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Weekly Crypto Market Insights – 14th November

Weekly Crypto Markets Insights
3 minutes
Weekly Crypto Market Insights 3rd edition is here!
Recapping last week's events - where should we even begin? 
Weekly Crypto market insight 14th
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Last week was one of the worst in the crypto industry’s history.
There’s no need to sugarcoat it. Let’s face the truth. It’s been a shocking week for the whole industry that will have a lasting impact.
Compared to 3AC and Luna Terra crashes this year, FTX had much more brand awareness, social proof, and credibility. SBF was put on the covers of Fortune and Forbes. The management running FTX and Alameda had stellar track records, founders with MIT, Stanford, Jane Street, Google etc. backgrounds.

They had everyone wrapped around their finger, from the most prominent players in the crypto industry to TradFi, celebrities, such as Tom Brady, Giselle Bundchen, Shark Tank Mr. Wonderful, FTX Arena, and, sadly, retail.

What started off as a questionable balance sheet that got into the hands of journalists, quickly turned into a possible buyout by Binance, as well as other industry players.. until it all collapsed into a bankruptcy, and culminated in likely insider money withdrawals and a hack..
SBF went from being the darling and celebrated icon of crypto to the complete opposite.
In the light of these events, many exchanges started publishing and pointing attention to their proof of reserves, a well-received new standard in the industry.
Whilst we wish the story would end here, the second order consequences due to contagion/parties affected by FTX are yet to be seen among the industry players.

Key Market Metrics

Global Crypto Market Cap is at $ 859 Billion, a -20.09% change WoW. The total value locked in DeFi is at $ 42.69 Billion, a decline of -21.93% WoW.
Crypto exchanges leaderboard:
  1. Binance’ trading volumes were up by 47%
  2. Coinbase up by 43.73%
  3. Kraken up by 121%
  4. FTX out of the leaderboard
BTC trading at $16,161 down by -22.78% WoW, dominance at 40.10%, down by -1.88% , ETH trading at $1,195, dominance at 18.99%, up by +1.12%.

Top Gainers & Losers

Top gainers in price this week were: TWT by +72.05%, PAXG by 4.20%, GMX by 2.12%, TON by 1.54%, and  GUSD by 0.35%.
Top losers were: SOL by -61.00%, CRO by -52.74%, APT by -47.59%, HT by -44.09%, and APE by -43.30%, and, of course, FTT.

Recap of the Most Noteworthy News of Past Week

We hope you found these weekly crypto market insights helpful preparing for the week ahead.

 

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