$Bitcoin (BTC.CC)$ traded in the red on Thanksgiving evening as the global cryptocurrency market cap inched up 0.2% to $832.4 billion at 8:54 p.m. EST.

Why It Matters: While Bitcoin was in the negative territory, $Ethereum (ETH.CC)$ traded largely flat on Thursday evening. U.S. stock futures were seen trading higher at the time of writing.

OANDA Senior Market Analyst Craig Erlam termed the collapse of FTX an "unsurprisingly a huge setback for the whole industry" in a note, seen by Benzinga, on Thursday.

In such an unregulated world, these fears are very real and could undermine faith in the crypto space for some time, further weighing on prices in the process."

Michaël van de Poppe said Bitcoin is still facing "crucial resistance, which it can't crack yet."

Slight consolidation taking place. Another test at $16.9K and most likely acceleration happens with all the stops going to be taken."

The cryptocurrency trader said that Bitcoin is aiming for $18,400 but it must hold levels between $16,250 and $16,400.

Chartist Ali Martinez said that in the last two bear trends Bitcoin reached a market bottom when the total supply of the apex coin in loss rose over 10,400,000 BTC. He said it stood at 10,272,000 BTC currently.

On the Ethereum side, the second-largest coin's market cap fell below the aggregate stablecoin cap once again, said Glassnode.

The Top 4 stablecoins USDT, USDC, BUSD and DAI make up over $138B in total, with the $ETH market cap just 2.8% higher at $142B." 

- said the on-chain analysis company.

When the metric was introduced by Glassnode, first in July 2022, the company pointed it as a symbol of how severe the flight to stability had become.