Sarah, Author at tridEX

17th December 2022

Shiba Inu (SHIB) Price Continues To Decline – What’s Causing The Drop?

The past few days have seen a decline in the price of crypto assets such as Shiba Inu (SHIB), with inflation and other macroeconomic factors in play, as other cryptocurrencies registered gains.

Macroeconomic factors have historically impacted crypto prices. Recently, the FUD (fear, uncertainty and doubt) levels in the market were high, taking a toll on crypto and investor sentiment. Meanwhile, the Binance vs. Reuters tussle sparked a considerable amount of withdrawals from the exchange.

However, anxiety is reducing, and normalcy has returned to the market. Bitcoin and other altcoins have recorded gains in the past 24 hours as the market looks to recover. But Shiba Inu has dipped in the last 24 hours, losing above 7% of its value to trade at $0.0000088.

Whale Transfers Over 210 Billion SHIB

Lookonchain, an on-chain analysis platform, reported that a whale transferred 207.2 billion SHIB tokens valued at $1.9 million to Binance.

The transfer took place at 01:54 PM UTC. This whale also dumped close to 4 billion tokens in a 7-day timeframe pushing the sell-off figures to more than 210 billion.

This transfer affected the price, making it lose 3% a few hours after the transfer. The ripple effect of this activity also caused the asset to fall below its support level by another 3%. The coin price decreased by 6% before the U.S. Federal Reserve revealed its rate hike decision.

Whale In Control Of SHIB Price Momentum

The controversial whale had moved 3.49 trillion SHIB for 2.37 ETH, valued at $2,233 via Uniswap in 2020. It spent 1.83 ETH on 2.27 trillion SHIB tokens and 1.22 trillion using the addresses 0x5952 and 0x92f2.

The whale made its last purchase on February 9, 2021, and has only sold Shiba Inu since then for profit. After the token rallied in 2021, the whale took short positions for its holdings.

Lookonchain places the total token sold by this whale since April 13, 2021, at 2.94 trillion SHIB. The whale will make close to $18.3 million if it sells at the current market price.

With much holdings and financial might, this whale can influence the price of SHIB at will whenever it decides to resume sell ing.

The wallet address reveals that this particular whale has 546 billion in store, valued at $4.84 million. The sell-off has increased the circulating supply and has consequently reduced its value. Investors will watch this whale closely as the general crypto market gears up for a revival.

13th December 2022

Crypto Exchange Binance Refutes Allegations Of Money Laundering

The crypto sector has been a subject of divided opinions since the inception of Bitcoin and its meteoric rise. While the assets have benefits like fast transactions and decentralization, some risks include fraud and criminal activities.

More recently, during the crypto winter of 2022, some catastrophic events led to negativity among crypto users. The collapse of FTX – one of the world’s largest exchanges, was a pivot point sending shockwaves throughout the crypto world.

Since the event, individuals and bodies have called for crypto regulation. Some individuals now prefer to hold their tokens in personal wallets than leave them in the custody of an exchange. All crypto organizations are under scrutiny, with most governments determined to protect their citizens from fraud at all costs.

Binance, the world’s largest crypto exchange by trading volume; is now facing a possible money laundering investigation. The case has been ongoing since 2018 and has gained popularity in light of recent happenings. Reuters has alleged that Binance was employing different tactics to keep information away from public knowledge.

There have been divided opinions on how far the regulations can go. The prolonged case between Ripple Labs and the Security and Exchange Commission has led to fears for a possibly bleak future for crypto.

Crypto Giant Binance Denies The Allegations

Binance, in a series of tweets, denied any wrongdoing citing it as an attack on their law enforcement team. According to the statement posted on Twitter, Binance made it clear that they have top-notch cyber investigators on their books. Also, the company said that it always cooperates during investigations.

Binance also went further to share its activities in combating ransomware and hacking cases with training organized in different locations. CEO of Binance Changpeng Zhao had tweeted earlier this year on this issue. According to Zhao, the article by Reuters on money laundering is a waste of time.

He also labelled the story as fiction and stated that everyone makes mistakes, but the Reuters story was imbalanced.

Binance Drums Up Praise For Followers

Binance – the world’s largest crypto exchange, had taken to Twitter to celebrate having ten million followers on the Twitter app.

The world’s largest exchange also launched a challenge to reward followers. According to the tweet, all they need to win is to collect three of Binance’s #Binance10M badges and win a share of 10 million Satoshi.

Binance continues to call for calm in the face of Reuter’s allegations. Changpeng Zhao – Binance CEO, has dismissed the reports as FUD.

Replying to a twee t that the latest allegations seem sponsored, the CEO stated that FUD, although annoying, encourages growth. Also, he believes such reports will unite Binance supporters as they come together to align.

9th December 2022

Latest Ethereum Short Price Rally – Courtesy Of Whale Activities?

Ethereum has been showing bullish momentum in the last seven days. ETH has gained momentum in the past 24 hours, while other coins are still declining. This rally supports some theories that the asset will rise above the resistance level in the coming days.

Weeks after a massive fallout, the second largest cryptocurrency is heading towards a comeback. The FTX crisis, with other macro factors, affected the entire crypto market, with many assets crashing flat. Although there are many uncertainties in the crypto market, hope seems to be returning to the Ethereum community.

Vitalik Buterin, the Ethereum co-founder, made a statement urging people to focus on the technology instead of the current prices. The co-founder was confident that Ethereum-based applications for monetary transactions would scale up the blockchain in the long run.

Ethereum Whales Are Buying The Dip

In Buterin’s notes, he expressed a bullish stance that the decentralized stablecoins and the other applications built on Ethereum could have long-term benefits.

Meanwhile, bullish Ethereum holders are taking advantage of the dip to accumulate more Ether positions. According to data from Santiment, Ethereum whales are taking advantage of the low prices to buy more ETH.

The blockchain analytical firm tweeted that the shark and whale address, with 100 to 1 million ETH, added 2.1% more coins to their wallets. It could be a sign of bullish sentiment for a price rally in the weeks to come.

Ethereum is currently trading at $1,280. Two months ago, before Ethereum transitioned to proof of stake, many investors were bullish about the price increase the upgrade could bring. However, two months after the merger, their hopes got dashed as the asset price continuously dropped.

Although the upgrade sought to improve the blockchain’s infrastructure, the co-founder said it could take months to reflect on the ETH price.

Bitcoin Stays Down While XRP Surges Amid Whale Accumulations

While Ethereum seems to exhibit some bullish trend, Bitcoin is declining with a 24-hour price drop of $0.02%. Other coins are not doing any better, including FTX, except XRP. The report shows that the XRP price increased in the last 24 hours after whale accounts moved over 160 million tokens.

According to a report, whales accumulated more than $19 million of XRP tokens from the Bitso crypto exchange. In addition, the report revealed that the tracker recorded another whale addition of 40 million XRP, approximately $15.3 million.

The tracker also reported that an account with the name, Ripple, moved more than 50 million XRP of about $19.2 million to an anonymous wallet.

These accumulations saw XRP’s price gain a 2% increase in the last 24 hours and are currently trading at $0.3918. The news comes as the XRP lawsuit tends towards a summary judgment.

8th December 2022

‘Wolf Of Wall Street’ Advises Crypto Investors To Hang On To Bitcoin And Ethereum

The year 2022 has been a very rough one for Bitcoin and the general crypto market. In the initial 11 months of the year, BTC declined by about 65%. Then, when it appeared that BTC gained stability at the $20K price mark, the FTX contagion broke out.

The adverse event has brought the leading coin, Bitcoin, down by around 75% from its peak price of $68,789. BTC currently trades at $16,823.

Bitcoin shows a decline on the chart l BTCUSDT on Tradingview.com

Notwithstanding, Bitcoin is still more promising than the rest of the altcoins. Therefore, several experts still believe prospective crypto investors can opt for BTC now, as it projects a positive future.

As for the Ethereum token, its price change in the past 24 hours is -1.94%, with a trading price just above the $1,200 mark. Ethereum is also believed to be profitable in the long run, given its transition to 2.0 and potential to revolutionize the web.

Bitcoin And Ethereum As Profitable Investment Options

Meanwhile, a recognized stockbroker, Jordan Belfort, has expressed his thoughts concerning the profitability of Bitcoin and Ethereum. In his comment, he stated that both digital tokens are the safest to venture into.

He admonishes crypto investors to get into the ecosystem with little capital. This is because of the unpredictable risks and volatility of these digital tokens.

He further shared some lights on the recent FTX incident. He cited that investors couldn’t identify the scam of the exchange. But this is not a yardstick to disregard investing in Bitcoin and Ethereum.

The stock broker also announced that his BTC holdings are still intact, with more purchases already made. His actions are backed by the belief that BTC will bring a huge ROI in a decade or less.

‘Wolf Of Wall Street’ On Crypto Adoption

Belfort, also known as the “Wolf Of Wall Street,” shared information on his past dealings. At the time, most of its dealings were connected to the fading “Great Fools Theory.”

This theory proposes high prices due to the overpriced securities sold to so-called greater fools. Such transactions occur regardless of the securities’ value and continue until the market is devoid of greater fools.

The name The Wolf of Wall Street was inspired by the popular 2013 movie – The Wolf of Wall Street. It’s a movie written by Terence Winter and directed by Martin Scorsese. Its storyline centered on Jordan Belfort of 2007, who displayed great passion as a stockbroker in NYC (New York City), United States.

Getting into 2021, the stock broker observed the rapid development of Bitcoin and eventually opted in. During the period, Belfort had hoped that the price of BTC would surge to $100K before 2021 wrapped up. His reason was based on the fixed max supply of tokens, which has remained at 21 million coins.

Although the expectation was never met, his hopes are still high, which is evident in how he speaks highly of the coin. According to him, investors should not expect Bitcoin to yield sudden profits. Instead, it’s better to venture into the coin with a long-term mindset to make the most out of it.

Featured image from Pixabay, chart from TradingView.com

6th December 2022

This Report Suggests Crypto Sector Bearing A Final Flush-Out

The crypto market is currently undergoing a series of unfortunate events. From the crash of stablecoin Terra to the fall of Celsius, it has been a gloomy year for crypto investors.

More recently, the capitulation of the Bankman-Fried-led popular exchange FTX has further amplified this negative trend. In addition, exchanges like Gemini and Coinbase have laid off a significant chunk of their workforce.

According to Glassnode reports, the collapse of FTX has led to one of the largest; deleveraging events in the history of crypto. As a result, the market has dipped in recent weeks. Glassnode emphasized the size of losses felt by all market players in the deleveraging event.

In the long term, this forced-priced flush-out might prove beneficial to the prices of assets. However, Glassnode also believes that a capital reset is at hand.

How Is The Crypto Market Faring?

With current events, the crypto market has pulled back 1.1%. The total market capitalization stands at $892 billion. With the fear and uncertainty high in the market, resistance levels will be tough to break through for any asset.

Most altcoins have maintained neutrality today- neither posting significant gains nor losses. Bitcoin is close to the $17,000 level retracing from $17,400 in less than 24 hours; Ethereum has pulled back 2%, retreating to the $1,266 level. The crypto market is generally downtrend today with a reduction in market capitalization.

Record Breaking Capitulation

Two massive capitulations reshaped the crypto space in 2022. The events; occurred in June and November. The FTX saga led to a loss of $4.43 billion in one day. Terra’s capitulation caused a deficit of $700 million in 14 days as investors withdrew their capital in droves.

Glassnode compared the ratio of realized profits to realized loss, with the latter outstripping the former. As per the data, these losses were fourteen times larger than the gains in the market.

According to historical data, previous ratio lows of similar effect occurred at the cycle of bottoms. Again, this pattern was observed – in the 2011,2015, and 2018 bear markets.

After these significant losses, a trend shift occurred after each bear market – leading to a bull market in all three years.

Glassnode stated that the size of the losses had reduced in recent weeks after the crypto flush-out. The prices will likely consolidate – in the coming months before a significant trend reversal.

Cryptocurrency market trades sideways | Source: Crypto Total Market Cap on TradingView.com

According to CNBC’s Jim Cramer, investors need to cash out on crypto while they can. However, with the recent event that has created a negative impression on crypto investment, Cramer emphasized that the decision be made sooner rather than later. How investors will react to the flush-out, and its resultant effects remains a mystery.

Featured Image From Pixabay, Charts From Tradingview.com

5th December 2022

This Crypto Exchange Terminates Half Of Its Employees Amid Bear Market

The crypto world has had its fair share of drama as the bear market bites down on the entire landscape. In addition, global inflation has also caused most companies to resize their organizational structure.

Crypto businesses are now planning for effective cost-management strategies to prevent a collapse. However, the fear in the market for most crypto users is high since trusted firms have collapsed.

In light of recent events, Australian cryptocurrency exchange Swyftx has shown 90 of its employees the exit door. It represents a layoff of around 40% of the entire workforce – a significant number.

Swyftx CEO Alex Harper said the company is well-positioned to handle the blowout of the FTX storm on the crypto world.

He believes the crypto market will continue to decline in 2023. This is the reason behind the massive decrease in the workforce.

Layoffs Are Common In Crypto Exchanges

Top cryptocurrency exchanges are sizing down their teams to cut costs and prevent wearing out. Other factors have prolonged the current bear market, and this seems to be the only route to stay afloat.

Coinbase – US-based crypto giant laid off around 18% of its staff. Huobi followed suit – downsizing its staff by 30%. Popular exchange Gemini laid off 10% of its workforce in June, then recruited over 60 new people in July.

Other exchanges that include CryptCorn, BitMEX, and Bybit – reduced their numerical strength. Binance, on the other hand, was one of the few exchanges that expanded operations during the current bearish phase.

Who’s Next?

Alex Harper, the Swyftx CEO, broke the news of the layoffs in a letter addressed to employees. He referred to the staff as “90 talented friends and employees”.

He also distanced Swyftx from any association with the bankrupt exchange FTX. However, he also noted that Swyftx is not immune to the effects of such an event on the crypto market.

Harper believes that sizing down a percentage of the workforce will help the organization survive the chilly crypto winter that has claimed many victims.

According to Harper, Swyftx is one of the top crypto trading organizations; in Australia. He also stated that they are well-positioned to weather the ongoing storm in the crypto market.

Crypto market trades sideways on the chart | Source: Crypto Total Market Cap on TradingView.com

All affected employees were promised severance pay within seven days to cushion the effects. Also, they will have access to an employee stock ownership plan (ESOP) for the tenure with additional six months.

The exchange will also provide them with job search support and employee assistance program (EAP) services. Unfortunately, the FTX crash continues with its devasting fallout, with some crypto exchanges filing for bankruptcy.

Featured Image From Pixabay, Charts From Tradingview.com

3rd December 2022

Sam Bankman-Fried Addresses $8 Billion Balance Sheet Deficit, The Key Takeaway

The entire crypto market bled with multiple losses and asset devaluation after the collapse of Sam Bankman-Fried’s crypto exchange FTX. In addition, crypto firms exposed to FTX got a fair share of the bitter pill.

Investigations have been ongoing to determine the location of the $8 billion hole in FTX’s balance sheet, which caused the liquidity crunch.

The deficit in FTX’s balance sheet kept growing. The firm initially declared only $2 billion and later said it was $5 billion. The hole has now grown to over $8 billion.

In a recent Bloomberg interview, Sam Bankman-Fried (SBF), FTX former CEO, revealed the whereabouts of the funds. SBF said he showed investors a separate balance sheet at an emergency bailout.

According to the report, SBF listed $8.9 billion in debt, $9 billion in liquid assets, and $15.4 billion in less liquid assets. The report also mentioned $3.2 billion in illiquid assets.

Sam Bankman-Fried Reveals Conflicting Balance Sheets

He revealed another balance sheet showing the actual situation at the time of the bailout meeting. The balance sheet bears similar numbers but $8 billion less liquid assets. SBF said he misquoted the numbers.

He added that customers were transferring money to Alameda Research instead of sending it directly to FTX. According to his statement, FTX’s internal audit system double-counted the amount and credited it to both firms.

Following SBF’s statement, FTX and Alameda Research had the highest cash flow, but Binance, a rival, became the highest expense. He paid a net amount of $2.5 billion to buy out Binance’s investments. SBF also revealed that he spent $250 million on real estate and about $1.5 billion on other expenses.

Some $4 billion and $1.5 billion went into venture capital investments to acquire other firms, while they counted $1 billion by mistake.

The report also stated that SBF and the remaining employees spent the previous weekend attempting to raise funds. The funds are to fill the $8 billion hole in FTX’s balance sheet and repay customers.

Cause of FTX Collapse: Fraud Or Mismanagement?

Meanwhile, most people in the crypto space say the FTX crisis is a fraud and not an accident. On Wednesday, during his first public appearance after the collapse of FTX, Bankman-Fried insisted that he did not commit fraud. He claimed that he was unaware of the extent of damage and what was going on with FTX.

In an interview with The New York Times, SBF blamed the collapse of the $32 billion FTX exchange on poor accounting and management failures. This comment triggered civil and criminal investigations. The investigation aims to determine whether FTX committed a crime by lending customers’ funds to Alameda Research.

Sam Bankman-Fried Addresses $8 Billion Balance Sheet Deficit, The Key Takeaway

Cryptocurrency market records new gains | Source: Crypto Total Market Cap on TradingView.com

However, FTX’s new CEO, John Ray III, in charge of the firm’s bankruptcy proceeding, expressed disgust at the situation. In his words, Ray said he had never seen such a complete failure of corporate control, condemning SBF for unacceptable management practices.

Featured image from Texas Tribune, chart from TradingView.com

30th November 2022

Hash Ribbon Reversal Signals Bitcoin Miner Capitulation Phase

Bitcoin and other cryptocurrencies are feeling the effects of the negative trends occurring in the market. The crypto winter predicted to wind up in early November by some experts is still in full swing. Crypto critics like Warren Buffet still views crypto as a risky asset.

The FTX saga has further changed the narrative, with investors unsure of keeping their holdings with exchanges. In addition, the Securities and Exchange Commission (SEC) now has support in the lawsuit against XRP.

In the wake of these chaotic events in the past weeks, the market outlook has shown a high fear index. As a result, bitcoin mining is taking a beating as events continue to unravel daily.

Hash Ribbon Forms A Death Cross – What Does It Mean?

The hash ribbons – a technical indicator – has formed a so-called “death cross” that has previously indicated bitcoin miners buckling under pressure. These indicators use simple daily moving averages to unravel any changes in hash rates.

Hash ribbons are renowned for long-term applications to identify macro bottoms on a Bitcoin chart. The formation of a bearish cross signals a strong downtrend. It means hash rates will reduce from the previous optimal levels.

According to Charles Edwards on Twitter, the miner capitulation is a fallout from the $10 billion FTX fraud and collapse. Will Clemente, an industry analyst, observed the signal stating that “we are potentially entering into a double dip miner capitulatory period.”

A similar event occurred in June 2022 with the formation of a death cross after the collapse of Luna. Glassnode reports that the hash rate seven-day moving average stands at 13.7% less than the all-time high value.

The mining difficulty will now vary by -9% in the coming week. Hash rates have dropped dramatically as more miners begin to shut down their mining rigs. The hashrate today stands at 234 EH/s (exahashes per second.

The mining difficulty is at its peak of 36.9 T. this figure will reduce with the hashrate falling and the competition between miners reducing. However, mining profitability (hash price) is the worst hit standing at $0.056 per day for each TH/s.

Profitability has been declining, with an 82.55 decrease observed within a year. In addition, miner capitulations lean toward the bears and add more selling pressure leading to the BTC price falling in the short term.

Bitcoin Price Update

Bitcoin price has shown signs of a slight revival today. Despite a brief retracement on Sunday, the price has consolidated in the $16,000 to $17,000 range.

The FTX effect on the market is the leading cause of the latest downtrend. BTC is far from its November 2021 all-time high value by 76.5% and is trading at a two-year low.

Bitcoin price trends upward l BTCUSDT on Tradingview.com

The current crypto market closely mirrors the bear market of late 2018 following the capitulation in November of that year. With such an unexpected turn of events, a bullish rally might not hold for a while.

With the bearish cross in the hash ribbons, pessimism is on the rise for crypto prices. With lower rewards for miners, it is most likely that more miners will close shop in the coming weeks.

Featured image from Pixabay, chart from TradingView.com

28th November 2022

Why The Bitcoin Miners’ Revenue Hit Lowest Point Since 2020

Many crypto investors are still skeptical about the profitability of Bitcoin mining. This is not surprising considering the growing rate of energy prices in recent times. Moreover, the Bitcoin miners’ revenue has been on a downtrend since November 2020.

Current Bitcoin Miners’ Revenue

Meanwhile, BTC miners are experiencing some downturn in their revenue lately. This situation results from reduced prices and the present bearish state of the crypto market. It’s not overly surprising to miners, seeing that the token’s value against the dollar is going down the drain.

As of November 2021, Bitcoin miners recorded the highest revenue ever had. But information from Blockchain.com showed that these BTC miners’ revenue had dropped significantly since its peak surge.

Bitcoin mining revenue chart l Source: Blockchain.com

The Bitcoin miners’ revenue is now down to its lowest value since November 2020. At the time of writing, the figure stands at a little over $11.67 million.

While this downtrend is primarily due to the plummeting price of the BTC token, other metrics also contribute to the occurrence. A noteworthy example is the growing energy prices. Another instance is the decline in the profitable days of Bitcoin. Around 83.40% decline in the profitable days has already been recorded.

BTC holders have witnessed approximately 3,738 days of profits since 2015. On the opposite side, Bitcoin holders would have gained little or nothing for about 747 days in the same period. At the time of writing, BTC trades at $16,146 showing a 24-hour change of -1.72%.

Source: Blockchain.Com

Working System Of Bitcoin Mining

The working process of BTC mining is simpler than it sounds. However, it demands the right understanding from intending and existing miners. Primarily, Bitcoin miners guess a 64-digit number called a hash. In most cases, it’s termed hash mining.

Miners depend on powerful computers to quickly guess this 64-digit number (hash). There are about 16 possibilities for every digit in the number. They consist of digits 1 to 10 and letters A to F.

Generating a guess involves rolling a die having 16 sides 64 times. This action alone only generates one guess. Miners still have many more possible answers, and this is where they need their mining systems.

These computers roll the 16-sided die at a very high speed with lots of computer energy. The reward for mining goes to the miner who first arrives at the right hash – adding a block to the Bitcoin blockchain. The continuity of this process and the price of BTC add up to the revenue of these BTC miners.

Bitcoin is currently on a downward trend l BTCUSDT on Tradingview.com

Featured image from Pixabay, chart from TradingView.com

24th November 2022

Survey Suggests Institutional Investors Still Interested In Crypto

The crypto market is undergoing one of its lowest cycles since the turn of the year. Some crypto forecasts predicted a more positive outlook for the crypto market for November. However, events changed things negatively.

The U.S. Federal Reserve (Fed) held onto the rates hike, and FTX’s collapse further plunged the market into chaos. After recent events, investors withdrew most of their crypto holdings from FTX and other major exchanges.

Institutional Investors Increase Crypto Holdings

According to a Coinbase report in the Institutional Investor Digital Assets Outlook Survey, professional investors have added to their portfolios. The survey conducted on 140 investors between September 21 and October 27 revealed this information.

The total crypto assets of these investors were $2.6 trillion. This survey was before the FTX incident, before the latest price downtrend.

Of the survey participants, 62% already in possession of crypto holdings increased the size of their portfolio. This increase took place within a year. Notably, just 12% of the survey participants decreased their assets in the same timeframe.

It implies that institutional investors have taken a long-term stance on crypto assets with optimism for the future. Up to 58% of these investors will likely increase their holdings in the next three years.

Overall, the general sentiment for cryptocurrency was optimistic, with around 72% of the respondents affirming their belief in cryptocurrency. This survey highlights the increasing adoption of cryptocurrencies globally.

The three main reasons for crypto investment noted in this survey are: investing in innovative technology, improved funding, and access to profitable opportunities.

Coinbase Stocks Under The Weather

Coinbase stocks have taken a significant hit in the prevailing bearish market cycle. The stock (COIN) fell to a low of $40. It is currently up to around $45.57. COIN is trading at almost less than 90% of its all-time high value of $357, achieved on November 2021.

Binance has now officially surpassed Coinbase Pro as the largest holder of Bitcoin. According to the information from CryptoQuant. With over $8 billion worth of crypto removed from central exchanges, Binance exchange; now has the largest store of BTC holdings.

Bitcoin price trades above $16,500 l BTCUSDT on Tradingview.com

Coinbase CEO Brian Armstrong has moved to dissuade fears of a possible collapse similar to FTX. In his tweets, he expressed sympathy and stated that Coinbase has no material exposure to FTX and its affiliates.

He blamed the collapse of FTX on risky activity and misuse of investors’ funds. He assured users of the safety of their assets and transparency in dealings.

He stated that the crypto industry should build a better financial system based on DeFi and self-custodial wallets in the future.

Although cryptocurrencies have suffered losses recently, institutional investors’ positions suggest there might be hope for a recovery.

Featured image from Pixabay, chart from TradingView.com

23rd November 2022

Ethereum Whales Accumulate Over $1 Billion Worth Of Ethereum Amid High Sell-off

The crypto market often runs on a cycle of highs and lows. Conscious investors leverage the lows to enrich their wallets with assets awaiting the bull run. This quarter’s bearish trend is no exception.

The past few weeks in the crypto market have been filled with massive losses following the FTX collapse. The extreme macroeconomic conditions following the Fed’s interest rate hike are not helping matters.

Ethereum, the second-largest cryptocurrency, suffered multiple setbacks in the last weeks following the market decline. Ethereum slumped below $1,600 to $1,081, losing nearly 24% over the weekend.

Ether whales took note of the bearish trend and accumulated over $1 billion worth of ETH while the price went below the support level.

Whales Buy A Major Amount Of Ethereum

According to Santiment, Ethereum whales accumulated nearly 947,940 ETH worth over $1 billion in the current market price. The “Percentage of Supply Held” data for Ethereum indicates the move as the most significant single-day whale accumulation in the last year.

In previous accumulations, Ethereum’s price rose by an average of 3.2% against BTC. Bitcoin whale accumulations at support levels often trigger a bullish price reversal, but the opposite happened this time.

This is because Ethereum still suffers the effect of the FTX contagion. The FTX collapse hit the cryptocurrency as the crypto exchange suffered ETH shortages, leading to insolvency.

Former CEO of FTX Sam Bankman-Fried’s Alameda Research transferred a large amount of ETH to the exchange to save the situation. However, the attempts failed as both firms filed for bankruptcy a few days later.

The FTX hacker didn’t help, as he attacked the exchange’s accounts and carted away many assets. The account drainer later converted all the assets to Ethereum, raising speculations that the hacker’s wallet address belonged to an insider. However, days later, the hacker dumped all the stolen ETH for Bitcoin, causing further sell pressure on Ethereum.

Two Largest Cryptocurrencies Fall To New Lows

Given the unfortunate events, Ethereum price continued tanking amid the crisis down to the support levels before the whale accumulation. Ethereum now trades at $1,165 with gains.

Ethereum grows by 2% on the chart l ETHUSDT on Tradingview.com

However, despite the massive loss, Ethereum has shown signs of recovery as its price added 2% in the last few hours. Meanwhile, Bitcoin itself is not doing so well. Last Tuesday, the largest cryptocurrency hit its four-month low at $17,656 after plunging 10%.

The asset continued downward, hitting a week low on Monday and dragging other cryptocurrencies. According to Coin Metrics, Bitcoin traded at $15,725.02 and later fell to 15,586.94, the lowest since November 10. However, BTC recovered a bit and is now trading at $16,515 with minor gains.

Featured image from Pixabay, chart from TradingView.com

22nd November 2022

Crypto Market Loses $60B In Two Days As Bitcoin Price Plunges

The past few days in the Bitcoin and crypto market have had a forceful impact from the bears. The prices of most of the crypto assets have been tolling to the south beyond expectation. In addition, the entire market is experiencing a decline due to the collapse of the FTX exchange.

The outcome of the recent events has raised more doubts in the crypto space. Bitcoin is dipping drastically and has gone below the $16K region. However, the altcoins are not left in the bearish trend. Lots of the assets have gone below their critical resistance levels, signifying a potential emergence of draught in the crypto market.

Following the continuous decline, the crypto market has lost about $60 billion in just two days. This has pushed the cumulative market cap to dip below $800 billion. The value sits at $785.71 billion at the press time, indicating a 1.53% drop over the past 24 hours.

For the past fortnight since the FTX fiasco, the crypto market has lost approximately $300 billion. This brought the market cap down from its coveted region of $1 trillion.

Bitcoin Price Drops

The performance of the primary cryptocurrency has been less impressive in the declining crypto market. Bitcoin has failed to surpass the limitation at the $17K region throughout last week. Without volatility, the weekend was suppressive for the token as it stagnated around $16,6000 for two consecutive days.

Monday marked a different dimension for Bitcoin as the token price dropped to $16K. Gradually, BTC has been moving to the south to finally hit a new two-year low of $15,660.

A blockchain analytics firm, Glassnode, reported that Bitcoin’s current price had caused unrealized losses for whales.

At the time of writing, BTC is trading at $16,142, marking a growth. Its market cap is $308.23 billion, and its dominance over altcoins is 38.69%.

Bitcoin gains momentum l BTCUSDT on Tradingview.com

Altcoins Stuck In The Bad Trend

The story is not different for the altcoins as well. Ethereum has suffered in the prevailing situation. The past 48 hours saw a loss in value for the second-largest crypto asset. Though Ether was slightly above the $1,200 level on Sunday, the token has plummeted since Monday.

ETH has finally hit a new multi-week low as it went below $1,100 during early trading hours of today, November 22. At the time of writing, Ethereum is hovering sideways around $1,121.

Other altcoins with smaller daily declines include Cardano, Binance Coin, Polygon, Dogecoin, Tron, Shiba Inu, and Polkadot. However, Chainlink and Litecoin have recorded some gains despite the trending decline in the market. The two tokens witnessed up to a 3% surge over the past 24 hours.

Featured image from Pixabay, chart from TradingView.com

21st November 2022

Ethereum Price Dips As 400,000 ETH Moved From Crypto Exchanges

Ethereum has seen a decline over the past 24 hours. Being hit with new selling pressure, the world’s second-largest crypto asset has plummeted by over 8%. Despite its recent pressure, the whales have become more intense on ETH.

The crypto market is still red, with most crypto assets declining. The bearish trend from the collapse of the FTX crypto exchange is getting more intense. Most of the prominent crypto tokens have seen a drop in their performance.

Notably, the broader crypto market is passing through some corrections. The cumulative market cap has plummeted by almost 5% over the past day.

Whales Accumulate As Ethereum Drops

According to data from Whale Alert, crypto whales are attracted by Ethereum’s new price drop. As a result, they are aggressively accumulating Ether. The report indicated that the whales had moved almost 400K ETH from several crypto exchanges. This figure shows that over $445 million has been transferred to many unknown wallets despite the price dip.

The whales moved about 300K ETH worth almost $333 million from Upbit to several wallets. The whale tracker pointed out the most significant transaction involving the addition of a $129.1 million price of Ether from Upbit.

Additionally, the tracker noted a whale accumulation of 99.99K ETH from the Bitfinex crypto exchange. The recorded transaction is worth about $12.4 million.

The recent whale attention and accumulation are coming as Ethereum recorded a massive drop in its price. At the time of writing, ETH is hovering around $1,132, indicating a 1% drop within the past 24 hours. Also, the token has suffered a massive drop of more than 12% in its value over the past seven days. Its market cap is now at $137.57 billion.

Ethereum slumps by 1% on the chart l ETHUSDT on Tradingview.com

Ethereum’s trading volume has skyrocketed to over $11.9 billion in the last 24 hours. It indicated a more than 103% increase in a single day.

ETH Liquidation Hits Almost $40 Million

Records on liquidation over the past day are pretty on the higher side. As per Coinglass data, about 66,704 traders liquidated over $180 million of their positions in the crypto market within the past 24 hours.

Ethereum seems to take a more considerable liquidated value from the overall amount. The data highlighted that the traders liquidated almost $40 million from Ethereum. About 85% of the liquidated value is from long positions.

Also, the past few weeks show that Ethereum now underperforms Bitcoin. The primary crypto asset has recorded a drop of about 4% in its price over the past 24 hours.

At the press time, BTC is trading at $16,129, showing a slight recovery. But Ethereum plummeted by double the loss from BTC.

Featured image from Pixabay, chart from TradingView.com

17th November 2022

Bitcoin Long-Term Holders Face Major Financial Stress

The Bitcoin and crypto market is still wallowing in turmoil from the collapse of the FTX exchange. Many crypto assets have followed a correlation with the decline of FTX Token, FTT. As a result, the past few days brought an intense bearish pull on the prices of virtual assets.

With the recent events’ outplay, the crypto market’s overall performance shows doubts and fear. As a result, investors and other participants have initiated a panic sell-off for most crypto assets.

Hence, the cumulative market cap has been experiencing a free fall since last week. The overall market cap sits at $824.19 billion at the press time, showing a drop of 1.92% over the past day.

Also, the bearing trend triggered by the FTX crisis has brought the global primary cryptocurrency down. Bitcoin has maintained a low correlation in the crypto market, creating more tension for its long-term holders.

BTC Price Drop Creates Selling Pressure

From the recent reports, BTC long-term holders are facing intense selling pressure due to the declining market situation. The price of Bitcoin has been falling since last week with no restrictions.

At the time of writing, BTC is trading at $16,666 indicating an increase over the past 24 hours and its dominance over altcoins is 38.49%.

Bitcoin price surges on the daily candle l BTCUSDT on Tradingview.com

A report from Glassnode, an on-chain data provider, highlighted the MVRV ratio of Bitcoin’s long-term holders. The firm noted that BTC long-term holders are currently facing acute financial stress. They are holding an average of -33% in unrealized losses.

According to the firm, such a value is close to the lows of the 2018 bear market, where the peak unrealized loss was – 36% on average.

The data provider noted that the last time BTC long-term holders had a similar stress experience was at the token’s price reversal point. This means that Bitcoin’s bottom could be around the corner.

Bitcoin Selling Pressure Yet To Get Worst?

However, Peter Shiff, a BTC critic, thinks the worst Bitcoin selling pressure is yet to come. Sharing his older prediction from June 2022, Shiff stated that selling pressure on Bitcoin for bill payments would only worsen once the recession deepens.

Also, that could happen if several holders lose their jobs, primarily workers in blockchain firms that would become bankrupt. So unfavorable changes for such holders will lead to more Bitcoin sell-off.

Following the collapse of FTX, many Bitcoin investors have transferred their holdings from exchanges. They now refer to using self-custody for their holdings. This has created massive historic withdrawals from crypto exchanges.

According to the report from Glassnode, exchanges have witnessed one of the most significant cumulative drops in Bitcoin balance. The platforms recorded a decline of 72.9K in seven days.

The data provider mentioned that the situation is comparable to three historical periods with such a vast BTC movement. They were in April 2020, November 2020, and June-July 2022.

Featured image from Pixabay, chart from TradingView.com

16th November 2022

This Firm Offers 8 To 12 Cents On A Dollar Of FTX User Deposit Claims

The FTX crisis has escalated into a legal battle between bankrupt crypto exchanges and firms whose assets are stuck on its platform. Before FTX froze assets withdrawal, many crypto firms couldn’t recover their funds from the exchange. As a result, many firms have announced a potential financial crisis if their funds remain unrecovered.

Several Users are in a panic due to their funds. However, the latest report revealed that Cherokee Acquisition, a distressed asset investment firm, has given users options to sell their credit claims. But the users can only recover a fraction of their total assets holdings.

Cherokee Acquisition has a marketplace for credit claims against bankrupt companies like FTX Exchange. The firm placed a guide price on a dollar of FTX user’s deposit claims above $100,000 in the new price table released on November 15.

The guide price is between 8 to 12 cents on every dollar of the deposit claims. This is an option for FTX’s creditors who cannot wait till the full resolution of the bankruptcy proceedings to recover their assets.

Low Price indicates A Low Probability Of Retrieving User Credit Claims

When a firm files for Chapter 11 bankruptcy protection, impatient creditors may sell their credit claims to distressed asset investment companies like Cherokee Acquisition. The distressed assets investment funds place value on the credit claims so that while the creditors can recover parts of their assets, they too can make a profit after redeeming the allegations.

However, Cherokee Acquisition’s guide price for the FTX credit claims is relatively low compared to what other bankrupt companies’ users may get. It suggests an almost zero probability for users to retrieve their funds. Celsius Network’s Earn account holders may receive about 20 cents on a dollar after selling their claims. Voyager Digital’s creditors may also get 40 cents on a dollar for their credit claims.

Thomas Braziel, the managing partner at 507 Capital, a distressed corporate specialist firm, commented on the meager price tag of FTX’s credit claims. However, he said the price might be too high for potential buyers.

According to Braziel, no one is buying the FTX credit claims at that price. Braziel highlighted that the best market price for the deposit claims to be between 3 and 5 cents.

The FTX Crisis, How It Started, And How It’s Going

FTX is a conglomerate of over 130 firms that filed for bankruptcy on Friday. The FTX issue began after the firm’s use of customers’ deposits for investing and lending without their approval came to light.

The firm’s balance sheet also found a deficit of $10 billion. As a result, FTX went bankrupt with funds from large firms, such as Genesis Trading, Galois Capital, and Ikigai Asset Management, stuck on its platform.

Users created improvisatory Telegram chat groups to sell their stuck deposits one week after FTX suspended withdrawal. Meanwhile, FTT has declined 10.08% more in the last 24 hours and is now trading at $1.57.

FTT price continues to plunge l FTTUSDT on Tradingview.com

Featured image from Pixabay, chart from TradingView.com

10th November 2022

Bitcoin Eyes $18K Following Good US Inflation Report

The crypto market and Bitcoin trend over the past few days have been entirely unexpected. The market is feeling the heat from the bears as most of the crypto assets took to the south. Moreover, the FTX crisis has increasingly brought a different contagious negative performance in the space.

Bitcoin had a complicated swing as the token dropped from its critical level of $20K. The price of BTC has dipped to around $16K region. The entire situation and unfolding of events are creating more fear and doubts for most participants in the crypto industry.

However, the primary crypto asset has shown signs of revival during some minutes in today’s trading hours. The US Bureau of Labor Statistics has just released the latest report on the inflation rate in the country. Unfortunately, the data for the Consumer Price Index for October is out.

CPI Data Beats Expectations, Bitcoin Stays In Recovery Mode

According to the data, CPI for October reads 7.7%, indicating an increase of 0.4% through its seasonal adjustment. This latest report proves to be better than expected. Hence, Bitcoin reacted positively within some minutes after the news was out.

Due to the current flow in the general economy, most expectations for the CPI report were around 8%. But the reality of the value has brought a positive change in the crypto market.

According to data, the price of BTC suddenly surged to $17,800 before going down again. The token is currently trading between $17,278 and $17,400.

Bitcoin price surges by 8% l BTCUSDT on Tradingview.com

Compared with the September CPI data of 8.2%, this latest CPI report proves excellent news. The core CPI data rose by 0.3% without food and energy in October. This trend is slower than the expected 0.5%, a drop from 0.6% in September.

The yearly comparison shows that the core CPI surged by 6.3% in October, below the expected 6.5% rise and dropping from 6.6% in September.

Implications of CPI Reports

The CPI reports are one of the measures the US Federal Reserve uses to determine the inflation rate in the country. Therefore, this October’s data is an essential report for the Fed before the usual Federal Open Market Committee (FMOC).

The year’s next and final FOMC meeting has been slated on December 14-15. The FOMC will likely hike its benchmark for Fed Funds rate again at the meeting. If it happens, it will mark the 7th time such a rate increase occurred in 2022.

The Fed has been taking a hawkish stance in controlling inflation. It has been increasing the interest rates by 75bps in some months due to higher CPI data.

The crypto market has been showing a correlation with macroeconomic factors. So, reports on CPI data usually affect the prices of crypto assets, as has just occurred. Also, the excellent CPI data has created a spike in equity futures as they expect the Fed’s tightening measures to relax.

featured Image From Pixabay, Charts From Tradingview.com

10th November 2022

FTX Acquisition And Crypto Crash Is Bad For The Community, Says CZ Binance

CEO Changpeng Zhao (CZ) gave statements to clarify the air amid the FTX ordeal and circumstances surrounding its acquisition by Binance. On Tuesday, FTT, the FTX native token, went to ruins with over 73% decline. It happened after the exchange liquidated its Ethereum holdings to mitigate its insolvency crisis.

Before the crisis became known, the CEO of FTX, Bankman-Fried, debunked rumors of the firm’s financial pressure. He said the firm’s asset remains okay, and there was no threat of insolvency.

However, yesterday, Bankman-Fried went on Twitter to reveal FTX’s financial ordeal. He pleaded with Binance to assist them in navigating through the overwhelming withdrawal requests.

Binance CEO CZ later announced that Binance would acquire the embattled crypto exchange. However, today, the CEO announced again, stating that the supposed acquisition was not a planned decision. He noted that acquiring FTX is not good for any crypto firm, hence not a win for Binance.

FTX Crash Would Increase Scrutiny On Crypto Exchanges By Regulators

Despite Binance’s previous ties with FTX, the move for its acquisition was rather sudden. According to Changpeng Zhao, he talked with Bankman-Fried in less than 24 hours leading to news of the FTX acquisition. The Binance CEO explained that FTX’s fallout would place the crypto space on regulators’ radar.

Furthermore, CZ said the difficulty in obtaining a license in the global crypto market would increase. He emphasized the need for transparency about company assets and reserves. Changpeng Zhao’s advice is in line with Coinbase CEO Brian Armstrong’s advice for public audit and transparency in the industry.

Further in his statement, CZ placed importance on product quality. Given the current market condition, he encouraged his employees to focus on creating valued products for users instead of asset prices.

Despite FTX’s liquidity issues and concerns about how it could affect potential buyers, CZ revealed plans for fully acquiring the crypto exchange. The CEO acknowledged that the crypto exchange is in a serious liquidity crisis, and the acquisition is a form of assistance to cover FTX’s debts.

Peep Into Market After FTT Crash

The news of FTX’s crash saw the crypto market in massive loss as assets’ prices dropped, with an overall 10% decline.

FTT has recorded a total decline of 83% over the last seven days. Its price currently records a 77% 24-hour decline from the Monday price of $22. The token sells at above $2, with a 24-hour trading volume of $3,197,341,326.

The FTT issue has exerted a cascade effect on the crypto market, as Bitcoin price went down by 10% in the last 24 hours. BTC now trades at $16,151 in the past 24 hours, while Ethereum is down by 23.49% and trading at $1,135.

Ethereum follows an upward trajectory l ETHUSDT on Tradingview.com

featured Image From Pixabay, Charts From Tradingview.com

8th November 2022

Dogecoin Co-Founder Predicts Bitcoin Will Hit $100,000

The largest cryptocurrency, Bitcoin, has hit a 5% decline from its $20K level, which it has maintained for a couple of weeks. However, during the short rally a few weeks back, Bitcoin’s valuation recovered from its 3-month low, shooting above $21,000.

These gains brought hope to the crypto market and boosted investors’ confidence that the crypto winter is about to end. However, the November 7 market record has shattered their hopes, with many cryptocurrencies falling back to their decline, including Bitcoin and Ethereum.

But Billy Markus, the co-creator of Dogecoin, believes that Bitcoin may reach $100,000 one day. He said this in response to Madam Doge, a Twitter user who lamented BTC’s current price while citing Michael Saylor’s Bullish Bitcoin predictions.

Markus added that Bitcoin price would reach that much in a future where $100k would only buy a sandwich due to inflation or when the current users might have already died. The conversation began with Madam Doge complaining and enquiring why the Bitcoin price fell, while Markus said it was due to massive sellouts.

Possible Reasons Behind Bitcoin Decline

In the last 24 hours, Bitcoin dropped below $20,000 and currently trading around the $19,500 level. The asset was trading at $20,400 24 hours ago, the level it managed to maintain for two weeks. The performance got the market thinking that BTC is retracing its way upwards.

According to a Coinglass report, $112.83 million in cryptocurrency was liquidated, while 95% of long positions got wiped out. More data on the massive sell-off also followed, revealing liquidations worth $300 million.

The market volatility often depends on Bitcoin’s performance. However, the present one is different. The liquidation data shows that Ethereum and FTT were probably the cause of Bitcoin’s massive sell-off.

The feud between Binance and FTX resulted in a 19% drop in FTT value. Furthermore, due to potential insolvency issues, FTX decided to raise funds by selling off its Ethereum holdings. Santiment’s report confirmed the increase in selling pressure. The blockchain analytics firm also confirmed the offload of ETH from FTX’s ETH wallets.

Within a few days, FTX withdrew 300,000 ETH from its wallets, resulting in high selling pressure on Ethereum markets. As a result, Ethereum and XRP are down by 6%, with ETH dropping below its $1,500 psychological level.

Dogecoin And Other Memecoins Fall back

Meanwhile, the memecoins which have been in the limelight following Elon Musk’s Twitter acquisition are also down. For example, Dogecoin is faring much worse than Bitcoin and Ethereum, with approximately a 15% loss in valuation, while Shiba Inu (SHIB) dropped 8%.

Currently, DOGE is trading at $0.08667, with a trading volume of $2,152,858,888.09. SHIB’s current price is declining, with a 24-hour trading volume of $493,920,114.

Dogecoin tanks by 22% on the chart l DOGEUSDT on Tradingview.com

featured Image From CNBC, Charts From Tradingview.com

8th November 2022

Crypto Exchange Coinmetro Seeks US And Europe Expansion Amid Bearish Market

With the increasing adoption and acceptance of crypto assets, more crypto-related firms and service providers are rising. Also, they are taking their expansion visions in the sector very seriously.

However, crypto industry regulations have placed limitations on some firms’ goals. Most top-tier regulators require the fulfilment of some rules for the operation of crypto service providers in their regions. These include registration and other license approval from the country watchdogs.

Coinmetro, a crypto exchange, expressed its plans for a global expansion in a new development. This plan propelled the firm to embark on a fundraising round that generated about 7 million euros (worth $7 million). According to the firm’s report, the exchange is now valued at 180 million euros.

Expansion Plans From The Exchange Using Funds

The exchange revealed its plans to utilize the raised funds to boost its expansion visions in the UK, US, and Europe. Also, it cited its ongoing creation of some passive income products. Such products are meant to assist its customers in handling periods of increasing inflation and interest rates.

Coinmetro mentioned that the funding round marks the forerunner of the firm’s Series A round for the first quarter of 2023. The funds are generated from three pioneering investors and more than 100 other shareholders in the firm.

Founded in 2018, Coinmetro is a trading platform that ensures mobility between blockchain-based virtual assets and traditional markets. Also, the company provides a platform for crypto asset trading through its operation as a crypto exchange.

It engages both beginners and professionals on its internet-accessible trading platform. Also, it runs an initial coin offering (ICO) platform.

Headquartered in Tallinn, Estonia, Coinmetro is under the regulation of the FIU in Estonia. In addition, it is registered with the United States Financial Crimes Enforcement Network (FinCEN). Also, Conmetro is under the regulation of the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) and Australian regulators. The firm is currently processing its application for a U.K. license.

Coinmetro Prepares For Next Crypto Evolution

The CEO of Coinmetro, Kevin Murcko, while reacting to the funding round, cited the firm’s preparation for crypto’s next stage. He mentioned the expectation for more volatility in the space following the unique year for crypto assets.

Crypto market falls by 3% | Source: Crypto Total Market Cap on TradingView.com

Murcko said that only those who understand the market dynamics would reap the growth from the coming phase.

Further, the CEO commended the firm’s outstanding ideas and planned to bring them to reality in the coming months and years. It revealed that the funding offers them the proper financial support to actualize the visions and ideas for the benefit of their customers.

According to him, such a move confirms their goals to remain successful despite the bear market impact on the entire system.

Featured Image From Pixabay, Charts From Tradingview

5th November 2022

Bitcoin Price Surges As U.S. October Jobs Data Comes To Light

The level of price fluctuation in Bitcoin and crypto market is sometimes very discouraging. Many cryptos in 2022 have continually lost value, while others record more pullbacks than rallies. This situation has been the bane of the market since the start of the inflation growth.

Currently, bad news in the macroeconomic environment might affect crypto prices. For instance, releasing inflation data usually leads to a price crash. That’s why the general market usually dreads the days when the Feds make the announcements.

Latest US Data Affects Crypto Prices

As usual, a new report on the US job data has also affected crypto prices. But this time, the market witnessed price rallies in many cryptocurrencies.

The data released in the US relates to unemployment. According to the United States Bureau of Labor Statistics, the unemployment rate in the country rose to 3.7%. The total non-farm payroll increased by 261,000 last month, while the estimate was 200,000.

The percentage increase in the US unemployment data was 0.2%, pushing the total to 3.7% in October, while September data showed 3.5%. This increase went the number of those without employment to 6.1 million.

Also, the non-farm payroll figure rose by 261,000 in October, while the estimate was 200,000. The report also showed that those who gained employment were in technical, health care, manufacturing, and professional services. According to analysts, these figures showed that the US labor market was tighter in the past few months.

The US Dollar Index data declined to 112.22 after October’s job data release. Also, the stock market futures shows a more than 1% rise in S&P 500, Nasdaq 100, and Dow Jones.

The next part is the CME FedWatch Tool data. According to the report, there is a 47% probability that the Feds will release a 50-basis point hike in December. There is also a 52% probability of a 75-basis point interest rate hike.

How Bitcoin And Others Reacting

After the October data for US jobs went live, the crypto market recorded interesting price rallies. BTC immediately gained close to 4%, while ETH rose by 5%. Currently, the price of Bitcoin is $21,332 depicting an increase in 24 hours.

The number one crypto has tested the $21K mark today, and it keeps gaining. Ethereum has also grown by 7.14%, now above $1,600 in 24 hours. Others, including BNB and XRP, have gained 8.82% and 9.4%, respectively.

Bitcoin bullish momentum continues l BTCUSDT on Tradingview.com

Other altcoins, such as Cardano, Solana, Polkadot, Shiba Inu, UNI, Avalanche, etc., have recorded more than 5% growth at press time. Even Litcoin LTC has grown by 9.69% in 24 hours. But among all, the top gainer right now is Polygon MATIC, with a price gain of 22.54% in 24 hours.

Featured Image From Pixabay, Charts From Tradingview