, we can mention 3 cryptos that offer good results over 24 hours:
- Chiliz (CHZ): up 13% to $0.2285.
- Stacks (STX): up 5% for a final price at $0.2385
- Arweave (AR): With an increase of almost 5% to $9.59.
For cryptos that are losing value, two stand out with significant declines:
- Trust Wallet Token (TWT): for a drop of more than 15% to $1.96.
- GMX (GMX): Down more than 12% to $39.5.
Genesis Trading halts pullbacks and worries the market
It was enough for the cryptocurrency market to plunge back into bearish sentiment and latent concern.
Indeed, in a few tweets, Digital Currency Group (DCG), the parent company of Genesis Trading, announced suspending withdrawal possibilities following the blocking of $175 million at FTXas other exchanges have already been able to do.
Acting CEO Derar Islim informed clients that Genesis Global Trading’s lending arm will temporarily suspend redemptions and new lending following the collapse of FTX.
Genesis Global Capital, the business unit in question, caters to institutional clients and had $2.8 billion in active loans at the end of the third quarter of 2022, according to the company’s site. Islim pointed out that Genesis Trading, the trading and brokerage arm of Genesis Global Capital, has its own capital and is managed separately from the lending arm.
“The impact is at the level of Genesis’ lending activities and does not affect Genesis’ trading or custody activities,” the company said. “It is important to note that this temporary measure has no impact on the business activities of DCG and our other wholly owned subsidiaries,” he added.
“Today Genesis Global Capital, Genesis’ lending business, made the difficult decision to temporarily suspend redemptions and new loan originations.” This decision was made in response to the “extreme market dislocation and loss of industry confidence” caused by the FTX implosion.
The overall market situation and the lingering uncertainty about many operators of the cryptocurrency sector, reinforces a feeling of concern among investors.
The price of bitcoin
The current Bitcoin price is at $16,526 with 34 billion dollars in volume on the last day where he conceded 1.7%. Its market capitalization of 349 billion and its circulating supply of 19,208,887 BTC coins is still the largest crypto around.
Previous predictions and analysis can still apply to the current price of BTC. Over a 4-hour period, Bitcoin made a 38.2% Fibonacci retracement at the $18,100 level and is now stable. If it were to cross this threshold upwards, it would then be with a resistance at $19,350. On the other hand, if Bitcoin goes below its support at $15,965, its price could then drop towards $15,265. .
Uncertainty still reigns with a MACD indicator in the buy zone, and a 50-day moving average and the RSI index in the sell zone. Trends are fragile and the $16,000 – $18,000 range remains the current price target.
The price of Ethereum
With a course at 1,213 dollars and a 24-hour trading volume of $12 billion, Ethereum fell more than 2.5% from the previous day. Its market capitalization therefore declines to $148 billion, and CoinMarketCap still ranks it as the second crypto on a financial level.
Ethereum has recovered graphically from resistance at $1,262 which comes just below the 50-day moving average at $1,370. Crossing these thresholds upwards could drive ETH towards price action of $1,506 or $1,670.
Price supports are still at $1,170 or $1,095 offering ETH some protection before falling further towards $1,000 or $881. But, in the current situation, there is no indication that Ethereum is destined to break through these downward supports and go down that low.
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