The cryptocurrency market digest (BTC). Overview for 11.11.2022

The BTC has returned to 17,360 USD, but the week has been unbelievably volatile and tough. The turmoil might be not over yet: cryptocurrencies have proved fragile again, and this might be a turning point for the market trust to digital assets.

Over the week, the BTC lost 15.6%. Today the capitalisation of the crypto sector is estimated as 877.48 million USD, the BTC taking up 38.1% and the ETH – 17.9%.

The BTC and other cryptocurrencies got an unexpected foothold in the US inflation statistics for October, which provoked flourishing of the US stock market. This driver managed to reverse everything going on with the Binance exchange and the FXT. It will take long for the investor trust to exchanges and markets to recover, yet the catastrophe in the crypto segment has been stopped.

The US inflation report gave some optimism to market players regarding future actions of the Federal Reserve System. Also, they had a good influence on the demand for risky assets.

At the same time, it must be admitted that the FXT problem is still around, and the market will keep on suffering from it as before, as soon as support from stock exchanges comes to an end.

To get a chance for stabilising, the BTC needs to secure above 18,500 USD. More forecasts will be later.

Coinbase goes on with redundancies

The Coinbase crypto exchange has fired 60 more employees by its programme of optimising staff. Employees were fired chiefly from the recruiting department and the institutional segment.