In recent days, the crypto market has shown a strong decline. A large number of long positions of traders were liquidated. There were obvious manipulative actions without fundamental grounds for that. Correlating markets, namely the NASDAQ, showed a slight upward movement at the time of the decline.
BTC
BTC started the week with an upside move of more than 6% from $20,040 to $21,482. The price reached $15,596, having renewed its lows. There was a decrease of more than 27%, which was followed by a recovery from the price mark of $15,596 to $18,186 (more than 16.5%). At the moment, the volatility of the instrument has decreased. BTC is trading at $17,331.
ETH
Similar to Bitcoin, ETH showed a bull trap at the beginning of the week with a price increase of more than 9% from $1,531 to $1,680. Then there was a 36% rollback to $1,074. ETH turned out to be stronger and did not update its minimum price values. After that, the price recovered by 25% to $1,346. At the moment, the price has gone into consolidation and is trading at $1,286.
DOGE
Amid the news of Elon Musk's purchase of Twitter, the coin soared by more than 162% and corrected and repeated the movements of BTC at the beginning of this week. There was also a small rise by 13% from $0.11619 to $0.13560. The fall of DOGE was by more than 47%, which took it to the price mark of $0.07068. Later, there was a recovery of more than 32%. At the moment, the coin is in consolidation and is trading at the price level of $0.08803.
SOL
At the beginning of the week, SOL showed an upward movement. The increase was by more than 26% from the price mark of $30.09 to $38.84. Then there was a very serious price reduction of almost 70%. The price reached the price mark of $12.27. The fall came as a result of a strong decline in the value of BTC and the news of the planned unlocking of 28.5 million SOL on November 10th. At the moment, the coin has recovered to a price mark of $18.04, which is more than 43% of growth.
FTT
Since the beginning of the week, the coin has been drastically falling in price from $25,800 to $1,082, which is by more than 95%. The reason was a series of mistakes made by Sam Bankman-Freed, the owner of the FTX crypto exchange and its native FTT token. These mistakes resulted in an $8 billion liquidity shortage.
The Binance management decided to sell all the tokens on the exchange in the amount of $580 million. This was the beginning of liquidity problems and led to a huge price drop. In order to support the customers of the FTX exchange, Binance was ready to take over the FTX exchange. However, after a series of checks and an investigation into the misuse of investor funds by regulators, Binance management abandoned this idea. At the moment, the coin is in consolidation and is trading at the price level of $3,199.
P.S. The content of this article should not be construed as investment advice. We ask you to do your own research. This text is not a guide to action.
