Bitcoin Price and Ethereum Prediction - Risk-off Triggers as Genesis Trading Halts Withdrawals
Bitcoin is mostly unchanged on November 17, but it remains under pressure as Genesis Trading, a crypto financial services firm, has suspended withdrawals from its loan section, citing the "extraordinary market instability" caused by Sam Bankman's FTX collapse. Ethereum, the second-most valuable cryptocurrency, is also trading sideways, with a price range of $1,175 to $1,280.
The global crypto market cap fell over 1% to $835 billion the previous day, sending major cryptocurrencies into the red early on November 17. Over the last 24 hours, the total crypto market volume fell over 3% to $60.72 billion.
The total volume in DeFi was $3.30 billion, accounting for 5% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $57.26 billion, accounting for over 94% of the total 24-hour volume of the crypto market.
Let's take a look at the top altcoin gainers and losers over the last 24 hours.
Chiliz (CHZ), Stacks (STX), and Arweave (AR) are three of the top 100 coins that have gained value in the last 24 hours. The CHZ price has soared by more than 13% to $0.2285, the STX price has grown by more than 5% to $0.2385, and the AR price has increased by nearly 5%.
Trust Wallet Token (TWT) has dropped more than 15% in the last 24 hours to trade at $1.96. GMX (GMX) has dropped by more than 12% in the last 24 hours to trade at $39.5.
The cryptocurrency market is trading with a bearish sentiment following the news of Genesis trading, halting crypto withdrawals. Interim CEO Derar Islim informed customers that Genesis Global Trading's lending arm would be temporarily suspending redemptions and new loan originations in the wake of FTX's collapse.
Genesis Global Capital, the business unit in question, caters to
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