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Bitcoin (BTC) stayed lower at the Nov. 7 Wall Street open as the day before the United States midterm elections opened to flat equities performance.

Crypto wobbles on FTX woes

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $20,600 at the time of writing — a three-day low.

Volatility was expected around the midterms and the Consumer Price Index (CPI) print for October later in the week.

An additional hurdle in the form of controversy over trading platform FTX added to the market’s cold feet, with commentators wary of unnecessary damage to growth.

“This whole thing is incredibly bad for the industry, and especially for retail,” popular trader and analyst Pentoshi summarized.

Bitcoin (BTC) stayed lower at the Nov. 7 Wall Street open as the day before the United States midterm elections opened to flat equities performance.

Crypto wobbles on FTX woes

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $20,600 at the time of writing — a three-day low.

Volatility was expected around the midterms and the Consumer Price Index (CPI) print for October later in the week.

An additional hurdle in the form of controversy over trading platform FTX added to the market’s cold feet, with commentators wary of unnecessary damage to growth.

“This whole thing is incredibly bad for the industry, and especially for retail,” popular trader and analyst Pentoshi summarized.

A recent price rally in the Solana (SOL) market ran out of steam midway as traders' attention shifted to crypto-focused hedge fund Alameda Research's insolvency rumors.

Alameda Research insolvency rumors affect SOL 

On Nov. 7, SOL's price plunged nearly 6% to about $30.50. The intraday selloff came as a part of a broader pullback trend that started on Nov. 5 when SOL peaked at around $38.75. Between then and now, the Solana token is down over 20%.

The beginning of SOL's plunge coincided with reports that Alameda Research has liabilities worth $8 billion but may not have liquid assets on its balance sheet to meet those obligations.

Interestingly, the value of all those assets plunged synchronously in the past 48 hours — including SOL, as well as FTX Token (FTT), Serum (SRM), and Oxygen (OXY) — on fears of cascading liquidation if Alameda Research becomes insolvent.

Google partnership, NFT growth

Nevertheless, traders showed interest in holding SOL's price above $30, a technical support level,on Nov. 7. One reason could be a flurry of optimistic news that emerged over the weekend, including the launch of smartphones, dApp stores, and a Google Cloud partnership.

A recent price rally in the Solana (SOL) market ran out of steam midway as traders’ attention shifted to crypto-focused hedge fund Alameda Research’s insolvency rumors.

Alameda Research insolvency rumors affect SOL 

On Nov. 7, SOL’s price plunged nearly 6% to about $30.50. The intraday selloff came as a part of a broader pullback trend that started on Nov. 5 when SOL peaked at around $38.75. Between then and now, the Solana token is down over 20%.

The beginning of SOL’s plunge coincided with reports that Alameda Research has liabilities worth $8 billion but may not have liquid assets on its balance sheet to meet those obligations.

Interestingly, the value of all those assets plunged synchronously in the past 48 hours — including SOL, as well as FTX Token (FTT), Serum (SRM) and Oxygen (OXY) — on fears of cascading liquidation if Alameda Research becomes insolvent.

Google partnership, NFT growth

Nevertheless, traders showed interest in holding SOL’s price above $30, a technical support level, on Nov. 7. One reason could be a flurry of optimistic news that emerged over the weekend, including the launch of smartphones, DApp stores, and a Google Cloud partnership.

Cryptocurrency exchange FTX took to Twitter to address user complaints surrounding sluggish withdrawals. FTX assured users that everything is running smoothly with the matching engine, although node throughput is limited for Bitcoin (BTC) withdrawals.

In the series of tweets, the exchange also addressed stablecoin withdrawals, saying redemptions or creations might be slow until banks open for the week and wires clear.

Meanwhile, the community on Twitter had mixed reactions regarding FTX’s response. Some users tweeted their support of the exchange while others expressed their skepticism:

Users on Reddit also expressed alarm toward the developments likening the situation to Celcius halting withdrawals and misleading its users prior to the platform’s collapse.

These issues come as the exchange faces major liquidations of its native FTX token (FTT) as a result of an unspoken feud with rival exchange and blockchain developer Binance.

An ongoing selloff in the FTX Token (FTT) market could worsen in the coming months owing to a mix of pessimistic technical and fundamental indicators.

FTT could plunge 30%

From a technical perspective, FTT has formed an inverse-cup-and-handle pattern on the daily chart, identifiable by its crescent-shaped price trend followed by a less extreme upward retracement.

On Nov. 6, FTT broke below the pattern's support line near $22.50, accompanied by a volume spike. The FTX exchange token's selloff continued on Nov. 7 below the support line, raising risks of a bearish continuation phase in the coming months.

As a rule of technical analysis, the inverse-cup-and-handle breakdown can push the price down by the length equal to the distance between the pattern's support and peak level. That puts FTT's breakdown price target at around $16, down roughly 30% from the current price.

The bearish technical setup came as Changpeng Zhao (CZ), the CEO of crypto exchange Binance, said his company would liquidate its entire FTT holdings in the coming months, on fears that the token might collapse in the same manner as Terra (LUNA) in May 2021.

An ongoing selloff in the FTX Token (FTT) market could worsen in the coming months owing to a mix of pessimistic technical and fundamental indicators.

FTT could plunge 30%

From a technical perspective, FTT has formed an inverse-cup-and-handle pattern on the daily chart, identifiable by its crescent-shaped price trend followed by a less extreme upward retracement.

On Nov. 6, FTT broke below the pattern's support line near $22.50, accompanied by a volume spike. The FTX exchange token's selloff continued on Nov. 7 below the support line, raising risks of a bearish continuation phase in the coming months.

As a rule of technical analysis, the inverse-cup-and-handle breakdown can push the price down by the length equal to the distance between the pattern's support and peak level. That puts FTT's breakdown price target at around $16, down roughly 30% from the current price.

The bearish technical setup came as Changpeng Zhao (CZ), the CEO of crypto exchange Binance, said his company would liquidate its entire FTT holdings in the coming months, on fears that the token might collapse in the same manner as Terra (LUNA) in May 2021.

Bitcoin (BTC) starts the second week of November battling some familiar FUD — how will BTC price action react?

The largest cryptocurrency managed a weekly close just below $21,000 on Nov. 6 — an impressive multi-week high — but remains fixed in a sticky trading range.

Despite seeing highs of nearly $21,500 over the past week, there has yet to be a catalyst capable of breaking the market status quo, but the coming week has as good a chance as any of doing so.

Nov. 10 will see key United States inflation data for October released, while jobless claims and multiple speeches from Federal Reserve officials may also impact risk asset volatility.

An unexpected twist from within the crypto realm comes in the form of turmoil involving exchange FTX, Alameda Research and Binance.