Just one month before the end of the year, the cryptocurrency market surprised investors due to its sudden movements. November has been one of the months of major crashes for the global cryptocurrency market. The FTX crisis has caused investors and crypto enthusiasts to question their confidence in the future of the industry.
In which direction will cryptocurrencies move?
The global crypto market lost its value and eventually fell to $730 billion. However, in November, it recorded a slight recovery from several-month lows. However, November took altcoins, especially Bitcoin, to their low levels after the FTX event. In addition, short-term gains encourage investors to return to the market.
Cryptocurrency market advocates believe that BTC and altcoins are in the Black Friday Sale. However, it has caused greater market volatility and sharp price fluctuations. There has been speculation about the future of Sam Bankman-Fried, the former CEO of FTX. As a result, its influence on the global cryptocurrency market has increased.
In which direction will cryptocurrencies move?
Bitcoin’s price has slumped to $15,000, its lowest level in several months. In addition, analysts say that BTC has not yet bottomed out. A CryptoQuant analyst says that the BTC price cannot fall below $15,000. The analyst argued that the Bitcoin price is near the bottom. According to analysts, if BTC UTXO’s short-term dominance falls below its long-term dominance, the price shows a significant increase.
As we have reported as Kriptokoin.com; CryptoKaleo, a crypto analyst whose predictions are widely spoken, made a comment. Kaleo predicts that LTC price could make moves for the uptrend just before the end of this year. The analyst states that the chart of the LTC/BTC pair is too late for a solid uptrend.
Alright, starting to believe this is the real deal for $LTC / $BTC.
It's long overdue for a solid pump.
Here's how Litecoin works – long periods of slowly bleeding down sideways, followed by a quick pump up to .02 BTC or so when everything else is bearish. pic.twitter.com/OV9w45ml6H
— K A L E O (@CryptoKaleo) November 23, 2022
Also, the analyst says that LTC is operating slowly and sideways for a long period of time.
Another cryptocurrency analyst, RektCapital, warned investors about altcoins. He states that many altcoins have turned their old supports into new resistance zones. In addition, RektCapital also says that altcoins should be followed cautiously. In particular, he states that he can force investors until they reach their old prices.
Many Altcoins appear to be potentially turning old broken down supports into new resistances
Until Altcoins are able to reclaim these recently lost levels, it's better to be cautious#BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) November 24, 2022
Will SBF, the ex-CEO of cryptocurrency exchange FTX, go to jail?
Another problem that compelled the global crypto money market was the bankrupt Bitcoin exchange FTX. SBF and FTX not only erased the value of the global crypto market. However, it also damaged investor confidence in the markets.
Doubts about the cryptocurrency market once again arose. Mainstream media states that the SBF is likely to go to jail. In one of the articles, he argues that FTX is an overseas business headquartered in the Bahamas and that SBF can be safe from prison.
A lawyer claimed that SBF’s behavior and FTX’s business practices were fraudulent. For this reason, it was reported that SBF could be sentenced to a period of imprisonment. However, looking at Do Kwon and Terra, it is indicated that SBF could face some major penalties.
Will regulators take action on the crypto industry in December?
Terra and FTX have raised some concerns among regulators. Sir Jon Cunliffe, Deputy Governor of the Bank of England, announced that he is evaluating the regulations. Cunliffe said that in the wake of the FTX crisis, more scrutiny may be needed in the crypto market.
However, Belgium’s financial regulator recently announced that it does not accept BTC and ETH as securities. The Belgian Financial Services and Markets Authority (FSMA) presented a report. The recent report states that the crypto industry can be further regulated going forward. In this macroeconomic environment, cryptocurrencies may face further intervention and forward regulation.
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