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The cryptocurrency market has exhibited a slight recovery, with Bitcoin, the leading cryptocurrency, jumping more than 2.5% to $16,815 after getting rejected at the $17,250 resistance level. Similarly, Ethereum, the second-most valuable cryptocurrency, is rising, reaching $1,286 after violating a symmetrical triangle pattern.
Major cryptocurrencies were trading positively early on December 1, as the global crypto market capitalization increased 0.56 percent in the previous day to $861.06 billion.
Over the last 24 hours, overall crypto market volume grew 5.03 percent to $49.73 billion. The overall volume in DeFi was $3.43 billion, accounting for 6.90 percent of the total 24-hour volume in the crypto market.
The overall volume of all stablecoins was $47.01 billion, accounting for 94.53 percent of the total 24-hour volume of the crypto market.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top Altcoin Gainers and Losers
GMX (GMX), Polygon (MATIC), and Zcash (ZEC) are three of the top 100 coins that have gained value in the last 24 hours. The GMX price has soared by more than 12% to $48.80, the MATIC price has grown by more than 6% to $0.9275, and the ZEC price has increased by nearly 5.5%.
ApeCoin (APE), Fantom (FTM), and Helium (HNT) are three of the top 100 coins that have lost value in the last 24 hours. Whereas APE has lost over 7% to trade at $3.97, FTM is down nearly 2.25% to trade at $0.2345. At the same time, the HNT price is down over 3% to trade at $2.45.
Kraken to Lay off 30% of Its Global Workforce
According to a corporate blog post published on Wednesday, US-based cryptocurrency exchange Kraken will lay off 30% of its global employees, or over 1,100 individuals, to “adjust to current market conditions.”
Since the beginning of this year, financial markets have been under pressure for macroeconomic and geopolitical reasons.
Kraken wrote.
“As a direct result, we saw a precipitous drop in trading volumes and new client sign-ups. Unfortunately, bad things have kept happening on the market, and we’ve used up all the good ways to change prices to meet demand.”
As a result of these layoffs, Kraken’s overall workforce is back to where it was a year ago, the business claimed.
After the recent failure of the cryptocurrency exchange FTX.com in the Bahamas, which has dragged down cryptocurrency markets and threatened businesses with exposure to FTX (including crypto lender BlockFi Inc., which filed for bankruptcy this week), Kraken has taken this action.
Auros Global Misses DeFi Payment due to FTX Contagion
After failing to make a principal repayment on a 2,400 Wrapped Ether (wETH) decentralized finance (DeFi) loan, cryptocurrency trading firm Auros Global looks to be infected with the FTX virus.
On November 30, M11 Credit, an institutional credit underwriter that oversees liquidity pools on Maple Finance, tweeted to its followers that the Auros had failed to make a principal payment on a 2,400 wETH loan worth around $3 million.
According to M11 Credit, Auros is facing a “short-term liquidity crisis as a result of the FTX insolvency,” The company has been in constant contact with its borrowers, especially in light of recent events.
Maple Finance has retweeted the thread, but algorithmic trading and market-making business Auros has yet to respond to M11 Credit’s claims.
M11 Credit has also stated that the loan is not defaulted because of the delayed payment. Instead, a “5-day grace period as per the smart contracts” has been activated because of the late payment.
This means that the deadline for Auros to make the late payment and avoid default is December 5.
Given this news, the market is still determining whether to maintain the bullish trend or wait for a correction.
Bitcoin Price
The current Bitcoin price is $16,815, and the 24-hour trading volume is $24 billion. During the last 24 hours, the BTC/USD pair has gained nearly 2.5%, while CoinMarketCap currently ranks first with a live market cap of $323 billion, down from $323 billion yesterday.
It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,220,518 BTC coins.
The BTC/USD is trading with a bullish bias on Thursday, but it has reached an overbought zone, and the double top pattern is extending resistance near the $17,255 level. A bullish breakout of the $17,255 level could lead Bitcoin to the next resistance levels of $17,600 and $18,000.
Because the RSI and MACD are in the overbought zone, a bearish correction under $17,250 is possible. On the downside, Bitcoin’s immediate support is at $16,700, which can fall as low as $16,250.
Ethereum Price
The current price of Ethereum is $1,286, with a 24-hour trading volume of $8 billion. In the last 24 hours, Ethereum has gained nearly 1%. CoinMarketCap currently ranks #2, with a live market cap of $157 billion. It has a circulating supply of 122,373,866 ETH coins.
On the 4-hour timeframe, Ethereum has been trading strongly bullish, but it is now encountering strong resistance at the $1,310 level. The formation of the tweezers’ top pattern is weakening the bullish trend and may lead to a bearish market correction.
On the downside, Ethereum’s immediate support is likely at around $1,225, which can go as low as $1,150.
On the other hand, a bullish breakout of the $1,310 level could expose the ETH price to the $1,354 level.
Huobi Token Pumps Over 25%
Huobi Token is now trading at $6.85 with a 24-hour trading volume of $16 billion. In the last 24 hours, Huobi Token has been down 1.5% but it has gained over 25% in the last seven days. CoinMarketCap now ranks #39, with a live market cap of $1,050,454,242 USD. There are 153,357,694 HT coins in circulation, with a maximum supply of 500,000,000 HT coins.
On the technical front, the HT/USD pair is facing immediate resistance at $7.40, with a break above this level potentially exposing HT to the $8.35 level.
On the upside, a break above $8.35 has the potential to lead to $9. A bearish breakout of the $6.6 level, on the other hand, could extend selling to $6.10 or $5.10.
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