Crypto News: A Weekly Review

Bitcoin demonstrated its value for the second day in a row, rising even as the post-FTX crypto world crumbled around it. The greatest cryptocurrency by market capitalization is one that has a value above $16,750 and had a rise of around 1% in the previous day. BTC has been steadily rising since Monday, despite the growing ramifications of crypto exchange FTX’s liquidity issue and Chapter 11 bankruptcy filing.


According to a business insider, BlockFi is considering declaring bankruptcy and planning for job layoffs. Last Thursday night, BlockFi halted client withdrawals, and on Monday it reiterated that it would keep withdrawals frozen and restrict activities. FTX and related business entities include Alameda debts, assets held at, and undrawn funds on our credit line with FTX US. Over the summer, BlockFi obtained a $400 million line of credit from FTX US. BlockFi still has adequate liquidity to handle customer withdrawals made before Thursday night’s freeze. The pressure on cryptocurrencies will probably increase again if additional exchanges or cryptocurrency businesses halt withdrawals or limit operations.


Ether was currently trading at around $1,250, up nearly 1% from Monday. Other big cryptocurrencies were mostly up on Tuesday, with even FTX’s FTT token rising 20%. FTT was recently trading at $1.81, a fraction of its near $36 highs earlier this year. SRM, another FTX-related casualty that had fallen more than 72% during the weekend, rose more than 3%. For fear of not knowing who was in charge, DeFi protocols throughout the Solana ecosystem recently disconnected from Serum’s on-chain exchange. Serum was a big fan of FTX CEO Sam Bankman-Fried. Hodlers are now in the winter season, according to Twitter, and we’re ready to find out what happened recently.


TRX Surges Over 600% Following Justin Sun’s Deal With FTX


TRX token is already up more than 500% on the FTX crypto exchange over the last week. Tron founder Justin Sun had seemingly worked out an agreement with the troubled exchange to allow users to withdraw funds. It has become a popular option for FTX users, causing the digital asset price to balloon. The value that users were getting when they swapped their tokens quickly plummeted. This is because after withdrawing TRX from FTX, they would still have to swap tokens at current market prices.


Chainlink Increases Accumulation To 190 Days After FTX Fiasco


Chainlink (LINK) and the price of other altcoins are battling for survival after the news broke that Binance would not be taking over FTX and the company had gone bankrupt. The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength. Link’s price declined to a weekly low of $6.3 before bouncing off this region as the price aims to break higher. The price needs to flip the region of $7.5-$8, acting as a resistance to support. If LINK breaks above $8, we could see more rallies for LINK price. A break below $5 would lead to more sell-offs for LINK.


This Indicator Hints US Investors Sold Bitcoin Harder Than Others During Crash


Coinbase Premium Index suggests US investors have been selling more heavily than others during the latest crash in the crypto. The indicator measures the percentage difference between the Bitcoin price listed on Coinbase Pro (USD Pair) and the one listed on Binance (USDT Pair).

Coinbase Premium Index has plunged into negative values recently along with the crash. Negative values of the premium suggest American holders are dumping more than global investors at the moment. A similar trend was also seen back in early May when BTC’s price crashed from $40k to $30k.


Trust Wallet Token (TWT) Scores Over 97% Gains Going Against Market Trend


The Trust Wallet token (TWT) has posted impressive gains in the last 7 days. TWT saw an impressive rise of over 97% on its week-on-week chart. This comes after the recommendation made by CZ, the CEO of Binance, that investors utilize decentralized exchanges. The TWTUSD, or the trust wallet token, oscillated in a symmetrical triangular pattern for almost a year. 


The TWT price delivered a positive breakout from the pattern’s resistance trendline near the end of October’s strong surge. Within five days following the retest, prices had increased by 140%, setting a new all-time high of $2.71.


FTX Hacker Becomes 35th Largest Ethereum (ETH) Whale – Dump Incoming?


FTX and have moved all their digital assets to cold storage, where they are better protected from attack. Hacken CEO and co-founder Dyma Budorin stated that the hacker stole more than $450 million from hot wallets. Tether and Paxos blacklisted some of the assets. 


The hacker behind the DAI hack has begun swapping large amounts of his stolen crypto in the European morning hours today. In total, the hacker is said to own 217,000 ETH, making him the 35th largest owner of the digital currency. At press time, ETH was unfazed by the news, trading at $1266, above the 50 and 100 SMA on the 1-hour chart.

PAX Gold (PAXG) Trades In Green While Other Coins Struggle


The FTX controversy has pulled the entire crypto market down, with top tokens struggling to stay afloat. Pax Gold (PAXG) has continued to trade in the green zone, keeping substantial intraday and one-week gains. However, trading activity on PAX Gold has decreased in the past 24 hours. PAXG’s price is trading above $17,50. The gold-backed cryptocurrency saw growth of over 13% between May and August.


The bullish indications from moving averages make up 67.86% of all signals. Given the current trajectory of the technical indicators, additional price growth is likely. 


Following FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble


FTX, the world’s second largest crypto exchange, collapsed last week, leaving many wondering what impact it will have on the industry as a whole. On-chain analysts found that Crypto(.)com shipped $500 million in ETH of users’ assets to Gate(.)io, by its own account “by accident” Stablecoins reserve dropped from $2.9B to $292M, -90% in the last 7 months. 

Binance, Coinbase, Kraken, Gemini, Bitfinex, and Bittrex do not trigger a red flag warning. Crypto(.)com transferred 10,000 ETH to Binance and OKX deposit wallets just before Gate(.)io’s ‘proof-of-reserve’ audit was published. Huobi announced that $18.1 million in crypto could not be withdrawn on FTX, of which $13.2 million was customer funds. Cryptodotcom shows up as having 6-8% of their inflows sourced from FTX in May and Nov 2021.



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