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Bitcoin is mostly unchanged on November 17, but it remains under pressure as Genesis Trading, a crypto financial services firm, has suspended withdrawals from its loan section, citing the “extraordinary market instability” caused by Sam Bankman’s FTX collapse. Ethereum, the second-most valuable cryptocurrency, is also trading sideways, with a price range of $1,175 to $1,280.

The global crypto market cap fell over 1% to $835 billion the previous day, sending major cryptocurrencies into the red early on November 17. Over the last 24 hours, the total crypto market volume fell over 3% to $60.72 billion.

The total volume in DeFi was $3.30 billion, accounting for 5% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $57.26 billion, accounting for over 94% of the total 24-hour volume of the crypto market.

Let’s take a look at the top altcoin gainers and losers over the last 24 hours.

Top Altcoin Gainers and Losers

Chiliz (CHZ), Stacks (STX), and Arweave (AR) are three of the top 100 coins that have gained value in the last 24 hours. The CHZ price has soared by more than 13% to $0.2285, the STX price has grown by more than 5% to $0.2385, and the AR price has increased by nearly 5%.

Top Altcoin Gainers and Losers – Source: Coin360 

Trust Wallet Token (TWT) has dropped more than 15% in the last 24 hours to trade at $1.96. GMX (GMX) has dropped by more than 12% in the last 24 hours to trade at $39.5.

Risk-off Triggers as Genesis Trading Halts Withdrawals

The cryptocurrency market is trading with a bearish sentiment following the news of Genesis trading, halting crypto withdrawals. Interim CEO Derar Islim informed customers that Genesis Global Trading’s lending arm would be temporarily suspending redemptions and new loan originations in the wake of FTX’s collapse.

Genesis Global Capital, the business unit in question, caters to institutional clients and had $2.8 billion in active loans as of the end of the third quarter of 2022, per the company’s website. Islim emphasized that Genesis Trading, the broker/dealer arm of Genesis Global Capital, has its own capital and is run separately from the lending arm.

Trading and custody services provided by Genesis are, he added, still running smoothly. On the call, Islim informed listeners that Genesis is looking into options for the lending unit, such as locating a new source of liquidity. Next week, Genesis will provide more information to its customers, he said. 

The Digital Currency Group (DCG), which controls Genesis, also owns CoinDesk. A statement released by DCG’s vice president of communications and marketing, Amanda Cowie, read as follows: 

“Today Genesis Global Capital, Genesis’ lending business, made the difficult decision to temporarily suspend redemptions and new loan originations.” This decision was made in response to the “extreme market dislocation and loss of industry confidence” caused by the FTX implosion.

Given the ongoing uncertainty in the cryptocurrency market, overall trading sentiment remains negative.

Bitcoin Price 

The current Bitcoin price is $16,526, and the 24-hour trading volume is $34 billion. Bitcoin has increased by less than 2% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $349 billion, up from $324 billion.

It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,208,887 BTC coins.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Bitcoin’s technical aspects haven’t changed significantly, as it continues to trade perfectly in accordance with our previous Bitcoin price projection. Bitcoin is stabilizing in a broad trading range of $18,000 to $16,000, with a breakout dictating future price action. 

In the 4-hour timeframe, Bitcoin has completed a 38.2% Fibonacci retracement at the $18,100 level and is now stable. A positive crossover happens when the price increases above $18,100.

At this point, the Bitcoin price may be exposed to the 61.8% Fibonacci level of $19,350. Bitcoin might fall below $15,965 if it fails to break through the 38.2% Fibonacci retracement barrier of $18,250.

Bitcoin Price Chart – Source: Tradingview

The MACD has moved into the purchase zone, while the 50-day moving average and the relative strength index (RSI) remain bearish. If Bitcoin’s closing prices maintain below $18,000, the currency’s slide is likely to continue; close levels of support are $16,000 and $15,850.

Ethereum Price 

The current price of Ethereum is $1,213, with a 24-hour trading volume of $12 billion. In the last 24 hours, Ethereum has plunged over 2.5%. With a live market cap of $148 billion, CoinMarketCap currently ranks second. It has a circulating supply of 122,373,866 ETH coins.

Ethereum Price & Tokenomics – Source: coinmarketcap

On the daily chart, a bullish retracement has occurred, and Ethereum has reclaimed the $1,262 mark. The 50-day moving average acts as an immediate resistance barrier for Ethereum. If the bullish crossover above $1,370 is maintained, the recovery might accelerate to $1,506 or $1,670.

Ethereum Price Chart – Source: Tradingview

Support is still around $1,170 or $1,095. If ETH falls below this level, it may approach $1,000, or $881, but this is improbable for the time being.

Crypto Presale With Huge Upside Potential

Dash 2 Trade (D2T)

Dash 2 Trade, created by the Learn 2 Trade service, provides investors with market-driven insights, trading signals, and prediction services. The cryptocurrency project intends to provide users with enough information to make profitable decisions.

D2T is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time analytics and social data, allowing them to make more informed decisions.

It began its token sale three weeks ago and has already raised more than $6.4 million. It also announced its first CEX listing on LBank exchange. 1 D2T is currently worth 0.0513 USDT, but this is expected to rise to $0.0533 in the next stage of sales and $0.0662 in the final stage.

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Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews





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Name Price24H (%)
Bitcoin (BTC)
$16,506.58
0.01%
Ethereum (ETH)
$1,211.13
1.56%
Tether (USDT)
$1.00
0.05%
BNB (BNB)
$313.67
4.15%
USD Coin (USDC)
$1.00
-0.09%
Binance USD (BUSD)
$1.00
-0.05%
XRP (XRP)
$0.403379
-0.14%
Dogecoin (DOGE)
$0.091516
1.23%
Cardano (ADA)
$0.316138
-0.11%
Polygon (MATIC)
$0.85
0.79%
Polkadot (DOT)
$5.36
1.37%
Lido Staked Ether (STETH)
$1,188.41
1.58%
Litecoin (LTC)
$75.92
1.35%
Shiba Inu (SHIB)
$0.000009
-1.50%
OKB (OKB)
$21.04
-0.66%
Dai (DAI)
$1.00
-0.01%
Solana (SOL)
$14.20
0.57%
TRON (TRX)
$0.052963
-0.18%
Uniswap (UNI)
$5.46
0.60%
Avalanche (AVAX)
$12.84
-0.46%
LEO Token (LEO)
$4.02
2.56%
Wrapped Bitcoin (WBTC)
$16,390.19
0.60%
Cosmos Hub (ATOM)
$10.24
2.06%
Ethereum Classic (ETC)
$20.04
-0.13%
The Open Network (TON)
$1.71
0.84%
Monero (XMR)
$136.20
-0.66%
Stellar (XLM)
$0.089030
-1.66%
Bitcoin Cash (BCH)
$112.21
-1.21%
Quant (QNT)
$121.99
7.30%
Algorand (ALGO)
$0.241455
-0.68%
Cronos (CRO)
$0.064880
-0.53%
Filecoin (FIL)
$4.31
0.46%
VeChain (VET)
$0.019043
-0.96%
NEAR Protocol (NEAR)
$1.63
-0.79%
ApeCoin (APE)
$3.62
11.97%
Hedera (HBAR)
$0.050534
2.20%
Frax (FRAX)
$1.00
-0.11%
Flow (FLOW)
$1.13
-0.59%
Internet Computer (ICP)
$3.91
1.29%
MultiversX (Elrond) (EGLD)
$43.84
3.25%
EOS (EOS)
$0.93
-1.78%
Terra Luna Classic (LUNC)
$0.000162
2.20%
Huobi (HT)
$7.20
9.30%
Chiliz (CHZ)
$0.174149
0.09%
Theta Network (THETA)
$0.92
-1.18%
Chain (XCN)
$0.042506
-1.41%
Pax Dollar (USDP)
$1.00
0.14%
Tezos (XTZ)
$0.99
0.25%
The Sandbox (SAND)
$0.57
0.02%

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