After Industry Favourite Plona (PLON) Raises $500,0000, Algorand (ALGO) and Chain (XCN) Will Try to Compete – Coinpedia Fintech News
Why should you invest in the blockchain industry? Since Bitcoin (BIT) launched in 2009, various cryptocurrencies have come to life, offering productive features that have made the lives of traders easier. Plona (PLON) is one of those cryptocurrencies that offer abundant features and streamline how people manage their finances.
Algorand (ALGO) is fighting for a comeback.
Algorand (ALGO) is one of the few leading blockchain platforms aspiring to expand the possible use cases for cryptocurrency. The platform was designed to function as a major payment processor by accelerating transaction speeds and reducing the time it takes transactions to complete on its network.
The Algorand (ALGO) platform enables users to create smart contracts and uses a consensus mechanism it calls pure proof-of-stake (PoS). With a native coin that secures the platform and rewards the ecosystem’s governors, Algorand (ALGO) is currently valued at $2.2 billion. However, Algorand (ALGO) is down by nearly 6% after last week.
Chain (XCN) falls even further in the crypto market.
Chain (XCN) is a governance and utility token for the Chain Protocol launched in 2014. The platform provides various case-use applications for Chain token (XCN) holders to utilise. Additionally, outside of voting on the Chain (XCN) Protocol, users can also stake XCN to secure the protocol and earn rewards.
Furthermore, the platform was designed to offer a range of products and provide for Web3. Chain (XCN) products are more accessible to launch and run a blockchain network. The platform saw $14 million worth of Chain tokens (XCN) traded for $0.05838 in the last 24 hours. Chain (XCN) is down nearly 13%, and its investors are starting to worry.
Why is everyone talking about Plona (PLON)?
What is Plona (PLON)? Plona (PLON) is an Ethereum-based non-fungible token (NFT) collection developed by a group of professional blockchain specialists, leading the way for fractional ownership by tokenisation of luxury cars. This method allows investors in the cryptocurrency market to own a portion of their favourite luxury and exotic automobiles.
Plona (PLON) phase one presale has begun, and now investors can purchase one Plona (PLON) token for $0.012, and for $29, they can purchase a fraction of some of the most exotic cars worldwide.
Investors in Plona (PLON) will receive parallel-backed minted NFTs championed by premium cars in the real world. These cars are insured and kept in a safe unit for each investment. Cryptocurrency experts believe the Plona (PLON) token can beat Algorand (ALGO) and Chain (XCN) in the coming years, predicting a 3,000% gain by the end of January alone. The platform aim to raise $500 thousand in the second week of its presale.
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Ethereum Bloodbath to Continue: ETH Price At Risk Of Crashing Nearly 30% Soon! – Coinpedia – Fintech & Cryptocurreny News Media
The Ethereum continues to be more bearish as each day passes. It seems that Ethereum is struggling in the price graph despite the successful merge. After going for $1,800 before the merge, ETH has unfortunately brought bearish woes for investors and traders, completely wiping out the merge hype. This week has been concluded as the most crucial week for Ethereum as it has crashed all the way down to $1,300.
A 30% Crash Is Waiting For ETH
Since the Ethereum merge, the bears of the market have emerged, making a 35% decline in ETH’s price. Ethereum builds its solid bearish momentum when the market sentiment has been pretty bullish with a vision that the merger will bring outstanding returns.
According to CoinMarketCap, Ethereum is currently trading near $1,350 with a market cap of $166 billion. The technical data of the Ethereum price graph shows that Ethereum could have a 30% price correction downside, which can throw Ethereum below the $1,000 mark in the upcoming months. Ethereum has broken all fundamental supports to hold its price upward, and it seems it may trigger a solid crash ahead.
What Is Next For Ethereum?
The main reasons behind the price plummeting are the selling pressure among investors during the merge hype and the FOMC meeting tomorrow. The 8-day and 21-day moving averages represent a classical bloodbath for Ethereum. However, the Fibonacci retracement indicates a pullback at $1,250, making a support level at $1,000. The $1,250 level is crucial as the 200-week moving roams near the same territory.
According to analysts, Ethereum might see a reversal this week as it can trigger a bullish trend near the $1,250 level, and can go up to $1,500. Ethereum’s options data shows a bullish demand, confirming a reversal soon in the price graph.
The options data from Deribit indicates a high volume of Ethereum put and call options. The open interest for ETH is currently at $1,000 and $2,000 for September’s expiry. Bloomberg stated, “This is part of a controversial theory that says options writers — often financial professionals — make more money than options buyers.
The argument is that an asset’s price will move toward the level where options writers make the most profit — that is, where the greatest number of options expire as worthless for buyers. Deribit data puts this maximum pain point around $1,600.”
The Ethereum merge has recently grabbed the attention of the SEC chair Gary Gensler, and it seems that it may soon fall under regulations. However, it is expected the bulls will be back soon due to the increase in whale movements, which can take Ethereum to its investment goals.
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Top Altcoins Ready To Explode Before the End of 2022 – Coinpedia – Fintech & Cryptocurreny News Media
There is a lot going on in the cryptocurrency market right now, and several altcoins have experienced a sharp decrease in value, taking a backseat, or simply remaining stationary in their current position. After this slow month, several altcoins are predicted to perform remarkably well, but how? What coins are anticipated to do this? Let’s take a closer look.
A decentralized decentralized [email protected] Event Organiser Followers : 0 View profile Ethereum scaling platform called Polygon enables developers to create user-friendly, scalable dApps with minimal transaction costs without compromising security.
Polygon is currently trading at $0.7279. As with most coins and cryptocurrencies in 2021, it is at an all-time high. The previous year, polygon experienced an all-time high of $2.8768, or about $3.
A protocol called Layer 2 addresses some of the current problems with Ethereum, particularly those related to scaling. polygon polygon Crypto / Blockchain SolutionScaling Solution Followers : 0 View profile has been active for a while and will stay active as long as Ethereum remains successful. Any project engaging in or growing the ethereum ethereum Blockchain NetworkTechnology Followers : 0 View profile ecosystem will succeed in the future with the successful implementation of the Merger.
An independent, decentralized network driven by blockchain technology with a number of uses, Algorand is a proof-of-stake blockchain crypto protocol. The ALGO price has increased by 0.17%, 13.18%, and 5.62% over the last hour, day, and seven days to be trading at $0.338.
Algorand’s network was updated recently, which introduced the markets with State proofs. These are nothing but an interoperability standard that provides a simple, quantum secure, and trustless interface that any PoS chain can use without compromising on cost, reliability & security.
Elrond, also known as e-gold, is a highly scalable, rapid, and secure blockchain.com blockchain.com Crypto trading and Information Followers : 1 View profile platform for distributed apps, commercial use cases, and the new internet economy. It has increased by 1.71% over the past 24 hours and is currently trading at $48.10. There was a fall of 0.40% and 6.53% in the previous hour and the previous week, respectively.
Banks are providing e-gold or Elrond. It is a big deal since it shows rigorous investigation anytime a bank, large corporation, or business sells a cryptocurrency. To give any cryptocurrency that is legal, a bank or business must be trustworthy. Elrond cryptocurrency is therefore a big thing for any bank or business to include in their offering.
Wrapping up with an optimistic expectation that the projects discussed above will eventually return to and surpass their previous highs, albeit it will take some time given the current state of the cryptocurrency market. By 2023 and 2024, the price movement is anticipated to improve.
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Shiba Inu Whales Sell Whopping 1.2 Trillion SHIB Tokens In Just Two Days! – Coinpedia – Fintech & Cryptocurreny News Media
The wallet tracker, WhaleStats, has disclosed on its website that the largest Ethereum addresses that hold Shiba Inu meme coins have sold a significant amount of them – more than 1.2 trillion within the past two days. This makes up to $13,000,000 in fiat. Before this, these whales got away with another trillion SHIB.
More specifically, as per WhaleStats, the top 100 Ethereum wallets hold $127,185,426 worth of SHIB, which is $13 million less than the $140 million in SHIB they were holding on Saturday. The crypto equivalent of the sold assets is a net total of 1,207,056,638,811. During last week as well, a similar amount of SHIB – 1,115,879,828,326, was dumped on the market over the weekend.
Ethereum Price Making ab Effort to Rising Above $1400, While a 20% Drop May be Imminent – Coinpedia – Fintech & Cryptocurreny News Media
The bears appear to have not spared the second-largest crypto despite the successful implementation of the Ethereum Merger. The price had surged high to reach $1800 ahead of the merger, while a steep drop dragged the price down heavily. Ever since then, the ETH price is experiencing an acute selling pressure that compelled the price to slice down the crucial support levels over the past weekend.
While the price is believed to recover slightly, the technicals do not appear o be in favor of the bulls. The chart pattern suggests that the asset is due for yet another leg down and may test the levels close to $1000 or even lower very soon. Additionally, the broader crypto market may come under extreme selling pressure shortly as the FOMC meeting is around the corner.
Ethereum price with the recent price action has dropped below the crucial trend line, it followed since it rebounded from the yearly lows. Luckily, the price managed to rebound from the levels just above the lower support, while the bears continue to mount significant selling pressure. Therefore, the possibility of a lower price action emerges as the technicals continue to flash bearish signals.
While RSI has not rebounded from the lower support, MACD displays the revival of the bearish pressure. Moreover, the strength of the ETH price rally also appears to be weak, and hence no specific upward swing may be expected until the end of September.
By not being impacted by any external factor, ETH price shows it of being independent but the market sentiments continue to impact. In the coming days, the second-largest crypto, Ethereum is expected to maintain a slow yet steady upswing that may prevent excessive price drain. But for now, a descending trend appears to be imminent.
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Goldman Sachs Warn Bitcoin (BTC) Price At Risk Of Dropping To $12K Soon – Coinpedia – Fintech & Cryptocurreny News Media
Today, the overall cryptocurrency market is signaling red along with the total crypto market cap plunging by 2.96% in the last 24hrs as it is positioned at $924.09 billion. This market correction is majorly led by Bitcoin, the world’s largest cryptocurrency by market cap.
Currently, Bitcoin is positioned at $18,980 followed by a loss of more than 3% over the last 24hrs. While the flagship currency is looking out for a strong bull run, the experts at Goldman Sach are predicting the worst scenario for Bitcoin price action.
Economist Jan Hatzius and his team from Goldman Sachs have come up with their analysis of Bitcoin price as the Federal Reserve plans to go ahead with interest rate hikes. As per their prediction, the month of September will witness an increase of another 0.75% and 0.5% in November.
The US Federal Reserve has majorly influenced Bitcoin price action this year which has provoked investors to move away from risky assets. The King currency has experienced a fall of nearly 60% year-to-date and is now struggling to reclaim its $20,000 level. Most analysts are also of the opinion that at present bitcoin has hit its bottom level.
Bitcoin Price At $12,000?
Meanwhile, another expert at Goldman Sachs, Sharon Bell claims that the latest surge in the stock market is a bull trap and warns that the equities will attract a loss of 26% if Fed continues with interest rate hikes.
As per CME data that is reported in the Commodity Futures Trading Commission’s (CFTC) weekly report, it’s exciting to know that the alarms correlate with a massive upsurge in institutional investors’ short positions in Bitcoin.
On the other hand, Bitcoin options which are set to expire by the end of 2022 indicate that most the traders are predicting that the Bitcoin price will plunge near $10,000 and $12,000 level
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Bitcoin Death Cross – Historical Data Hints BTC Price To See Worst Case Scenario Dropping This Level – Coinpedia – Fintech & Cryptocurreny News Media
Investors anticipate that the Federal Reserve will increase interest rates once again this week, which has caused significant losses for Bitcoin, Ether, and the overall crypto market. Despite a bullish shift in the market a day earlier, it was unable to reverse the trend.
Rekt Capital, a well-known crypto expert, expects that the price of Bitcoin might drop below $13,900 and reach $11,500 in the worst case scenario.
The Bitcoin price is currently failing to break the $20,000 mark on a monthly basis, displaying volatility. The $20,000-$23,350 region will mostly determine bulls and bears in this market.
However, the lackluster price movement in September shows that $20,000 is currently acting as a resistance level. The following support levels for Bitcoin are $17,165 and $13,900 if the price of the cryptocurrency falls below $20,000 by month’s end.
After a Death Cross, historically, the price of Bitcoin (BTC) develops a bottom at or below the 200-weekly moving average (WMA). Retracements following the Death Cross have ranged from -42% to -73%.
What does death-cross say?
Therefore, based on previous post-Death Cross retracements and support levels, it is expected that the price of bitcoin would bottom out at roughly $13,900. In the worst-case scenario, the price of bitcoin would fall to $11,500.
The drop looks most likely because the price of bitcoin has already fallen below the 200-WMA and the psychological milestone of $20,000.
However, compared to prior eras, there is a significant change in the market cap size, liquidity, and institutional and retail use of Bitcoin now.
In 2015, there were 547 days before the Bitcoin halving, while in 2018, there were 517 days. The bottom will therefore happen in Q4 of this year if Bitcoin is going to reach its lowest point 517–547 days prior to the planned April 2024 halving.
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Cryptocurrency liquidations Increase due to Investors Fear – Is Worst Yet to Come? – Coinpedia – Fintech & Cryptocurreny News Media
Despite a few positive developments earlier this month, the cryptocurrency market is currently on a downward trend as Bitcoin (BTC) is once again trading below the $20,000 mark. Even while Ethereum successfully accomplished the transition to proof-of-stake, its price has fallen dramatically as well.
Ethereum had earlier decreased below $1,300, while Bitcoin has plummeted below $19,000. In the previous 24 hours alone, the market capitalization of cryptocurrencies has changed by more than6 percent, dropping below $950 billion. Investors had hoped for more encouraging results, especially after patiently enduring a persistent “crypto winter” in 2022. Investors are becoming more fearful as a result of the correlation between the traditional market and macroeconomic problems.
Investors have moved a significant chunk of their money out over the past 24 hours as market indices printed red indexers. Over 124K dealers liquidated more than $420 million in assets from the cryptocurrency market in the last day, according to Coinglass.
The Bitmex market saw the greatest single liquidation of $10 million. In the meantime, the figures indicate that Ethereum, the second-largest cryptocurrency, has seen liquidation of over $161 million. Over the last 24 hours, ETH has experienced the most liquidation. After the Ethereum merge, this was not expected by the investors.
Liquidations on the rise
Over the past day, ethereum prices have decreased by about 4%. ETH is currently trading at $1,340. In order to trade at $1,289, it continued to decline below the critical $1.3k price level. Its 24-hour trading volume has increased by 101% to $20.6 billion, nevertheless.
The largest cryptocurrency, Bitcoin, has also declined by 3% and at the time of publication, the average price of BTC is $19,099. According to the data, almost $120 million worth of money has been transferred out of Bitcoin over the past 24 hours.
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Bitcoin Price Prediction – BTC Price Target for End of Year Will Shock You ! – Coinpedia – Fintech & Cryptocurreny News Media
On Monday, most cryptocurrencies continued to experience losses, as Bitcoin started to fall once more against the US dollar below the $20,000 support level. BTC just dropped below $19,000 and is still at risk of falling as low as $18,000.
The news of Ethereum falling below $1,300 may be more important than the decline in bitcoin. After all, many anticipated that the asset would gain from a rise in price following The Merge. However, it doesn’t seem to be the case in the near future.
By the end of the year, according to Salah-Eddine Bouhmidi, head of markets at IG Europe, the price of Bitcoin may have fallen to $13,500. The biggest cryptocurrency in the world was unable to maintain the $19,000 mark, activating the bearish goal. The bearish flag formation breakthrough is currently “taking shape.”
The largest cryptocurrency fell to an intraday low of $18,390 earlier on this Monday and is now close to hitting and upgrading its June low of $17,600. The performance of Bitcoin is still influenced by the American stock market. At the market’s opening, all major stock market indices declined, with the tech-heavy Nasdaq falling 0.92%.
Bulls come under extreme pressure
Bitcoin continues to be extremely volatile to the overall macroeconomic situation, failing to serve as the portfolio diversifier it was intended to be. Bulls were expectedly put under greater pressure this week ahead of the U.S. Federal Open Market Committee meeting on Wednesday (FOMC).
The market anticipates another 75 basis point rate increase from the Fed. However, Nomura recently projected that fresh inflation data would force the central bank to make a massive 100-basis-point increase.
In light of recent economic data, Goldman Sachs analysts recently predicted that the Fed will quicken the pace of rate increases. Now, according to experts, the central bank will raise interest rates by 50 basis points in November
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How are Investors Reacting To Ethereum Price Plunge After Merge Event – Coinpedia – Fintech & Cryptocurreny News Media
Ethereum network successfully completed its Merge on September 15 which transformed the network from proof-of-work (PoS) to proof-of-stake (PoS) mechanism. However, Ethereum didn’t receive the expected result as the currency started its downward journey right after the merger.
If the ETH/BTC is considered, it appears like Bitcoin is about to see its worst days when Ethereum’s growth rate is considered. Ethereum surged by 60% against Bitcoin from July 13 to Sept 8.
But the last 60 day bull run wasn’t that eye-catching as the flagship currency picked up the dominance while Ethereum lost it after the Merge.
On the other hand, in just 10 days ETH gave up half of its profit after facing 20% correction. However, as per the daily chart Ethereum might see a trend reversal soon.
Ethereum Merge : Buy The Rumor, Sell The News
Meanwhile, Ethereum witnessed an increased selling pressure after the merger was successfully completed. However, a few of the market experts claim this event as Buy the rumor, sell the news.
Though there wasn’t any issue while the network was getting transferred from proof-of-work (PoW) to proof-of-stake (PoS), the zero effect on Ethereum price has created a sense of fear among investors and traders which provoked them to exit from their position.
At the time of reporting, Ethereum is trading at $1,367 with a fall of 3.67% over the last 24hrs.
Additionally, it can be seen that the lead altcoin is dropping against the US dollar as Ethereum price has declined at $1,300 level. Hence, it’s important for the currency to maintain its price range above $1,280 which was a resistance area during June’s trading.
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Bitcoin Price To Drop At 2018 Bear Market Lows, Claims Analyst, Here Is His Target – Coinpedia – Fintech & Cryptocurreny News Media
Since the release of the US Consumer Price Index (CPI), the world’s first cryptocurrency, Bitcoin started its downward journey and is struggling for a bull run. Meanwhile, a well-known crypto analyst and trader who is mostly known for his timely Bitcoin prediction, is expecting more troubled days for BTC.
The analyst who is known as Justin Bennett, informs his 108,800 fanbase over Twitter that the flagship currency is about to create a huge descending pattern which will pull back Bitcoin’s trading range towards 2018 bear market lows.
The analyst claims that since May, Bitcoin is forming a bearish graph which will see the currency dropping at $5,000 level. He also says that this is one of the worst trading levels for Bitcoin and once the $5,000 area is hit, BTC will reclaim the $12,000 range.
Bitcoin Price To Drop Near $12,000
However, Justin indicates that though he predicts a fall near the $5,000 level, in reality BTC will not see a drop towards that level. Here he refers to the percentage objective and asserts that if the percentage objective is applied against the price objective there will be a price target of $11,000 or close to $12,000.
Conversely, though Justin Bennett claims bearish momentum for the King currency, he also states that there is a possibility for a bull run this week due to shorting by traders.
As per the expert, there will be more shorting seen above $20,200 which will push BTC price towards more profit
At the time of publication, Bitcoin is changing hands at $19,190 after a plunge of 3.38% over the last 24hrs
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Red Notice Issued Against Do Kwon! Did Terra Founder Fail to Cooperate with Investigations? – Coinpedia – Fintech & Cryptocurreny News Media
On September 14, Terra founder Do Kwon and five other individuals received an arrest warrant from the country’s judiciary for violating capital markets law. This arrest warrant comes after the fall of the Terra network in May which pulled down the entire crypto market.
The South Korean Ministry of Foreign Affairs has now asked Do Kwon to return his passport, following the Seoul Southern District Prosecutor’s Office for Financial and Securities Crime’s orders to invalidate the 6 people’s passports.
The recent Tweet by Do Kwon claimed that he is not on the run, to which South Korean prosecutors have claimed that he is obviously on the run. Also, the Singapore police have confirmed that he is not in Singapore anymore.
The legal action against the founder has negatively impacted the TerraClassic (LUNC) and Terra (LUNA) prices as both the currencies dropped by 33% and 50%, respectively, in just a week.
Has Do Kwon Fleed?
Do Kwon’s statement was disapproved by the Seoul Southern District Prosecutors Office, as the officer claims that he has not been in the country since Terra-LUNA collapsed in May. As per the claimed majority of Terra members along with Do Kwon moved out of Singapore followed by the collapse and have cooperated with the investigations.
Additionally, the prosecution claims that Do Kwon appointed attorneys to confirm that he had no purpose of appearing before them to answer questions. At present, the officials are looking for ways to know his location as they are working with all the international agencies to arrest him immediately.
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Bitcoin Outperforms Ethereum After The Merger, Will The Centralized Nature of ETH Hinder Its Price Rally? – Coinpedia – Fintech & Cryptocurreny News Media
Ethereum Merger was widely talked about in the past couple of months as the bearish trend was expected to be ceased for a while. Nevertheless, the trend was flipped in a short time with the announcement of the fresh CPI rates which further led to a huge decline in the BTC & ETH prices. The past weekend dragged the BTC & ETH prices below $19,000 & $1400 respectively, also flashing major bearish signals in the coming days.
Presently, star crypto has managed to outperform the second largest crypto which is well-known for its steady behavior. Similar to ETH, BTC prices maintained a steady trend around the average levels. Regardless of the recent drop, the BTC price appears to be primed for a decent breakout, while the ETH price may continue to head towards the bottoms.
The above chart illustrates the price movements of Bitcoin & Ethereum post the Merger event. With the price movements, it is fairly visible that both assets maintained a homogenous trend just before the event. But soon after the transition, the ETH price dropped heavily to reach -18.14% away from the average levels. While the BTC price was less impacted as it maintained a stagnant trend until the latest crash.
The nature of the price plunge does indicate the second-largest crypto is being lately turned into a centralized platform and hence the ETH price could be in controlled hands. While Bitcoin continues to work on the same Proof-of-Work mechanism, follows the basic feature of blockchain of being decentralized.
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Here’s When Bitcoin Price May Regain $20,000 Mark! But Bulls May Get Tricked! – Coinpedia – Fintech & Cryptocurreny News Media
Bitcoin’s price is crashing hard and has dropped below $18,500 at the moment, displaying possibilities of a continued descending trend ahead. While the bulls are trying hard to regain the lost momentum, their efforts may not be enough to rise above the bearish captivity. However, the asset may still undergo a significant upswing and may regain levels above $20,000 in the coming days.
The weekends usually turn the tables for Bitcoin where-in the asset is compelled to reverse the trend to some extent. During the past weekend, the bulls were destroyed & the BTC price dropped heavily below $20,000. Currently, the price is displaying huge possibilities of shedding significant gains, yet there is always a chance of witnessing a slight recovery soon.
Well-known analysts, who previously predicted the massive rejection of BTC price at $22,700 now believe that the BTC price may drop hard to the $14,000-$16,000 levels after being rejected from $20,300 to $20,600.
As seen in the above chart, the BTC price, after reaching the crucial $22,700 level, witnessed a massive plunge to reach immediate lows close to $18,000. However, the price has been trying to rebound firmly but has not been validated yet. The analyst believes the asset may flip from the bearish trend soon and regain levels close to $20,500 in the next couple of days.
However, the price is subjected to facing another major rejection that may drag the price towards the main target of $14,000 to $16,000.
The Bitcoin (BTC) price has been trading within a firm descending trend for quite a long time now. Despite this, the price is believed to have not reached the bottom yet. Therefore, the star crypto may rise above $20,000 in the coming days, which could be followed by a massive correction.
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Crypto Market Crash – Why Bitcoin Major altcoin Tumbled Heavily – Coinpedia – Fintech & Cryptocurreny News Media
The Crypto market has been on a downtrend in the last 24hrs with the crypto market cap falling by 4 % in the last 24hrs. The market is currently in a very bearish state with not much good news to support prices.
Bitcoin has fallen by 3% in the past 24 hours and is currently valued at $19,464. However, many altcoins are taking the worst hit of this market downturn. it has traded as low as $18,390.32 and as high as $20,087.51. The market capitalization is $388,297,924,866 and the trading volume is $38,619,510,099.
Ethereum, the second largest cryptocurrency by market cap, is currently down by another 10% and is trading at $1,302.15. The 24hr high was $1,457.57 and the 24hr low was $1,287.42. The total market capitalization is $159,424,819,021 and the trading volume is $20,221,805,662.
Ethereum price after the merge has really resulted in a lot of FUD and sell-offs. If this continues, it is likely that we will see Ethereum prices retrace back to the $1,000 levels in the next few days or weeks.
Altcoins in a decline
The other major altcoins are also taking a beating in this market downturn with ADA, Solana, Dogecoin, and DOT all falling down by over 7% in the last 24 hours.
The crypto market at large is facing a very critical situation with a lot of uncertainty and selling pressure. It remains to be seen how the market will develop in the next few days and weeks.
The market is currently in a very bearish state with not much good news to support prices. This has resulted in a lot of selling pressure and market uncertainty. Many altcoins are taking the worst hit of this market downturn.
The global crypto market downturn is a consequence of macroeconomic factors. The Ethereum merger couldn’t have occurred at a worse time, according to experts. The Federal Reserve has taken an extremely hawkish stance amid growing inflation. This has created a lot of uncertainty in the market and has resulted in investors selling off their assets.
The current market conditions are not favorable for cryptocurrencies. However, it is important to remember that the market is highly volatile and conditions can change very quickly. It is important to stay up to date with the latest news and developments in the market.
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How Have The Markets Been Impacted By The ETH Merger? – Coinpedia – Fintech & Cryptocurreny News Media
Once again, the crypto market opened the week on a bearish note as the world’s first cryptocurrency, Bitcoin, went down by more than 7% in the last 24hrs and is trading at around $18,500. This move has also pulled down most of the other cryptocurrencies, including Ethereum.
ETH has lost more than 25% in the last 7 days and more than 10% in the last 24hrs after it tumbled to the $1300 level. The successful merger didn’t seem to impact the Ethereum price, on the contrary, the situation worsened.
Moreover, the ETH/BTC ratio has dropped nearly 15%.
The Impact Of The Ethereum Merge
However, as per VivekVentures, crypto and Ethereum influencer, the present trade setup displayed by Ethereum is just a short-term noise as the Bitcoin proponents are escaping FUD about Ethereum and the merger.
Furthermore, he also claims that issuance around the lead altcoin has plunged by 95% since the time the merge event started, which indicates that the Ethereum network should circulate 95% lesser coins without any security drop-off. Hence, just after 3 days of the merge, there was an issuance of only 3000 tokens but if it was in proof-of-work, Ethereum would have circulated 40,000 currencies.
There is also a difference in selling pressure and the expert asserts that the proof-of-stake has comparatively less selling pressure than proof-of-work. In the PoS mechanism, Ethereum validators are not allowed to sell their block rewards for 6 to 12 months, which is why the current ETH selling pressure is almost zero.
Additionally, Vivek explains that the present gas fee is more than 15 gwei, hence, there is an increase in buying pressure on Ethereum because of the merge’s deflationary effect.
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Bitcoin Closer to Bloodbath, Investors May Expect a Massive Drop to $15,000 Very Soon! – Coinpedia – Fintech & Cryptocurreny News Media
Bitcoin price recorded a huge bearish close for the week and currently testing one of the major support levels. The bears appear to be extremely strong than the bulls, the next leg down may result in yet another massive drop below the yearly highs at $17,622. As these support zones have not been tested for nearly 3 months, the BTC price is feared to break these levels easily as it appears to be porous.
The recent price crash is holding up the arguments presented by some of the market analysts who believed Bitcoin could crash down to $15000 in 2022. Now when the prices have deflated finely, the possibility of breaching through the lower support emerges. However, the bearish trend may not be in a month or two as the descending consolidation is expected to prevail for a long.
In the above chart, the BTC price trend currently appears to have mirrored the 2013 to 2016 rally. similar to the present trend, the BTC price rose from the bottom to reach the top and later maintained a descending trend for nearly a year to reach the bottom zone. Here, the asset remains almost stagnant for nearly 6 to 8 months and begins with the next bull cycle.
Hence, a similar upswing may be expected by March 2023 and till then the price may remain consolidated within $18,000 to $25,000. However, if in case the FED rates hamper the rally as they are believed to rise another 0.75 bps in the coming days, then one expect a bloodbath in the crypto market. Therefore, the possibility of Bitcoin(BTC) price forming new bottoms around $15,000 may be validated.
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Will Terra Classic (LUNC) Price Initiate a Fresh Rally? – Coinpedia – Fintech & Cryptocurreny News Media
Terra Classic (LUNC) seems to have been on a steady price recovery path during the past few days. The price of Terra Classic (LUNC) plummeted significantly after Do Kwon, the founder of Terraform Labs, received an arrest warrant.
After billions were lost and regulators started to swarm, the development and control were turned over to the community and relaunched as LUNA Classic. Many investors are still being cautious, especially those who have already been harmed by the scandal.
The South Korean authorities filed an arrest order for Kwon and five other people on September 14. For breaking market regulations, the founder was arrested. All six of the people listed on the arrest warrant are in Singapore.
This caused a sharp decline in the price of LUNC, with the token losing almost 15% in a short period of time. Prior to the release of the arrest warrant, LUNC was trading in the $0.00030 to $0.00034 range.
The token has somewhat recovered in the meanwhile. The LUNC community claimed Do Kwon had no connection to the Terra Classic project when the price dropped.
Do Kwon says he is cooperating with the authorities
In the meantime, Kwon addressed allegations that he was evading law enforcement. He stressed that he was not and Kwon said that his team was completely cooperating with the authorities and had nothing to conceal. He continued by saying that his business is currently defending itself across several jurisdictions.
“I am not ‘on the run’ or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide. We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months.”
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Long Term Investors Are Positive About Terra Classic (LUNC), Here’s Why? – Coinpedia – Fintech & Cryptocurreny News Media
Terra has evolved into one of the projects that is actively being developed in an effort to recapture the position it formerly held. Since its infamous collapse, Terra has resurfaced under the name Terra Classic. The price of LUNA tokens has risen to a new high of $7.06 because of the rising interest in Terra 2.0.
Along with launching Terra Docs, the project’s official documentation, Terra also redesigned its website. Code Hike, a revolutionary visualization tool used to display the Terra source code, was utilized to produce the Terra Docs.
Over 566 billion LUNC have been staked, or 9.643% of the entire 6.9 trillion supply, according to a tweet from LUNC staking, an official bot that monitors and updates Terra Classic staking data every 10 minutes.
Long term investors seek resort in Terra 2.0
It shows that 32 billion LUNC more have been staked recently. On September 10th, the Crypto Basic revealed that approximately 534 billion Terra Classic had been staked. It is encouraging that more investors have a long-term commitment to the initiative for the network, which aspires to experience a revival. As a result, it also lessens the asset’s selling pressure and circulating supply.
Staking was restored on the Terra Classic network on August 27 as part of the well-publicized V22 network update. Some see it as the start of the LUNC reconstruction process, providing holders with chances to create wealth.
There is no minimum deposit requirement for LUNC staking, according to information from Staking Rewards. Additionally, staked assets are subject to awards of up to 37.8% and are locked for 21 days.
In order to restore Terra Classic, the LUNC community has since offered and supported a 1.2% tax burn plan. Three days from now, all on-chain transactions will be subject to the proposal’s implementation, which attempts to reduce the excess LUNC supply.
As the majority of LUNC operations take place on these platforms, the community is also seeking to enlist central exchanges to apply the tax burn to off-chain activity like spot trading.