The crypto market entered November positively, leaving investors with increased optimism for a better month ahead .Expectations that November would again bring most major cryptocurrencies back to profitability points were dispelled as early as November 2, when Coindesk first published the report about the imbalances in FTX Exchange's balance sheet.
Either way, the recovery of Bitcoin and other assets will depend mainly on how industry leaders help retail and institutional investors minimize the pain that the FTX collapse might have caused. The BTC/USD 4h chart, as seen on TradingView, promptly summarized what the movement of the coin has been for some time, with evidence it has traded below the $17,000 resistance point since November 11. While a rebound is being partially signaled by the Relative Strength Index and the Bollinger Bands, there is no telling how long the sellers will hold the market down at the current levels.
Quartly-Janeiro added, "the Binance-FTX saga has to be a moment when the industry matures, becomes more professional and transparent; it's why Bitrue prioritizes the safety and security of investors' assets and is the first exchange to establish an insurance fund to safeguard user's assets. More broadly, though, it's clear that many exchanges have been operating beyond and in excess of their core businesses to take unnecessary risks to the detriment of investors.
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