Market Wrap: BTC, ETH Recover, Litecoin (LTC) Reaches New Six-Month High
The cryptocurrency market rebounded after falling to a new two-year low in the early hours of Tuesday. Bitcoin, the world’s largest cryptocurrency, is up 5.1% in the past 24 hours, rising from $15,600 to $16,600.
With the entire cryptocurrency market out of a bearish pattern, Ethereum (ETH) is outperforming its biggest rival, BTC, up 7.8% in the past 24 hours to trade as high as $1,175 from $1,081.
Ethereum (ETH) price chart 24 hours. source: CoinMarketCap
Litecoin (LTC) is the biggest gainer today, as the cryptocurrency continues to shine amid the chaos caused by FTX. Over the past 24 hours, Litecoin has jumped 28% to reach a new six-month high of $81.56.
24-hour price chart for Litecoin (LTC). source: CoinMarketCap
LTC is up more than 43%, from $55 to $79, this month. Litecoin’s rally comes in anticipation of the network’s third mining reward halving, which will slow the pace of LTC supply expansion by 50%.
The rally is an encouraging sign for investors that the cryptocurrency market may have passed the market crash that was sparked by the FTX crash.
Curve (CRV) jumped 75% amid the record CRV record held on centralized exchanges
CRV, the native token of Curve Finance — a decentralized stablecoin exchange — erupted into the market, surging more than 75% to erase its losses on Tuesday when the token plunged to a two-year low.
The price rally saw CRV move from a low of $0.4096 on Tuesday to a peak of $0.7239. Despite the rally calming down, CRV maintained a 26% gain over the past 24 hours as the token is now trading at $0.625.
48-hour price chart for Curve DAO Token (CRV). source: CoinMarketCap
Curve’s rally comes amid an increase in the number of coins held on centralized exchanges (CEXs). The number of CRV tokens at CEXs jumped 46% in the past 24 hours and 70% this month to a record 148.9 million CRVs.
According to tracking data search stringThe rally came from a large investor who recently borrowed 20 million CRV from DeFi lending giant Aave and transferred half of it to OKEx, possibly to sell the token.
Binance enters national politics, forming an innovation PAC
The US subsidiary of the world’s largest cryptocurrency exchange has launched a Political Action Committee (PAC), signaling its intent to fill the void in cryptocurrency industry political engagement left by FTX’s Sam Bankman-Fried.
The committee was formed by Binance.US with a filing to the Federal Election Commission on Monday, November 21. The formation of the Binance Innovation PAC follows the conclusion of the congressional elections.
Although Binance has not provided detailed information about what its intention is, the Innovation PAC is likely to support progressive cryptocurrency regulators who align with its mission.
The announcement comes after Binance.US appointed Krishna Govadi as Head of Legal. The hire fits with the firm’s plans to strengthen its legal and compliance community.
The Binance.US Innovation PAC is the latest avenue the crypto industry is seeking to use to influence the enactment of crypto-friendly regulations.
FTX’s first hearing revealed that the Cayman Islands and the British Virgin Islands have the largest number of clients
FTX’s bankruptcy filing singled out the most complex process in the crypto ecosystem, with the company having more than 102 different court filings. After more than a week of scheduling, the first session took place on 22 November.
a The document has been submitted The first FTX bankruptcy hearing shows that the Cayman Islands have the largest number of FTX users, accounting for 22% of global exchange users before the company collapsed.
The British Virgin Islands had the second largest number of FTX users, contributing 11%, the UK and China contributed 8% each, Singapore contributed 6%, while South Korea and Taiwan contributed 4% and 3%, respectively.
The United States accounted for only 2% of the global total. Previous reports show that FTX Trading may have more than 1 million creditors. The company currently owes its 50 largest creditors about $3.1 billion.
The bankruptcy hearing provides insight to the cryptocurrency community into what has been going on with the bankrupt cryptocurrency exchange.
Genesis employs restructuring experts and is struggling to avoid bankruptcy
Troubled cryptocurrency lender Genesis Global Capital has hired specialists from Moelis & Company to look at restructuring options, just days after announcing no imminent bankruptcy plans.
according to familiar people On the subject Moelis & Company, the restructuring experts whose services Voyager has hired, will help Genesis explore all options, which could include bankruptcy.
However, they stress that at this time no financial decisions have been made at Genesis and it is still possible for the company to avoid filing for bankruptcy.
Genesis is reportedly seeking to raise $1 billion from investors to cover a shortfall created by “unprecedented market turmoil” and the company’s exposure to collapsing cryptocurrency exchange FTX.
Despite having come under pressure from its creditors since the collapse of cryptocurrency exchange FTX early this month, Genesis is trying to allay investor fears.