BTC loses June lows as market awaits news of FTX bailout by Binance
Nov 9 2022
Bitcoin has lost more than 15% of its market value since rumors of a liquidity crisis at FTX was confirmed as FTX CEO Sam Bankman-Fried publicly admitted seeking help from Binance’s CEO Chanpeng Zhao.
Unfortunately, as the market waits for more news from that front, fear and contagion concerns appear to be wreaking havoc on crypto prices.
Despite the chaos in crypto, the S&P 500 has remained stable at around 3,800 with DXY gradually rising after hitting 109. The Core CPI release tomorrow will bring volatility to traditional markets and will either help crypto find its footing or push it down to what could most likely be a key low point in this bear market.
Top altcoin gainers and losers
Gainers
- PAX Gold PAXG (+2.73%)
- Tether Gold XAUT (+2.57%)
- BinaryX BNX (+2.23%)
Losers
- FTX Token FTT (-73.82%)
- Solana SOL (-32.52%)
- Helium HNT (-31.39%)
BTC Technical Analysis
Bitcoin finally had a retest of this year’s June lows after five months but lost around 18% of its market value in the process, and still needs to go through a volatile day tomorrow with the Core CPI release.
Currently sitting at \(17,500 H1 and H4 are beyond oversold and we can expect a relief bounce due to the previous demand present at this order block but Core CPI above 0.5% tomorrow could send Bitcoin down to \)16,200.
ETH Technical Analysis
Ethereum has broken down below our previous range low of \(1,193. As seen below, we’ve entered June/July accumulation area and Ethereum needs to close daily above \)1,200 otherwise a retest of that accumulation range low at $1,040 is quite likely.
NFT Market Map
The NFT market remained quite active today with half of the top 50 collections seeing an uptick in volume.
My Curio Cards (+2,995%), Steady Stack Titans (+3,370%) and CryptoDickbutts S3 (+1,687%) are among the top collections by volume growth.
Significant sweeps for those collections are a factor, as someone bought five My Curio Cards’ NFTs for 105 ETH, and 29 Steady Stack NFTs were grabbed at over $70,000.
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.
