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The Asian session has started with a crypto market carnage, with all major cryptocurrencies on a strong negative run and the global crypto market cap below $1 trillion. FTX Bankruptcy Fear Bitcoin The price declined sharply and broke an upward trend line to trade at $19,600. Similarly, Ethereum fell 7.5% to $1,470.
Billionaire Sam Bankman-FTX Fried’s cryptocurrency exchange was the subject of growing rumors overnight, but the company’s CEO was the first to tweet on Monday morning: “FTX OK. Asset OK.”
we covered Story Earlier today Alameda Research, a subsidiary of FTX, carried large amounts of its native exchange token, FTT, on its balance sheet. A public spat broke out between Alameda CEO Carolyn Ellison and Binance CEO Changpeng Zhao, who also owns a large amount of FTT tokens.
The FTX CEO says speculation about the company’s financial health is baseless.
Following Rival Crypto Exchange Binance announced FTX founder and billionaire Sam Bankman-Fried took to Twitter to reassure crypto investors.
On Sunday, Binance CEO Changpeng Zhao tweeted that “due to the recent revelations,” the exchange will be selling its FTX token holdings.
But Zhao did not elaborate on what disclosures he was referring to or how many coins Binance actually held.
In response, FTX’s Bankman-Fried faced a series of tweets, which stated:
“A competitor is trying to get behind us with false rumours.”
check it out Contact If you want to read more about FTX backstory.
Top Altcoin Gains and Losers
In the last 24 hours, the top performers were Toncoin (Ton), VeChain (VET)And Chainlink (Link), Overall, the bullish bias is slightly weak as the market is exhibiting risk-averse sentiment. Toncoin is trading at $1.66, down more than 4%, and Polygon is up more than 2% to $0.026. At the same time, the price of LINK has increased by about 1% to $8.35.
In the last 24 hours, ftx token FTX has been a major victim of insolvency rumours, dropping more than 27% to $16. We will go into more depth about this in the section below. BitDao (BIT) fell 17% to $0.3400, while solana Has fallen 17% to $26.75.
Bitcoin is currently priced at $19,600 and has a 24-hour trading volume of $60 billion. Bitcoin lost over 6% during the Asian session. CoinMarketCap is currently ranked first, with a live market cap of $378 billion, down from yesterday’s $438 billion.
Bitcoin has broken above an upward channel at $20,400 and a triple bottom support at $20,000, shifting Bitcoin’s technical outlook to a bearish side. Bitcoin has also formed a “three black crows” candlestick pattern on the 4-hours time frame, indicating a strong bearish bias among investors.
On the downside, immediate support for bitcoin lies at $19,230, and a break above this level could lead BTC to $18,650. Leading and backward indicators such as the RSI, MACD and the 50-day moving average all support the downtrend.
If BTC fails to halt the downtrend at $18,650, a break below would allow further selling towards $18,000 and $17,650.
At higher levels, an immediate resistance for bitcoin is forming at $20,000, and a break above this level could expose BTC to $20,635. The bearish bias continues to this day.
On Tuesday, the second most valuable cryptocurrency, Ethereum It traded at $1,446, down almost 9% over the past 24 hours. On CoinMarketCap, it now ranks second with a live market capitalization of $178 billion, down from yesterday’s $193 billion.
Ethereum has formed a bearish bearish and three black crows candlestick pattern on the 4-hours chart, which indicates a strong selling bias among investors. Ethereum has now broken below an upward trend line at $1,460. Ethereum made a downside move towards the $1,380 support area with a breach of the uptrend line.
Additionally, the RSI and MACD are indicating a strong bearish trend; However, both the indicators have entered the oversold zone, which indicates that sellers may end soon, opening the door for the bulls to buy.
Therefore, keep an eye on $1,460 as closing of the 4-hours candles above this level has the potential to reverse the downtrend and give us a bullish correction. On the downside, $1,380 could be a good level for the bulls.
FTX down 35% amid bankruptcy rumors
The current price of the FTX token is $16, with a 24-hour trading volume of $1.1 billion. FTT has fallen by more than 28% in the last 24 hours and by more than 35% in the last seven days. With a live market cap of $2 billion, CoinMarketCap is now ranked #30.
On the technical front, FTT/USD broke through a descending triangle pattern, indicating a continuation of a bearish trend.
FTT could find further support on the downside near $13.85 or $9.50, as a breakout of the descending triangle pattern could negatively affect FTT investor sentiment.
An immediate resistance for FTT is forming with an upside resistance of $19 or $22.
New crypto presale with huge potential
Dash 2 Trade (D2T)
dash 2 trade is an Ethereum-based trading intelligence platform that provides real-time analytics and social data to traders of all skill levels, allowing them to make more informed decisions. It launched its token sale two weeks ago and has now raised over $5.4 million with its first confirmed CEX listing on ElBank Exchange,
1 D2T = 0.0513 USDT at the moment, but it will soon rise to $0.0533 in the next sell phase and $0.0662 in the last phase.
Find the best prices to buy/sell cryptocurrency
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