Cardano

Bitcoin and Ethereum Lead the Market Losses

The final days of November 2022 brought little relief for the cryptocurrency market as most major coins closed in the red. Bitcoin (BTC) opened the week with a 2.37% decline on Monday, November 28, trading at $16,111 (approximately ₹13 lakh). Despite several attempts, BTC has been unable to break through this resistance level for two consecutive weeks.

Across international exchanges such as Binance and Coinbase, Bitcoin also recorded marginal losses, reflecting the same subdued momentum seen across the broader market.

Following Bitcoin’s trend, Ethereum (ETH) slipped by 4%, trading at $1,163 (around ₹95,150), according to data from Gadgets 360’s crypto price tracker. The bearish sentiment extended to other leading altcoins, including Binance Coin (BNB), Cardano (ADA), Polygon (MATIC), Polkadot (DOT), and Litecoin (LTC).

Meme Coins Show Mixed Performance

Interestingly, meme coins took divergent paths in the market’s volatile session.

• Shiba Inu (SHIB) dropped by 2.22%, trading at $0.0000089 (approximately ₹0.000730).

• In contrast, Dogecoin (DOGE) surged 5.56%, reaching $0.095 (around ₹7.78).

The upbeat performance of Dogecoin made it one of the few bright spots in an otherwise declining market.

Stablecoins such as Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) maintained stability, aligning with Dogecoin in posting slight gains. Other gainers during the day included SushiSwap, Braintrust, Dogefi, and Bitcoin Hedge.

Expert Insights on Market Movement

According to Edul Patel, CEO and co-founder of Mudrex, investor demand may offer short-term support for bulls:

“The rise in demand may help the bulls gain more strength to break the current level. The broader crypto market came under intense selling pressure last week as Genesis struggled with liquidity,” said Patel.

Despite sporadic buying activity, overall momentum remains weak, keeping the market under selling pressure.

Global Crypto Market Cap Declines Further

The total global crypto market capitalization fell by 2.47% in the past 24 hours, now standing at $819.58 billion (approximately ₹67.02 lakh crore), as reported by CoinMarketCap. November 2022 turned out to be one of the most turbulent months for cryptocurrencies in recent history.

The Aftermath of the FTX Collapse

A major contributor to the ongoing market slump was the collapse of crypto exchange FTX, which filed for bankruptcy earlier in November following a severe liquidity crisis. The ripple effects of this crash were devastating—over $200 billion (roughly ₹16.3 lakh crore) was erased from the global crypto market capitalization within days.

Investors lost confidence in centralized exchanges, leading to a widespread sell-off across assets.

Crypto Companies Struggle Amid Market Slump

As the market downturn deepens, several crypto companies are adopting cost-cutting measures, including workforce reductions. Recently, Lemon Cash, a popular Argentinian crypto exchange, announced layoffs affecting 38% of its employees, aiming to stay financially viable amid bearish conditions.

Outlook for December 2022

With November ending on a weak note, the outlook for December 2022 remains uncertain. Analysts suggest that stability will depend on how macroeconomic factors and crypto liquidity issues evolve in the coming weeks. For now, investor sentiment remains cautious as Bitcoin and Ethereum continue to battle critical support levels.