Decentral Block Post

147 days have passed since Bitcoin (BTC) closed above $25,000, and the result is that investors are less sure that the $20,000 support will hold. Backing these concerns are persistent global financial and macroeconomic tensions, which escalated on Nov. 7 after European Union officials expressed concerns over the $369 billion U.S. Inflation Reduction Act.

The extended tax, health and climate bill was approved in August and it also includes subsidies for electric cars and battery supply chains that are made in North America.

According to CNBC, this is not the first time that Europe has expressed its concerns, citing international trade rules and "discriminatory" policies.

There's additional uncertainty coming from the Nov. 8, U.S. midterm elections which will determine which party controls Congress. Currently, Democrats have a majority in the Lower House, but a change in this status could ease President Biden's future spending plans.

In other news, Apple announced a temporary reduction in iPhone 14 production due to Covid-19 restrictions in China. To put things in perspective, Apple's $2.2 trillion market capitalization has surpassed the sum of Alphabet (Google) and Amazon.

FTX founder and CEO Sam Bankman-Fried took to Twitter again on Nov. 7 to claim that "a competitor is trying to go after the cryptocurrency exchange with false rumors", while also calling for collaboration with the rival exchange Binance.

The comments follow a statement from Binance CEO Changpeng “CZ” Zhao concerning the liquidation of the exchange's position in FTX token (FTT) as “post-exit risk management” over the weekend.

FTX "assets are fine", according to SBF, who also alleged that the exchange has enough funds to cover all clients holdings and does not invest client assets, even in treasuries. He also said that:

"[FTX] It's heavily regulated, even when that slows us down. We have GAAP audits, with > $1b excess cash. We have a long history of safeguarding client assets, and that remains true today."

Binance co-founder & Chief Customer Service Officer Yi He clarified that the sell-off of FTT had nothing to do with the alleged war between the two exchanges.

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.