The price of Bitcoin ( Bitcoin) continues to fall below $20,000, and analysts have begun...
As fresh economic data from the United States boosted hopes for a pivotal Federal Reserve...
As sentiment among derivatives traders gets worse, Bitcoin ( BTC) futures begin to experience record-breaking...
Cointelegraph's experts discuss the key factors that led to the collapse this bear market rally...
According to leaked documents, FTX revenues grew by 1000% in a single year.
FTX was one of the few crypto exchanges that had a front row seat to the crypto hype in 2021. This was back when Bitcoin ( BTC_) and other cryptocurrencies reached their highest. According to internal documents, FTX’s revenue grew 1000% in 2021 due to massive customer onboarding, partnerships and sponsorships.
CNBC claimed access to documents in financials for FY 2020-2021.
The revenue breakdown shows a 1842.85% rise in operating income for FTX from $14 million up to $272 millions in one year. The net income of the crypto exchange was $388 million, an increase of 2182.35% over last year’s $17million.
According to reports, FTX made $270 million during the first quarter 2022. The exchange’s performance during the crypto winter has yet to be disclosed. Despite the excellent first quarter performance, the crypto winter has likely had an impact on the growth trajectory due to multiple market crashes.
Further, the report claims that FTX had $2.5 billion in cash at the end of 2021 and a 27% profit margin.
Cointelegraph has yet to hear back from FTX on its request for comment.
Related: FTX US is among five companies that will receive cease-and-desist letters from FDIC
Binance CEO Changpeng Zhao has recently expressed concern about jitters. This is a phenomenon in which an existing trade order is delayed to make way for newer trades.
I just learned a new term, jitters. Sometimes your orders may be delayed for a while on one exchange. However, other orders may come in. This happens so often on an exchange that traders invented a term for it: jitters. (Front running)
— CZ Binance (@cz_binance).
August 19, 2022
Although CZ didn’t explicitly target any specific exchange during the discussion it did assume that it was aimed towards FTX. “All of you guys knew, and didn’t mention anything. He added that we must fight the bad players.
FTX was among the many crypto exchanges with a front-row seat to witness the crypto hype...
Price analysis 8/19: BTC. ETH. BNB. XRP. The sharp sell-off in Bitcoin ( BTC), and other major altcoins on Aug. 19 was a result of a lackluster trigger. However, it is not clear what caused the abrupt drop. According to Coinglass data, the sharp fall led to liquidations exceeding $551 million over the last 24 hours. Other formations, except for a V-shaped top, take longer to complete because buyers and sellers are trying to get the upper hand. These volatile movements can lead to a lot of noise that could be a good opportunity for traders in the short-term, but investors who are looking long-term should not get sucked in by this noise. Everyday cryptocurrency market performance. Source: Coin360 Glassnode data indicates that Bitcoin investors who bought Bitcoin in 2017 and earlier are simply holding onto their positions. On Aug. 18, the Bitcoin supply that has been dormant for at most five years hit an all-time high 24.351%, indicating that investors aren’t willing to sell out in panic or for minor profits. Will Bitcoin and other altcoins be able to challenge their June lows? Or will the bulls simply buy the current dip. Let’s look at the charts for the top 10 cryptocurrencies to see what happens. BTC/USDT Bitcoin’s main trend is downward, but the bulls are trying to find a bottom. For the past few days, the price has been moving in an upward channel. Short-term traders may have been tempted to take profits by the failure of bulls to push price above the channel’s resistance line. This has caused the price to fall below the moving averages. BTC/USDT daily chart. Source: TradingView BTC/USDT pairs fall to support lines. When the price trades within an ascending channel it is common for traders to try to buy dips to support lines and then sell close to the resistance line. The likelihood of a bounce from the support line is high. The buyers will attempt to push the pair higher than the moving averages if that happens. The possibility of a rally towards the resistance line could be possible if the pair breaks and closes above the 20-day exponentialmoving average (EMA) ($23265). If the price falls below the channel, this positive outlook could be invalidated. This could lead to a drop in price to $18,626. ETH/USDT On Aug. 19, Ether ( ETH ) fell below the 20-day EMA ($1,771), which is the first sign the recovery may be slowing down. The $1,700 level is the most important to monitor on the downside. It had been a strong support for Ether between Aug. 6-10. ETH/USDT daily chart. Source: TradingView The price rebounding off $1,700 with strength will indicate that bulls are trying to turn this level into support. The ETH/USDT currency pair could rise to $1960, and then to $2,030. Breaking above this level could signal the resumption or continuation of the uptrend. The pair could rally to the downtrend. Contrary to popular belief, a break in the price will indicate that traders who bought at lower levels may be aggressively closing their positions. This could push the pair towards the 50-day SMA (simple moving average) ($1,519). BNB/USDT BNB fell below the 20-day EMA ($304), indicating that short-term traders might be making profits. On Aug. 19, the price fell further to the 50-day SMA (272) If the recovery is to continue, the bulls must defend this level. BNB/USDT daily chart. Source: TradingView The BNB/USDT pair may rise towards the overhead resistance of $338 if the price rises from its current level. This could create an inverse head-and-shoulders pattern that will end on a break above $338. The pair could fall to $240 if it falls below the 50-day SMA. This will indicate that the pair could remain within a wide range of $183 to $338 for a while. XRP/USDT The overhead resistance of $0.39 per hour on Aug. 17 was not reached by the bulls. This suggests that the bears will continue to defend this level with their full force. XRP/USDT daily chart. Source: TradingView Traders usually buy near the support in a range and then sell close to it. This is exactly what happened with the XRP/USDT pairs. Bulls might wait for the price of $0.30 to fall before buying. The price rebounding below $0.30 will signal that the range-bound action could continue for a few days. If buyers push the price higher than $0.39, or bears lower the price below $0.30, the next directional move might be made. Price action within a range can be unpredictable and random. Experiential traders wait for the breakout before entering a trade. ADA/USDT Cardano ( ADA ) fell below the 20-day EMA ($0.52) Aug. 18, suggesting that bulls might have been in a hurry to close their positions. The bears had a slight advantage. ADA/USDT daily chart. Source: TradingView On Aug. 19, the sellers continued to push their advantage and drove the price below its 50-day SMA ($0.49). This raises the possibility that USDT/ADA could fall to $0.40, the critical support. This level has been defended by the bulls twice before, so it is likely that they will bounce off it. The pair could fluctuate between $0.40- $0.60 for a while if that happens. To begin the next leg in the downtrend, the bears will need to bring the pair below $0.40. SOL/USDT Solana ( SOL), bounced off the support level on Aug. 18, and bulls attempted to push the price higher than the 20-day EMA (41). The bears held the level, however. SOL/USDT daily chart. Source: TradingView This led to a resurgence in the selling that occurred on Aug. 19, and pushed the price below the SMA of $39. This invalidated bullish ascending triangular pattern. The bears now plan to bring down the SOL/USDT pair at $34.50. The pair may attempt to rally above the moving averages if the price recovers from $34.50. The pair could then consolidate between $34.50 to $48 for a while. A break below $34.50 could send the pair down to $31. DOGE/USDT Dogecoin ( DOGE) declined and fell below the breakout level at $0.08 on August 18. This was the first sign that the Aug. 14 break above $0.08 may have been a dead cat bounce. DOGE/USDT daily chart. Source: TradingView The bears have continued to sell and pulled the price below the trendline for the ascending triangle pattern. Breaking below this level could cause the bullish setup to be invalidated and lead to a drop of $0.06. This level is expected to attract bullish buying. If the price bounces off its current level, it could indicate that bulls are trying to defend the trendline. To gain an upper hand, the buyers will need to push the DOGE/USDT price back above $0.09 Related: The debt crisis could lead to the liquidation of nearly $55M in Bored Ape and CryptoPunks NFTs. DOT/USDT Polkadot ( DOT), closed below the 20 day EMA ($8.46), on Aug. 17. This was the first sign that the breakout above $9 might have been a sucker’s rally. Sellers capitalized on the situation and pulled down the price below its 50-day SMA ($7.75), Aug. 19. DOT/USDT daily chart. Source: TradingView This could lead to a drop in the critical support level at $6. This level has acted as a strong support twice before; the bulls will defend it again. The DOT/USDT pairing could trade within a wide range for several days if the price recovers from $6. After bulls push the price higher than $10 or bears lower the pair below $6, the next strong move could be in the DOT/USDT pair. SHIB/USDT In a downtrend bull traps are often created by strong rallies. This is what happened to Shiba Inu ( SHIB). The price was not sustained above $0.000017 by the buyers on Aug. 17. They could not build upon the momentum. This may have led to profit-booking by short-term traders. SHIB/USDT daily chart. Source: TradingView On Aug. 16, the bulls attempted to resume the upward-move, but the bears stood firm. This increased selling pressure, and the bears pulled down the price to $0.000014 on August 18. The bears will attempt to consolidate their position by dropping the price below the 50 day SMA ($0.000012). The bulls must push the price above $0.000014 to invalidate this bearish view. If they achieve that, it will signal strong buying at lower levels which could open the way for a rally to $0.000017. A trend change could be signalled by the SHIB/USDT pairing above $0.000018 AVAX/USDT Avalanche ( SVAX ) was unable to sustain above the breakout level at $26.38 on Aug. 17. This indicates that traders were running for the exit. The selling continued, and the price fell below the 50-day SMA ($22.93 on Aug. 19. AVAX/USDT daily chart. Source: TradingView Otherwise, the selling could intensify. The AVAX/USDT pair could fall to $16 and then to $13.71. Breaking below $13.71 could indicate the beginning of the next downtrend leg. If the price bounces off the support line, it will indicate that bulls are trying to make a higher low. To gain an upper hand, buyers will need to push the price higher than $26.38 and keep it there. This will increase the chance of a break above $31. These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph. Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research. Market data are provided by HitBTC Exchange.
Bitcoin (BTC) and most major altcoins witnessed a sharp sell-off on Aug. 19, but there does...
Bitcoin price drops 6%, trader says.
As the culmination of a week-long sideways action, Bitcoin ( BTC), fell quickly on Aug. 19, disappointing bulls.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
New lows are “just a matter”
Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD dropped 6.2% in an hourly candle.
Reacting, traders believed that a rebound would allow consolidation higher than the current spot price levels (which were below $22,000 at the time this article was written).
“Well, I hope that it was liquidity seeking, otherwise, it’s over,” a sad Crypto Chase said to followers.
Crypto account Il Capo, a fellow account, had long predicted a return at lower levels. He was now content with new lows being “just an issue of time.”
He warned that consolidating below $22,500 would be “very bearish” in his most recent update.
$BTC
Second option is available. A test of 23500 resistance is a great selling opportunity.
A consolidation below 22500 (clean break + using the level of resistance) would be extremely bearish = 21k and lower
It is only a matter time before we see new lows. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW
— il Capo Of Crypto (@CryptoCapo_)
August 19, 2022
Venturefounder , an analyst, stated that any price below $23,000 would make Bitcoin a reasonable price to purchase in the long-term. He also said that it was unlikely that Bitcoin has exited its bear markets so far.
He argued that the relative strength index (RSI), which is still at all-time lows, showed how much BTC/USD was being oversold.
However, there were signs of buying emerging below key Bear Market support levels such as the 200 week moving average or key whale entry level.
BTC/USD 1-week candle chart (Bitstamp) with 200-week moving average. Source: TradingView
CryptoQuant data shows that exchange outflows in the first hours of August 19 reached 21,500 BTC.
Bitcoin exchange outflows chart. Source: CryptoQuant
Ether retraces August gains
Altcoins felt the impact of Bitcoin’s three-week lows.
Similar: Options data indicates that Bitcoin’s short-term uptrend could be at risk if it falls below $23K
The largest altcoin market cap was Ether ( ETH), which traded at $1,750.
ETH/USD 1-day candle chart (Binance). Source: TradingView
Other major tokens also lost more than 11%. Dogecoin ( DOGE) was the worst performer of the top ten, dropping 13.6%.
“Bear bias now, unless $1790 reclaimed/flipped for support,” Crypto Chase added to ETH in a separate tweet.
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.
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