The Bouncing Effect of FTX, Top Cryptos Witnessing Yearly Lows1-min read

Shivali Krishali

Shivali Krishali |  Updated on 01/12/2022

The global crypto market has managed to remain still at the start of the week but has seen turbulence since mid-week. Bitcoin has been constantly above the $20,000 mark over the past few weeks, even after the FOMC meeting

The market situation got worse after the FTX suffered a decline in its ETH reserves. Later, Binance decided to back off and FTX turned most cryptocurrencies volatile.

In addition, the Solana liquidation also added to the existing selling pressure. Due to this series of multiple events, Bitcoin dropped down to a new yearly low at $15,867on Wednesday. Along with other cryptocurrencies also drowned in line with Bitcoin, disappointing the investors.

But, the crypto market showed some signs of a comeback on Friday after tryst returned over the macroeconomic outlook, and FTX also began to open its withdrawals partially to its users. Even though there were hints of recovery, some cryptos continued to fall.

On Friday, Bitcoin started with a false breakout at its local resistance level of $17,964. If Bitcoin falls below the $16,550 level, it can push the crypto further toward the $16,000 support zone. Now, the resistance lies in the $17,500 zone.

If BTC can move above the resistance, it will reach the next level which is $18,000. The second largest cryptocurrency, Ethereum, was moving around the $1,200 level. ETH is still down by 16.5% since last Friday due to the FTX’s breakdown. The coming days are expected to be harsher for the entire crypto industry.

Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:

Top Gainers:

Media Network: 420.5% up
Trust Wallet: 96.2% up
MATH: 93% up
Muse DAO: 64% up 62.5% up

Top Losers

Serum: 70.9% down
Guild of Guardians: 63.4% down
Samoyedcoin: 61.4% down
Coinmetro: 61.2% down
Lunr: 59.9% down