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Saeed Ul Hassan

Bitcoin (BTC) Rises Toward $17,000, Two Weeks High Today

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Despite investors’ concerns over the recent FTX mess, Bitcoin (BTC) has continued to rise, fueled by an optimistic mood this morning. When it crossed a triple top resistance level, BTC extended its previous winning streak and climbed as high as $16,980 during the day, barely shy of the $17,000 threshold.

According to the data from Coinmarketcap, Bitcoin, the most popular cryptocurrency in the world, last reached this level on November 16—nearly two weeks prior. However, it is currently trading at $16,840.11.

BTCUSD 2022 11 30 08 55 16
source: Tradingview

The token is displaying a gain of almost 3% in the last 24 hours, as well as a 2.28% rise in the previous seven days. In the past 24 hours, the token’s market cap has grown by 2.53% while its trading volume has fallen by 3.26%.

Its sudden surge might be linked to the prevailing bullish attitude in the cryptocurrency market, which frequently supports Bitcoin and other cryptocurrencies. Per Coinmarketcap, the global crypto market cap has risen by 2.02% on a daily basis. 

Whereas Ethereum, the second-largest cryptocurrency, has seen significant growth of about 5% and 9.08%, respectively, in the daily and weekly charts. Additionally, its market cap is also up by 4.79% in the previous 24 hours. ETH is currently trading at $1,270.89.

 The Four-Largest Sell-Off Of Bitcoin (BTC)

Glassnode addressed the effects of the FTX fiasco on Bitcoin investors in the most recent edition of its weekly newsletter, “The Week On-Chain,” released on November 28th. According to the data, the fourth-largest sell-off of BTC ever occurred in November 2022.

As per the release, the most significant sell-offs for BTC were the 50% sell-off in 2018, the COVID crash in 2020, the LUNA collapse in May 2022, and the price’s initial decline below $20k in June 2022.

However, according to Glassnode’s statement:

November has seen the fourth largest capitulation event on record, recording a 7-day realized loss of -$10.16B. This is 4.0x larger than the peak in Dec 2018, and 2.2x larger than March 2020.

7 Day Sum
Source: Glassnode

Nevertheless, the entities holding less than 1 BTC (Shrimp) across all cohorts have seen two separate ATH waves of balanced growth over the past five months. 

Since the demise of FTX, shrimps have added more than 96.2k BTC to their holdings. They currently have approximately 1.21M BTC, which is a significant 6.3% of the total supply in circulation.

Shrimp
Source: Glassnode

Additionally, for comparison purposes across cycles, there is a 7-day Cumulative Net Realized Profit/Loss. Surprisingly, the market had a net loss of -521k BTC during the last week, which is again very near to the greatest loss ever recorded in history.

Comparing the current Cumulative Net Realized Loss to the COVID and LUNA Crash, with 44% and 39% price decline respectively, the market has shown a larger degree of strength during the recent capitulation with only 26% correction.

Net loss
source: Glassnode

Related reading | Phantom Crypto Wallet Extends Support to Ethereum & Polygon Blockchains

Weekly Market Update: Huobi Token & ApeCoin Shine Amidst FTX’s Collapse

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Huobi Token (HT) has been doing well over the last few days, and other cryptos seem to be caught up in the aftermath of FTX’s collapse. It sits at number one as the weekly winner thus far- with significant growth of almost 48% from last week. Similarly, ApeCoin (APE) ranks second among weekly winners, with a considerable growth rate. 

According to the data from CoinMarketcap, the weekly price change is from the low of $4.69 on November 21st to the high of $7.32 on November 27th. Huobi token is currently trading at $6.34, with a loss of about 11.01% in the last 24 hours. However, its 24 hours trading volume displays a notable gain of approximately 82.80%.

HTUSDT 2022 11 28 02 47 52
Source: Tradingview

The launch of the 1,000,000 $USDT and limited-edition NFTs shared for the Huobi community by PrimeBox x CryptoSoccer on November 23rd, which is available through November 30th, is one of the factors fueling the Huobi token’s price increase.

Following that is the ERC-20 governance and utility token ApeCoin (APE), which is currently trading at $3.81 and has had a weekly price change of $2.86 to $3.94. The token has seen a gain of around 26.44% over the last seven days, as well as a gain of 1.25% during the past 24 hours.

APEUSDT 2022 11 28 02 51 25
Source: Tradingview

One of the reasons for the increase is the announcement that the community-led DAO comprised of ApeCoin holders has started its own marketplace to purchase and sell NFTs from the Yuga Labs ecosystem.

The NFT infrastructure company Snag Solutions created the aptly called ApeCoin Marketplace, which allows transactions of the BAYC, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFT collections. It was released on November 24th.

LINK & DOGE Ranks In Weekly Gainers List Following Huobi

As per Coinmarketcap’s data, the token’s price is currently at $0.09502, with a gain of over 25.39% in the last seven days. Additionally, its 24 hours trading volume shows an incredible growth of about 109.86%.

As the token advanced for a second straight session, Dogecoin (DOGE) soared to a three-week high to kick off the week. On Saturday, DOGE surged to an intraday high of $0.09474 after hitting a low of $0.08695 on Friday. This increase in value had brought the token’s price to its highest level since November 8th, when it reached a high of $0.1125.

DOGEUSDT 2022 11 28 02 49 01
Source: Tradingview

After that comes, Chainlink (LINK), which has increased by approximately 19% over the past week, is presently down by around 5% over the last 24 hours and is trading at $6.81. The weekly price increase is from $5.58 to $7.25 as well.

Data from Lunar Crush suggests that this growth might be due to LINK, which has seen an increase in social mentions. In comparison to the seven-day average, the network saw a 586% increase in mentions per hour to over 3,000.

It’s possible that the debate around LINK was influenced by the upcoming staking function that Chainlink is about to launch. Price increases for LINK may be a result of the continual agreements and integrations Chainlink has been forming.

Related Reading | Solana NFT Ecosystem Shines But DeFi Remains Muted: Report

Litecoin (LTC) Skyrockets 31.75% In 7 Days – Here’s Why!

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Litecoin (LTC) – the 13th-ranked cryptocurrency by market capitalization – has seen an increase in the price of 31.75% over the past seven days. Whereas other cryptocurrencies also continue their upward swing by turning green with significant gains indicating a bullish trend.

According to the data from CoinMarketcap, other coins with notable gains include XRP, with a 3% gain, Chainlink (LINK), with a 7% gain; and Solana (SOL) with a 10% increase during the past 24 hours.

On November 23rd, the bear market was unable to sway Litecoin’s unpredictable behavior. As the markets picked up their tone and went back in a positive direction, many of the major cryptos rose simultaneously. 

Data from CoinMarketcap shows that on November 23rd, LTC spiked to a high of $81.56 after trading as low as $63.20 the day before. This peak was last attained in May, seven months before.

LTCUSD 2022 11 24 07 55 53
Source: Tradingview.com

The token breached resistances at $65 and $70 and overshot the $75 mark when it peaked at $81.56. When nearing resistance at around $85 – bears started to retake control of their movements, and the price then fell below $80.

However, the token’s price is currently trading at $77.17, with a loss of about 3% in the last 24 hours, and its 24-hour trading volume also decreased by about 30%. 

Nevertheless, The price is near resistance at the $80 level, and therefore there is room for a stronger positive upward movement. If it surpasses the $82 threshold, it may aim for a target around the $90 mark.

Factors Driving Litecoin (LTC) Growth

According to the tweet from Santiment, investors may have been surprised by Litecoin’s price increase, but the important thing to keep an eye on is the enormous address accumulation.

According to the statement:

In the past 2 weeks, addresses holding 1k to 100k $LTC accumulated $43.4M in coins en route to the first price jump above $80 since May.

FiOqfg7UoAArLU5
Source: Santiment Insights

In addition, addresses holding 1,000 to 100,000 LTC together increased their baggage by 2.71% in a single day. It might have been a key player in boosting prices.

However, it is obvious that these groups of traders’ activities influence the course that Litecoin’s price will follow. Based on current measurements, the lightning-network-based asset, which frequently goes unnoticed, may have a slight slowdown followed by more significant long-term potential.

Another important factor contributing to the recent spike in optimism was the exponential change in profits achieved by LTC holders. Long-term traders were finally back in the black for the first time since December 2021, as seen by the 365-day MVRV moving back into the green.

009f33fd03687c8e93143f2e5539ec5a99daabec95973d393380d4e281274461 1669183629122 Screenshot 2022 11 22 220634
Source: Santiment Insights

Related Reading | Hodlnaut Faces Investigation From Singapore Authorities for Potential Fraud

Bitcoin (BTC) Drops Below $16,000 As Market Troubles Mount

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Bitcoin (BTC), the largest cryptocurrency by market cap, dropped even further and breached the $16,000 mark on November 21st. It might continue in the volatile market as investors are starting to lose faith.

BTC dropped to a daily low of $15,480 yesterday, its lowest level since November 2020, where bulls rushed to consolidate their positions and raise back, where it is currently trading at $16,049.60.

According to the data from CoinMarketcap, the token is currently displaying losses in both daily and weekly charts. But the 24 hours trading volume is up about 9% to $28.466 billion.

Additionally, the global cryptocurrency market cap is trading sharply lower, around $795.94 billion, with a decrease of about 2% in the last 24 hours. While the 24 hours trading volume increased by almost 18% to $198.83 billion.

BTCUSD 2022 11 22 06 21 36
Source: Tradingview

Near $16,000, Bitcoin is receiving rapid technical assistance, and candles above this level suggest that a bullish reversal is possible. Due to this fact, it can be speculated that the upwards trend will continue until it reaches resistance levels of $16,500 and 17,180 due to increased buying pressure.

Factors Dragging Bitcoin (BTC) Down

The continued effects of the collapse of FTX continue to ripple across the market, leaving very few tokens untouched as the cryptocurrency market fell even further into the “Crypto Winter.”

The creator of Cubics Analytics, Caleb Franzen, also commented on the bounce in the price of Bitcoin after it struck a daily low. He noted that he had been foreseeing the prospect of new lows.

However, considering the current state of affairs, investors find it difficult to adapt to both new highs and new lows. As much as Bitcoin tries to tackle its issues, such as security measures, people still remain skeptical.

Bitcoin is still struggling to keep up with the demand, and while there are multiple reasons behind it, one theory, in particular, has stood out. According to Santiment, this may have been caused by FUD- Fear, Uncertainty, Doubt- which happened when traders lost faith in centralized trading platforms after the FTX debacle.

Since the FTX cryptocurrency has been collapsing since November, contagion fears have destroyed more than $200 billion worth of crypto-currency. It is mainly because most investors are liquidating their futures positions to make sure that they can withdraw the remaining funds and leverage all of their portfolios.

Related Reading | TRON’s Justin Sun Vows To Make Huobi In The Top 3

Weekly Market Update: LEO & OKB Marks Significant Gains While Others Are Struggling

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During this stressful week, LEO, the native token of the Bitfinex cryptocurrency exchange-has been doing well. As per CoinMarketcap’s statistics, it is up 22.28% in the last week while the rest of the crypto market struggles. 

The majority of coins are still unsteady after suffering from heavy losses last week. However, UNUS SED LEO, the 18th largest currency by market cap, is also displaying an almost 2.79% gain in the previous 24 hours.

LEOUSDT 2022 11 21 02 22 17
Source: Tradingview.com

A rival cryptocurrency exchange, FTX liquidity issues led to LEO strong surge in value. After FTX declared bankruptcy, many investors demanded that exchanges reveal their proof of reserves. 

Some individuals even went so far as to demand that they release information about the size of their cold wallets. Most prominent cryptocurrency exchanges, including Bitfinex, revealed their cold wallet storage in response to this demand for transparency.

The chief technical officer of Bitfinex, Paolo Ardoino, provided a list of the most popular Bitfinex wallets as proof of his commitment. The Bitfinex proof of reserves post on GitHub by Ardoino included information about 135 cold and hot wallet addresses altogether. 

He spared consumers the bother of searching through the addresses by providing a list of the company’s significant assets, including 204338.17967717 Bitcoin and 1225600 Ether.

After LEO, the native token of the OKX Exchange, OKB, came in second place as a weekly gainer and has experienced significant growth in a bearish cryptocurrency market. 

On the weekly chart, the price of the utility token increased by 11%, but the 24 hours chart shows a decrease of about 4%. The token is currently trading at $19.84.

The price increased when the exchange announced the availability of $100 million in recovery funds to assist ventures facing liquidity issues just one day after Binance CEO “CZ” suggested a similar industry recovery fund.

LEO Lags Behind The Most Popular Coin

Cronos (CRO), the native coin of Crypto.com, has suffered a substantial loss of about 9% over the past day and 7% over the past week. The catastrophe at FTX has now switched attention to competitor Crypto.com.

CROUSDT 2022 11 21 02 23 28
Source: Tradingview.com

Alarm among cryptocurrency experts was raised by the revelation that the exchange sent $405 million to the incorrect receiver. Up until the CEO had a YouTube session to address the problems, the FUD (Fear, Uncertainty, and Doubt) damaged Crypto.com’s reputation and its token, CRO.

Moreover, the past week has seen unprecedented price increases for Trust Wallet Token, and the coin has accumulated over 90% gains on a week-to-week chart. But unfortunately, all of TWT’s significant gains were erased before the week’s end.

TWTUSDT 2022 11 21 02 24 06
Source: Tradingview.com

According to Coinmarketcap’s data, TWT is currently trading at $2.03 with losses of about 1% in both weekly and daily charts. The data also reveals a number of the most popular currencies are experiencing large losses on the weekly charts, including Ethereum with an 11% decrease, Dogecoin at 13%, MATIC at 15%, and Solana in the lead with a 20% loss.

Related Reading | Bitcoin (BTC) and Solana (SOL) prices decline, Orbeon Protocol (ORBN) sells out the first stage of Presale

Trust Wallet Token (TWT) Soars 97% In Seven Days, Defying Market Downturn

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In the present state of the cryptocurrency market downturn, Trust Wallet Token (TWT), a token created by Trust Wallet, has shown optimism, with an increase of over 97.33% in the past seven days.

Three days ago, the coin’s price reached a new All-Time High of $2.71. However, the token experienced a rise in value for a number of reasons this week, one of which is that there has been an increase in demand for wallet storage, which boosted Trust Wallet Token since FTX’s demise.

TWTUSDT 2022 11 17 07 17 58
Source: Tradingview

Data from CoinMarketCap shows that the token is currently trading at $2.22, a price that is 20.99% below its most recent high. The token has significantly increased by roughly 13% during the past 24 hours. Additionally, the 24 hours trading volume is up by around 10%.

Furthermore, there has been a consistent upward movement in the token’s worth. TWT’s tweet initially triggered the increase in price on November 11th, stating that they are processing almost eight million digital assets, including NFTs, in an effort to allay market anxiety.

Key Reason Driving Trust Wallet Token (TWT) 

The price of Trust Wallet Token has increased significantly as a result of Binance CEO Changpeng Zhao’s support for Trust Wallet. According to the November 13th CZ’s tweet, “Self custody is a fundamental human right.”

Moreover, Self-custody Trust Wallet continues to gain momentum this is because of the newly designed browser extension launched on November 15th and partnerships with Coinbase Pay and Binance Pay, which makes it possible for traders looking for a secure place to store their digital assets.

The Trust Wallet Browser Extension, an innovative and secure multi-chain crypto wallet, empowers users to control their digital assets while exploring Web3 dApps fully.

However, Binance also announced the launch of Binance Pay’s Trust Wallet integration on November 16th. The company’s customers may now make straight withdrawals using their Trust Wallet without having to scan or input a wallet address. Additionally, Coinbase Pay will function with the same integration.

According to the statement:

New users who aren’t used to long crypto addresses, gas fees, and the hassle of ensuring that the right network is selected can find the transfer process intimidating.

Related Reading | Otherdeed for Otherside Sees 23% sell-off. Can Orbeon Protocol (ORBN) reignite interest in NFTs?

Weekly Market Update: The Crypto Market’s Worst Seven-Day Stretch Since Terra’s Crash

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After the Terra blockchain’s crash in mid-June, the FTX exchange’s disastrous collapse last week caused the crypto markets to experience their worst seven-day stretch since that time.

The severity of the situation intensified this past weekend when both FTX and its U.S-counterpart, FTX US, were targeted by an attack that drained billions of dollars in cryptocurrency assets from the exchanges’ wallets.

As a result, the crypto market experienced a rapid drop in prices between November 8th and 10th, which caused an immense panic to sweep through. The total market capitalization decreased by 24% in just over two days, hitting its lowest point at $770 billion.

The market has already seen dips below the $850 billion market capitalization line, and a pattern resembling this one also appeared in June and July. However, the $770 billion intraday bottom on November 9th was the lowest since December 2020.

On November 8th and November 9th, BTC dropped from $20,000, which served as a crucial resistance level, to $15,682.69 in only one day. In addition to breaking support for a triple bottom pattern, Bitcoin, the most valuable cryptocurrency by market size, fell more than 10% on that day.

BTCUSD 2022 11 14 02 48 32
Source: Tradingview

On the daily timescale, the token also exhibited a “three black crows” pattern, suggesting a possible continuation of the slump. While Ethereum (ETH), the second-largest currency by market capitalization, also experienced a huge decline, going from a trading line of $1,568.33 on November 8th to $1,083.29 on November 9th.

ETHUSD 2022 11 14 02 49 27
Source: Tradingview

Crypto Market Dips After FTX Exchange Collapse

Concerns of a withdrawal hit on the cryptocurrency exchange, FTX run by Sam Bankman-FTX Fried, sent the market into a nosedive on November 8th, and several altcoins, including the trading platform’s own FTT, saw a sharp decline in value.

According to statistics from CoinMarketcap, FTX’s FTT has dropped from a high of $22.14 and is now trading at $1.48. The currency has suffered a steep loss during the previous seven days of around 94%. Additionally, the 24-hour loss is currently at 20%.

FTTUSDT 2022 11 14 02 50 12
Source: Tradingview

This also has an impact on Solana (SOL), the thirteenth-largest cryptocurrency by market cap, which sees a decline in value. The coin has lost almost 55% of its value, based on the seven-day chart. However, the token is now up 5% over the past 24 hours, trading at $14.32.

Furthermore, per CoinMarketcap, a number of cryptocurrencies are displaying significant losses in the seven-day chart, including Bitcoin which is currently trading at $16,786.52, and Ethereum at $1,259.77, both are down by almost 20% in the last seven days.

In addition, altcoins such as XRP, with a 26.06% loss in the last seven days, Dogecoin (DOGE) is also down by 24.38%, Shiba Inu (SHIB) by over 22%, ALGO by 38.30% and Cronos (CRO) with 43.80%.

Related Reading | Ethereum Defies Global Economic Turmoil With 18.4% Increase In October: Report

Chiliz (CHZ) Continues To Soar Despite Pullback From Three-Month Trendline

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Chiliz (CHZ), an ERC-20 token, marks a 25% increase within 24 hours, making it one of the best-performing cryptocurrencies today. The token’s price climbed and hit close to breaking its resistance level of $0.2300 at $0.2284.

However, after falling from that position, which was viewed as only a pullback from its three-month trendline resistance, it has now plunged back toward the bears and is currently trading around $0.2224. Additionally, its 24-hour gains also changed direction to ride backward.

CHZUSDT 2022 11 11 09 46 46
Source: Tradingview

A convincing rebound from the $0.1545 support position led to $0.29, a 7-month high, on November 7th. However, it ran into heavy resistance at the three-month trendline and was unable to maintain its upward momentum.

According to CoinMarketcap’s statistics, CHZ is currently at a gain of about 13.00% in 24 hours, while it is showing a loss of about 8.16% in the last seven days. Additionally, the token’s market cap shows a significant increase of 12.60%, bringing its worth up to $1.35 billion within the past 24 hours.

However, Chiliz’s price is forecasted to cost $0.22 by the end of 2022, a 24% decrease from this year. The price will grow by 48% from its current level to $0.32 in the first half of 2023 and $0.32 by the year’s conclusion.

Chiliz Growths Key Drivers

On November 9th, an update from Chiliz announced that all fan tokens would merge into one blockchain, and it happened as part of the transition to Chiliz Chain 2.0 – an upgraded and improved version of Chiliz Chain.

The blog post claimed that the chain is currently in the testnet stage and will go through a total of six phases before launching the mainnet.

According to the official announcement:

The new Chiliz Chain utilises a Proof-of-Staked-Authority (PoSA) consensus which offers optimal scalability, a governance structure, staking, speed, expanding the utilities of CHZ as well as Fan Tokens.

Along with the debut of a new chain, Chiliz also announced the opening of ChilizX, a cryptocurrency exchange that exclusively accepts Fan Tokens.

The exchange will provide a trading platform for 59 different Fan Tokens, including those for Barcelona’s BAR, Manchester City’s CITY Fan Token, and Paris Saint-Germain (PSG).

Although a bullish price trend was anticipated in response to the upgrade announcement, it failed to occur due to the collapse of the global cryptocurrency market.

Moreover, as per Santiment statistics, the number of daily active CHZ addresses peaked this year, which helped support an increase in prices. Despite the price beginning to decrease, active users increased daily. 

Chiliz CHZ 12
Source: Sanbase

Related Reading | “Ripple Might Fail But Not XRP”- David Schwartz

As Binance Backs Out Of FTX Deal Bitcoin Crashes To Two-Year Low

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Bitcoin, one of the most popular cryptocurrencies, has fallen to its two-year low as Binance announced its decision to withdraw from the FTX deal in response to the most recent news headlines concerning mishandled client funds and claimed investigations by US agencies,

The third-largest crypto exchange, FTX Trading, is reportedly having a liquidity crisis, which has caused all cryptocurrencies to plummet as well as the overall crypto market cap to dip below its $1 trillion mark.

Terra Luna Bank and the subsequent collapse of LUNA Classic led to a global state of panic in the cryptocurrency market when Bitcoin experienced its first seven-week losing streak. However, now BTC struck a new 23-month low due to the “liquidity crunch” at FTX.

Bitcoin (BTC) is presently trading at $16,412.79, down 7.51% from the previous day, according to data from CoinMarketCap. Additionally, during the past seven days, the token has lost around 18.94% of its value.

Before this event, BTC was trading at about $20,000. Interestingly enough, when this incident occurred, Bitcoin overrode all prior support levels.- breaking through a triple bottom support level directly below the $17,000 resistance. 

BTCUSD 2022 11 10 04 47 41
Source: Tradingview

If closing candles continued to fall below that current price point of $16,000, then the coin could potentially fall all the way down depending on market conditions. However, there are chances for it to rally around $13,000 – maybe even going as low as $12,500 – if current market trends keep up.

Similarly, Ethereum (ETH), the second largest currency, reached its breaking point – falling rapidly to $1,259.44 in the same time frame. It has since then dropped even further – at around this moment. 

ETH has lost a total of 2.34% over the previous 24 hours and 22.41% over the last seven days and is currently trading at $1,187.06.

Binance Cancels FTX’s Acquisition Plan

The CEO of Binance revealed the company’s plans to buy FTX on Tuesday. But the next day, news emerged from the company announcing that they had decided to abandon their possible acquisition of FTX.com.

Initially, the company had hoped it would be able to provide liquidity for FTX’s customers, but problems were out of its control. Binance said in the tweet’s comment section:

“Retail customers will suffer every time a key company in an industry falters. They have seen that the cryptocurrency ecosystem is strengthening over the past few years, and we think that eventually, the free market will screen out outliers that abuse user funds.”

In addition, the company predicts that as regulatory frameworks are developed, and the industry moves closer to greater decentralization, there will be increased resilience in the ecosystem.

Nevertheless, the recent collapse of this deal has thrown consumer funds into uncertainty as well as cast doubts on the viability of one of the biggest cryptocurrency trading platforms. Additionally, it signals a continuation of the turmoil in the industry that has been going on for a while now.

Related Reading | Coinbase CEO Bashes the US Regulators for its Probe Into FTX

Crypto Market Cap Drops Sharply About 11% As Market Crises Mount

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The global crypto market is facing a significant downfall today due to the latest economic turmoil, with losses of up to 11.02% in its market cap. This dramatic decline has been attributed to market contagions such as FTX’s “liquidity crunch,” among other issues which are affecting the industry globally.

On November 9th, the global crypto valuation plummeted from its key mark of $1 trillion back to just below the $900 mark, at $871.47 billion. Almost all cryptocurrencies saw price crashes today, even major currencies plummeting sharply and suffering huge losses over the last 24 hours.

Bitcoin, the currency with the largest market valuation, lost its previous position of holding the $20,000 threshold yesterday and dropped dramatically to $17,000. As per CoinMarketCap’s data, BTC is currently trading at $17,664.07, with almost an 11% loss in the last 24 hours.

BTCUSD 2022 11 09 04 05 39
Source: Tradingview

Similarly, Ethereum, the second-largest currency, missed its crucial milestone and plunged sharply to $1,259.44 within the same time frame. ETH is presently trading at $1,214.31, down almost 19% over the past 24 hours and 21.87% for the past seven days.

The majority of well-known altcoins are also seeing significant losses on both the daily and weekly charts, with XRP losing 15.63% of its value in a day, Dogecoin losing over 17.03%, Polygon losing 21%, and Solana losing 35% in the last day and over 40% in the previous seven.

The top in line is FTX’s token FTT which had lost about 74% in the last 24 hours and is currently trading at $4.68. The token dramatically fell from $22 to $3 in a single day. However, the movement in attitude toward bearishness may result from the investor’s fears that the ongoing FTX issue may cause a crypto crash similar to Terra.

FTTUSDT 2022 11 09 04 07 03
Source: Tradingview

Factors Sparking Crypto Market Volatility

Market volatility seems to be due to concerns over the FTX balance sheet. Crypto exchange FTX’s FTT token had a collapse on Monday when it was revealed that Binance, one of the world’s largest cryptocurrency exchanges, would be liquidating all its holdings of the FTT token.

On the other hand, Binance’s CEO unexpectedly revealed Tuesday that they would now be purchasing FTX.com. According to the CEO’s tweet, the company has signed a non-binding agreement to buy it to help FTX deal with a “liquidity crunch.”

According to the Reuters report, $6 billion had been withdrawn from FTX over the last 72 hours before Tuesday morning. This information came from an email from the exchange’s CEO, Sam Bankman-Fried, to their staff.

Another market-affecting factor is that after the FTX crisis, regulators may begin to step up strict enforcement, as signaled by BaFin announcing they are looking into Coinbase’s business practices. 

Following German banking legislation, BaFin (Germany’s Federal Financial Supervisory Authority) issued an order on September 27th to Coinbase to “ensure proper business organization.” 

On November 8th, the exchange was notified of violating the act by neglecting proper business operation as stipulated by the German Banking Act. Nevertheless, investors’ concerns about the cryptocurrency market as a whole are growing due to such uncertainties.

Related Reading | FTX Conflict Drives 2 More Firms Away From The Exchange