This week has not been kind to Crypto Markets!
The market situation, which was shaken by the developments on Monday is discussed on social media.
US stocks fell on Monday as Fed officials reiterated their strong-willed stance on controlling inflation. Technical indicators closed lower after the uncertain outlook for rate hikes to slow the pace. The dollar rallied for a third day as investors turned to shelter assets.
This week has not been kind to Crypto Markets!
As investors continue to grapple with the collapse of FTX, the cryptocurrency market rocked on Monday, with major cryptocurrencies falling below key support levels. Bitcoin slumped below the $15.5k level, approaching a two-year low, and then consolidating near the $15.8k mark. Once the $15.5k support is breached, Bitcoin's price will likely enter nobody's territory with several on-chain price walls down to the $13.5k level, which is dangerously close to the estimated mining production cost. Meanwhile, since the last difficulty adjustment, there has been a 15-25% drop in the overall Bitcoin hashrate across the network, suggesting that some of the major miners may have just cut their power.
Ethereum is struggling to defend $1,100 after losing 1.6% in the last 24 hours. Investment products that unleashed Ethereum saw the largest entry on record, pointing to waning sentiment due to FTX's recent dumping. Medium to large-cap altcoins have seen mixed performances, with APE challenging the market drop with an 8% gain in a similar time frame.According to the WSJ's report, Genesis Global Capital, which suspended its lending services last week, saw that its fundraising efforts were futile as one of the companies it interviewed decided not to invest due to a possible conflict of interest. The firm warned of the risk of bankruptcy, despite claiming it "has no plans to file for bankruptcy any time soon." Genesis' financial problems were first brought to light on November 16, when the company announced on Twitter that it was suspending redemptions and new credit creation, citing abnormal withdrawal requests in the wake of the sudden FTX collapse. This is also the latest public statement from the firm, and the ensuing silence has sparked widespread concerns that another crypto giant has fallen victim to the FTX infection.
