WIKIFX REPORT: The cryptocurrency market digest (BTC). Overview for 09.11.2022
Abstract：On the crypto market, optimists are shedding blood, and not for the first day in a row. The BTC has dropped to 18,135 USD. The leading cryptocurrency lost 8% overnight and more than 11% over a week.
On the crypto market, optimists are shedding blood, and not for the first day in a row. The BTC has dropped to 18,135 USD. The leading cryptocurrency lost 8% overnight and more than 11% over a week.
Other crytocurrencies also dropped over the week: the XRP (-18%), ETH (-20%), DOGE (-38%), SOL (-42%).
Meanwhile, demand has grown for the OKB (+19.0%), MATIC (+6.8%), PAXG (+3.4%), USDP (+0.1%).
The main reason for the crash is the story around Binance and FXT. Let us agree that the FXT exchange fell prey to the eclipse corridor: the platform lost a lot of liquidity after the FTT token went on sale. Investors recalled the story with LUNA at once and fled from risks.
After all that happened, Binance decided to buy the FXT. This looks kind of ambiguous.
All this quite untimely distracted investors from the growth of the US stock indices. In such circumstances, the BTC could easily break through 22,000 USD, but dropped to the well-traded range between strong support levels of 18,000-19,000 USD.
What is next？ until the US regulators react somehow, volatility in crypto will remain extreme. This means, the market will be under sales, though not in such crazy volumes.
On Wednesday, capitalisation of the crypto market is 891.8 billion USD. The BTC takes up 39.1% and the ETH – 17.4%.
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