In the Crypto industry, every month brings new developments and price changes, keeping everyone on their toes. Significant news was made in November 2022, yet the markets remain relatively dovish as uncertainty remains the name of the game.
Dogecoin Surges As Elon Musk Controls Twitter
The Dogecoin price heavily depends on what Elon Musk does or says. There was an immediate correlation between Elon Musk buying Twitter and cryptocurrency. One Tweet by him can increase the DOGE price by 10%.
Musk acquired Twitter after a multi-month dispute between the previous owners and the Tesla CEO. Many people expect Musk to integrate Dogecoin as a payment or tipping option for Twitter, even though there’s no direct sign of it.
Since the purchase of Twitter by Musk, DOGE saw its market cap increase by $10 billion. It has been one of the better-performing coins in the past month, despite losing over 11%. However, the 32.7% gain this week sparks hope among investors that DOGE will break out again soon. With a $14.2 billion market cap, Dogecoin has reclaimed its market cap top 10 spots behind Ripple (XRP) and ahead of Cardano (ADA) and Polygon (MATIC).
FTX Goes Bankrupt
Despite seeming to be a prominent cryptocurrency exchange, FTX is no longer among us. The company and all the sister companies, ventures, and projects filed for Chapter 11 bankruptcy in early November. 130 companies have gone into voluntary bankruptcy, and many are still dismayed users and investors. Over 100,000 creditors seek legal action against FTX, and there are billions in missing assets. Former CEO Sam Bankman-Fried (SBF) confirmed the company had misappropriated customer funds over the years.
Since the bankruptcy claims, various entities have suffered blows. The latest is BlockFi, a centralized lending provider controlling user assets. Moreover, numerous companies want to pick FTX's carcass, with Ripple expressing interest in several B2B aspects and assets. Further fallout from the FTX collapse remains highly likely, and crypto users should move assets from other currency exchange platforms to a self-custody wallet ASAP.
Binance's Industry Recovery Initiative
Binance, the leading crypto exchange, aims to establish an industry recovery initiative. That new fund will invest in digital asset companies with a $1 billion capital injection.
That should cover at least six months of operations and span numerous investment structures, including tokens, fiat equity, debit, and credit lines. The new fund primarily focuses on projects facing a liquidity squeeze. That may not prevent firms from going bankrupt, but it should help reduce the ripple effect of such developments.
Ethereum and Bitcoin Struggle To Recover
There is no immediate crypto market recovery for Bitcoin or Ethereum. That is unfortunate, but there isn't much to do about it. Although both currencies have found a bottom of sorts, the general Fear & Greed Index of November remains "Neutral" for both. That is better than “Extreme Fear” or “Fear,” which have been prevalent in recent weeks. Bitcoin has seemingly bottomed near $16,000, whereas Ethereum found much-needed support at $1,150.
The Neutral Fear & Greed Index can signal a bullish spell in the final weeks of 2022. The volume and social activity are very positive, and volatility, price score, and technicals are all neutral. However, Bitcoin is still down by 18.3% month-over-month, whereas Ethereum needs to recover by 20.2%.
