2022-12-02 12:04:45
Let's briefly recap "black November" (as the media dubbed it) ended on the crypto market:
- Capitalization by the end of the month decreased by 15%, but remains at the level of this summer.
- The fall amid the collapse of FTX did not lead to anything special: some assets have already blocked the decline by 100%, some have blocked it by 50%, another part is still at the bottom and forms the conditions for recovery.
- The consequences of FTX and the collapse of related companies today are of concern only to those who suffered against this background. For the most part, the participants have digested the situation and are looking for new triggers for movement.
- The crypto market experienced the third largest capitulation of miners in its history: miners sold larger volumes only in 2011 and 2015. The expected decrease in the hash rate also began amid the shutdown of farms and the bankruptcies of individual players.
- The price of BTC has not yet reached the "pain level" of miners, when almost all mining becomes unprofitable, now it is + - $ 14,000.
- Against the backdrop of a collapse in November, the pace of accumulation of wallets by the participants turned out to be very high, and both small investors and whales were purchased.
In order for Q4 to turn bullish on the market, as it happened before according to statistics, BTC needs to close above $19,500 (+15% from current), and Ethereum above $1340 (+5% from current).
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