Top-100 DeFi tokens saw a bullish wave with the start of the new month, but many DEX platforms are still haunted by FTX contagion.
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Never mind FTX — Fine arts institutions should still onboard to blockchain
The strategic adoption of blockchain technology still makes sense, regardless of the distraction FTX created for cryptocurrency.
DXY bounces at major support, reducing Bitcoin’s chance at breaking the $17.2K resistance
The dollar index (DXY) found support at a key level, leading traders to question whether BTC will manage to flip $17,250 to support.
DXY bounces at major support, reducing Bitcoin’s chance at breaking the $17.2K resistance
On Dec. 2, the United States dollar index (DXY), an index that measures the dollar’s strength against a basket of top foreign currencies, reached 104.40, which was the lowest level seen in five months.
To recap, the U.S. dollar’s weight against the basket of top foreign currencies grew by 19.6% in 2022 until late September as investors looked for protection against the impact of a hawkish Federal Reserve and, more recently, the rising energy costs and the effect of high inflation.
The U.S. dollar’s retreat may have been an interim correction to neutralize its “overbought” condition, as the 114.60 peak was the highest level in 20 years. Still, its inverse correlation with Bitcoin (BTC) remains strong, as pointed out by analyst Thecryer on Twitter:
Notice how the intraday DXY retrace to 105.50 from the 104.40 low happened when Bitcoin faced a $230 flash crash to $16,790. Such movements reinforce how cryptocurrencies’ performance remains codependent on traditional markets.
Bitcoin enthusiast Aldo the Apache noticed that the DXY “bullish divergence at support” occurred as the S&P 500 stock market index struggled with a vital resistance level.
Dems and Reps join forces to pressure SBF to testify before Congress
“Your willingness to talk to the public will help the company's customers, investors, and others," said House Financial Services Committee chair Maxine Waters, addressing SBF.
Ankr says no one should trade aBNBc, only LPs "caught off guard" will be compensated
The company stated it would be discontinuing aBNBc and aBNBb tokens 'effective immediately,' and that "new ankrBNB tokens will be minted and airdropped to affected aBNBc and aBNBb users."
Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
Non-farm payrolls in the United States rose by 263,000 in November, exceeding economists’ expectations of an increase of 200,000. Analysts believe that the numbers remain hot and do not allow much scope for the Federal Reserve to slow down its aggressive rate hikes.
This is contrary to Fed Chair Jerome Powell’s remarks delivered at the Brookings Institution where he said that the central bank could reduce the pace of rate hikes “as soon as December.” That triggered a sharp rally in risk assets. After the latest jobs report, the market participants will closely watch the Fed’s comments and decision in its Dec. 13 and Dec.14 meeting.
Daily cryptocurrency market performance. Source: Coin360The Fed’s decision may also affect Bitcoin (BTC), which remains in a firm bear grip. Coinglass data shows that Bitcoin’s monthly returns in November of 2018, 2019, and 2021 were negative and that was followed by a further fall in December.
Will history repeat itself and Bitcoin decline again in December or will buyers come out on top and push the price higher? Let’s study the charts of the top-10 cryptocurrencies to gain some insight.
BTC/USDT
Bitcoin soared above the descending triangle and the 20-day exponential moving average ($16,949) on Nov. 30. This is the first indication that the downtrend could be ending.
Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
Bitcoin and altcoins are beginning to flash signals of a potential trend change, but a handful of downside risks remain.
Crypto Community weighs in on SBF’s ‘apology tour’
The former FTX CEO is receiving major backlash for his New York Time DealBook Summit and Good Morning America interviews.
Crypto Community weighs in on SBF’s ‘apology tour’
The former FTX CEO is receiving major backlash for his New York Time DealBook Summit and Good Morning America interviews.
Legal team for 3AC liquidators blast founders for shifting blame to FTX, media blitz amid bankruptcy
In a bankruptcy court hearing, lawyers for 3AC creditors asserted the firm's founders "repeatedly fail to engage" with liquidators, but weren't shy about talking to the media.
Is Bitcoin the only crypto that will survive FTX? | Interview with Bitcoin maximalist
Bitcoin proponent and author Jeff Booth is convinced that the crypto ecosystem will eventually collapse as a consequence of its centralization — except Bitcoin, that is.
Is Bitcoin the only crypto that will survive FTX? | Interview with Bitcoin maximalist
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Own this piece of crypto history
Collect this article as NFTThe downfall of FTX and a number of other CeFi platforms in 2022 has reinforced a Bitcoin maximalist narrative, according to which most of the crypto ecosystem will eventually collapse due to its centralization.
Jeff Booth, Bitcoin proponent and author of "The Price of Tomorrow", believes centralized crypto platforms such as FTX and Celsius have ended up replicating the traditional financial system with all its inherent flaws.
"All of crypto is trying to rebuild a financial system that we already have based on manipulation and centralization," said Booth, in an exclusive interview with Cointelegraph.
Is Bitcoin the only crypto that will survive FTX? | Interview with Bitcoin maximalist
Bitcoin proponent and author Jeff Booth is convinced that the crypto ecosystem will eventually collapse as a consequence of its centralization — except Bitcoin, that is.
How NFT court summons could change the legal landscape
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Bitcoin bulls lie in wait as US dollar strength hits 5-month lows
BTC price performance gains some positive tailwinds, but Bitcoin faces a potential top for U.S. stocks.
Bitcoin bulls lie in wait as US dollar strength hits 5-month lows
Bitcoin (BTC) continued to hold key support on Dec. 2 as United States stocks fell on the Wall Street open.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDXY weakness offers hope of "Santa rally"
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as bulls bought time between $16,800 and $17,000.
Analysts had earmarked the former as a key level to retain, this nonetheless in question at the time of writing as stocks shed 1% to start the session.
Popular crypto analytics account Nunya Bizniz queried whether it was time for a “decision” on S&P 500 performance, eyeing a pattern which suggested a local top may soon appear.
Should that be the case, Bitcoin’s correlation to traditional risk assets would be tested, this having ebbed in the wake of the FTX meltdown.
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Trader allegedly saw over 5000x gains after Ankr protocol hack
Ankr protocol announced that it will be reissuing aBNBc tokens, promising that it will assess the situation and compensate affected users.
ApeCoin risks 30% crash after APE staking debut in December
The multi-week ApeCoin (APE) market rally is nearing exhaustion owing to a mix of technical and fundamental factors.
Fundamental — ApeCoin Staking launch
In the past two weeks, APE's price is up over 50% after bottoming at around $2.60.
The APE/USD rebound came in line with similar recovery moves elsewhere in the crypto market. But, it outperformed top assets, including Bitcoin (BTC) and Ether (ETH), as traders pinned their hopes on ApeCoin's staking debut.
The ApeCoin Staking feature will debut on Dec. 5 at apestake.io, according to its developer Horizon Labs. It will allow users to lock their APE holdings into four staking pools — ApeCoin pool, BAYC pool, MAYC pool, and Paired pool — that will allow them to earn yield periodically.
The feature announcement has resulted in a rise in the APE holders' count, according to data tracked by Dune Analytics. Notably, it reached 103,591 on Dec. 2 compared to 94,775 a month ago, which, combined with rising prices, shows an increase in APE's spot demand.
