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Crypto Industry News:
If not for the scandal and the collapse of FTX, things could have turned out favorably for the cryptographic companies from the Genesis group. But after the collapse of FTX, as investors face a shapeless void and darkness engulf the markets, they saw that things were bad, very bad.
Genesis Block, Hong Kong's leading retail crypto operator, told customers on Friday morning that it plans to shut down its over-the-counter trading portal on December 10. The company also asked customers in emails to withdraw their funds and said no new customers would be accepted.
Earlier this week, the CEO of Genesis Block told Reuters that they are no longer active in the crypto markets.
"We stopped trading," said Wincent Hung, "We don't know which counterparties will fail next, so we'd prefer to close all our positions to regain some of our liquidity."
According to the report, Genesis Block actually started liquidating its crypto business in Hong Kong before FTX filed for bankruptcy. One Genesis Block official was a director at FTX Hong Kong, but resigned from his position earlier in November, and Genesis Block cut all ties to the failed exchange shortly thereafter.
Genesis Block once ran one of the largest Bitcoin ATM networks in Asia. ATMs are now operated by CoinHero after Genesis Block sold its ATM business in 2021.
Technical Market Outlook:
The Bitcoin bulls retraced 38% of the whole sell-off and hit the level of $18,135 before the pull-back towards the sell-off lows was made again. The market conditions on the H4 time frame chart are still oversold as the bears are clearly in control of this market. They managed to break below the intraday trend line support and are moving lower again. The target is seen at the sell-off low located at $15,550. The nearest technical resistance zone is seen at $17,600, $18,150 and $18,220. There is no indication of the down trend to terminate or reverse just yet as the market keeps trading in a relatively narrow range. The market participants await for the breakout.
Weekly Pivot Points:
WR3 - $16,881
WR2 - $16,477
WR1 - $16,299
Weekly Pivot - $16,072
WS1 - $15,895
WS2 - $15,667
WS3 - $15,263
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $15,555 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term.
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