New week restarts in the red dragging behind fears of new declines
New week restarts in the red dragging behind fears of new declines
Trading

New week restarts in the red dragging behind fears of new declines

By Federico Izzi - 21 Nov 2022

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Many traders fear that the FTX scandal is not marginal with the group’s related companies involved in ties with other companies in the sector.

Indeed, in recent hours, eyes have been on Grayscale, the largest cryptocurrency investment company, which has refused to publicly share information about evidence of hedging reserves held.

The justification about possible security risks does not convince traders who are concerned about the lack of transparency and possible full backing.

At the turn of the first business day of the week, red signs prevail. Only two green signs stand out among the blue chips, those of Litecoin (LTC) and Monero (XMR).

Monero, the first anonymous cryptocurrency launched in 2014 that guarantees total anonymity, continues to go against the grain by posting a daily rise of more than 4%, continuing the positive trend already achieved last week by closing with a 2% gain.

Litecoin, among the cryptocurrencies currently in existence for having been created in 2011 based on the Bitcoin protocol, also stands out in this period of turbulence by closing last week with a gain above 8%. It was the second-best week’s rise of the top 100 largest-capitalization cryptocurrencies, behind only TonCoin (TON) which rose 9% in seven days.

Bitcoin

The week starts in the red for BTC, which is dangerously back below $16k in these hours, touching the lows of last Monday, 14 November, and one step away from the bottom of $15,630 touched on Thursday, 10 November, at the height of the most dramatic hours of the FTX bankruptcy officialization.

The weak price performance over the weekend just ended failed to bring prices back above $17k . For this reason, bearish strength remains prevalent advising against anticipating upward positions.

Ethereum

In these hours the price of ETH falls to the lowest levels since 9 November when prices reached $1,075 for the first time since last July.

The return below the $1,200 mark is a signal that increases fears of renewed bearish speculation.

Breaking the recent lows will project prices to June levels when ETH fell below $900 for the first time since January 2021.

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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