After losing the $17,000 level last week, bitcoin (BTC) has been holding close to that level for the past few days as investors returned to take a closer look at the Fed’s moves, leaving the exchange crisis behind for FTX. Ethereum (ETH) remains roughly flat on Monday (19).
The US central bank’s strategy this year to suppress rising inflation by tightening monetary conditions has become a priority for cryptocurrency traders, with Federal Reserve Chairman Jerome Powell and other officials indicating last week that the strong pressure could continue into 2023.
“While the overwhelming volatility fatigue has set in as the Christmas/New Year holidays approach, markets will no doubt have to react to this in a bearish fashion, either with a slow year-end bleed or another sell-off in the January/Quarter. The first. As we saw this year,” cryptocurrency trading firm QCP Capital said in a report.
For Greg Cipolaro, global head of research at Bitcoin-focused investment firm NYDIG, investors remain “understandably concerned about the practices of exchanges, trading firms, and lenders,” given the industry events of the past six to nine months.
He said continued pressure from the Fed may “keep on financial assets, including Bitcoin, until we get some relief from the monetary policy landscape.”
“Supply and demand dynamics show a lack of activity as investors remain cautious after the collapse of FTX and FUD (Fear, Uncertainty and Doubt) around Binance,” states Glassnode, a data and analytics firm, the world’s exchange.
According to Glassnode, “Bitcoin year-end outlook is not guaranteed given the key resistance above $18,000 although sellers sell-off continues.”
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Check out how the major cryptocurrencies performed at 6:50 AM:
| Cryptocurrency | price | Change in the last 24 hours |
| Bitcoin (BTC) | $16,768 | +0.33% |
| Ethereum (ETH) | 1185 USD | +0.56% |
| Binance coin (BNB) | $247 | +0.79% |
| XRP (XRP) | $0.3428 | -2.58% |
| Dogecoin (DOGE) | 0.07796 USD | -0.20% |
Cryptocurrencies with the biggest increase in the last 24 hours:
| Cryptocurrency | price | Change in the last 24 hours |
| toncoin (ton) | $2.75 | +6.47% |
| XDC (XDC) | $0.02464 | +4.02% |
| ThorChain (on) | $1.34 | +3.53% |
| Axie Infinity (AXS) | $7.03 | +3.40% |
| Shiba Inu (sheep) | 0.000008703 USD | +3.08% |
Cryptocurrencies with the biggest drop in the last 24 hours:
| Cryptocurrency | price | Change in the last 24 hours |
| Unus Sed Leo (LEO) | 3.77 USD | -5.49% |
| Neutrino in US Dollars (USDN) | 0.5808 USD | -4.90% |
| GMX (GMX) | $45.41 | -3.47% |
| OKB (OKB) | $21.76 | -3.44% |
| Series (XCN) | 0.02354 USD | -3.28% |
Check out how the cryptocurrency ETFs closed in the last trading session:
| ETF | price | disparity |
| Hashdex NCI (HASH11) | 15.70 Brazilian reals | -3.85% |
| Hashdex BTCN (BITH11) | 21.00 Brazilian Real | -4.32% |
| Hashdex Ethereum (ETHE11) | 18.43 Brazilian reals | -4.30% |
| Hashdex DeFi (DEFI11) | $16.00 USD | -3.03% |
| Hashdex FI Smart Contract Platform (WEB311) | 11.01 Brazilian reals | -5.97% |
| Hasdex Crypto Metaverse (META11) | BRL 28.04.2018 | -3.60% |
| QR Bitcoin (QBTC11) | 5.49 Brazilian reals | -0.54% |
| QR Ether (QETH11) | 4.50 Brazilian reals | -3.22% |
| QR DeFi (QDFI11) | 2.77 Brazilian reals | -7.66% |
| Crypto20 EMPCI (CRPT11) | 4.70 Brazilian reals | -5.05% |
| I invest NFTSCI (NFTS11) | 16.27 Brazilian reals | -6.60% |
| Invest BLOKCI (BLOK11) | 70.77 Brazilian reals | -9.63% |
Read the main news for the cryptocurrency market on Monday (19):
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The former CEO of BitMEX is suing the exchange for breach of contract
Former BitMEX CEO Alexander Hauptner has sued the cryptocurrency derivatives platform for $3.4 million for breach of contract and wrongful termination, one of the lawsuits shows.
Hoeptner joined the Seychelles-based company in January 2021, when senior executives at HDR Global Trading Limited, owner and operator of BitMEX, became embroiled in a lawsuit accusing the founders of facilitating unregistered trades.
It was previously reported that Hoeptner left the company in October 2022, without further details. The executive now claims he received a termination letter for misuse of funds and failure to perform duties, among other things.
“This termination is totally unfair and without merit,” he said in the court filing. According to Hoeptner, BitMEX owes him a total of $3.4 million, including $2.4 million for his sophomore year bonus and smaller amounts for remaining salaries and transportation and housing expenses, the court filing shows.
“With the guidance of the founders and the board of directors, I paused my personal and family life to be an on-site operations manager in Singapore and Hong Kong,” Hoeptner told CoinDesk. “I am disappointed that it has reached the point where legal action is necessary, but I have no choice.”
Insignia wins the consortium’s Web3 Hackathon
Insignia, a company that develops Web3 solutions for developers, was the winner of the Union Heritage Tokenization Web3 Hackathon.
The Hackathon is a marathon on education and building blockchain solutions on Web3 for public administration challenges in Federal Asset Management and aims to promote education on the topic of Web3, encourage participation in creating solutions to federal public administration challenges.
Insignia won in the Tokenization of Union Assets category, the main theme of the event which includes tokenization of union assets on the blockchain, as well as use cases related to legal exemptions to the governance of union assets (SPU).