The cryptocurrency market is showing a slight recovery this morning, with Bitcoin surging by more than 2.5% to $16,815 and Ethereum, rising over 1% and reaching $1,286.
On this December 1st, the global crypto market capitalization is globally on the rise, with 0.56% better than the day before to just over $861 billion.
Over the past 24 hours, the overall trading volume has climbed 5.03% to $49.73 billion. It breaks down into $3.43 billion in DeFi (almost 7%) and $47.01 billion in stablecoins (93%).
The most notable gains and losses in the market
Among the cryptos that have increased in value over the last 24 hours, we can note:
- GMX (GMX): Up more than 12% to $48.80.
- Polygon (MATIC): Rising more than 6% to $0.9275.
- Zcash (ZEC): gaining nearly 5.5% to $43.24
If we look at the cryptos that are falling at the start of the day, we find in particular:
- ApeCoin (APE): Down more than 7% to trade at $3.97.
- Fantom (FTM): Down nearly 2.25% to $0.2345.
- Helium (HNT): dropping more than 3% to $2.45.
Kraken to lay off 30% of its global workforce
According to an article published on Wednesday, the US-based cryptocurrency exchange, Kraken, is preparing to lay off 30% of its employees worldwide, more than 1,100 people, to “adapt to current market conditions”.
Since the beginning of this year, the financial markets have been under pressure for macroeconomic and geopolitical reasons.
Kraken said:
“We saw a sharp drop in trading volumes and new customer registrations. Unfortunately, bad things continued to happen in the market, and we did everything we could to change prices to meet demand.”
After the recent failure of FTX.com in the Bahamaswhich has dragged down the cryptocurrency market and threatened many other businesses, it is Kraken’s turn to take action.
As a result of the layoffs, Kraken’s overall workforce is back to where it was a year ago, according to the company.
Auros Global misses a DeFi refund due to its exposure to FTX
After failing to repay the principal of a 2,400 Wrapped Ether (wETH) decentralized finance (DeFi) loan, the cryptocurrency trading firm Auros Global also appears to be infected with the FTX virus.
On November 30, M11 Credit, an institutional credit underwriter that oversees liquidity pools on Maple Finance, tweeted to its followers that Auros had failed to make principal payment on 2,400 wETH loan worth about $3 million.
According to M11 Credit, Auros is facing a “short-term liquidity crisis following the insolvency of FTX”. The company is in constant contact with its borrowers, particularly in light of recent events.
Maple Finance retweeted the news, but algorithmic trading firm, Auros, has yet to confirm M11 Credit’s claims.
M11 Credit also said the loan is not in default due to the late payment. Instead, a “5 day grace period” has been activated due to late payment.
This means that the deadline for Auros to avoid payment default is December 5th.
Given this news, the market is still debating whether to maintain the uptrend or wait for a downward correction.
The price of bitcoin
the current price of Bitcoin is displayed at $16,815 in a 24-hour trading volume of $24 billion. Over the day, BTC has gained nearly 2.5%, and its market capitalization stands at $323 billion, up from $315 billion yesterday.
Following an uptrend today, Bitcoin reached an overbought zone, and the double top pattern of resistance at $17,255. An upward crossing of this level could drive the crypto towards $17,600 and $18,000.
Given that the RSI and MACD indices are in an overbought zone, we will be wary of a possible downside correction with support at $16,700, and the possibility of going down to $16,250.
The price of Ethereum
The current price of Ethereum is $1,286, with a 24-hour trading volume of $8 billion. In the past 24 hours, Ethereum gained nearly 1%. Its market capitalization currently stands at $157 billion.
On the 4-hour timeframe, Ethereum is trading higher, but it is now encountering strong resistance at the $1,310 level. The uptrend could then weaken and lead to a downward market correction.
On the other hand, the immediate support of Ethereum is probably around $1,225: if this threshold is crossed, the price can go down to $1,150.
Finally, a break up of the $1,310 level may bring the price of ETH to the level of $1,354.
Huobi Token Appreciates Over 25%
Huobi Token (HT) is now trading at $6.85 with a daily trading volume of $16 billion. Even though Huobi Token is down 1.5% in the last day, it has gained more than 25% in the past seven days. It now ranks 39ᵉ in capitalization with an amount of 1,050,454,242 USD.
Chart-wise, HT faces immediate resistance at $7.40, and a breakout of this level could lead it towards a level of $8.35.
On the upside, a break above $8.35 has the potential to lead Huobi to $9. On the other hand, a downward crossing below $6.6, could push the crypto down towards $6.10 or $5.10.
Cryptocurrency presale with massive profit potential
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trade intelligence platform that provides real-time analytics and social data to traders of all skill levels, enabling them to make more informed investment decisions. The platform will go live in the first quarter of 2023, providing investors with information to help them make proactive trading decisions.
Dash 2 Trade is a success, with two exchanges (LBank and BitMart) promising to list the D2T token once the presale ends. 1 D2T is currently worth 0.0513 USDT, but when the sale ends, the price will drop to $0.0533.
D2T has already raised over $7.6 million so far by selling over 87% of its tokens.
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