Analyst Sees Another Bear Rally As FTX Fallout Continues To Roil Crypto Market By Benzinga

Benzinga – The two largest cryptocurrencies, (CRYPTO: BTC) and (CRYPTO: ETH), traded in the red on Sunday evening as the global cryptocurrency market cap shrunk 3.81% to $804.37 billion at 8:54 p.m. EST.

Price (Sunday, 8:45 pm EST)

What Happened: The collapse of crypto exchange FTX (CRYPTO: FTT) caused all top 10 cryptos by market capitalization to lose ground over the last seven days.

CoinMarketCap’s top 10 list of meme coins saw Dogecoin (CRYPTO: DOGE) suffer the biggest losses, dropping 8.7% to $0.07, while Polygon (CRYPTO: MATIC) fell 8% to $0.80.

U.S. stocks advanced Friday. The rose 0.6%, the S&P 500 Index rose 0.5%, and the Index rose only 0.1%.

See More: Best Crypto Apps

Beleaguered crypto exchange FTX called on peers to help track the hacker who stole an estimated $600 million from the Bahamas-based exchange and began moving the funds into other tokens. The hacker address held at least 228,523.83 Ether by Tuesday, making it the 35th largest Ethereum holder in the world.

On Sunday, after transferring some of the Ether to a new wallet, the hacker began exchanging the remainder into renBTC, a token representing Bitcoin on other blockchains.

Crypto trader Michael van de Poppe said a bear market rally is coming soon. “Can’t wait to start sharing charts and set-up gains as we’re close to bear market rally.”

Pseudonymous crypto analyst Capo, who predicted this year’s Bitcoin collapse, said it is likely heading to new bear market lows. He believes the current rally is meant to trap bulls, and a Bitcoin drop to lower levels will happen in the near term.

In a Twitter post, he shared how BTC has flipped support at $17,600 into resistance. He predicted that Bitcoin would be in recovery after hitting the capitulation target.

Read Next: FTX CEO Details Plans To Restructure Global Empire, Asks Stakeholders To ‘Be Patient’

© 2022 Benzinga does not provide investment advice. All rights reserved.

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