Bitcoin Price and Ethereum Rebound, FTX Pumps 40%

Crypto Update
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On November 11th, major cryptocurrencies were trading in the green. global crypto market The cap rose 7.5% on the previous day to $869 billion. However, in the last 24 hours, the total crypto market volume fell by more than 23% to $144.29 billion.

The total volume of DeFi stood at $6.88 billion, which was 4% of the entire 24-hour volume in the crypto market. The total volume of all stablecoins stood at $140.42 billion, accounting for 97% of the total 24-hour volume of the crypto market.

Bitcoin Weaker-than-expected CPI data rose nearly 3.5% to $17,138, indicating the US Fed may be slow on upcoming rate hikes. Similarly, EthereumThe second most valuable cryptocurrency is trading at $1,248, up more than 5%.

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

Top Altcoin Gains and Losers

Three of the top 100 coins gaining value in the last 24 hours are FTX Token (FTT), Chili’s (CHZ)and Chen (XCN).

FTT is up more than 40% to $3.22, while Chillize is up more than 24% to $0.2166 and Chain is up nearly 20%.

Top Altcoin Profit and Loss – Source: Coin360

Quantity (QNT) It is trading at $119, down more than 3.5% of its value in the last 24 hours. ImmutableX (IMX) fell more than 3% to $0.4686, while Terra Classic has also fallen by 3% to $0.00019.

FTX Pumps 40%

The current FTX token price is $3.24 with a 24-hour trading volume of $949 million. Over the past 24 hours, the FTX token is up 40%. CoinMarketCap is now ranked #77 with a live market cap of $431 million. There are 133,025,776 FTT coins in circulation, with a maximum supply of 352,170,015 FTT coins.

according to a report of coindesk On Friday, in which unnamed sources were cited, the US Department of Justice (DOJ) has sought evidence from the Binance cryptocurrency exchange about failed bailout talks with the cash-strapped FTX exchange.

Another potential savior has left cryptocurrency exchange FTX as it struggles to plug a suspected multi-billion dollar hole in its balance sheet. 0, Tether’s chief technology officer Paolo Ardoino vehemently stated that the stablecoin issuer “has no plans to invest in or lend money to FTX/Alameda.”

US inflation fuels an uptrend in the cryptocurrency market

Much of the recovery in the cryptocurrency market was triggered by weak US CPI data. Weaker-than-expected inflation data suggested the Federal Reserve’s onslaught of interest rate hikes is beginning to have the expected impact on US markets, currency and Treasury yields on Thursday.

After a broad and strong rebound, all three major US market indices had their biggest one-day percentage gains in nearly 2 1/2 years. The safe-haven greenback also fell as the yield on the 10-year Treasury hit its lowest level in five weeks due to risk-averse enthusiasm.

Year-on-Year Percentage Change in the Consumer Price Index Source: Bureau of Labor Statistics

Inflation is still accelerating, and it is certainly hurting many people’s pockets, but it seems to be paying off. As of October, the consumer price index had risen 7.7% annually, well short of the 7.9% growth forecast by economists and the 8.2% growth seen in the previous twelve months through September.

After adjusting for volatile expenses for food and fuel, prices rose 6.3% annually, up from 6.6% in the previous reading. And that underlying gauge of inflation slowed last month to its smallest monthly increase in nearly a year.

Investors anticipate that the Federal Reserve will slow down the pace of rate hikes and issue a lenient policy, which will weaken the US dollar in the future, leading to a boom in the crypto market.

bitcoin price

Bitcoin is currently priced at $17,305 with a 24-hour trading volume of $75 billion. Bitcoin gained over 4% during the Asian session amid weak US CPI data. CoinMarketCap currently ranks first with a live market cap of $359 billion, up from $314 billion yesterday.

Bitcoin Price and Tokenomics – Source: Coinmarketcap

Bitcoin surged above the $16,000 support, and the candle closing above this level suggests that Bitcoin is in a bullish trend. Bitcoin has previously broken above the triple bottom support level of $18,244, closing candles below this level resulted in a drop to $16,000. However, the same $18,240 level can act as a barrier for the time being.

On the 4-hour time frame, bitcoin has completed the 38.2% Fibonacci retracement level of $18,240 and a break above this could open further buying positions to the $19,370 level which marks the 61.8% Fibonacci retracement level.

If bitcoin fails to break the 38.2% Fibonacci retracement mark of $18.250, there is a possibility that bitcoin could drop below $15,965.

Bitcoin Price Chart – Source: Tradingview

The MACD, a key technical indicator, has entered a buying zone, but the 50-day moving average (blue line) and RSI are still indicating a selling trend. BTC could remain bearish if there is a downside break below $18,000 with support near the $16,000 and 15,850 levels in the closing candles.

ethereum price

On Friday, the second most valuable cryptocurrency, Ethereum, having recovered most of its losses to $1,270 for a gain of over 7% over the past 24 hours. On CoinMarketCap, it now ranks second with a live market capitalization of $154 billion, up from $142 billion yesterday.

Ethereum Price and Tokenomics – Source: Coinmarketcap

Ethereum There was a retest of the $1,270 level on the daily chart due to a bullish retracement. Ethereum’s immediate resistance is forming at $1,370, which is supported by the 50-day SMA. A bullish crossover above $1,370 could extend the recovery to $1,506 or $1,670.

Ethereum Price Chart – Source: Tradingview

While support remains near $1,170 or $1,095. A break below this level could expose ETH to the $1,000 or $881 level, but it is unlikely yet.

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Find the best prices to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: cryptonews

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