Euphoria

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After the DXY fell intra-day to a new 7-month low of 101.56 yesterday, the Bitcoin price briefly managed to tackle the key resistance zone above the $21,500 mark, reaching its highest level since September 13, 2022, at $21,650. However, the euphoria did not last long for two reasons.
First, the DXY showed a strong bounce, and second, news became public that Genesis Trading could be preparing for bankruptcy. This has stoked new fears that the contagion in the crypto market could roll on after the FTX bankruptcy in November. But what is known so far and what could this mean for the Bitcoin price?
Here’s What’s Known
According to a Bloomberg report yesterday, Genesis Trading, a subsidiary of crypto mogul Barry Silbert’s DCG empire, is facing bankruptcy. If the report proves true, the bankruptcy filing could come as early as this week, according to Bloomberg.
Faced with a lack of liquidity, Genesis is currently in confidential negotiations with various creditor groups. Genesis and DCG have reportedly exchanged several proposals with creditors, but have so far failed to reach an agreement.

Genesis is working on a restructuring plan, according to informed sources. Some creditors apparently would be willing to accept a mix of cash and share certificates from DCG.
However, the deal may not be ready yet, as Bloomberg reported yesterday. According to crypto author Samuel Andrew, citing sources close to DCG, talks are continuing and plans could still change. Andrew wrote today:
UPDATE: The Genesis Trading news regarding a ‘pre-packaged bankruptcy’ is being refuted by several Genesis creditors that matter. **several sources claim that DCG/Genesis is leaking the pre-packaged bankruptcy narrative to force an agreement. Quote, ‘…far from a done deal.’
What Impact Will It Have On The Bitcoin Price?
The impact of a Genesis bankruptcy on the Bitcoin price will likely depend largely on whether DCG will find a deal with Genesis’ creditors or whether DCG will be dragged into bankruptcy with them.
Although details are not yet available, it seems likely that a “pre-packaged” deal could prevent a major market impact on Bitcoin price by preventing DCG’s insolvency and liquidation of Grayscale.

If there’s no deal, this could arguably result in the “cash cow” Grayscale having to be sold or DCG being forced to liquidate large chunks of its Grayscale Bitcoin Trust (GBTC) holdings. This is due to the fact that DCG owns Genesis money.  The loans are $575 million due in 2023 and another $1.1 billion promissory note due in 2032 to Genesis.
However, there are several factors still unclear. Thus, it’s still not clear if a Genesis bankruptcy will automatically result in DCG going down, depending on the question of if they can raise enough funds. Also, the liquidation of GBTC isn’t an easy task as it comes with high legal hurdles and requires the SEC’s approval.
Accordingly, crypto influencer Lark Davis also commented via Twitter, “No indication yet on how this will affect DCG or the Grayscale Bitcoin and Ethereum Trusts.”
Hypothetically speaking, a liquidation of the entire GBTC could mean a massive dump if more than 630,000 BTC were flushed into the still illiquid market. Even if the liquidation were to take place over a period of several months, such selling pressure would likely drive the Bitcoin price significantly down.
At press time, the Bitcoin price remained relatively stable despite the rumors and stood at $20,802.

Featured image from Behnam Norouzi / Unsplash, Chart from TradingView.com


After the DXY fell intra-day to a new 7-month low of 101.56 yesterday, the Bitcoin price briefly managed to tackle the key resistance zone above the $21,500 mark, reaching its highest level since September 13, 2022, at $21,650. However, the euphoria did not last long for two reasons. First, the D...

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Will Bitcoin Price Fall If Genesis Files Bankruptcy? Here’s What We Know


Dogecoin (DOGE) price started its downfall as quick as its uptick began amid high retail euphoria stemming from the Twitter acquisition. 



Meme tokens like Dogecoin and Shiba Inu (SHIB) have been volatile to larger market price changes. So, it should come as no surprise so see DOGE price depreciate by almost 50% in one week after charting a multi-month high. 



DOGE price has been on a rollercoaster ride for traders and investors in the past month. As the Elon Musk-fueled meme coin rally finally ended, Dogecoin price started its downward spiral falling from a high of $0.158 on Nov. 1 to $0.087  at press time. 



With price action still in disarray, here’s what on-chain metrics said about DOGE price.  



Dogecoin Network Vibrancy Falls



Dogecoin has never been much into silent rallies, in fact, most DOGE price upticks have coincided with high retail euphoria and social volumes. When DOGE price tested the $0.158 level on Nov. 1, social volumes and weighted social sentiment also peaked. 



However, social metrics were back to the lower levels as Musk’s Twitter acquisition excitement faded. Dogecoin’s weighted social sentiment was trending in the negative territory at press time. 



Dogecoin social metrics and trade volume | Source: Santiment



Furthermore, daily trade volumes, after spiking to all-time high value in early Nov., also demonstrated a pullback. 



Daily active addresses for DOGE also lost 50% value since Nov. 1, further indicative of fewer participants. 



Daily active addresses | Source: Santiment



On Nov. 10, Age Consumed indicator presented a massive spike showing over 780 billion old coins being moved. 



Age consumed DOGE | Source: Santiment



A spike in Age Consumed indicator usually presents old coins being moved on chain either to redistribute or for sell-offs. Significant Age consumed spikes could be a large early investor selling their tokens, which often results in a parallel price decline.



However, older tokens can also be moved to shake up the market and cause short-term gains. In the case of DOGE, a short-term spike in price did occur, but with price action rather volatile and macro-market dependent, sustaining these gains could be tricky for holders. 



Short-term Traders Exiting?



The UTXO Age metric for Dogecoin presented a major drop in short-term holders. UTXO Age metric is helpful to understand long-term market cycles. Age metrics showed a drop in one-month to three-month addresses by almost 41%. 



UTXO Age metric | Source: IntoTheBlock



A drop in short-term UTXOs presented that short-term traders are leaving the market and less new money is coming in relative to historical volumes. 



With short-term holders missing in action, DOGE price recovery could take time. Recently, Analyst Rekt Capital also presented a long-term bearish view for DOGE price. The analyst highlighted that since DOGE rejected the green monthly resistance despite decent bullish momentum, chances of a swift move upward could be tough. 




$DOGE has rejected more strongly from the green Monthly resistance#DOGE #Crypto #dogecoin https://t.co/5pimvU4zCA pic.twitter.com/ReDDcyxDmJ— Rekt Capital (@rektcapital) November 8, 2022




In and Out of Money Around the price Indicator showed a strong support at the $0.08 mark where 43,760 addresses hold 12.47 billion DOGE. 



In and Out of Money Around the price  | Source: IntoTheBlock



However, in case of the bearish invalidation if price takes a turn for the better, the $0.10 level can act as the next resistance for DOGE price. 



Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
The post Dogecoin Short-Term Traders Leave DOGE Price at Crossroads appeared first on BeInCrypto.


Dogecoin (DOGE) price started its downfall as quick as its uptick began amid high retail euphoria stemming from the Twitter acquisition. 
The post Dogecoin Short-Term Traders Leave DOGE Price at Crossroads appeared first on BeInCrypto.


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Dogecoin Short-Term Traders Leave DOGE Price at Crossroads

The previous week’s crypto market looked so bullish as many altcoins rallied with over 100% gains in less than two days, with the likes of DOGE, BAND, and MASK running the show creating the feeling of euphoria that comes with the bull market. The price of Bitcoin (BTC) closing the week on a high ahead of a new week was a good sign, but there have been mixed feelings as the price of BTC dropped to a region of $20,600. In the face of that, the price of some altcoins has continued to look green in the face of the bear market, with many exciting projects coming up and other projects gaining more attention in the crypto space due to the community and partnership deals. Let us discuss on top 5 cryptos you should pay attention to this week.

Disclaimer: The picks listed in this article should not be taken as investment advice. Always research and never invest more than you can afford to lose.
Top 5 Cryptos- Bitcoin (BTC) Price Analysis On The Daily Chart
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com
From the chart, the price of BTC was rejected from $21,500 with a bullish bias as the price rallied from a region of $19,200 with good volume. 
BTC is currently trading at $20,800 when writing this article. The price of BTC looked strong, holding up its support at $20,500 with high hopes of rallying back to the region of $21,500-$22,500. 
A breakdown below this $20,500 support holding the price of BTC could see the price going lower to a region of $19,000 which is seen as a demand zone for BTC prices over the weeks.
Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart
Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com
The price of Ethereum in recent weeks outperformed BTC after showing a bullish trend ahead of “The Merge,” rising to a region of $2,030.
ETH price was rejected from $1,630 with what seems to be a resistance for ETH price to trend higher. The price saw a sell-off to a region of $1,570 at the point of writing.
The price of ETH is trading above the 50 Exponential Moving Average (EMA) on the daily timeframe.
If the price of ETH breakdown below $1,500, we could see the price retesting $1,400-$1,300 as a key support region with high demands. 
Top 5 Cryptos- Price Analysis Of Binance Coin (BNB) On The Daily (1D) Chart
Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com
The price of BNB was rejected from its resistance of $335 after successive trials but was able to break and close above it, rallying to a high of $350 before facing resistance to a region of $400. 
BNB has maintained its bullish structure despite the rejection. A break of about $290 could see the price of BNB retesting the region of $250 as support.
BNB has found good support at $300, corresponding to the 50 EMA. BNB needs to hold above to have a chance of trending higher.
Price Analysis Of Chainlink (LINK) On The Daily (1D) Chart
Daily LINK Price Chart | Source: LINKUSDT On Tradingview.com
The price of LINK has continued to show bullish trends holding well above the range channel after a successful breakout. 
Despite the pullback across crypto assets in the market, LINK has continued to look strong.
The price of LINK needs to break and close above $9.2 for the price to rally to a region of $10 ahead of its anticipated staking. 
Price Analysis Of LTC On The Daily (1D) Chart
Daily LTC Price Chart | Source: LTCUSDT On Tradingview.com
LTC has formed a bullish pattern after breaking out of a range channel and forming support at $65. If LTC holds this support area and as the market bounces to the upside, we could see the price of LTC retesting $90-$100, acting as resistance for the price.

Featured image from zipmex, Charts from TradingView.com 


The previous week&#8217;s crypto market looked so bullish as many altcoins rallied with over 100% gains in less than two days, with the likes of DOGE, BAND, and MASK running the show creating the feeling of euphoria that comes with the bull market. The price of Bitcoin (BTC) closing the week on a...

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