futurewithcrypto.com
The cryptocurrency market plunged even deeper into crypto winter on Monday, as the ongoing effects of the collapse of FTX continue to play out across the market, leaving some coins unaffected.
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The FTX hacker's acquisition of Ethereum (ETH) swaps caused a selloff in the price of Ether, which drove the top altcoin to support at $1,100.
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Bears entered the market as a result of worries over the Grayscale Bitcoin Trust (GBTC). aided in dumping and controlling.
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Leading cryptocurrencies at their cheapest prices in two years.
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As the bulls rush to consolidate their defenses and push the price above $15,656 at the time of writing
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Trading View data showed bitcoin (BTC) selling at a daily low of $15,480 in the afternoon – its lowest price since November 2020.
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The recent price movement has been "sideways and turbulent," according to Kitco senior technical analyst Jim Wyckoff, who predicted that this "may start to benefit the bulls a little bit."
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Growing concerns about the long-term survival of GBTC and the digital currency conglomerate forced a lot of traders to exit the market and wait for more favorable trading conditions.
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"The bears remain in overall near-term technical advantage as prices haven't recovered from recent two-year lows," Wyckoff said in his conclusion.
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In response to the BTC price's rally after a daily decline, Cubix Analytics founder Caleb Franzen tweeted the following, adding that he had been expecting new lows for months.
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