Daily review
- Capitalization of the crypto market: $0.829 trillion (-$21 billion);
- Dominance: BTC - 38.3%, ETH - 17.8%;
- Index of fear and greed: 20 (extreme fear) against 23 the day before.
On Tuesday, November 16, at the end of the day, the BTC/USDt pair fell by 1.41% to $16,663. The price remains sideways in the $15,600-$17,200 range. Trading volume is below average. The crypto market is in a corrective phase after the collapse on November 8–9. Investors took a wait-and-see attitude to watch public crypto companies, which could also be on the verge of bankruptcy after the collapse of the FXT exchange.
The head of Binance, Changpeng Zhao, is trying to save Bitcoin from a further fall with verbal interventions. To support the industry, a fund is being created through which promising companies that do not have sufficient liquidity to survive will be supported. He gave recommendations to centralized exchanges so that they do not end up in the same situation as FXT.
Zhao believes that with the bankruptcy of the FTX exchange and affiliated companies, the crisis in the market is not over - the consequences will be more lasting. The BTC/USDt pair is spinning around the $16650 level. Although volumes are low, buyers are trying to keep the price above $16,000. Ideally, it is better to consolidate above $18,500. The dollar is under pressure. American indices are growing. As you can see, external factors are on the side of buyers, and the consequences of the collapse of FXT are the deterrent. As of today, there are no ideas on bitcoin.