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12 Hrs Crypto Update 08, Nov: Broader Crypto Market Bleed Severely

  • The global crypto market price is plummeting dramatically. 

  • Negative market sentiment wiped out any gains made during yesterday's mini-relief rebound.



08 Nov 2022 By : COIN GABBAR
12 Hrs Crypto Update

The cryptocurrency market is reflecting bearish sentiments due to unfavorable market conditions. 

However, the macroeconomic factors do not appear to be strengthening anytime soon. As a result, the prices of Bitcoin, Ethereum, NEAR & XRP turn red. 

At the time of writing, the global cryptocurrency market cap drops 3% in the last 24 hours to $1.02 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $121.03 billion.

At the time of writing, the crypto market leader, Bitcoin price is trading at $19,660. This follows a 4.48% decrease in the last 12 hours. As a result, its market capitalization stands at $379.6 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,474, which decreased 5.9% in the last 12 hours. 

Top Cryptocurrencies Price Action

The price of FTX (FTT) has dropped by 23.21% in the last 12 hours. FTT is currently ranked 32nd in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of FTT was trading at $17. 

At the time of writing, the price of DogeCoin (DOGE) has dropped by 11.2% in the last 12 hours. DOGE is currently ranked 8th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of DOGE was trading at $0.1007.

As per CoinGabbar statistics, Uniswap (UNI) dropped by 7.9% in the last 12 hours. The weekly data shows a loss of 10.08% for this coin. It is currently trading at $6.45.

What Turns Crypto Market Red?

The crypto market is bearing the burden of global economic uncertainty. However, the S&P 500 is up 0.9%, while the NASDAQ 100 is up 1.11%. As we earlier witnessed, the cryptocurrency market is breaking the correlation with the US stock market, especially the tech-heavy NASDAQ.

Another reason behind today’s bearish trend lead to 1.9 million FTT tokens worth around $44 million being transferred from the Genesis OTC Desk to FTX. 

Major Events Around the World

Rolex, the Swiss luxury watchmaker, has filed a trademark application for the NFT, NFT marketplaces, and cryptocurrency exchange.

In the midst of a storm of global financial sanctions, the Central Bank of Russia (CBR) is exploring ways to incorporate crypto assets and blockchain technology into its domestic financial system.

As per reports, the global financial watchdog, FATF, plans to undertake annual checks to ensure governments enforce AML and Counter-Terrorist Financing (CTF) guidelines on crypto providers.

COINGABBAR VIEWS:  If the current situation persists, the market will most likely fall further. The market's negative trend has been observed after some time, and it appears to be continuing, as evidenced by the current influx.

Read also: BITCOIN PRICE ANALYSIS CMP-$19,750: What happens next, BTC has retested the bottom channel?

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