News recap: crypto market attempts to get over the FTX crash

Crypto market in numbers

The cryptocurrency market cap fluctuated between a range of $800 billion and $855 billion between 11th and 22nd November 2022. Amid rumours of Genesis Trading’s insolvency, the indicator fell below $800 billion, hitting a five-month low. After a mid-November peak of $900 billion, the crypto market cap lost about 13% and stood at around $780 billion. However, cryptocurrencies managed to recover slightly, with their capitalisation approaching $820 billion – the figure observed in early November.

Market trading activity remained low. Average daily trading volumes decreased from $140 billion on 11th November to $30 billion on 19th November. Since 20th November, the indicator has risen slightly to $60 – $70 billion.

The market sentiment remained in the “Extreme Fear” zone. Since 11th November, the Cryptocurrency Fear & Greed Index has returned to 20-24 points, where it stood in September-October 2022. The market is very chaotic due to FTX-related bankruptcies. The Cryptocurrency Fear & Greed Index stood at about 20-24 points primarily due to interest rate increases by the world’s Central Banks. The peak of increases will occur in the first quarter of 2023, and investors are simply waiting for an opportunity to balance their portfolios.

Bitcoin’s dominance dropped to 39.70%, but then increased by 3.12% and currently stands at 41%, according to TradingView. The reason behind such an increase is that large BTC holders rallied other investors to convert their altcoins into Bitcoin, since there is a high probability that altcoins will be under selling pressure in the coming months. According to CoinMarketCap, the share of ether has decreased to 17.25%, approaching the levels seen at the end of September.

The volatility of cryptocurrencies has increased greatly since 11th November. The 30-day BTC volatility index was 4.62%, up 1%. The same level was observed in early July 2022. The same indicator for ETH stood at 6.66%. The last time the index rose to such levels was at the end of June 2022. Greater volatility is caused mainly by liquidation risks and news events.

Gainers (10th – 23rd November 2022)

Coin	Opening price 10.11, $	Opening price 23.11, $	Change
WXT	0.0044	0.0066	50.9%
LTC	54.10	78.00	44.2%
TON	1.40	1.94	38.4%
BCH	96.07	120.50	25.4%
GAS	1.90	2.32	21.9%

Losers (10th – 23rd November 2022)

Coin	Opening price 10.11, $	Opening price 23.11, $	Change
VLX	0.037	0.026	-28.5%
ROOBEE	0.00084	0.00072	-15.2%
NEAR	2.15	1.84	-14.3%
SHIB	0.00001	0.0	-12.6%
SOL	14.75	13.77	-6.6%

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Most traded coins (10th – 23rd November 2022)

Coin	Trading volumes, $
BTC	21,409,968
ETH	15,448,105
DEBT	5,679,295
XRP	3,263,112
ROOBEE	3,219,077
LTC	1,218,056
ALGO	1,093,987
GMT	1,034,607
TON	874,388
BCH	777,126

Top crypto market driving factors

Overall crypto market

▼ 11.11.2022 – FTX Group files for bankruptcy while Sam Bankman-Fried resigned from the crisis-stricken firm.
▼ 11.11.2022 – Bloomberg and WSJ reported a balance sheet hole of $8 billion for FTX.

▼ 11.11.2022 – Tether has frozen $46 million of USDT held on the Tron blockchain by the failing crypto exchange, FTX.
▲ 13.11.2022 – Binance is set to create a crypto industry recovery fund.

▲ 14.11.2022 – Goldman Sachs expects a “significant” decline in U.S. inflation in 2023.

▲ 15.11.2022 – Federal Reserve Vice Chair, Lael Brainard, indicated that the Central Bank could soon slow the pace of its interest rate increases.

▼ 16.11.2022 – WSJ: crypto lender, BlockFi, plans bankruptcy filing within days.

▼ 16.11.2022 – Coinbase CEO, Brian Armstrong, warns investors of a long crypto winter.

▲ 16.11.2022 – U.S. banks launch a digital dollar blockchain pilot.

▼ 16.11.2022 – The companies that FTX and Alameda have invested in could also bear the brunt of the crash.

▼ 17.11.2022 – Grayscale Bitcoin Trust (GBTC) has reached a record discount of 42.69%, relative to the price of Bitcoin it holds.

▼ 17.11.2022 – JPMorgan: the reduction in the capitalisation of stablecoins indicates that cryptocurrency investors are leaving the market.

▲ 18.11.2022 – According to CoinShares, between 12th and 18th November, digital asset investment products saw inflows totaling $43, compared to $42 a week earlier.

▲ 21.11.2022 – Investment bank, JP Morgan, reportedly plans to allow its clients to access crypto funds. The company has formally registered a cryptocurrency trademark.

▼ 21.11.2022 – The independent examiner, Shoba Pillay, has made allegations that the main reason behind Celsius Network’s mishandling of customer funds was “insufficient” accounting and operational controls.

▼ 22.11.2022 – Genesis Trading has warned of possible bankruptcy.

▼ 22.11.2022 – Crypto investment firm, Grayscale, has refused to share its proof-of-reserves citing security concerns. The company stated that all of the cryptocurrencies that underpin its investment products are stored with Coinbase’s custody service.

▼ 22.11.2022 – US senators urge Fidelity to drop its BTC retirement plan, following the collapse of crypto exchange FTX.

▼ 22.11.2022 – Genesis reached out to Binance to help Genesis, but the exchange giant rejected an offer to invest in a troubled crypto lending firm.

Bitcoin (BTC)

▲ 11.11.2022 – MicroStrategy will continue investing in bitcoin despite the ongoing slide in the asset’s value.

▼ 13.11.2022 – MicroStrategy reportedly has roughly $1.8 billion in unrealised losses from its Bitcoin investment.

▲ 14.11.2022 – Glassnode: Bitcoin wallets holding up to 1,000 BTC are actively buying the dip, while those holding 1,000+ BTC are taking a wait-and-see attitude.

▼ 15.11.2022 – Bitcoin miners sell most actively in five years. Last week, 7,760 BTC were traded.

▼ 17.11.2022 – According to Glassnode analysts, the unrealised loss of the “average” long-term BTC investor reached 33%.

▲ 17.11.2022 –El Salvador President, Nayib Bukele, and Justin Sun, the founder of the Tron cryptocurrency network, have decided to buy 1 BTC per day.

▼ 17.11.2022 – A Bitcoin whale, that held 6,522 BTC for more than five years, sold all coins for $108 million.

▲ 18.11.2022 – Investors have withdrawn 220,000 bitcoins from crypto exchanges in ten days after the fall of FTX, according to data by Coinglass.

▲ 21.11.2022 – Bitcoin mining difficulty surged 0.5%, reaching a new all-time high of 36.95 trillion.

▼ 21.11.2022 – IntoTheBlock: the share of unprofitable bitcoin addresses exceeded 51%.

▼ 21.11.2022 – Crypto mining company, Iris Energy, has just shut down most of its devices after two of its divisions received a notice of default.

▼ 21.11.2022 – Compound: the fall of bitcoin from its ATH has been ongoing for 364 days in this cycle. This is the second-longest ATH decline ever.

▲ 22.11.2022 – Glassnode: in November, Bitcoin withdrawals from crypto exchanges hit historic highs as the FTX collapse shook the faith of central platforms.

▼ 22.11.2022 – The fall of BTC forced traders to liquidate their positions. BTC shows the lowest level of profitable transactions.

Ethereum (ETH)

▲ 13.11.2022 – Ethereum achieved ‘zero net issuance’, 55 days after the much-anticipated switch to Proof of Stake, becoming a form of ultra-sound money.

▼ 13.11.2022 – The increasing number of Ethereum blocks are now compliant with OFAC regulations. Critics believe that the blockchain will eventually become centralised.

▼ 15.11.2022 – CitronResearch has tweeted that it continues to be short of ether and expects a further price fall.

▲ 22.11.2022 – Whales moved around 400,000 ETH from exchanges.

Cardano (ADA)

▲ 14.11.2022 – Cardano network recorded a surge in the number of wallets, adding 33,097 in a week.

▲ 22.11.2022 – Cardano’s algorithmic stablecoin, Djed, is set to launch in January 2023.

Polkadot (DOT)

▲ 15.11.2022 – The number of daily new accounts on Polkadot has surged by nearly ten times in the past two weeks alone, while active accounts have increased by four times.

TRON (TRX)

▲ 14.11.2022 – TRON DAO Reserve will buy $10,000,000 TRX from the market to safeguard the overall blockchain industry and crypto market.

Litecoin (LTC)

▲ 11.11.2022 – Litecoin Foundation: LTC mining difficulty is hitting new highs.

Zcash (ZEC)

▼ 16.11.2022 – The European Union should ban the trading and possession of anonymous cryptocurrencies. They could be forbidden as a result of new European AML rules.

Toncoin (TON)

▲ 13.11.2022 – Telegram allowed users to monetise nicknames on the Fragment platform. All operations are available only in TON.

▲ 21.11.2022 – Telegram-designed TON ecosystem will gain $10 million in support from the Singaporean market maker, DWF Labs.

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