Lompat ke konten Lompat ke sidebar Lompat ke footer

Duh, News of Genesis Threatened with Bankruptcy Makes the Crypto Market Collapse

Duh, News of Genesis Threatened with Bankruptcy Makes the Crypto Market Collapse

Medan, Andrianus.my.id - The performance of the crypto market was observed to have subsided on Tuesday (22/11). Investors are becoming increasingly shaky after receiving continuous bad news about the potential for further domino effects following the FTX exchange collapse.

Tokocrypto trader Afid Sugiono said that the price of Bitcoin has also experienced a protracted decline. The latest strong negative sentiment came from news that Genesis Global Trading indicated the possibility of bankruptcy. “Investors are afraid that the contagion will touch every corner of the crypto market,” said Afid, Tuesday (22/11/2022).

According to Afid, the financial crisis made Genesis openly state that it had been quite significantly affected by the collapse of FTX and had to limit its services. When this news came out, it sent the Bitcoin price to a new yearly low of US$15,654.

“Total crypto market cap closed in the red again, with a 2.46% decline. The total market cap closed at US$ 790.126 billion, with the lowest level at US$ 727.43 billion," Afid added.

From the Fear and Greed Index , Afid explained that Bitcoin again closed low, at level 22, with the Extreme Fear category , indicating that a tense situation is still haunting crypto investors.

Afid added that US stock indexes also closed the day in the red, with the Nasdaq dropping 1% and the S&P 500 losing 0.42% due to investors' concerns about rising interest rates. Markets widely expected the Fed in December to approve rate hikes that slowed to 0.5 bps hikes from a series of four consecutive 0.75 bps steps.

"In terms of technical analysis, the decline in the price of Bitcoin was supported by high trading volume, which closed right at the 20- day moving average (MA) line, indicating a high sell-off," said Afid.

Meanwhile , the daily candle , continued Afid, shows the possibility of further decline from BTC. The nearest support level is at the level of US $ 15,781. "However, if there is a further downward movement it could penetrate the price level of US$ 15,476," Afid concluded.


Posting Komentar untuk " Duh, News of Genesis Threatened with Bankruptcy Makes the Crypto Market Collapse"