Most crypto-currencies are still falling in value on the morning of November 9. The panic that caused some investors to sell off yesterday is still having an effect, although the worst of the storm has certainly passed.
Both Bitcoin and Ethereum have suffered from rumors of the insolvency of FTX, a major player in crypto trading. So, Bitcoin almost pulled back to $18,000, stopping at a price of $18,395 while Ethereum broke through lower $1,300 to finally recover and ultimately trade at $1,303. .
Total DeFi volume is valued at $9.99 billion, or just over 4.5% of the overall crypto market volume over the past 24 hours. For their part, stable coins represent 199 billion dollars, which is still 93% of the total volume of the crypto market over 24 hours.
Binance triggers a liquidity crisis, then buys FTX
Ever since Binance announced it was parting with all of its FTT tokens, uncertainty loomed over the course of this crypto. With the recent revelations about the massively owned FTTs at Alameda Research, also owned by FTX boss Sam Bankman-Fried, there were growing rumors about the creditworthiness of the whole thing.
The risk was great to spread to Binance (owner of many FTTs) and all players in the crypto-currency market. Changpeng Zhao, the founder of Binance, quickly understood this and took the lead by stating:
“FTX asked for our support. We are experiencing a severe shortage of cash. To ensure the safety of our users, we have signed a non-binding letter of intent with the intent to acquire FTX.com in its entirety”.
Following this impending takeover announcement, Sam Bankman Fried’s exchange’s native FTT token saw its price rise initially, only to then pull back massively, from $22 to $4, i.e. a fall of more than 80%.
The terms of the agreement between the two parties remain confidential to date and Binance will launch an audit in the coming days to validate its approach. Changpeng Zhao’s company is free to terminate its offer at any time, which may add further uncertainty during the FTT in the hours to come.
The most notable gains and losses in the market
There are few cryptocurrencies that managed to show an increase over the last 24 hours:
- BinaryX: up more than 2% at a price of $145.
- PAX Gold: Up more than 2% to $1,700.
On the downside of cryptos, three currencies showed the strongest declines:
- FTX Token (FTT): with a loss of more than 71% of its value to arrive at a price of $4.
- Aptos (APT): which fell 21% to $4.8.
- Chiliz (CHZ): with a price that lost 16% to $0.20.
Bitcoin Price
Posting a price at $18,395, Bitcoin had a steep pullback, taking its rolling 7-day loss to more than 10%. Its market capitalization today stands at 351 billion dollars, against 378 billion yesterday.
From a chart analysis perspective, BTC remains above two support lines at $18,170 and then at $17,150. The bearish trend that is expected to continue will most certainly take Bitcoin towards the $18,170 threshold. It remains to be seen whether this level will be crossed or not. If that were the case, then we should consider a decline up to the next level of $17,150.
.The RSI, MACD, and 50-day moving averages all indicate a downtrend. That said, the situation remains undecided and a rebound could very well take place, driving the price of BTC towards $19,000 quite quickly.
The price of Ethereum
Like many cryptos, Ethereum could not resist the bearish movement that took hold of the market. With a decline of 12% over the last day and more than 17% over the past seven days, Ethereum comes to a price of $1,303.
Ethereum price has a symmetrical triangle pattern visible on chart analysis with a support level at $1,227. By breaking below its 50-day moving average, ETH has turned the $1,385 threshold into a resistance that will be difficult to cross in the short term.
The RSI and MACD are also showing a selling trend, and candlestick analysis only confirms a pullback trend.
If this continues and drives ETH towards a level of $1,227, then levels of $1,125 or $1,000 should be considered as possible thresholds for this crypto.
FTT price is down 84%
The FTX (FTT) platform token has a current price of $4.54, obtained after trading $3 billion over 24 hours. The decline is brutal for FTT with:
- more than 71% loss in the last 24 hours.
- more than 84% decline over the past seven days.
The market capitalization of this crypto has obviously melted and is now at $607 million, or 30ᵉ among all cryptos.
The trend is to continue this decline if we are to believe the chart analysis and the exit of a descending triangle. Support levels can be found at $3 or even $1. Nevertheless, the price of FTT will largely depend on investor sentiment and the latest developments in Binance’s takeover of FTX.
In the event of a possible rise, the resistances of the price of FTT are at $6 or $10, but seem inaccessible in the immediate future, so much uncertainty is great about FTX. .
Presale of new crypto with huge potential
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading platform that will provide traders of all skill levels with real-time analytics and social data, allowing them to make more informed decisions in their investments.
The pre-sale of the native token of this platform started three weeks ago. The results are already huge and over 5.7 million. Since then, the platform has formalized the first listing which will take place on the LBank platform.
The current price of D2T is 0.0513 USDT, but it should quickly rise to $0.0533 as expected in the next stage of the sell-off and finally to $0.0662 when the sell-off reaches its final stage.
Discover the Dash 2 Trade presale now
Find the best price to buy/sell cryptocurrency
