Bitcoin Price and Ethereum Prediction, FTT Drops 90% Compared to FTX Flaw and Hack

Audy Castañeda
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<strong>Bitcoin Price and Ethereum Prediction, FTT Drops 90% Compared to FTX Flaw and Hack</strong>

Bitcoin fell almost 1.5% to $16,800 due to the FTX failure, which caused market chaos and a sentiment of risk appetite. Ethereum, the second most valuable cryptocurrency, gained more than 1.5% to trade at $1264.

Major cryptocurrencies traded in the negative, early on Nov. 13, as the global cryptocurrency market capitalization fell 2% the previous day to $855 billion. In the last 24 hours, the total cryptocurrency market volume fell 33% to $96.72 billion.

Total DeFi volume was $4.46 billion, which is 4.5 of the total 24-hour volume in the cryptocurrency market. The combined volume of all stablecoins was $91.30 billion, accounting for 94.40 percent of the total 24-hour volume of the cryptocurrency market.

Bitcoin, Ethereum and Other Cryptocurrencies: What Has Happened

Three of the top 100 coins that have gained value in the last 24 hours are Chain (XCN), GMX (GMX), and Bitcoin SV (BSV). XCN rallied more than 6% to $36.23, GMX gained more than 6% to $36.20, and BSV gained nearly 3.5%.

FTX Token (FTT) lost more than 30% of its value in the last 24 hours and more than 90% in seven days to trade at $2.26. ImmutableX (IMX) and Maker (MKR) fell more than 13% to $0.4108 and $709, respectively.

Bitcoin is consolidating in a wide trading range of $18,000 to 16,000 marks and a breakout will determine future price action.

Ethereum rallied 1% in the previous 24 hours to $1,262. On CoinMarketCap, it now ranks second, with a real-time market capitalization of $154 billion.

FTX Download 90% in Seven Days

The current price of the FTX token is $2.35 and the 24-hour trading volume is $617 million. In the last 24 hours, the FTX token has fallen by 30%. With a real-time market capitalization of $312 million, CoinMarketCap now ranks 92nd. There are 133,025,776 FTT coins in circulation, with a maximum reserve of 352,170,015 FTT coins.

After an unprecedented week of corporate drama that rocked cryptocurrency markets, sent shockwaves through an industry struggling for overall credibility, and sparked government investigations that could lead to more damaging revelations or even criminal charges, FTX announced Friday that they declared bankruptcy.

The company announced Sam Bankman Fried’s resignation in a tweet, and named corporate turnaround expert John J. Ray III as its new CEO. Cryptocurrency experts are shocked by the breakneck speed of FTX’s decline.

Following FTX’s bankruptcy filing, the value of Bankman Fried’s assets dropped to zero within days, according to the Bloomberg Asset Price Index.

After the exchange filed for bankruptcy, analysts said hundreds of millions of dollars’ worth of crypto assets have been wiped out, prompting FTX to announce, through its official Telegram channel, that it had been hacked, and encouraged customers to uninstall all FTX apps.

By Audy Castaneda

Alleged Crypto.com Exchange ‘Mistakenly Transferred’ $405M ETH to Gate.io

Audy Castañeda
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<strong>Alleged Crypto.com Exchange ‘Mistakenly Transferred’ $405M ETH to Gate.io</strong>

Back-to-back scandals have broken out in the cryptocurrency market, with the two newest names getting Crypto.com – Gate.io trading duo.

After FTX ran out of consumer money and ended up filing for bankruptcy, Binance CEO Changpeng Zhao asked exchanges to jointly publish evidence of consumer assets to improve self-confidence in the college market.

According to information published on November 10, Binance has around $70 billion worth of BTC, ETH, USDT, BUSD, USDC, and BNB coins. This amount does not include other altcoins, which are expected to be announced soon.

However, on the morning of November 13, the local crypto community discovered a shocking reality about Crypto.com and Gate.io. Specifically, shortly after these two platforms announced the ETH addresses, one person found large transfers of ETH between the two exchanges.

Transfers Unveiled

On Oct. 21, the recently announced ETH wallet token Crypto.com sent 320,000 ETH ($405 million) to the Gate.io wallet token. Over the next five to seven days, Gate.io steadily transferred 285,000 ETH to Crypto.com.

When asked about the additional information, Crypto.com CEO Kris Marszalek explained that, “It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring.”

The CEO’s response generated numerous inquiries. The reason is that a major exchange like Crypto.com absolutely requires taking steps to carefully protect assets, particularly when it comes to substantial sums of income. This is not the first time it has happened when, in August 2022, Crypto.com mistakenly transferred $10.5 million instead of $100 to a consumer and then sued them.

Gate.io was later discovered by a person to have taken an asset stability snapshot and released the report on Oct. 28, shortly after taking the revenue from Crypto.com. Therefore, the concept that is now circulating is that Gate.io is struggling with liquidity, and has received income from Crypto.com to inflate its books.

Further Reactions

There have been requests for withdrawals from both Crypto.com and Gate.io.

However, according to Blockchain data, the Crypto.com transaction that transferred ETH to Gate.io was located at Ethereum block 15793614, while the exchange claimed the acquisition of Gate.io stability. to get the location. in Ethereum block amount 15778435. However, there is a possibility that it is all a coincidence, that Crypto.com made a mistake and Gate.io is fine, unless of course Gate.io intentionally fakes the block of stability capture to conceal the evidence.

According to WuBlockchain, Huobi’s exchange also witnessed the withdrawal of 10,000 ETH from Binance and OKX shortly after announcing the client revenue withholding check, raising suspicions that Huobi was also cash-strapped and had to borrow. income to “makeup” the paperwork.

However, there is still considerable evidence to support the excessive arguments, Coinlive does not promise the accuracy of the information presented by the sources, except for the apparently very similar transactions as a result of the Blockchain.

By Audy Castaneda

Despite the Crash of FTX, the Weekly Activity of the Bitcoin Whales Indicates They Continue to Accumulate

Alexander Salazar
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<strong>Despite the Crash of FTX, the Weekly Activity of the Bitcoin Whales Indicates They Continue to Accumulate</strong>

The whales transferred 99,206 BTC from cryptocurrency exchanges to unknown wallets and 98,026 BTC vice versa. Those long-term holders moved 11,899 BTC between peers and 2,899 BTC between crypto marketplaces.

Although the crash of FTX continues to affect the crypto market, the whales of Bitcoin (BTC) maintain unexpected trends. Over the last week, those long-term holders have accumulated less as the progress of BTC seems to recede.

Meanwhile, regulators from many countries have met to discuss tighter regulations on the crypto market and the mining business. The FTX case has affected the entire crypto market, causing fear among those who have invested in Bitcoin.

It is necessary to contextualize that activity to better dig into the status of the whales and the overall crypto market. However, this is just a micro approach to one of the many factors that can influence the performance of BTC.

Weekly Analysis of the Activity of the Bitcoin Whales

Over the last week, the predominant trend in the activity of the Bitcoin whales has been accumulation. However, they only moved 99,206 BTC from crypto exchanges to unknown wallets, representing 46.79% of the weekly total.

The second-highest trend has been the introduction of liquidity into the market, as 98,026 BTC moved from unknown wallets to cryptocurrency exchanges. That amount is equivalent to 46.23% of the weekly total.

The transfer between unknown wallets has been the third-highest trend, as they transferred 11,899 BTC. That represents 5.61% of the weekly total.

Finally, the weakest trend has been the transfer between cryptocurrency exchanges, as the whales only moved 2,899 BTC. That amount is equivalent to 1.36% of the weekly total.

The Current Situation of Bitcoin in the Crypto Market

Meanwhile, Bitcoin is trading at around USD 16,733 and has accumulated a 0.8% loss over the last 24 hours. While its daily trading volume is above USD 18.01 billion, its market capitalization is about USD 321.10 billion, according to CoinGecko.

Since January, the price of Bitcoin has fallen by around 63.49% amid prominent world events. Over the last week, the rapid collapse of the cryptocurrency exchange FTX affected the entire crypto market.

That situation recently caused cryptocurrency-exposed stocks to tumble, reversing the previous modest rebound. In addition, that affected the progress that Bitcoin made seven days ago.

On the other hand, Bitcoin investors have moved coins they had not touched for years. The price might drop to USD 15,000 as medium-term holders send their holdings to cryptocurrency exchanges.

Over the last week, the gap between accumulation movements and the introduction of liquidity into the market has been short. Therefore, the outlook for the pioneering cryptocurrency in the next seven days does not look optimistic.

Investors should research Bitcoin or any other cryptocurrency before buying it to learn about its all-time high, behavior, and possible future price. That will help them make better trading decisions and reduce the risk of losing money. It is a matter of time before seeing where the market will take the pioneering cryptocurrency.

By Alexander Salazar

Buyer Acquires at a Discount One of the “Most Expensive Ever” NFT Collections

Audy Castañeda
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<strong>Buyer Acquires at a Discount One of the “Most Expensive Ever” NFT Collections</strong>

A single NFT from this collection sold for 8,000 ETH. The thirty-six NFTs include BAYC, Tiffany Punks, and Otherside land.

Cryptocurrencies are not the only inexpensive asset right now. A large non-fungible token (NFT) investor is offloading his collection at a discount.

On November 11, NFT collector Deepak Thapliyal announced that he will be selling his collection. It will sell the lot to the highest bidder, he added.

Failing this, it will be placed in a fractional DAO, where it will sell 80% of the property to the community. The sale price is 8,000 ETH or approximately $10 million at current Ethereum prices.

Blue-chip NFT Collection on Sale

The collector once purchased CryptoPunk #5822, which was the most expensive NFT in the world at the time, according to Guinness World Records. The blue Alien Punk was sold for 8,000 ETH or approximately $23.7 million in February.

Guinness World Records has ranked the NFT as the most expensive in the world in the 2023 edition of the famous encyclopedia. However, it does not consider Beeple NFT’s sale of “Everydays: The First 5000 Days,” which grossed nearly $70 million in March 2021.

Thapliyal’s collection also includes Alien Tiffany Punk 5822, as well as nine other Tiffany Punks. In addition, there is the Gold Ape 232, six more from the Bored Ape Yacht Club collection, and three Mutant Apes. There are also four virtual terrains from Otherside, and the name ENS helix.eth.

OpenSea shows the collection of 36 NFTs, with CryptoPunk #5822 still listed at 8,000 ETH. The second most expensive item in the collection is the BAYC 9452 laser eyes, which are valued at 347 wETH.

With crypto and NFT marketplaces currently deep in bear territory, finding a buyer may not be that simple. However, those with the conviction of a return of digital art and deep pockets, may not hesitate on the price.

Market Outlook

NFT trading activity has been on a downward trend throughout the year. Sales figures and volumes have plummeted in line with the broader crypto market, which is currently down 72% from its peak around this time last year.

At the beginning of the year, daily sales regularly exceeded $150 million. Today, they have plummeted to around $12 million, according to Nonfungible market tracker.

However, BAYC remains the best-selling NFT collection on secondary markets, according to CryptoSlam. There have been $11.3 million in BAYC sales over the last week.

The only NFTs that have trended higher in the last week are fan tokens. The volume of these has increased by 74% in the last seven days.

By Audy Castaneda

After the Collapse of FTX, the Price of Ether Might Rise again in Late 2022

Alexander Salazar
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<strong>After the Collapse of FTX, the Price of Ether Might Rise again in Late 2022</strong>

If the value of Ether recovers in the coming weeks, the predictions could be neutral or optimistic. A sideways movement or a slight increase of between 10% and 15% might place the price between USD 1,200 and USD 1,450.

The price of Ether (ETH), the native token of the Ethereum network, suffered a sharp drop after the FTX crash. Over the last week, it has lost more than 20%, even above Bitcoin (BTC).

The following lines aim to predict what will happen to the price of Ether in the coming weeks.

Ether Has Dropped to around USD 1,100 over the Last Few Days

Over the last few days, the value of Ether suffered a considerable loss, falling from USD 1,600 to USD 1,100. After that, it slightly recovered to settle between USD 1,250 and USD 1,300.

The second-largest cryptocurrency by market capitalization has lost more than 20% over the last week. Its price rose further when Bitcoin reached above USD 20,000 again before the FTX crash. That event caused a dramatic drop in the crypto market, which caused Ether to lose its course.

The Collapse of FTX Causes the Price of Ether to Drop

The crisis on FTX triggered the collapse of the crypto market, causing the value of Bitcoin and altcoins to drop. It is relevant to know that Ether fell even more than the pioneering cryptocurrency.

That event caused the market to fall as bullish signals had increased in previous weeks. Since US inflation is declining, the Federal Reserve (Fed) may not raise interest rates.

Predictions about the Price of Ether for the Coming Weeks

The value of cryptocurrencies should recover in the coming weeks after the recent market collapse. If Ether stabilizes in the next few days, the predictions about its price might be neutral or optimistic.

However, that event has dramatically changed the outlook on Ether. Two weeks ago, the situation looked different as its price looked set to rise to USD 2,000. Although there could be rallies in the coming weeks, that would occur in much lower ranges.

The Price of Ether Might Rise to USD 1,450

Ether seems to stabilize between USD 1,250 and USD 1,300, which is crucial for the forecast in the coming weeks. If it remains like that for the next few days, there might be a slight increase in the short term.

However, November and December are usually quite bearish for the crypto market. Therefore, the price of Ether might not rise significantly before late 2022.

Over the coming weeks, there might be a sideways movement or a slight increase of between 10% and 15%. That would place the predictions about the price of Ether between USD 1,200 and USD 1,450 for the next few weeks.

Investing in Ether Would Be Worth It Following Its Stabilization

Many wonder whether investing in Ether would be worth it now, after the recent market collapse. They might argue that the decline in the price of the cryptocurrency has been too sharp.

The value of Ether should stabilize in the coming days, as it might still suffer further losses. After recovering, it might be worth buying the token at the current low prices.

The predictions about the price of Ether for the next few weeks might go up slightly. However, there should be other significant increases in late December and 2023.

By Alexander Salazar

According to Jimmy Song, Bitcoin Outperforms Fiat Currencies Thanks to Its Moral Advantages

Alexander Salazar
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<strong>According to Jimmy Song, Bitcoin Outperforms Fiat Currencies Thanks to Its Moral Advantages</strong>

Song says fiat money expands in periods of growth or recession without changing, creating a deficit within fiat financial systems. The entrepreneur believes Bitcoin promotes morality and justice since it has no systematic debt.

Developer and entrepreneur Jimmy Song recently discussed the advantages of Bitcoin (BTC) over fiat money. He mentioned the immorality of the financial system, fiat currencies, and the morality of Bitcoin, besides the ideals supporting the latter.

According to Song, the financial system consists of small and large loans, with a more significant loan financing each payment. He explained that this allows fiat money to keep expanding slowly or rapidly. In other words, he views it as a source of debt for which Bitcoin has emerged as an alternative.

Song believes this principle allows fiat money to expand in periods of growth or recession, but its nature does not change. The entrepreneur said this situation causes a debt to generate another within fiduciary financial systems. He considers that Bitcoin is the alternative since the existence of a blockchain-based system does not require debt.

Morality to Help Bitcoin Seize Victory over Fiat Money

Jimmy Song said that values ​​like decentralization, which make life within the ecosystem, have made him proud over the years. Likewise, he commented that Bitcoin would achieve victory thanks to the ideals giving it a moral advantage over fiat money.

The prominent Bitcoin proponent also explained how Bitcoin could fix the main disadvantage of the modern financial system. He pointed out that using the pioneering cryptocurrency involves saving, planting, harvesting, and building instead of consuming.

Furthermore, he stressed that Bitcoin does not have the moral risks of central banks, which print money to enrich themselves and their partners.

Bitcoin Allows Eliminating the Moral Risks of Fiat Money

Song said nobody could censor Bitcoin, as its many properties lay the foundation for a better civilization. He referred to fiat money and everything growing on top of it as a dishonest base layer.

The developer concluded that Bitcoin allows users to be more moral and fair, as it does not have a systematic debt. He believes people should adopt the pioneering cryptocurrency since it is much better than fiat money.

Meanwhile, Michael Saylor Still Views Bitcoin as Digital Gold

Michael Saylor, the CEO of MicroStrategy, considers Bitcoin as digital gold due to its security and reliability. He argued that the network would continue operating even if it suffered an attack or half of the mining machines worldwide stopped.

Saylor also showed concern about the centralization of banking and the financial system. He said banks might not pay back their clients in an emergency, explaining that the economic system is cyclical.

The entrepreneur commented that he knows the disadvantages of the traditional financial system because he underwent an economic crisis twenty years ago. He believes that Bitcoin, the new digital gold, could solve that cyclical situation in many countries.

The co-founder of MicroStrategy believes the world would be better if people could keep their money safe in a non-sovereign global store of value. He is convinced that nobody can surpass the properties of Bitcoin, which go beyond being a scarce commodity.

By Alexander Salazar

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