Will FTX Liquidate Its Assets?
In the FTX case, the FTX side’s offer to liquidate assets worth more than $3 billion has caused unease in the crypto asset market. After the decision to be made on Wednesday, it is known that FTX will sell its assets on a weekly basis and spread the liquidation process over time. According to FTX’s lawsuit report, its crypto assets amounted to $3.4 billion, of which $1.16 billion was Solana and $560 million was BTC.
Exits from Digital Asset Funds Continue
According to Coinshares, digital asset funds saw outflows of $59 million last week. This means that the total amount of outflows in the last period reached 294 million dollars. Bitcoin assets saw outflows of $69 million, while short-Bitcoin funds saw inflows of $15 million for the first time since March. In addition, Ethereum and Solana saw outflows, while XRP and other altcoin funds saw small inflows.
PayPal Expands Crypto Services
PayPal, which came to the agenda with the Stablecoin move, has added many crypto asset features in the past 1 month. On the platform, which has millions of users, users can now convert their crypto assets into dollars on the platform, while users can buy crypto assets with the dollars they bring. With this feature, users will be able to perform direct dollar conversions through their wallets.
Vitalik Explains the Hack
Ethereum founder Vitalik Buterin’s X account was hacked and some of his followers were scammed. While Vitalik made a statement on the subject, he stated that the incident was related to his T-Mobile account and that the hacker took control of Buterin’s sim card with the line change. In his statement, he said that someone controlled T-Mobile the way they wanted and got his number.
On-Chain Metrics on Arbitrum Continue to Fall
In Arbitrum, which reached its lowest level in history with yesterday’s decline, it is seen that network utilization metrics are also falling. Arbitrum, which also reached its lowest level in the total amount of assets locked on the network, has lost approximately 15% in the last 2 days.
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BITCOIN(BTC)
Bitcoin is priced at $ 25,830 with a 2.64% gain in value as of today morning hours. After the decline in Bitcoin yesterday, the 24,800-25,200 support zone was tested, after which the price stayed here for a while. With the rise this morning, we see that the price came out of this region and rose above the 25,800 level again and selling pressure occurred before reaching 26,000. This week’s FTX liquidation news and US inflation data will be very effective in Bitcoin. We think that the 25,200 level remains intact and a break of this level can only be caused by the developments mentioned above.
ETHEREUM(ETH)
ETH, which gained 2.20% as of morning hours, is priced at $ 1586. After the 1620 breakout in Ethereum, the price retreated to 1550-1580 support. This region is an important support zone for Ethereum, but after yesterday’s downward breakout, we see Ethereum returning to the region with a re-test. With the rise in Ethereum in the morning, we can say that we are back above the 1580 region and the next target level will be 1600.
RIPPLE(XRP)
XRP is priced at $0.4809 with a 1.33% gain as of morning hours. We can say that the decline in XRP continues and with the break of 0.48 support, we can say that it has returned to the 0.46 level, which has been working as support for the last few months, but it has received a reaction from here. We can say that the 0.50 level may be an important threshold in XRP, but the outlook is not very positive.
AVALANCHE(AVAX)
AVAX is priced at $ 9.38 with a gain of 1.63% as of morning hours. AVAX broke the 9.30 region, which we stated as the critical support zone, downwards with the big decline it realized, and fell as low as $ 9. Avax, which managed to stay firm against the intense selling pressure in the evening, managed to stay at 9.20 levels and managed to rise above 9.30 again with the rise of the market. We can say that the picture on Avax is quite negative and if the 9.30 breakout is confirmed, the decline could increase further.
SOLANA(SOL)
SOL is pricing at 18.16 with a 2.48% gain as of morning hours. Although the selling pressure in Solana due to the FTX news brought the price down to 17.40, it managed to rise to 18.60, seeing a significant reaction from here. While the uncertainty in Solana due to FTX prevented the price from easing, we can say that the exit of the institutions from Solana last week can be considered as a negative development.
CHAINLINK(LINK)
LINK, which gained 1.63% as of morning hours, is priced at 5.925. We can say that after the downward break of $ 6 in LINK, the price broke the support of 5.85 and retreated to 5.73 levels, while the 5.73 level worked as the bottom level in the decline in early September. We can say that the target level in LINK, which sees 5.92 levels again with the reaction from here, will be the 6.05 break.
MAKER(MKR)
MKR is pricing at 1104 dollars with an increase of 2.13% as of morning hours. While the support zone in the range of 1080-1090 was tested with the decline in MKR yesterday, we see that this place has remained strong for now and with the rise in the morning, we see that it has risen above 1100 again. Although we accept the movement seen in Maker as a horizontal movement, we can say that the selling pressure in bullish situations increases over time and the rises are cut earlier, so the movement can also be considered as a descending movement. If a downward breakout occurs in Maker, the 1050 level will be our next support level.
