Major coins surged on Monday, with the overall cryptocurrency market capitalization rising nearly 4.5% to $843.35 billion. Cryptocurrency Performance Price (Monday, 9:45 pm EST) Bitcoin +4.25% $16,757 Ethereum +6.17% $1,259 Dogecoin +6.80% $0.086
What Happened: BitcoinBTC/USD jumped 4.25% andEthereumETH/USD spiked 6.17%, afterBinanceCEOChangpeng "CZ" ZhaosIndustry Recovery Funds initiative, which he said would help cryptocurrency businesses overcome liquidity issues.
According toGlassnode, theFTXFTT/USD collapse has inspired asurge in self-custodyamong retail users, who are moving their Bitcoin to cold wallets. Retailers are taking their coins out of exchanges at the fastest rate ever, with withdrawals primarily fromCrypto.com.
Over 72,900 BTC were removed from exchanges over the past seven days, one of the largest net withdrawals in market history, as per Glassnode Insights. Top Gainers Performance Price (Monday, 9:45 pm EST) Cronos +24.58% $0.07 Quant +18.43% $116.10 Trust Wallet +16.19% $2.31 Solana +14.51% $14.16 Lida DAO +13.45% $1.13
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Elon Musk-backed cryptocurrency DOGE DOGE/USD gained 6.80% in the past 24 hours, trading at $0.086 as of 9:45 pm EDT.
Crypto.coms native token Cronos CRO/USD was the top gainer in the past 24 hours. Cronos rebounded on Monday, as markets responded to Crypto.com CEO Kris Marszaleks comments on recent speculation surrounding the companys health. He said, Trust was damaged, if not lost, and we need to focus on rebuilding trust.
In the last 24 hours, Trust Wallet Token TWT/USD rose more than 16% after CZ suggested investors take custody of their assets and recommended Trust Wallet.
Cryptocurrency trader Michal van de Poppe described Mondays market movement as "consolidating" on Twitter. He said, I would assume wed be at $10k actually after the terrible news weve received in the past weeks.
Markets consolidating.
Would assume we'd be at $10K actually, after the terrible news we've received past weeks. Michal van de Poppe (@CryptoMichNL) November 14, 2022
Decentralized Exchanges (DEXs) experienced a dramatic increase in trading volume. According to DeFi Llama, all of the wiped volumes on centralized exchanges seem to have moved to decentralized ones. On Nov. 14, trading volume across all decentralized exchanges was $3.67 billion, up from $2.95 billion on Nov. 13.
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