Peek Inside the Crypto Movement: FTX Shakes the Crypto Market, Top Cryptos Approach Yearly Lows

The global crypto market remained calm at the start of the week but has been on a rollercoaster ride since the middle of the week. Bitcoin has been stable above the $20,000 level for the past few weeks, even after the FOMC meeting.

After FTX suffered a drop in its ETH reserves, the situation in the crypto market began to worsen. Later, the moves made by Binance and FTX made most cryptocurrencies volatile.

Additionally, the Solana liquidations also added to the existing selling pressure. Due to these events, BTC fell to its new yearly low at $15,867 on Wednesday. Other cryptocurrencies also fell in line with BTC, which impacted investor sentiment.

However, the crypto market showed some signs of recovery on Friday after confidence returned on the macro outlook, and FTX also started to partially open its withdrawals to its users. Even though the day started with a market rebound, some cryptos continued to fall.

On Friday, BTC started with a false break at its local resistance level of $17,964. If BTC falls below the $16,550 level, it may push the crypto further towards the $16,000 support zone. Now the resistance is at the $17,500 area.

If BTC can overcome the resistance, the next level would be $18,000. The second largest cryptocurrency, Ethereum, was changing hands above the $1,200 level. ETH is still down 16.5% since last Friday due to the collapse of FTX. The coming days would be critical for the entire crypto spectrum.

On the other hand, in an exciting turn of events, the world’s largest franchise, Subway, is testing Lighting Network’s Layer 2 bitcoin payment solution and achieving good results in Berlin, Germany. Over the past few months, the Berlin Underground has recorded over 120 Bitcoin transactions.

MetaMask makes it possible to move tokens across multiple blockchains with its new DApp without searching to find and choose a reliable bridge. The new bridge solution is available in beta to all MetaMask users through Portfolio Dapp, allowing them to view multiple MetaMask accounts and their assets in one place.

Japan’s largest mobile operator, NIT Docomo, with over $40 billion in annual revenue, has partnered with Astar Network, a multi-channel smart contract to accelerate the country’s Web3 implementation. The partnership would benefit individuals and businesses to use tokens for governance.

Blockchain-based intelligence firm TRM Labs has announced a $70 million extension to its Series B funding round. Total funds raised at $130 million. Thoma Bravo, the world’s largest private equity firm, was one of the investors.

Artists and creators around the world are criticizing OpenSea’s decision to remove royalty enforcement for NFT creators. Apparently, amid the recent decline in NFT transaction volumes and fierce competition, OpenSea made this decision. However, he now appears to be giving in to the pressure and reconsidering his position.

As far as price action goes, among the top 100 cryptos by market capitalization, here are the best and worst performing cryptos from the past week:

Top winners of the week (as of 10:00 am IST on November 13, 2022)

Trust Wallet Token (TWT): 44% up

PAX Gold (PAXG): 4% up

Fei USD (FEI): 1% up

Top Losers of the Week (as of 9:30 a.m. IST Nov 13, 2022)

Solana (SOL): 60% decrease

Huobi token (HT): 43% decline

Aptos (APT): 41% decline

ApeCoin (APE): 40% decline

Arweave (AR): 39% decrease

NEAR Protocol (NEAR): 37% decrease

Helium (HNT): 36% less

Note: The study only includes the top 100 cryptocurrencies by market capitalization listed on the data source i.e. Coinmarketcap

(The author
, Edul Patel, is CEO and co-founder of Mudrex)


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