Technical analysis of major crypto currencies Nov 28 – Dec 4
Last week in the news
Markets were traded in a mixed manner during the previous week, in expectations of US jobs figures which will be posted in the week ahead. On the other side, the crypto market was in the same mood, but due to expectations on news related to the contingency of FTX collapse. Bitcoin ended the second week above $16K, while Ether was traded flat at levels above $1.2K. The price fragility remains under pressure from the fundamental news.
FED's Minutes of the meeting from the latest FOMC meeting revealed that the majority of the voting members were on a side that FED should slow down with the level of rate increases. At this moment, markets are expecting that FED will increase rates further but for 50 bps in December, which is a slowdown from previous 75 bps. The news was welcomed on the markets, as both equity and the crypto market reacted positively.
The FTX collapse remains the main topic in the news and the crypto market for the second week in a row. Fragility of prices remains under huge influence of news related to the contingency of the FTX collapse. Voyager Digital, which filed for bankruptcy in July this year, entered into new problems, as the American unit of FTX was supposed to take over the troubled company. At this moment Binance confirmed, with few other crypto firms, that it is preparing to take over Voyager Digital. Binance CEO, Changpeng Zhao, commented that Binance introduced a fund of total $1 billion aimed to support companies in trouble in the crypto industry.
CNBC is reporting that several Democratic lawmakers in the US requested from the Senate Banking Committee to ask the federal regulators to oversee crypto trading activities of the bank SoFi. The rationale for such an urge is their opinion that SoFi represents a threat to investors. Their fears are increased considering a significant meltdown in the crypto industry during this year and increased number of companies in default. On the other hand, SoFi bank reacted to these statements, noting that it is fully compliant with the regulation currently in place in both their banking and crypto units.
After Bahama`s authorities seized assets of the failed FTX, news is reporting that Turkey's authorities did the same for the FTX unit in this country. As it has been reported, the failed exchanger is currently under investigation in Turkey for “antecedent crimes and laundering”.
Ardana (DANA), a DeFi project based on blockchain Cardano was halted, as it has been officially stated on Twitter by the company. The company stated that the project has been halted considering issues with funding and “project timeline uncertainty”.
Crypto market cap
The total crypto market capitalization was relatively flat during the previous week, with quite shy recovery of 1%, adding $4B to its market cap. The modest positive impact comes from released minutes of the FOMC meeting, where it has been exposed that the majority of FOMC voting members expressed the opinion that the FED should slow down in the future period with its increases of interest rates. It takes time until the monetary measures reflect into the real economy, while current levels of interest rates are already giving results in halted inflation levels. Inflation is still high, but further strong increases in the FED's rate, might start to seriously damage the US economy, which would not serve to benefit the monetary goals of a stable economy. This was positive signal for markets, however, concerns over contingent of the FTX collapse are still point of high risk for the crypto market. In this sense, daily trading volumes continue to be low and were further decreased during the previous week, from $66B down to $59B on a daily basis. Evidently, investors are still on hold. Total funds outflow from the beginning of this year remained flat at level of $1.390B, which is a decrease of 64% on a yearly basis.
The absolute leader of the crypto market during the previous week was Binance Coin, with its significant recovery of 14%, adding $6B to its total market capitalization. Certainly, the coin was supported by the fundamentals around Binance`s potential takeover of Voyager Digital. On the other hand, BTC performed relatively flat, losing $3B or 1% in value. ETH`s price was flat without any significant change on a weekly level. In relative terms, altcoins with good weekly performance were Litecoin and LINK, which managed to increase its market cap by 20%, both. In this group of altcoins also belongs DASH, with an increase of 18%, and Solana, with a surge in price of 11% on a weekly basis. On the opposite side, one of the highest weekly losers were Algorand, with an decrease in market cap by 18% and Uniswap with a drop of 6%. As for coins in circulation, a significant increase had LINK of 3.3% compared to the previous week, Filecoin, which added 1.1% to coins in circulation, while Tether had a drop of 0.9%.
Crypto futures market
The crypto futures market was traded flat during the previous week. Investors are still on hold, which shows official data. The number of contracts significantly decreased for the second consecutive week, where asset managers account for 31% of long positions on CME, compared to 43% a week before. Asset managers are also reducing their long positions in BTC.
During the previous week the prices of BTC futures remained flat compared to the week before, where futures maturing as of the end of this year are still holding at $16.2K, while December 2023 was modestly down to the level of round $17K. As for ETH futures, they continue to drop in prices, between 2% and 3% previous week, with December this year still holding above $1.1K, while December 2023 was down by additional 2%, ending the week slightly above $1.1K. Futures prices for both coins continue to be traded with a small price range for all maturities, implying that investors are still on hold when it comes to the value of coins within the course of the next year.
Markets were traded in a mixed manner during the previous week, in expectations of US jobs figures which will be posted in the week ahead. On the other side, the crypto market was in the same mood, but due to expectations on news related to the contingency of FTX collapse. Bitcoin ended the second week above $16K, while Ether was traded flat at levels above $1.2K. The price fragility remains under pressure from the fundamental news.
FED's Minutes of the meeting from the latest FOMC meeting revealed that the majority of the voting members were on a side that FED should slow down with the level of rate increases. At this moment, markets are expecting that FED will increase rates further but for 50 bps in December, which is a slowdown from previous 75 bps. The news was welcomed on the markets, as both equity and the crypto market reacted positively.
The FTX collapse remains the main topic in the news and the crypto market for the second week in a row. Fragility of prices remains under huge influence of news related to the contingency of the FTX collapse. Voyager Digital, which filed for bankruptcy in July this year, entered into new problems, as the American unit of FTX was supposed to take over the troubled company. At this moment Binance confirmed, with few other crypto firms, that it is preparing to take over Voyager Digital. Binance CEO, Changpeng Zhao, commented that Binance introduced a fund of total $1 billion aimed to support companies in trouble in the crypto industry.
CNBC is reporting that several Democratic lawmakers in the US requested from the Senate Banking Committee to ask the federal regulators to oversee crypto trading activities of the bank SoFi. The rationale for such an urge is their opinion that SoFi represents a threat to investors. Their fears are increased considering a significant meltdown in the crypto industry during this year and increased number of companies in default. On the other hand, SoFi bank reacted to these statements, noting that it is fully compliant with the regulation currently in place in both their banking and crypto units.
After Bahama`s authorities seized assets of the failed FTX, news is reporting that Turkey's authorities did the same for the FTX unit in this country. As it has been reported, the failed exchanger is currently under investigation in Turkey for “antecedent crimes and laundering”.
Ardana (DANA), a DeFi project based on blockchain Cardano was halted, as it has been officially stated on Twitter by the company. The company stated that the project has been halted considering issues with funding and “project timeline uncertainty”.
Crypto market cap
The total crypto market capitalization was relatively flat during the previous week, with quite shy recovery of 1%, adding $4B to its market cap. The modest positive impact comes from released minutes of the FOMC meeting, where it has been exposed that the majority of FOMC voting members expressed the opinion that the FED should slow down in the future period with its increases of interest rates. It takes time until the monetary measures reflect into the real economy, while current levels of interest rates are already giving results in halted inflation levels. Inflation is still high, but further strong increases in the FED's rate, might start to seriously damage the US economy, which would not serve to benefit the monetary goals of a stable economy. This was positive signal for markets, however, concerns over contingent of the FTX collapse are still point of high risk for the crypto market. In this sense, daily trading volumes continue to be low and were further decreased during the previous week, from $66B down to $59B on a daily basis. Evidently, investors are still on hold. Total funds outflow from the beginning of this year remained flat at level of $1.390B, which is a decrease of 64% on a yearly basis.
The absolute leader of the crypto market during the previous week was Binance Coin, with its significant recovery of 14%, adding $6B to its total market capitalization. Certainly, the coin was supported by the fundamentals around Binance`s potential takeover of Voyager Digital. On the other hand, BTC performed relatively flat, losing $3B or 1% in value. ETH`s price was flat without any significant change on a weekly level. In relative terms, altcoins with good weekly performance were Litecoin and LINK, which managed to increase its market cap by 20%, both. In this group of altcoins also belongs DASH, with an increase of 18%, and Solana, with a surge in price of 11% on a weekly basis. On the opposite side, one of the highest weekly losers were Algorand, with an decrease in market cap by 18% and Uniswap with a drop of 6%. As for coins in circulation, a significant increase had LINK of 3.3% compared to the previous week, Filecoin, which added 1.1% to coins in circulation, while Tether had a drop of 0.9%.
Crypto futures market
The crypto futures market was traded flat during the previous week. Investors are still on hold, which shows official data. The number of contracts significantly decreased for the second consecutive week, where asset managers account for 31% of long positions on CME, compared to 43% a week before. Asset managers are also reducing their long positions in BTC.
During the previous week the prices of BTC futures remained flat compared to the week before, where futures maturing as of the end of this year are still holding at $16.2K, while December 2023 was modestly down to the level of round $17K. As for ETH futures, they continue to drop in prices, between 2% and 3% previous week, with December this year still holding above $1.1K, while December 2023 was down by additional 2%, ending the week slightly above $1.1K. Futures prices for both coins continue to be traded with a small price range for all maturities, implying that investors are still on hold when it comes to the value of coins within the course of the next year.
