Market Update (Nov. 21, 2022)
It seems that the price of Bitcoin is stuck in a tight range, but CHZ and QNT received an offer last week. The Grayscale Bitcoin Trust (GBTC) is one of the prominent names under suspicion, whose discounting of the Bitcoin price has reached a record level of about 50%.
Traders hate uncertainty and avoid investing during these periods. That could be one of the reasons for the lack of buying interest in Bitcoin even after the sharp drop in price.
The stock-to-flow (S2F) model, which gained popularity during the bullish phase, has come under increasing criticism after the deviation between Bitcoin’s price and its predicted price reached unprecedented levels.
The price of the asset is down by around 3% while the volume has swelled by more than 67%. BTC dominance at present is 38.8%.
Market Analysis:
Market Cap: $800,882,610,652
24H Volume: $63,683,272,604
BTC Dominance: 38.7%
ETH Dominance: 17.3%
Health Standard: 19.28 (1 to 10)
Sentiment: -21.19% (-100% to 100%)
Binance Analysis (BTC Pairs):
Gainers:
• SNM: +3639%
• VIB: +194%
• PHB: +133%
Losers:
•  SNM: -76%
•  YFII: -48%
•  VIB: -34%
Binance Futures:
Top Gainers:
•  SRM/USDT: +107.67%
•  RAY/USDT: +28.49%
Top Losers:
•  AMB/USDT: -27.38%
•  FOOTBALL/USDT: -16.56%
Largest Volume (24h)
•  ETH/BTC (8,332 BTC)
•  SNM/BTC (1,300 BTC)
Daily Outlook
With yet another short-term move down by BTC and higher market cap alts, we can see a slight but significant increase in bearish sentiment and selling momentum, which could extend over the next 1-2 weeks, but is expected to eventually turn into a mid or long-term move up, for which we’ll be ready.
Bitcoin Recap
Bitcoin broke down from the support trendline overnight, filling our long limit entries before giving us some profit.
There has not been a huge reaction so far from the retest of the lows at $15.9k, so I am looking to see what happens on the US stocks open today.
USDT Dominance moving up again and is currently at resistance, a rejection from here and we can see some relief in the market.
A breakout and we are likely to move below current range lows.
Recapitulating Ethereum
The price of Ethereum (ETH) does not seem to be able to withstand the pressure put on it. Nevertheless, there is still pressure on Ethereum's prices, coming from another major cryptocurrency holder who is actively involved in manipulating the price of the token.
The hacker in question is FTX, allegedly an employee of the infamous exchange. Today, he exchanged another 15,000 ETH for renBTC. In total, the crypto scammer has 185,000 ETH left on its balance sheet.
Despite the fact that Ethereum has failed to hold an important support level of $1,230, the price continues to fall. The current price of $1,135 per ETH last appeared only on the FTX drop and last July. The next test for quotations will be in the $900-$1,000 area.
Market Scoop
Crypto:
🔹 Binance Labs makes strategic investments in hardware wallet maker Ngrave.
🔹 'FTX drainer' swaps another 20,000 ether for bitcoin.
🔹 FTX owes almost $3.1 billion to its top 50 creditors, filing says.
🔹 Court sets Jan. 3 deadline for Celsius customers to file claims in a bankruptcy case.
🔹 Uniswap's new privacy policy says it collects data tied to user wallets.
Forex & Stocks:
🔹 Global stocks and oil prices slip as rising COVID-19 cases prompt Chinese lockdowns.
🔹 Bank of Israel says to raise rates more than expected amid high inflation.
🔹 NBA champions Golden State Warriors are sued over FTX collapse.
🔹 Italy's Meloni to unveil budget with 30 billion euros to lift the economy.
🔹 U.S. calls for U.N. Security Council president's statement on North Korea missiles.