From Bitcoin’s comments on the bearish flag pattern to Binance sharing details on its reserves of over $70 billion. Here are some highlights of the crypto market.
Bitcoin, the leading cryptocurrency by market capitalization, has formed a bear flag pattern on the 4-hour chart, according to Jake Wujastyk, Vice President of Strategic Growth at TrendSpider.
Source: Jake Wujastyk
The above candlestick pattern consists of a flag and a flagpole. Bear flags usually form during consolidation after a strong rally.
The formation of the pattern indicates that the bears are increasing selling pressure after a short-term accumulation period. However, it should be noted that the bears may lose momentum if the accumulation phase lasts too long.
Bitcoin has tumbled recently due to the FTX disaster, falling to a two-year low of $15,632 on Wednesday. The next day, however, the largest cryptocurrency rallied strongly following recent better-than-expected consumer data (CPI). A strong recovery in U.S. stocks following weaker-than-expected inflation has investors pinning hopes that the Federal Reserve will reverse the current tail of policy.
Bitcoin prices have held steady in the face of the crypto industry’s worst crisis in years, even as macroeconomic data paints a brighter picture for the risky asset. The sudden collapse of the FTX empire remains a powerful headwind for the market.
Earlier today, Bitcoin fell below $17,000 and is currently trading at $17,311.
Binance has shared details of its hot and cold wallets with over $70 billion in reserves.
As part of its ongoing commitment to transparency, Binance shared details of its hot and cold wallet reserves, including a list of wallet addresses. According to shared data, Binance holds about $70 billion in total in BUSD, USDT, BNB, BTC, ETH, and USDC.
ARK Investment Management LLC of Cathie Wood owns to buy more on November 10, 2022, when the stock price rose 12%, it held 237,675 shares of Coinbase stock, worth about $33 million.
As of Nov. 10, 2022, the ARK fund held a total of 421,000 shares, even though Coinbase’s shares fell 10.8% the previous day. Now, however, that investment is showing returns.
Wood is a longtime supporter of bitcoin, buying $100,000 worth of bitcoin when it was trading at $250.
At the time, her fund ARK could not invest in Bitcoin because the law only allows funds to invest in securities. ARK eventually gained exposure to Bitcoin by purchasing a stake in Grayscale’s Bitcoin Trust.
Meanwhile, Coinbase continues to restructure its personnel organization, deciding to lay off More than 60 employees in a general recession.
Speaking to Coindesk, a Coinbase spokesperson said the hiring cuts were “an action to help Coinbase be as efficient as possible.”
Prior to this, Coinbase faced the decision to lay off more than 1,100 employees in June to reduce operating costs following the departure of chief product officer Surojit Chatterjee.
Chainlink claims their product can restore users’ trust in cryptocurrency exchanges by increasing transparency.
On November 10, Chainlink Labs launched its Proof of Reserve (PoR) product, thereby supporting public Proof of Reserve platforms in a series of tweets Chainlink Labs asked: “Will the crypto space repeat the mistakes of the black box of the traditional financial industry? Or will there be a better system?”
To answer this question, Chainlink goes on to mention the PoR system. The product will help “verify centralized foreign exchange reserves, off-chain account balances, and real-world asset reserves,” the company said.
The Japanese Financial Services Agency (FSA) has imposed administrative sanctions on the Japanese unit FTX, mentioning The unstable financial situation of the exchange.
“There are reports that FTX Trading Limited is facing credit uncertainty. Therefore, it is necessary to take all possible measures to prevent harm to the interests of creditors and investors. Therefore, in this case, FTX is considered to be unable to properly meet its financial obligations. “
FTX also has a one-month suspension order issued by the Kanto Finance Bureau. The suspension will last until December 9. The reason is that FTX “accepts deposits without providing a full explanation to users while freezing withdrawals of deposited assets”.
Fan Token News
With only about 10 days left until the World Cup, quite a few token fans remain bullish in a sluggish market.
The price of Lazio Fan Token (LAZIO) has risen 40.9% to $6.72 in the past seven days, according to CoinGecko data. Meanwhile, PORTO was trading at $4.45, up 5.9%. These are all tokens issued by Binance.
Santos FC Fan Token (SANTOS) is also up around 14.1% over the past 24 hours while recording a downtrend over the same period.
Most traded fan token in the last 24 hours | Source: CoinGecko.
The trading volume of the above-mentioned fan tokens has changed significantly. At the beginning of November, PORTO’s transaction volume was about 16 million US dollars. Now that figure has jumped to $55 million. LAZIO has seen a similar increase, with a current trading volume of $75 million in the past 24 hours.
In addition to Binance-backed tokens, Argentina Football Association Fan Token (ARG) and Portugal National Team Fan Token (POR) rose 16% and 17.3%, respectively. ARG is trading at $6.35 and POR is trading at $4.43.
The lending platform has yet to buy Voyager’s $1.4 billion in crypto assets after a U.S. court approved FTX’s request in late October to transfer Any asset of FTX.
Voyager is one of the cryptocurrency companies badly affected by the liquidity crisis that swept the market in the middle of this year. The company had to “borrow” nearly $500 million from Sam Bankman-Fried’s Alameda research fund (which was also struggling).
However, Voyager Digital had to file for bankruptcy in July 2022, at which point FTX made an offer to buy back $1.4 billion of Voyager assets in order to save users who were damaged by registered exchange accounts.
The proposal was later approved by a U.S. court, but the user community is still awaiting a decision on whether to agree to sell the asset to FTX, with the deadline for voting on November 29. However, this means that no official deal has been made so far.