Bitcoin (BTC) and Ethereum (ETH) Market Update November 10, 2022
The total crypto market cap is down by $190 billion for the period since Monday and now stands at $837 billion. The top ten currencies are trading mostly in green, with Polygon (MATIC) and Ethereum (ETH) being the best performers with 3.4 and 2.7 percent of gains for the last 24 hours. At the time of writing bitcoin (BTC) is trading at $17,400. Ethereum (ETH) is at $1,285.
Bitcoin closed the trading day on Sunday, November 6 in red at $20,876 after failing to surpass the mid-term resistance at $21,500. The trading volumes decreased significantly and the Relative Strength Index (RSI) continued to be in the overbought area.
On Monday, the BTC/USDT pair erased another 1.7 percent and dropped further down to $20,580, next to the mid-October highs and the 21-day EMA. Buyers were starting to lose momentum.
The Tuesday session brought a lot of pain to all market participants triggered by the new developments in the ongoing Binance vs FTX social media debate. Sam Bankman-Fried, CEO of FTX announced the exchange turned to CZ, CEO of Binance for help to resolve its ongoing liquidity problems which resulted in an offer of acquisition by the latter.
The markets turned red and BTC alone lost 9.6 percent while altcoins bled significantly.
Bitcoin closed the session at $18,534, at the long-standing horizontal support, but not before touching $17,200 intra-day.
The mid-week trading on Wednesday came with a fresh new low as the biggest cryptocurrency hit $15,680 for the first time since November 2020 and ended the trading day at $15,908.
Binance supposedly pulled out of the acquisition deal due to significant issues discovered during the assets review.
What we are seeing midday on Thursday is an 8 percent push to $17,300 on the lower-than-expected CPI data numbers.
The Ethereum Project token ETH was trading close to the important 21-period EMA on the Weekly chart at the end of the last week and the beginning of the new one. It peaked at $1,686 on Saturday, November 5, and on Monday started moving South.
The coin hit $1,566 on Monday and remained flat at the beginning of the new trading period, close to the range mid-point.
On Tuesday it followed the example of Bitcoin and printed a huge red candle on the daily chart breaking below the fast EMA and the important S/R line near $1,440. The ether erased 14 percent of its market cap and fell as low as $1,240 before ending the day at $1,337.
The FTX crisis hit altcoins particularly hard and its native token FTT lost 75 percent in just one day.
The mid-week session on Wednesday came with a renewed selling activity as the ETH/USDT pair touched $1,082 before stopping at $1,100 at the daily candle close, which resulted in a 17 percent correction.
As of the time of writing this market update ETH is 15 percent up for today to $1,277 as the fresh CPI inflation data from the United States turned better than expected.