Bitcoin Price and Ethereum Rebound, FTX Pumps 40%

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Crypto daily report

On November 11, major cryptocurrencies were trading in the green early as the global crypto market cap gained over 7.5% in the previous day to $869 billion. Over the last 24 hours, however, overall crypto market volume fell over 23% to $144.29 billion. 

The overall volume in DeFi was $6.88 billion, accounting for 4% of the entire 24-hour volume in the crypto market. The overall volume of all stablecoins was $140.42 billion, accounting for 97% of the total 24-hour volume of the crypto market.

Bitcoin is up nearly 3.5% to $17,138, owing to weaker-than-expected CPI figures, which indicate that the US Fed may slow down on upcoming rate hikes. Similarly, Ethereum, the second most valuable cryptocurrency, has increased by more than 5% to trade at $1,248.

Let’s take a look at the top altcoin gainers and losers over the last 24 hours.

Top Altcoin Gainers and Losers

Three of the top 100 coins that have gained value in the last 24 hours are FTX Token (FTT), Chiliz (CHZ), and Chain (XCN).

The FTT recovered more than 40% to $3.22, while the Chiliz gained more than 24% to $0.2166 and the Chain gained nearly 20%.

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Top Altcoin Gainers and Losers – Source: Coin360 

Quant (QNT) has lost more than 3.5% of its value in the last 24 hours to trade at $119. ImmutableX (IMX) is down over 3% to $0.4686, while Terra Classic is also down 3% to $0.00019.

FTX Pumps 40% 

The current FTX Token price is $3.24, and the 24-hour trading volume is $949 million. In the last 24 hours, FTX Token has increased by 40%. CoinMarketCap now ranks #77, with a live market cap of $431 million. There are 133,025,776 FTT coins in circulation, with a maximum supply of 352,170,015 FTT coins.

1668148354 32 Bitcoin Price and Ethereum Rebound FTX Pumps 40

According to a report by Coindesk on Friday, which cited unnamed sources, the US Department of Justice (DoJ) has demanded evidence from the Binance cryptocurrency exchange about its failed bailout negotiations with the cash-strapped FTX exchange.

Another potential savior has abandoned cryptocurrency exchange FTX as it struggles to plug a suspected multi-billion dollar hole in its balance sheet. On November 0, Tether’s Chief Technology Officer Paolo Ardoino stated emphatically that the stablecoin issuer has “no plans to invest or lend money to FTX/Alameda.”

US inflation Sparks an Uptrend in the Cryptocurrency Market

The majority of the cryptocurrency market’s recovery was triggered by weaker US CPI figures. Weaker-than-expected inflation data suggested the Federal Reserve’s onslaught of interest rate hikes is beginning to have the intended effect on US markets, the currency, and Treasury yields on Thursday.

After a broad and strong rebound, all three main US market indexes had their largest one-day percentage gains in about 2 1/2 years. The safe-haven greenback also fell as the yield on 10-year Treasuries hit its lowest level in five weeks due to the risk-on enthusiasm.

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Year-over-year percentage change in the Consumer Price IndexSource: Bureau of Labor Statistics

Inflation is still accelerating, and it’s certainly hurting many people’s wallets, but it appears to be leveling off. As of October, the Consumer Price Index had increased by 7.7% annually, which was lower than the 7.9% increase forecast by economists and the 8.2% increase seen in the prior twelve months through September.

Prices increased by 6.3% annually, down from 6.6% in the previous reading, after adjusting for the volatile expenses of food and fuel. And that underlying gauge of inflation slowed to its smallest monthly growth in almost a year last month.

Investors anticipate that the Federal Reserve will slow the pace of rate hikes and issue a dovish policy, which will weaken the US dollar in the future, causing an uptrend in the crypto market.

Bitcoin Price 

The current Bitcoin price is $17,305 and the 24-hour trading volume is $75 billion. Bitcoin gained over 4% during the Asian session amid weaker US CPI figures. CoinMarketCap currently ranks it first, with a live market cap of $359 billion, up from $314 billion yesterday.

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Bitcoin Price & Tokenomics – Source: coinmarketcap

Bitcoin has surged over the $16,000 support level, and the closing of candles above this level suggests that Bitcoin is in a bullish trend. Bitcoin has earlier broken through the $18,244 triple bottom support level, with closing candles below this level resulting in a decline to $16,000. However, the same $18,240 level is likely to operate as a barrier for the time being.

On the 4-hour timeframe, Bitcoin has completed 38.2% Fibonacci retracement at $18,240 and a break above this could open further room for buying until the $19,370 level which marks 61.8% Fibonacci retracement level. 

Bitcoin might fall back below $15,965 if it fails to break over the 38.2% Fibonacci retracement mark of $18.250. 

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Bitcoin Price Chart – Source: Tradingview

A leading technical indicator, MACD has entered the buying zone, but the 50-day moving average (blue line) and RSI is still indicating a selling trend. BTC may remain bearish if closing candles fall below $18,000, with support near $16,000 and 15,850.

Ethereum Price 

On Friday, the second-most valuable cryptocurrency, Ethereum, recovered most of its losses to surge over 7% in the previous 24 hours to $1,270. On CoinMarketCap, it is now ranked second, with a live market capitalization of $154 billion, up from $142 billion yesterday.

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Ethereum Price & Tokenomics – Source: coinmarketcap

Ethereum has reclaimed the $1,270 level on the daily chart, thanks to a bullish retracement. Ethereum’s immediate resistance remains at $1,370, which is supported by a 50-day moving average. A bullish crossover above $1,370 could extend the recovery to $1,506 or $1,670.

1668148358 81 Bitcoin Price and Ethereum Rebound FTX Pumps 40
Ethereum Price Chart – Source: Tradingview

While support remains around $1,170 or $1,095. A break below this level could expose ETH to the $1,000 or $881 level, but this seems unlikely right now.

Compiled by Coinbold

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