VOT Research Desk

Market Analytics and Considerations

• Prices: Bitcoin fell by almost 3%, but it maintained a strong position above its current $16K support. Other significant cryptocurrencies fell even worse.

• If significant projects like Grayscale Bitcoin Trust and Solana were to be discontinued, the business might be in a better spot.

In the days leading up to the Thanksgiving holiday in the United States, crypto markets decided that there wasn’t much to be thankful for.

Although Bitcoin managed to stay just above its most recent support of $16,000 for the 12th day in a row, it was recently down 2.8% over the course of the last 24 hours (UTC).

Although Joe DiPasquale, CEO of crypto fund manager BitBull Capital, wrote in an email to CoinDesk that investors should prepare themselves for a rocky week ahead, the largest cryptocurrency by market capitalization weathered the cascade of misadventures linked to the collapse of crypto exchange FTX last week.

DiPasquale wrote, “The last week saw Bitcoin trading in a very tight range, unable to breach $17,500 conclusively. “Nonetheless, given the sideways activity, we can anticipate unpredictability in the approaching week.

Ether was down over 6% from the same time on Saturday, trading below its most recent support of $1,200.From its peak of $1,275 last week, the second most valuable cryptocurrency has lost almost 10% of its value. Other significant cryptocurrencies plunged significantly, with sports fan coin CHZ falling more than 14%.

Recent euphoria for the World Cup, which began on Sunday with Ecuador’s victory over the host nation Qatar, had led to an increase in CHZ and fan tokens for national soccer teams.

Crypto.com’s CRO token and the well-known meme coin DOGE were recently down more than 10%.

The cryptocurrency performance index known as the CoinDesk Market Index (CDI) was down 0.4%, remaining roughly where it was a week ago.A measure of crypto market sentiment, the Fear and Greed index, remained in extreme fear territory throughout the majority of the escalating FTX crisis.

As the major indexes each closed slightly higher on Friday, two days after the Commerce Department’s monthly retail report showed surprisingly resilient consumer spending, crypto prices diverged from equity markets, an increasing occurrence in recent weeks. The Nasdaq, which is dominated by technology, gained 0.01%, while the S&P 500, which is dominated by technology, and the Dow Jones Industrial Average (DJIA), which is dominated by technology, gained 0.48% and 0.59%, respectively.

The spectacular collapse of FTX and the ongoing revelations about its poor management have had no effect on traditional markets either.Ren Bitcoin (renBTC), a token that represents bitcoin on other blockchains, was being exchanged for millions of dollars’ worth of ether by whoever was behind the $600 million FTX exploit.

Malwa reported earlier this week that the exploiter has become one of the largest holders of the token as the stolen funds from FTX have been steadily converted to ether over the past week.

According to DiPasquale of BitBull, as FTX’s severe liquidity issues became apparent, bulls will be looking for ongoing support above bitcoin’s brief low of approximately $15,500 earlier this month.”He wrote that once that range is obvious, consolidation around that low could see the price shoot toward $18,000 in the near future.”

Today’s Current Performance

There are no gainers Today (Monday

Biggest Losers