Total Crypto Market Cap Drops Below $800 Billion, BTC Continues Downtrend
Selling continued in the crypto markets as the total crypto market cap dropped below $800 billion, a mark it reached for the first time since Jan. 2021, albeit on the downside. FTX’s collapse and other uncertainties have made traders nervous, and sustained recovery could be a while from now.
Bears pulled BTC below its immediate support at $16,000, and it trades at $15,700 at the time of writing. If the bears sustain below this level, we could see further downside, potentially up to $12,000.
The only hope for bulls is to buy at lower levels and push the price above $16,000. Sustained pressure above this level could trigger short-term upside. However, the current outlook looks bleak.
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CRYPTO NEWS WEEKLY ROUND UP:
Trust Wallet Launches Browser Extension and Announces Key Partnerships
In the wake of the FTX collapse, amidst the growing need for self-custody of crypto, Trust Wallet has gained momentum. On Nov. 14, Trust Wallet launched its long-awaited browser extension, available in Google Chrome and Opera.
Users can store, send, and receive crypto across all EVM chains and Solana using this extension. It also includes a network auto-detect function (for DApps), multi-wallet support, NFT support, hardware wallet support, and more.
Furthermore, on Nov. 16, Binance announced Binance Pay’s Trust Wallet integration. With this integration, Binance users can use Trust Wallet as a direct withdrawal option. A similar integration has been announced with Coinbase Pay.
Cardano Set to Launch New Stablecoin Next Year
Despite lackluster price action, Cardano keeps innovating and adding essential components to its ecosystem.
Djed, a new stablecoin, will launch on the Cardano mainnet in January 2023. Cardano has partnered with COTI to launch an ”over-collateralized algorithmic stablecoin.” The stablecoin will be launched after a successful audit and rigorous stress-testing.
Djed will be pegged to the US Dollar, backed by ADA, and it will use SHEN as its reserve coin. Shahaf Bar-Geffen, CEO of COTI, said that Djed will serve as a ”safe haven in the Cardano network.” The developers plan to adopt a gradual approach to providing liquidity to the Djed smart contract.