Bitcoin (BTC), Ether (ETH) and cryptocurrency-linked stocks like MicroStrategy are seeing a sharp downturn after news broke that FTX announced filing for Chapter 11 bankruptcy and Sam Bankman-Fried stepping down as CEO. Crypto-linked stocks decline MicroStrategy (MSTR), led by the outspoken advocate of Bitcoin Michael Saylor, is down 32.57% on Nov. 11 in a 5-day period. MicroStrategy holds about 130,000 Bitcoin and, therefore, its stock price is heavily correlated with BTC/USD. Meanwhile, the tech-heavy NASDAQ has gained 0.79%. Mining stocks have seen losses today, with the Hashrate Index Crypto Mining Stock Index showing a 0.14% loss at midday Nov. 11. …

The repercussions of the cataclysmic FTX downfall are going to be broader than the crypto markets, as they will accelerate downward moves in stocks and commodity markets, according to Mike McGlone, senior marco analyst at Bloomberg. “Bitcoin has been one of the leading indicators on the way up, and it's a leading indicator and way down and it's just broken down. So expect most dominoes to fall.”, McGlone pointed out in a recent interview with Cointelegraph. McGlone expects traditional stocks to continue falling as the Federal Reserve keeps raising interest rates in an attempt to curb inflation. According to the …

Metaverse definitions are widely disputed. So it’s not surprising that most of the world is confused. Is there just one digital world or are there many? Will the metaverse supplement the real world or will it be the physical world supplementing the digital one? Unfortunately, despite so many questions circulating about the metaverse, looking at the current landscape of projects going live will provide few answers. At present, many projects are looking at metaverse hype, in general, as an opportunity to attract users into their online community with short-term incentives like money-making opportunities and flashy digital collectibles. Therefore, despite users …

Bitcoin (BTC) and cryptocurrency may “take years to recover” from the FTX scandal, one industry analyst warns. In a Twitter thread on Nov. 11, Filbfilb, co-founder of trading suite Decentrader, said that the Terra LUNA debacle was itself still playing out. Filbfilb: "I've never seen such a debacle" The crypto industry is experiencing “a clear case of what goes up must come down,” Filbfilb summarizes. As the fallout from FTX and Alameda Research only begins to become apparent, many industry businesses and associated tokens have been left reduced to a shadow of their former selves. Amid bankruptcy concerns from those …

The annual supply rate of Ether (ETH) slipped below zero for the first time since Ethereum's transition to proof-of-stake via the Merge in September. The reason? A spike in on-chain activity amid a massive cryptocurrency market crash. Ethereum turns deflationary for real As of Nov. 9, more Ether tokens are being burned than created as a part of Ethereum's fee-burning mechanism. Simply put, the more on-chain transactions, the more ETH transaction fees get burned. On a 30-day timeframe, the Ethereum network has been burning ETH at an annual rate of 773,000 tokens against the issuance of 603,000 tokens. In other …

Ether (ETH) price shed roughly 33% between Nov. 7 and Nov. 9 after an impressive $260 million in future contracts longs (buyers) were liquidated. Traders using leverage were surprised as the price swing caused the largest impact since Aug. 18 at derivatives exchanges. The $1,070 price level traded on Nov. 9 was the lowest since July 14, marking a 44% correction in three months. This adverse price move was attributed to the FTX exchange’s insolvency on Nov. 8 after clients' withdrawals were halted. It is worth highlighting that a 10.3% pump in 1 hour happened on Nov. 8, immediately preceding …

Bitcoin (BTC) is setting unenviable records this week as hodlers big and small battle some major pain. Data from on-chain analytics firm Glassnode shows over one-third of the BTC supply being held at a loss by long-term hodlers (LTHs) — a new all-time high. Long-term holders shoulder record unrealized losses Profitability has taken a serious hit in recent days, and on-chain data confirms that even the most seasoned investors are suffering. As BTC/USD crashed to two-year lows of $15,600, investors began to lose big, and at current levels of $17,200, the situation is not much better. Glassnode shows that LTHs …

Bitcoin (BTC) crashed below $16,000 on Nov. 9, driving the price to its lowest level in two years. The 2-day correction totaled a 27% downtrend and wiped out $352 million worth of leverage long (buy) futures contracts. To date, Bitcoin price is 65% down for 2022, but it's essential to compare its price action against the world's biggest tech companies. For instance, Meta Platforms (META) is down 70% year-to-date, and Snap Inc. (SNAP) has dropped 80%. Furthermore, CloudFare (NET) lost 71% in 2022, followed by Roblox Corporation (RBLX) and Snapchat (SNAP), both down 70%. Inflationary pressure and fear of a …

Bitcoin (BTC) surged $1,000 in five minutes before the Nov. 10 Wall Street open as United States inflation and jobs data boosted risk assets. CPI comes in lowest since start of 2022 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to daily highs of $17,782 on Bitstamp. The pair was just hours from a more than two-year low below $15,700 at the time, taking its 24-hour low-to-high to 12.8%. At the time of writing, BTC/USD circled $17,400 with volatility still rampant as U.S. markets opened to digest economic data. This had come in the form of the Consumer …

Bitcoin (BTC) and crypto markets saw fresh volatility on Nov. 10 after stablecoin Tether (USDT) unpegged from the U.S. dollar. Tether exec: "No issues" with USDT Data from Cointelegraph Markets Pro and TradingView showed USDT hitting lows of $0.971 on Bitstamp on the day amid fears that the largest stablecoin by market cap may fall further. Those fears were stoked by evidence of embattled exchange FTX and sister company Alameda Research attempting to short USDT. Currently in the throws of a crisis reminiscent of the Terra LUNA debacle, both firms have fallen foul of the cryptocurrency community and beyond as …

In April 2022, the Tron network launched USDD, a token pegged to the U.S. dollar, as an "over-collateralized stablecoin," meaning its likelihood of slipping below $1 should be lower due to excessive reserves backing its valuation. USDD stablecoin slips below $1 peg But it was not enough to keep USDD's price anchored to $1 on Nov. 8 when some whales dumped over 11 million USDD tokens to seek exposure in rival stablecoins Tether (USDT) and USD Coin (USDC). A day later, USDD's price fell to as low as $0.96, followed by a modest recovery to $0.98 on Nov. 10. The …

Bitcoin (BTC) miners could form the next BTC price “trigger,” research warns as withdrawals intensify. In a Quicktake post for on-chain analytics platform CryptoQuant on Nov. 10, contributor MAC.D suggested that miners could soon face “bankruptcy.” Research: Network conditions "will strangle" miners After BTC/USD fell 20% in a matter of days, miners began operating at a higher cost than the block subsidy and transaction fees they earned. The result is mining rigs being idled and miners selling BTC to cover expenses. “BTC security is at an all-time high, but its mining volume is gradually decreasing. This will strangle the miners,” …