Bitcoin and Ethereum Trading was in the red on Monday evening as the global cryptocurrency market cap fell 1.5% to $818.6 billion at 20:22 EST.
| Coin | 24 hours | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -1.1% | 1.9% | $16,182.89 |
| Ethereum ETH/USD | -1.7% | 5.3% | $1166.97 |
| Dogecoin DOGE/USD | -2.5% | -26.4% | $0.09 |
| Cryptocurrency | 24 Hour % Change (+/-) | Price |
|---|---|---|
| Phantom (FTM) | +7.9% | $0.20 |
| ApeCoin (monkey) | +8.1% | $4.10 |
| Chainlink (LINK) | +5.7% | $7.21 |
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Why it matters: Risky assets, including cryptocurrencies, were under pressure on Monday after unrest in China stemming from COVID-19. The S&P 500 and Nasdaq fell 1.5% and 1.6% on the day. US stock futures appeared flat at the time of writing.
Investors will follow the speech of the Chairman of the Federal Reserve System Jerome Powell on Wednesday. The next interest rate decision of the US Central Bank is expected at the meeting to be held on December 13-14 Federal Open Market Committee.
Monday cryptocurrency lender BlockFi FTX filed for bankruptcy as the fallout from its collapse continues to play out.
“Bitcoin remains under pressure, although it improved slightly last week.
“Cryptocurrencies are still reeling from the FTX collapse and the full extent of the contagion is still unknown,” said Craig Erlam, chief market analyst at OANDA.
“Weak risk appetite today won’t help either, and as a result bitcoin is down about 2% and not far from $16,000. While trying to establish a base around $15,500-$17,000, that may be easier said than done in this environment,” Erlam said in a note seen by Benzinga.
BTC volatility has eased as the market waits for clarity Delphi Digital, Referring to a metric known as Bollinger Band Width Percentage.
The market intelligence platform noted in a note that BBWP reached 3.57 on the back of the FTX collapse from November 5-10, a period when the price of BTC fell by more than 27%.
“The last four patterns of similar movements in the indicator averaged one rise of 46% and three declines of -35%. Such a downward move from the current price level takes BTC to $10.5k,” said Delphi Digital.
BTC Price on Bitfinex and BBWP as of November 2022 — Courtesy of Delphi Digital
BBWP is a secondary derivative of Bollinger Bands, the middle line is a 20-day simple moving average, and the upper and lower lines are a three-line volatility indicator that is two standard deviations apart.
Glass knot He said the fall of FTX “led to one of the largest surrender events in Bitcoin history.”
“This sale saw significant statistical deviations outside of the average for investor losses. The current unrealized loss sustained by the actively traded coin supply is effectively an all-time low, rivaling only the peak pico-bottoms of the bearish periods of 2015 and 2018,” the on-chain analysis firm said.
Bitcoin: Realized Loss 7 Day Total — Courtesy Glassnode
Glassnode said November was the fourth largest surrender event on record, with a 7-day loss of $10.16 billion.
“This is 4.0 times the peak in December 2018 and 2.2 times the peak in March 2020.”
Meanwhile, traders point to an opportunity for hoarding. Michael van de Poppe said that the total altcoin market capitalization is reaching the highest level of 2017. “It’s also in support. Not the worst place to look for inputs in your investment bags”
Justin Bennett “Most will leave just before buying a lifetime that’s getting closer,” he said. “Patience pays,” the cryptocurrency trader told his followers on Twitter.
Market intelligence platform Santiment reported that 47,888 BTC has been accumulated on the Whale front in the last 5 days. This comes after bitcoin whales unloaded their collective holdings in 13 months with the pinnacle coin falling in price.
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