Crypto Flipsider News – Bitcoin Crashes; ETH Whale Accumulation; Genesis Not Bankrupt; Binance Gains From FTX; JPMorgan Crypto Wallet

A whale is swimming away with ethereum logo in s yellow ocean

Read in the Digest:

  • Bitcoin crashes to a two-year low, addresses in losses exceed 50%
  • Ethereum whales added $1.03B worth of ETH, 5th largest single day in 1 year
  • Genesis denies imminent plans to file bankruptcy after halting withdrawals
  • Binance is the biggest beneficiary of the FTX collapse, gaining 9.6% market share
  • Banking giant JP Morgan receives trademark approval for crypto wallet

Bitcoin crashes to a two-year low, addresses in losses exceed 50%

As fears of the FTX contagion spreads, Bitcoin (BTC), the world’s largest cryptocurrency, on Tuesday, November 22nd fell to a two-year low as the cryptocurrency market nosedives.

Bitcoin fell as much as 5% to hit a low of $15,599.05. However, the price of BTC has slightly recovered and now trades at $15,750. Year-to-date, Bitcoin has tanked by 67% as the crypto market continues having a rough year.

The 24 hours price chart for Bitcoin (BTC)

The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap

As a result of the failed projects, the global cryptocurrency market has lost more than $1.4 trillion in value this year. Over 98% of the market trade is lower than it opened at the start of the year

The effect of the ongoing and previous bear markets has left the majority of Bitcoin addresses out of money. According to on-chain data provided by IntoTheBlock over 51%, or 24.6 million addresses, are in loss.

Flipsider:

  • As the price of Bitcoin plunges, the network hash rates continue to sit close to their highest levels, forcing miners to sell their stakes.

Why You Should Care

The latest deadline is worsened by the $477 million worth of cryptocurrency stolen from FTX. The decline began after the hacker began converting the stolen funds to Bitcoin and Ethereum to sell them.

Digest breakers Coins

Ethereum whales added $1.03B worth of ETH, 5th largest single day in 1 year

As the price of Ethereum (ETH) continues to decline, whales have seized the opportunity to increase their portfolios. 

According to the on-chain data tracker, Santiment, on November 20th, Ethereum whales holding between $10.9 million and $1.09 billion worth of ETH have added 947,940 more, worth an additional $1.03 billion.

Ethereum whales tears

Santiment adds that the acquisition is the fifth largest single-day acquisition by ETH whales in the past year. ETH sharks and whales embarked on an accumulation rally, expecting a price uptrend.

Unlike the other four instances of large ETH whale accumulation, the price of Ethereum has failed to react positively. Over the last 24 hours, the price of ETH is down by 4.5%, dropping as low as $1,050.

The 24 hours price chart for Ethereum (ETH)

The 24-hour price chart for Ethereum (ETH). Source: CoinMarketCap

Flipsider:

  • The accumulation comes after it was revealed that the 27th biggest Ethereum whale stole 100% of his holdings and now trades them to increase his portfolio. 

Why You Should Care

The accumulation shows the belief of whales in Ethereum. This is despite whales threatening to bring ETH’s price below the current support level.

Digest breakers NFT

Genesis denies imminent plans to file bankruptcy after halting withdrawals

Crypto lender, Genesis, after revealing its significant exposure to the bankrupt crypto exchange, FTX, reportedly has imminent plans to file for bankruptcy if it fails to receive fresh funding. 

A November 21st report suggested that Genesis was facing difficulties raising money for its lending unit and had informed investors it would have to file for bankruptcy to resolve the financial crisis.

However, Genesis has denied the reports, stating that the company is having “constructive conversations with creditors.” Genesis says it plans to resolve the situation without the need for a bankruptcy filing.

Further confirming Genesis' position, a spokesperson for the company said "our goal is to resolve the current situation consensually without the need for any bankruptcy filing."

Flipsider:

  • Binance had reportedly sought to generate revenue to bail out the crypto lender but pulled out of the deal, citing a conflict of interest. 

Why You Should Care

The $1 billion shortfall in the accounts of Genesis is a direct result of its FTX exposure and the unprecedented market turmoil that followed.

Digest breakers Chart

Binance is the biggest beneficiary of the FTX collapse, gaining 9.6% market share

The implosion of FTX, one of the biggest crypto exchanges, had far-reaching consequences for the entire crypto industry. However, Binance is said to be the biggest beneficiary of the collapse.

In its report on the effects of the FTX collapse, Messari, the leading provider of crypto market intelligence products, notes that Binance captured 9.6% of the market shares from the collapse.

Binance played an important role in the FTX collapse, announcing it will sell its FTX stake worth more than $500 million. Binance had offered to buy the beleaguered crypto exchange but pulled out of the deal. 

The report also notes that DeFi failed to capture any meaningful volume in the fallout, continuing to hover around 3%. Messari explained that the high cost of transactions and slow block times limit DeFi’s growth.

Flipsider:

  • Singapore’s Central Bank has announced that Binance was on an investor watchlist while FTX, which has filed for bankruptcy, was not.

Why You Should Care

The increasing market shares of Binance solidify its position as the world’s biggest cryptocurrency exchange.

Digest breakers Blocks

Banking giant JP Morgan receives trademark approval for crypto wallet

The largest bank in the United States, JP Morgan & Chase Co, has continued to advance in the cryptocurrency sector, filing for a trademark to offer a crypto wallet for digital currency exchange and transfer. 

According to U.S. Patent and Trademark attorney Michael Kondoudis, the trademark filed with the United States Patent and Trademark Office (USPTO) was approved on Tuesday, November 15th.

As per the announcement, the proposed crypto wallet will offer services like virtual currency transfer and exchange, crypto payment processing, virtual checking accounts, and financial services.

Flipsider:

  • Fidelity Bank and New York Bank Mellon have filed to offer crypto-related services, such as payments and exchange, before JP Morgan.

Why You Should Care

The trademarks from institutions highlight the increasing adoption of cryptocurrencies in traditional finance.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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