Bitcoin hit a two-year low in Asian trading on Tuesday morning as investors pushed the prices of most cryptocurrencies lower on fears the cryptocurrency exchange’s Nov. 11 crash FTX.com does not bankrupt other companies operating in association with the exchange.
Ethereum, the second most valuable cryptocurrency, is trading lower and fell to $1,100 after Bitcoin.
The market capitalization of the global crypto market fell 0.75% the previous day to $786 billion, with major cryptocurrencies trading flat in the early morning hours of November 22. In contrast, the total volume of the crypto market increased by 21% to $66.85 billion in the past 24 hours.
Total DeFi volume was $4.31 billion, representing 6% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $63 billion, which is 94% of the total 24-hour volume of the crypto market.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top altcoin winners and losers
Huobi Token (HT), ImmutableX (IMX) and ApeCoin (APE) are three of the top 100 coins that have appreciated in value over the past 24 hours. The HT price was up over 10% at $4.85, the IMX price was up over 5% at $0.4045, and the APE price was up nearly 4%.
UNUS SED LEO (LEO), Chiliz (CHZ) and Chain (XCN) are three of the top 100 coins that have lost value in the last 24 hours. LEO is down over 13% and trading at $0.1930. CHZ is down more than 7% to $0.1785 in the past 24 hours.
Bitcoin Falls to Two-Year Low Amid FTX Fallout Fears
Fearing a repeat of the Terra Luna stablecoin crash in May that also hit other companies, investors are terrified of the likelihood of further corporate bankruptcies tied to the now defunct FTX exchange.
The financial health of crypto investment bank Genesis Global Trading, which is controlled by venture capital arm Digital Currency Group, is garnering a lot of attention in the crypto market due to the company’s affiliation with the FTX exchange, now defunct.
Genesis Global Capital, the firm’s brokerage arm, has about $2.8 billion in deposits and has temporarily suspended withdrawals, according to its latest quarterly report through September.
New York-based Genesis Global Trading justified the move citing “unusual withdrawal requests” that exhausted Genesis Capital’s available funds.
This raised fears that the company’s financial difficulties following the collapse of FTX were contagious.
Genesis announced via Twitter on Nov. 16 that it had “engaged the best consultants in this space to review all options.”
As a result, the rising level of FUD is keeping the crypto market down.
bitcoin price
The current bitcoin price is $15,817 and the 24-hour trading volume is $33 billion. In the past 24 hours, Bitcoin has fallen by 1.99%.
With a live market capitalization of $303 billion, CoinMarketCap currently ranks number one.
It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,213,900 BTC coins.
The technical outlook for Bitcoin remains bearish as the price has already broken the low of the $16,000-$17,000 sideways range. A break of this range is likely to trigger another selling trend until the next support level of $15,250 is reached.
BTC/USD is likely to find support at a double bottom pattern at $15,650 en route to $15,250. On the 4-hour chart, Bitcoin has formed a descending triangle, indicating the possibility of a bearish breakout.
Lower, a break above $15,250 could allow further selling at $14,850. Bitcoin is currently facing immediate resistance near $16,250 and a break above this level could take BTC to the next resistance zone at $17,150.
Ether price
The current price of Ethereum is $1,101, with a 24-hour trading volume of $13 billion. In the past 24 hours, Ethereum has lost more than 2%. CoinMarketCap currently ranks second with a live market cap of $134 billion. There is a circulating supply of 122,373,866 ETH coins.
Ethereum is trying to recover the $1,100 level on the 4-hour chart. ETH/USD broke the lower side of a symmetrical triangle, indicating the possibility of a strong downtrend continuation.
On the upside, the 50-day moving average extends major resistance at $1,215 and will almost certainly act as major resistance below a previously breached triple bottom.
Candles closing below this level could see ETH drop to the $1,075 or $1,000 support zones.
Huobi token gains 10%
Huobi Token is now trading at $4.91 with a 24-hour trading volume of $19 million. The Huobi token has risen more than 10% in the past 24 hours.
CoinMarketCap now ranks it 51st with a live market cap of $752 million.
There are 153,357,694 HT coins in circulation, with a maximum supply of 500,000,000 HT coins.
From a technical standpoint, HT fell to the double bottom support at $3.95. With the RSI and MACD indicators oversold, the close of the candles above the $3.95 support level could signal a bullish trend reversal.
Right now, HT has made a 23.6% Fibonacci retracement at $5.35; a break above this level has the potential to spur further buying at $6 or $7.45, driven by Fibonacci retracements of 38.2% and 61.8% respectively.
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