Bitcoin Price and Ethereum Prediction, Binance Backs Out of FTX Rescue

Crypto Update
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The cryptocurrency market continues to experience a massive downtrend. global crypto market cap It fell 11% from the previous day to $809 billion, causing the leading cryptocurrency to turn red in early November 10.
Over the past 24 hours, the entire cryptocurrency market volume has dropped by 11% to $189 billion.

Bitcoin fell to around $16,010, while Ethereum Was on the verge of a significant decline, trading just above $1,100.

DeFi has a total volume of $8.57 billion, which is more than 4% of the total 24-hour volume in the cryptocurrency market. The total volume of all stablecoins stood at $180 billion, which is 95% of the total 24-hour volume of the cryptocurrency market.

Let’s take a look at the top altcoin gainers and losers over the past 24 hours.

Top Altcoin Gains and Losers

Chain (XCN), Gemini Dollar (GUSD), and Fei USD (FEI) are three of the top 100 coins that have gained in value over the past 24 hours. Chain’s price rose more than 7% to $0.043, while the Gemini Dollar gained more than 0.18% to $0.9964.

Top Altcoin Profit and Loss – Source: Coin360

solana have lost over 45% of their value in the last 24 hours because Binance pulls out of FTX hedge, The FTX token is down 38% to $3.13, while the Lido DAO is down 25% to $0.9870.

Binance Gets Out of FTX Rescue

On Wednesday, Binance announced That he would no longer acquire FTX, putting the Sam Bankman-Crypto Fried empire in jeopardy.

Binance said in a tweet on Wednesday,

“Initially, our hope was to be able to support FTX clients by providing liquidity, but the issues are beyond our control or ability to help.”

Binance CEO Changpeng Zhao said the previous day that the largest cryptocurrency exchange had reached a non-binding agreement to buy FTX’s non-US businesses for an undisclosed price, to save the company from liquidity problems.

Earlier this year, private investors had valued FTX at $32 billion.

This revelation resulted in significant losses to the crypto market. Between Monday and Tuesday, FTT lost 80% of its value, dropping to $5 and wiped out more than $2 billion.

FTT Price Chart – Source: Tradingview

On Wednesday, it fell by more than half to about $2.30, reducing the value of all coins in circulation to around $308 million.

bitcoin price

Bitcoin is currently priced at $16,015 with a 24-hour trading volume of $100 billion. Bitcoin is down more than 12% during the Asian session and over 20% in the past seven days. CoinMarketCap currently ranks first, with a live market cap of $314 billion, down from $351 billion yesterday.

Bitcoin Price and Tokenomics – Source: Coinmarketcap

On the technical front, bitcoin has broken above the triple bottom support level of $18,244; Closing the candle below this level could result in a drop to $16,000.

On the daily time frame, bitcoin has also formed a “three black crows” pattern, which indicates a continuation of the downtrend. As a result of increasing selling pressure, the price of bitcoin could drop to $14,500.

Bitcoin Price Chart – Source: Tradingview

A closing candle above $16,000 could signal the start of a bullish correction as key technical indicators such as the RSI and MACD have entered oversold territory. On the plus side, immediate resistance for bitcoin remains at $18,244.

ethereum price

On Thursday, the second most valuable cryptocurrency, Ethereum, trading at $1,118, down nearly 14% in the last 24 hours and over 25% in the past seven days. On CoinMarketCap, it now ranks second with a live market capitalization of $142 billion, down from $159 billion yesterday.

Ethereum Price and Tokenomics – Source: Coinmarketcap

on the daily chart, Ethereum There was a break above a symmetrical triangle pattern that was supporting ETH near $1,227. A bearish candle closing outside a symmetrical triangle pattern confirms a bearish breakout and could take ETH to the $1,000 or $810 support area.

The 50-day moving average at $1,400 also indicates a continuation of the selling trend. The ETH/USD pair may face significant resistance at the level of $1,227 on the way to $1,400.

Ethereum Price Chart – Source: Tradingview

The RSI and MACD are also oversold, and ETH is likely to bounce back to retest the $1,300 level before falling further in the market.

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Find the best prices to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: cryptonews

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