Bitcoin (BTC) fell to intraday lows after the Nov. 16 Wall Street open as the FTX scandal appeared to claim another victim. Genesis Trading liquidity "exceeded" Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading around $16,400 at the time of writing. Downside had entered again for the pair amid news that Genesis Global Capital, the crypto lending arm of Genesis Trading, had paused withdrawals over liquidity problems. In a series of tweets on the day, Digital Currency Group (DCG), the parent company which counts Genesis Trading among its subsidiaries, attributed the decision directly to the FTX debacle. “Today …

If FTX is sparking new Bitcoin (BTC) bear market lows, BTC price action has further to fall to match Mt. Gox. Data from on-chain analytics firm Glassnode confirms that the “Mt. Gox bear market” almost a decade ago still beats the 2022 lows. FTX vs. Mt. Gox: Same, same but different With the fallout from the FTX bankruptcy scandal still unfolding, questions remain over how many major crypto entities will be affected and how big industry losses will be. BTC/USD fell over 25% last week as the ramifications became known, and has failed to recover much lost ground. At the …

Bitcoin (BTC) miners may be sending more BTC to exchanges this month — but overall, their sales have crashed since 2020. Data from on-chain analytics platform CryptoQuant confirms that daily miner transfers to exchanges have decreased by two thirds or more. Miners cool BTC exchange sales after FTX spike After BTC/USD lost 25% in days last week, existing concerns over miner solvency have heightened. Given their cost basis and rising hash rate, commentators warned that many mining participants may not be able to make ends meet — block subsidies and fees would not be enough to cancel out expenses, chiefly …

Solana (SOL) has lost 60% of its market value in a week due to its exposure to the now-defunct crypto exchange FTX, which could continue to haunt the "Ethereum killer" well into the future. FTX/Alameda exposure hurting Solana price FTX and its sister-firm Alameda Research is liable to have control over 50 million SOL, according to Solana's statement released on Nov. 10. The FTX entities received 4 million SOL from the Solana Foundation on Aug. 31, 2020. They also started receiving a portion of 12 million SOL from Sep. 11, 2020, and nearly 34.52 million SOL from Jan. 7, 2021, …

Bitcoin (BTC) spiked to $17,000 at the Nov. 15 Wall Street open as fresh United States economic data continued to show inflation cooling. "Good" PPI boosts risk assets Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it came closer to multi-day highs. Volatility had returned an hour before the open as the U.S. Producer Price Index (PPI) came in below expectations. Core PPI was unchanged month on month, with PPI overall up 0.2% versus 0.4% forecast. Year-on-year PPI was 8% versus 8.3% forecast. The data, already in stark contrast to last month’s PPI, follows on from October’s Consumer …

Trust Wallet Token (TWT) has surged by nearly 150% in the last six days, bucking the downturn in the cryptocurrency market, whose net capitalization has crashed by almost $100 billion in the same period. TWT whale accumulation picks up momentum TWT's price reached an intraday high of $2.43 on Nov. 15, a day after establishing a record high at nearly $2.75. At its lowest in 2022, the token was changing hands for $0.40, which makes it one of the year's best-performing assets, with over 225% year-to-date gains. The Trust Wallet Token's uptrend picked up momentum in November following the collapse …

Bitcoin (BTC) sellers are nursing their largest overall losses since March 2020, one on-chain metric suggests. Data from on-chain analytics firm Glassnode confirms that Bitcoin’s spent output profit ratio (SOPR) has now fallen to two-year lows. BTC on-chain losses mount As Bitcoin holders attempt to pull funds from exchanges into non-custodial wallets, those moving coins around are doing so at multi-year high losses. SOPR divides the realized value of coins in a spent output by their value at creation. In other words, as Glassnode summarizes, “price sold / price paid.” As Cointelegraph reported, SOPR fluctuates around 1, and tends to …

The fall of crypto exchange FTX and potential resulting contagion could lead to an acceleration of crypto-company layoffs in the coming months, recruitment specialists warn. A Nov. 14 report from crypto data aggregator platform CoinGecko found that as of Nov. 13, the crypto space has seen 4,695 employees let go in 2022 so far, presenting 4% of staff cuts across all “technology startups.” However, the authors of the report warn that crypto layoffs could increase in the coming months when the “full impact” of FTX’s sudden collapse takes effect: “With the collapse of FTX since November 2 and its full …

Binance CEO Changpeng “CZ” Zhao has strongly advised cash-strapped and inexperienced investors to stay away from trading cryptocurrencies amid extreme market volatility and unpredictability. On a Nov. 14 Zhao-led “Ask Me Anything” Twitter space hosted by Binance the CEO suggested that unsophisticated investors wait out the turbulent period instead of risking money needed for living expenses: “You should not invest in crypto if you're using money that you need for next week or next month, you should only be using discretionary cash that you don't need for a long time, like maybe a couple of years.” For those who do …

Charities accepting crypto donations are setting themselves up for an entirely new demographic of funders — who just so happen to be one of the most giving, according to charity organizations. Alex Wilson, the co-founder of The Giving Block, a crypto donation platform providing back-end support to charities, told Cointelegraph that the crypto community is still a market many charity organizations have nointeracted with. The top charity organizations in the world by funds received including United Way Worldwide, Feeding America, and UNICEF. All three of them accept cryptocurrencies as a means of donation. The Giving Block co-founder said the crypto …

On-chain data from Glassnode show Bitcoin’s (BTC) movements hit a new record for the largest net decline in aggregate BTC balances on exchanges, reducing by 72,900 BTC in one week. A similar movement occurred in April 2020, November 2020 and June 2022 with the current outflow leaving around 2.25 million BTC on exchanges. Exchange exodus for Ether, but not stablecoins While Ether (ETH) did not see an all-time high outflow from exchanges, 1.1 million Ether were withdrawn from exchanges over the last week. According to Glassnode, this marks the largest 30-day exchange balance decline since September 2020 during the DeFi …

Bitcoin (BTC) lost 25.4% in 48 hours, bottoming at $15,590 on Nov. 9 as investors rushed to exit positions after the second largest cryptocurrency exchange, FTX, halted withdrawals. More importantly, the sub $17,000 levels were last seen almost two years prior, and the fear of contagion became evident. The move liquidated $285 million worth of leverage long (bull) positions, leading some traders to predict a potential downside of $13,800. What an exciting time to be alive! Loving the volatility these elites are creating! They really wana buy LOW before the next bull cycle! Thank goodness we were ready months in …