As the FTX repercussions continued to manifest, the values of cryptocurrencies concluded the week approximately where they began, maintaining a position above the lows. The data demonstrated that Bitcoin and Ethereum had successfully recovered from the impact of the Genesis Global collapse rumors. Scroll down for this week’s top crypto-related news.
Price Action in Cryptocurrency
Bitcoin temporarily surpassed $16,500 also on Friday afternoon, rising from Monday’s dip and closing the Cryptocurrency Weekly Recap: From November 19th to November 26the distance to its previous short-term peak on November 10.
On Monday, the biggest cryptocurrency in the world fell to two-year lows due to fresh concerns that the liquidity contagion might spread to other participants. Prior to the collapse of cryptocurrency exchange FTX, Bitcoin was trading over $21,000 at the start of the month.
On Friday, Ethereum surged past $1,200, up over 11% from Tuesday’s low and almost 10% from November 10’s peak.
According to Blockchain research company Elliptic, a suspected hacker moved $477 million in coins from FTX on November 12 and exchanged them for Ethereum.
On Monday, the hacker started selling Ethereum for Bitcoin, causing the price to decrease.
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Market status and important events
After the fall of FTX, cryptocurrencies began the week in the red (do all weekly summaries begin the same?… Yes).
The official cryptocurrency of Binance, BNB, hit a quarterly low amidst a severe crisis of faith in controlled Exchanges.
In fact, the market as a whole lost approximately $60 billion in less than 48 hours.
However, the former CEO of the now-defunct FTX apologized to his staff for all that had transpired.
Isn’t it adorable? This apology ALMOST compensates for the loss of billions of dollars from investors and hundreds of jobs.
After a few days of seeing the market bleed out for the thousandth time this year, there was a bit of a bounce in the main cryptocurrencies.
Among them, Ethereum did well, increasing by 6%, while other Cryptocurrencies were one of the market’s stars, increasing by 29%.
The Huobi token’s Exchange took the initiative in terms of openness and made its holdings public (See, Sam? It wasn’t that difficult.
Bitcoin, for its part, had a little uptick and stabilized back over $16,000, but our trading expert believes it might remain in this range.
With this somewhat more optimistic prognosis, market experts such as Chainalysis stated that cryptocurrencies would rebound from the confusion brought on by FTX’s decline.
One of the finest practices that organizations may do initially is making their reserves public.
Aiming to provide consumers with peace of mind about the utilization of their funds. On this basis, a new, more robust and trustworthy crypto ecosystem might emerge.
Surely, the calamities that happened with FTX a few days ago and with Luna a few months ago will teach the crypto industry’s leading figures a few lessons.
Or not… Do you recall why LUNA crashed and what happened to their stablecoin algorithm? Charles Hoskinson could not have come up with a better way to revitalize the underperforming Cardano than by creating its own algorithmic stablecoin. How do they intend to resuscitate Cardano?
The conclusion of a fresh weekly roundup of the most significant events in the intriguing and always unexpected world of cryptocurrencies!
