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SBF, Alameda executives to testify on FTX collapse

Sam Bankman-Fried and several other executives will be asked to testify at an upcoming House Financial Services Committee hearing on the collapse of the FTX cryptocurrency exchange. 

The exchange’s implosion has contributed to its native FTX token dumping by more than 90% in the past two weeks.

A CNBC report on Wednesday notes that House lawmakers want to see the FTX founder at Capitol Hill to give an account of what happened at the now bankrupt crypto exchange. 

Alameda and Binance execs to also testify

Apart from SBF, lawmakers are also looking to have executives from Alameda Research and Binance among others testifying, the report added.

The bipartisan hearing, being put together by HFSC’s Chairwoman Maxime Waters (D-CA) and ranking Republican Rep. Patrick McHenry (R- NC), will be held in December.

Waters said in a statement that FTX’s collapse had “posed tremendous harm”, with over one million people affected. Many of these users, the US lawmaker noted, are just everyday people whose hard-earned savings have disappeared.

According to her, the fall of the FTX cryptocurrency exchange is unfortunately just one of many crypto platforms to implode in 2022. As CoinJournal reported earlier today, there’s more to come out of this FTX crisis.

In May this year, cryptocurrency Terra (LUNA) and its algorithmic stablecoin TerraUSD (UST) collapsed. Millions of people lost money as over $60 billion in market value flushed down the drain within days, while contagion hit multiple crypto companies, including Three Arrows Capital.

The fall of the Singapore-based crypto hedge fund then impacted several other companies, notable among them crypto lenders Celsius and Voyager Digital that went bankrupt.

Last week, FTX filed for Chapter 11 – with about 130 affiliates included in the filing.

The post SBF, Alameda executives to testify on FTX collapse appeared first on CoinJournal.

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Is it now the time to buy Shiba Inu?

As cryptocurrencies continue to whipsaw, Shiba Inu (SHIB/USD) has been in the trenches. With a drop of more than 6% in a week, the cryptocurrency now trades at $0.0000092. A dip-buyer could be interested in the price level. That considers that SHIB has been holding it since touching a low of $0.000008 for a week.

The main concern for SHIB and other cryptocurrencies has been a confidence crisis brought about by the collapse of FTX. The sentiment is so far bearish as most tokens are currently trading lower. Other than that, SHIB has been building on the meme token strengths and looked to have overcome resistance at $0.000012. 

Aside from the negative sentiment, Shiba Inu continues to suffer from the lack of significant developments. Notable among these is the SHIB metaverse, which has stalled for a while. On November 16, however, the Shiba Inu team issued some positive updates. The team gave a first concept art reveal of what to expect once the metaverse becomes a reality. Although the update reawakens expectations of the key project, SHIB investors are yet to show optimism. The price of the meme token has remained muted.

SHIB price outlook amid a bear market

SHIB/USD Chart by TradingView

Technically, SHIB is under pressure despite buyers having defended $0.000008. The level does not coincide with a support zone, and the cryptocurrency will likely fall further.

The RSI reveals that SHIB is not yet oversold, although there are more sellers. The indicator shows a downside on SHIB. The meme token also trades below the moving averages.

SHIB prediction

Shiba Inu’s price could fall to the yearly lows of around $0.000007 if the current weak sentiment continues. The level coincides with support, meaning we will likely see a lower price. The cryptocurrency doesn’t present an attractive buy.

Where to buy SHIB

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SHIB with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy SHIB with Capital.com today

The post Is it now the time to buy Shiba Inu? appeared first on CoinJournal.

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Bitcoin prediction as the token continues to stall. Is a lower price possible?

Bitcoin (BTC/USD) may have settled above $15,000, but the pressure is mounting. As of press time, the cryptocurrency was trading at $16,623, losing 1.32% on the day. BTC is also largely consolidating rather than making a directional move. A technical outlook shows a potential decline to the next low.

Bitcoin’s price action comes when data shows that BTC holders are withdrawing their holdings from crypto exchanges. According to Glassnode, there is over $1.75 billion per month of mass exodus of Bitcoin from exchanges. The withdrawals come after the collapse of the crypto exchange FTX.

Further, Glassnode data shows investors are flooding exchanges with dollar-pegged digital assets. More than $1.04 billion worth of stablecoins flowed into exchanges after the FTX fiasco. The rising suggests that investors are gearing up to buy the dip as most cryptocurrencies tanked.

An increase in stablecoins flowing to the exchanges preempts investors’ expectations. However, it does not indicate that we have hit the market bottom. From the BTC perspective, this is illustrated by increasing bear pressure for the cryptocurrency. 

BTC analysis as price stalls below key level

BTC/USD Chart by TradingView

On the weekly chart outlook, BTC has a confirmed break below the $19,500 level. The MACD indicator shows the cryptocurrency is bearish. The momentum is also weakening further. 

Will Bitcoin proceed lower?

The current BTC price level could fail to hold due to weak momentum. The price also trades at a non-support zone, meaning the cryptocurrency is yet to settle.

Based on the technical indicators, a lower price is possible for BTC. The next established support for BTC lies lower at $11,000. However, the level around $14,000 has shown price action before and could provide support for BTC. 

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy BTC with Skilling today

The post Bitcoin prediction as the token continues to stall. Is a lower price possible? appeared first on CoinJournal.

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Decentraland’s MANA may take longer to see a recovery. Here is the price outlook

Have you been looking to buy Decentraland’s (MANA/USD) this month? Unfortunately, a technical outlook shows the metaverse token is not ready yet. The token has claimed a new low in the year and looks increasingly bearish. At least, we expect a potential new low, and you would not want to chase the clouds for now. What is happening?

A prolonged crypto winter has dealt a blow to the once-booming metaverse sector. Consequently, MANA has lost 92% of its value since November 2021. The token now trades at the lowest value since June 2021, losing its post-boom surge in the process. 

Perhaps it has become lonely there in the metaverse as crypto winter ravages. According to data released by DappRadar last month, metaverse platforms, including Decentraland, are struggling to retain users. The low development activity has been responsible for the price weakness. Investors may have to wait longer before we see another recovery for the token.

MANA technical outlook shows weakening momentum

MANA/USD Chart by TradingView

On the daily chart, MANA is on a clear downtrend. The key level at $0.8 was tested, allowing the cryptocurrency to proceed lower.

Technical indicators are also bearish. Since August, the 20-day MA has never recovered above the 50-day MA. The MACD indicator remains in the bear zone. The momentum is weak, and the bear pressure is rising further.

What next for MANA?

MANA is heading to a bottomless pit after hitting the June 2021 lows. Although the bulls can arrest a further decline below the level, there is no such indication yet. 

We hold a bearish view until suitable support is found and MANA shows sufficient upside. A recovery above the $8 resistance would be ideal to consider a bullish view.

Where to buy MANA

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy MANA with eToro today

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy MANA with Skilling today

The post Decentraland’s MANA may take longer to see a recovery. Here is the price outlook appeared first on CoinJournal.

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Trust Wallet Token – a cryptocurrency with 100% gains, but are higher prices possible?

Trust Wallet Token (TWT/USD) has been the darling of investors this week. The token’s value has gained by triple digits in the past week, even as others soured over the weak crypto sentiment. If you have been wondering, the same reason that caused the decline of cryptocurrencies boosted TWT.

The collapse of the FTX crypto exchange sent panic waves across crypto markets. With accelerated selloffs, over $1 billion was wiped out from the market. That’s because the collapse of a “sound” crypto exchange of the stature of FTX was least expected. At least not after the exchange positioned itself to help other struggling crypto firms to remain above the ground. But it happened, anyway, but TWT buyers had something to smile about.

TWT hit an intraday high of $274 on November 14. The level was hit in a parabolic price move, as TWT overcame a low price of $1.0 as of November 10. The gains happened as whale accumulation intensified following the collapse of FTX. Investors were withdrawing funds from centralised exchanges in favour of self-custody wallets. The Trust Wallet gained in the process, with Changpeng Zhao also endorsing its post-FTX collapse.

TWT price outlook and analysis

Turning to the technical side, TWT has already been making slight but positive gains even before the FTX collapse. The latest cryptocurrency news just gave the token the catalyst to break above the $1.31 resistance level. 

TWT/USD Chart by TradingView

The moving averages are bullish for TWT. Turning to the RSI, TWT is deep in the overbought region. An imminent correction is likely, and a bubble burst could occur. The token is already initiating a correction and trades at $2.0.

Time to exit TWT?

Overbought conditions and a bubble burst could force a correction for TWT as investors adjust to the FTX scenario. 

However, the price movement is positive for TWT as it has been making a slow bullish push before. The token should be on the investor’s watch list if bulls defend the key levels. The area around $1.36 and $1.31 should be watched.

Where to buy TWT

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy TWT with Capital.com today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy TWT with Binance today

 

The post Trust Wallet Token – a cryptocurrency with 100% gains, but are higher prices possible? appeared first on CoinJournal.