Bitcoin Price Live Today: A Massive Drop May Drag the Price Below $24,000 Soon
The crypto space has turned greener in recent times as the Bitcoin price soared high beyond $28,000 for the second time in a week. However, the bulls appear to have been drained after pulling the prices notably high, and hence an inverse action could be possible. The BTC price has been consolidating below the key resistance level. This could be an indication of the impending correction which may kick off during the weekend.
Meanwhile, the BTC price may still be saved from a brutal sell-off until it remains strong beyond certain levels.
Bitcoin price is trading at $27,519 at the moment after failing to sustain above $28,000. The price has failed to sustain above these levels multiple times as the bears may have held these levels tight. Therefore, if the price makes an attempt to test these levels again, a significant pullback may kick in.
The current pattern formed displays the possibility of undergoing a bearish breakdown as the RSI has also turned bearish. Previously when RSI turned bearish, the BTC price dropped from a high of $25,000 to as low as $20,000. Therefore, yet another drop may lead the price to drop below $24,000, to around $23,469.
Moreover, star crypto is displaying a similar behavior at times when it makes highs above $25,000. The price constantly tested levels above $25,000 and finally underwent a massive drop. A similar pattern is formed presently and hence a significant price plunge may kick in if Bitcoin’s (BTC) price fails to uphold the $26,800 support levels over the weekend.
Do Kwon’s Arrest in Montenegro Causes Steep Drop in Terra’s LUNA Tokens
The Montenegrin Minister of Interior has announced that Do Kwon, the co-founder and former CEO of Terraform Labs, has been arrested in Montenegro after a prolonged manhunt. Kwon had reportedly been hiding in Serbia before being apprehended by the authorities in the neighboring country.
Do Kwon Was Detained at the Podgorica Airport with Falsified Documents
Last year, when the stablecoin TerraUSD (UST) and its $40 billion ecosystem collapsed, Do Kwon became the subject of multiple investigations and even appeared on Interpol’s red notice list. The incident caused a ripple effect throughout the cryptocurrency markets. However, Kwon managed to stay out of the authorities radar and hid his location successfully.
However, the long run of Do Kwon finally came to an end as the suspect was apprehended at Podgorica airport using forged documents. Interior Minister Filip Adzic, said:
“Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs.”
Dritan Abazovic, the Prime Minister of Montenegro, follows Adzic’s unverified account, and the tweet announcing Do Kwon’s arrest was retweeted by Abazovic’s official account. In addition, Adzic’s account has been referenced in previous official tweets as well.
Terra’s LUNA Tokens Experience Sharp Drop Following Do Kwon’s Arrest
The news of Kwon’s arrest in Montenegro sent shockwaves through the crypto market, causing the value of LUNA and LUNC tokens to drop by nearly 8% and 4%, respectively. The Terra market has already been struggling in recent weeks, and Kwon’s arrest has added to the growing concerns of investors.
According to CoinMarketCap, the LUNA token is trading at $1.3, and the LUNC token is hovering at $0.0001228, following a massive selloff from traders and investors amid the FUD situation.
According to reports, Do Kwon sought refuge in Singapore in September when a Seoul court issued an arrest warrant and requested Interpol to cancel his passport and issue a red notice against him. However, the Terraform Labs founder denied being on the run.
In December 2022, it was revealed that Do Kwon was actually hiding in Serbia. An official from the Korean investigative authorities confirmed the information, leading to Terra Classic (LUNC), the ecosystem’s cryptocurrency, experiencing a significant decline in performance.
In February, the SEC also charged Do Kwon for allegedly scamming $40 billion worth of cryptocurrencies in the market. An official from the National Police Agency said:
“We have confirmed the person’s age, nationality, and name with the ID card he had, and we have confirmed that he is the same person as Kwon based on photographic data. We are waiting for fingerprint information to confirm his exact identity.”
Shibarium Blockchain Drama Causes 10% Drop in Shiba Inu (SHIB) Price
The Shiba Inu (SHIB) ecosystem has been thrilled by the launch of the Shibarium layer 2 public testnet. However, the rehearsal dance stopped after a discord user spotted a discrepancy in Shibarium chain ID. Reportedly, Shibarium developers copied Rinia testnet genesis files but forgot to change the chain ID. As such, Shiba Inu’s price dipped as much as 10 percent in the past 24 hours to trade around $0.00001042 on Thursday.
From a technical standpoint, Shiba Inu is halfway from obliterating January gains with the recent falling channel. Similarly, the $BONE ShibaSwap token was in the red on Thursday, having declined approximately 21 percent in the past 24 hours to trade around $1.21.
Closer Look at Shibarium Plag Allegations
The decline in $BONE and SHIB are directly related to the recent revelations of a plagiarised Shibarium network.
“Chain ID is the simplest thing any Blockchain dev looks for first when deploying a Blockchain,” community member Steve wrote. “As using an ID that already exists is just incompetent as your chain wouldn’t work properly, and everyone trying to interact with your chain would instead interact with the other chain. Why does it look like the shibarium test net has been taken from the rinia testnet genesis file? Changed the name from renia. But forgot to change the chain ID,”
The situation has ostensibly been made worse by lead developer Shytoshi Kusama who, instead of correcting the issue, made jokes. Notably, Kusama discredited the allegations as FUD and urged the Shibarmy to continue building amid the uncertainties.
Interestingly, over $5 million worth of $BONE has been unstaked in the past 24 hours, significantly contributing to the token’s bleeding.
In his response, Kusama defended the Shibarium concerns by indicating that crypto should not have discord or telegram.
Is USDC Going To “Zero” ? Major Shareholders Selling Off USDC Could Mean Total Value Drop to Zero, Says CryptoQuant Founder
The stablecoin market is in turmoil following the depegging of Circle Internet Financial’s USDC stablecoin from its intended $1 price. The event has been called a “harrowing development” for a product designed as a safe haven for investors.
Value Dropping to Zero Means Major Shareholders Are Selling
According to CryptoQuant founder Ki Young-ju, value dropping to zero means major shareholders are selling. While there is currently no on-chain proof of a USDC bank run, the situation has caused significant concern among investors.
No USDC Bank Run Found Yet, but Circle Burns $2.34B
Although no on-chain proof of a USDC bank run has been found, Circle has burned $2.34 billion in USDC in the last 24 hours. While this is a significant amount of money, it is not unusual when looking at the historical data.
According to what I’ve observed, this USDC situation is a completely different case from the UST collapse in May 2022. During the UST collapse, on-chain activities prior to the collapse indicated that LFG sent BTC to exchanges and issued infinite LUNA to restore the UST peg.
SVB Run Causes Stablecoin Price Swings and Soaring Gas Fees
Stablecoin prices have wildly swung and gas fees have soared as investors scramble to move money around in the aftermath of regulators shutting down SVB amid a run on the bank. The bank had ties to crypto, making it the second crypto-linked bank to collapse this week.
Circle Internet Financial confirmed that about $3.3 billion of the reserves backing the world’s second-largest stablecoin were tied up at SVB. Stablecoins derive their value from these reserves, and USDC’s market capitalization has now slumped below $40 billion.
USDT Spikes as Investors Shift Money Away from USDC
USDT, meanwhile, has spiked to $1.06 on Kraken versus the U.S. dollar, a level it almost never hits, as investors appear to shift money away from USDC. Bitcoin rose in response to the events.
As the stablecoin market remains in flux, investors are keeping a close eye on developments to see how they will affect the broader cryptocurrency ecosystem.
Bitcoin Price Crash: How Low Can BTC Price Drop?
The cryptocurrency market appears to be uncertain with some cryptocurrencies experiencing price growth while others are continuously falling, due to the unclear pattern of Bitcoin price during the first week of March.
The price of bitcoin was unable to surpass the $22,200 resistance level. BTC experienced a sharp increase in selling activity, which caused a decline under the $21,500 support region. There was a drop toward the $20,000 support and the price is down more than 8%. At $19,800, a new monthly low was formed, and the price is presently consolidating its losses close to the $20,000 region.
What Next For Bitcoin Price?
A cryptocurrency expert and trader, Jason Pizzino, predict the short-term direction of Bitcoin, the largest crypto by market cap.
Pizzino is optimistic about Bitcoin’s long-term direction but warns that the cryptocurrency asset could potentially drop by about 15% from current levels to below $19,000 in the short term. He points to the daily chart and identifies support levels of $21,500, $20,000, and, in the worst-case scenario, perhaps around mid-$18,000. Pizzino suggests that there is a solid buying opportunity for under $22,000 and emphasizes that he remains bullish on Bitcoin’s long-term prospects.
Pizzino believes that prices below $22,000 for Bitcoin offer an opportunity for accumulation. He notes that at about $20,500, Bitcoin may only reach its halfway mark, and recommends that investors keep this in mind if they are looking to dollar-cost-average into Bitcoin over the long term. The analyst also warns that Bitcoin’s long-term positive thesis will be proven false if the price falls below $18,500.
Shiba Inu Whales Could Cause A Price Drop, Cardano With An Update On Hydra While The TMS Network Presale Completes Stage 1 Earlier Than Expected
Projects are consistently evolving, and whales can have a major role in the value of a specific coin or token. Each cryptocurrency and its utility carries a high responsibility regarding its overall appeal, value, and momentum.
The most notable projects that have sparked interest among investors include Shiba Inu (SHIB), Cardano (ADA), and TMS Network (TMSN), but not all of them have performed equally, and we will be exploring why this is the case.
Shiba Inu (SHIB)
The Shiba Inu (SHIB) ecosystem and cryptocurrency experienced $300 million in trading volume.
News surrounding the financial issues at Silvergate Bank spooked the market, and the SHIB cryptocurrency saw a massive whale sell-off.
With the launch of Shibarium, a Layer-2 network, hype surrounds the ecosystem. Despite those aspects, as of March 3, 2023, the SHIB cryptocurrency is trading at $0.00001134.
This level of volatility and liquidity can help SHIB rebound in the upcoming days, but nothing is certain.
This development decreased SHIB’s value by 13.67% in the last seven days or 5.46% in the last 24 hours. These aspects have made SHIB investors worried, as the cryptocurrency could also dip in the upcoming days instead of rebounding.
Cardano (ADA)
The development team behind the Cardano (ADA) blockchain has discovered a new way to enhance the overall Hydra scaling system and released the latest update surrounding it.
They recorded another milestone on the on-chain activity, where according to the data, 117 projects have been launched on top of Cardano (ADA). Aside from the live projects, 1,205 are currently getting built on the protocol.
Plutus Scripts recorded on Cardano (ADA) equalled 5,857, of which 762 were Plutus V2 scripts.
A major update surrounding the Hydra Protocol was shared, where they announced that they completed work on a different method of dealing with the contests throughout the contestation period.
Future development could spark a higher level of appeal and trust in the ecosystem from the perspective of the network. Hydra can potentially scale ADA to 1,000,000 transactions per second (TPS). ADA is trading at $0.3391 as of March 3, 2023.
TMS Network (TMSN)
TMS Network (TMSN) has also grabbed the attention of a lot of investors and traders, as it’s on a mission to completely revolutionize the way the trading industry operates by becoming a decentralized trading platform available to anyone from anywhere in the world. The platform enables access to the trading of stocks, FX, and CFDs with crypto directly.
By taking advantage of the opportunities behind the TMS Network (TMSN) platform, users can buy or trade any derivative, and all of it is available without the need to create an account. All users need to do is connect a crypto wallet and get access to all of the features alongside the TMSN token. For those new in the trading space, a Copy Trader feature is available, alongside access to MT4 and MT5.
Stage 2 of the presale has begun. The TMSN token is at the forefront of the project and can be purchased at just $0.029 initially. Those curious about engaging with the token and ecosystem need to do so quickly by following the links below, as analysts predict that it can spike to $2.20 by December of 2023. The TMSN token enables investors the unique opportunity to invest in a project that can assert itself as an industry leader.
Presale | Telegram | Discord | Twitter
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Litecoin Primed to Drop by more than 25% soon-Here’s Where you can Find the Bottoms!
The crypto space is undergoing a roller coaster ride ever since the beginning of 2023 as the prices have been varying largely. Bitcoin and other popular tokens are slowly gaining strength as they are approaching their crucial resistance. In the meantime, the lite version of Bitcoin, Litecoin is flashing extreme bearish signals. The token is believed to drop hard by nearly 30% to mark the bottom close to $65 in the coming days.
The price broke above the multiyear trend line that it followed ever since it marked the high in April 2021. The price broke the descending trend with a bullish move that sparked at the beginning of the 2023 trade. The RSI is swinging along the average range while a significant bearish pressure has mounted due to which a descending trend could be imminent.
While the entire market was still growing well in the previous week, the LTC price stopped before an important level. Therefore, in the coming days, the LTC price may begin a significant downward correction which could be followed by the entire crypto space. Therefore, the idea time to get into a long trade could be around the range of $65 to $73.
Here are the insights for the Litecoin Price:
Bitcoin Price Update Today: BTC Price is Dire Strait-Altcoins Feared to Drop By More than 50%
After rising beyond $1.13 trillion, the global market cap again slashed hard and is heading towards the threshold of $1 trillion. The trading volume also slumped pretty hard by more than 7% indicating the bull is currently relaxing after pushing the prices during the previous trading day. Presently, the Bitcoin (BTC) price is hovering around $23,800, with a notable drop of 2.27% but with a slight rise in the volume.
The BTC price, which is trading sideways, possesses the possibility of sustaining its strength and, at the same time, a minor probability of dropping to $22,000. In such cases, the altcoins in the market may come under an extreme bearish influence and slash hard. A popular analyst says that they may even drop by more than 30%.
“Could see a flush down to the 21ks if this current 23k low breaks and that’ll send alts down 30-50% from current levels IMO. Happy to buy some of the strong ones at that time and rebalance any active trading positions. Going to cut some of them in the following days,”
Furthermore, the possibility of a bullish reversal looms over the BTC price rally, with analyst Micheal van de Poppe expecting a bounce back to $25,000 until the price remains above $22,000.
“ The markets are still having a regular correction inside an uptrend.
As long as Bitcoin remains above $22K, this would be sufficient to expect continuation towards $25K+,”
Stablecoin Issuance Drop Worries Morgan Stanley About Crypto Market Stability
According to a research report published by American investment banking company Morgan Stanley on February 13, stablecoins play an important part in cryptocurrency trading, and their products might possibly compete with the traditional banking system.
The institution mentions that authorities in the United States have started placing restrictions on stablecoin products—referring to the recent crackdown on BUSD issuer Paxos—and adds that the issuing of stablecoins is essential for cryptocurrency dealers.
According to the findings of the research, a declining market capitalization for stablecoins is a sign of declining cryptocurrency liquidity and leverage. This is the same thing as quantitative tightening for the cryptocurrency market.
The balance sheet of the Federal Reserve began to shrink at the same time as the market capitalization of stablecoins began to decrease, according to Morgan Stanley.
The price of bitcoin (BTC) led to the increase in stablecoin market capitalization during the bull market in cryptocurrencies that happened in 2021; however, the research highlighted that the reverse occurred during the bear market that occurred in 2022.
The increasing prices on the market attracted traders to employ greater leverage in the form of borrowing stablecoins, which they subsequently used toward the purchase of further cryptocurrency.
According to the research, the drop in cryptocurrency liquidity that resulted when traders closed their long crypto positions was the primary factor that led to the falling market prices. This was followed by redemptions of the stablecoin that was received.
The financial institution anticipates that regulatory efforts in the United States will center on the regulation of stablecoins and believes that issuers will probably be required to register and verify that they own sufficient liquid assets to back the stablecoins that they issue.
Stablecoins are a subset of cryptocurrencies whose value is linked to that of a preexisting asset, such as the U.S. dollar, gold, or even another cryptocurrency.
Will the XRP Price Drop Affect Demand to Relist XRP?
The crypto space has been in a narrow range for the past few days, and the weekend also failed to generate the necessary bullish momentum. Along with Bitcoin, significant altcoins such as XRP, ADA, SOL, and others held for a while before plummeting dramatically at the start of the new weekly trade. The current trade set-up appears to be pretty bearish and hence the XRP price is believed to drop to the lower support close to $0.32.
Besides, the Ripple vs SEC lawsuit decision is still pending which was believed to induce a significant price action ahead. Will the coiling demand to ‘Relist XRP’ will cease with the plunging XRP price? Or it’s just a short-term pullback that may be overcome in a while ahead?
The price is moving along a trend resistance since April 2022 and has been facing constant rejection, fining the trend support. It is forming constant a head & shoulders pattern which may fuel the downward movement.
The price appears to be heading toward the crucial support zone by slicing through the lower support of the triangle. The token is believed to make a shift to the $0.32 level and attract more hands to accumulate at lower prices. This could enhance the volatility that may be further fueled by the probable Ripple vs SEC settlement or the summary judgment which is expected to come up any moment within the H1 2023.
With the decision on the lawsuit produced, the upswing is expected to prevail for the next couple of months. Until then, the XRP shorts may have a larger play with the lower target at $0.32 where they may take out 100% of their profit. This may liquidate the shorts which may trigger a notable rebound reclaiming the lost levels by the end of Q1 2023.
Polygon NFT’s Exploding- Here’s Why MATIC Price May Never Drop Below $1
AI-based tokens like Fetch.ai, SingularityNET, the Graph Token, etc have been on the rise throughout the week. It appears that the launch of ChatGPT and Microsoft’s investment in it did the job easier for the bulls. Amid the growing popularity of novel technologies,
Besides, Polygon is among the chains which have shined among the other Layer-2 scaling solutions. The upcoming mainnet upgrade with the inclusion of the zk-EVM could Polygon chain has been able to maintain a notable strength, flashing possibilities of testing higher targets in the coming days.
Swelling NFT Adoption
Ethereum is the leader of the DeFi and NFT space at the moment. However, other chains are also emerging as strong competitors including Polygon. It is the 4th largest NFT space by sales volume recording sales of $3.35 million with a jump of 30.64%. The no.of transactions also spike by more than 73% in the past 7 days where-in Ethereum experienced a drop p 4.16%.
Moreover, the daily volume of Opensea, one of the popular NFT marketplaces witnessed a major spike in the past couple of days accumulating more than $18.5 million.
Meanwhile, the monthly volume of Opensea on Polygon has surpassed $30 million in the first 10 days which is the highest level since May 2022. It is interesting to note that the total NFTs sold remained relatively low compared to the past 2 months. It indicates that the value of the NFTs on opensea has risen significantly.
How Will it Impact the MATIC Price?
The Polygon price has been displaying immense strength ever since the price rebounded from its bottom below $0.4 in June 2022. The price trigger a notable upswing since the beginning of 2023 and also broke above the ascending triangle in the past few days. While the price appears to be poised to reclaim the levels above $1.5, the prevailing bearish pressure may not hinder the progress of the rally.
The MATIC price has a strong support base slightly above $1 and has also acted as a trend reversal zone. Therefore, even if the price drops, it may trigger a rebound from $1.04 levels and rise high to surge beyond $1.5 after facing a slight hindrance at $1.4 levels. Collectively, the Polygon(MATIC) price appears to be extremely bullish in the long term and is hence believed to maintain a firm upswing ahead.
Voyager Bankruptcy Leads to Massive 270 Billion Shiba Inu Transfer! SHIB Price Drop On Horizon?
The bankrupt cryptocurrency lender Voyager Digital has transferred 270 billion SHIB to Coinbase, Kraken, and BinanceUS over the course of three transactions totaling 90 billion each.
Today, crypto on-chain analytics firm Lookonchain made the announcement on Twitter, where they also shared a link to the transaction details. According to a snapshot that was supplied, the initial transfer was sent to what Lookonchain identified as the deposit address for BinanceUS.
The now-defunct cryptocurrency lender is said to be in possession of 6.8 trillion SHIB, as reported by Lookonchain and corroborated by the data on the Voyager address.
This move has aroused suspicions in the cryptocurrency world, with some believing that the bankrupt crypto lender is trying to cash in on the recent market boom in order to repay creditors, but Voyager has yet to comment on the matter. In addition to this, it has aroused worries about an impending sale of Shiba Inu, which has the potential to have a detrimental influence on the price of the breed.
How Shiba Inu is Doing?
As for SHIB, while continuing its ascent, the value of the meme token is being bolstered by a significant amount of support from the community. In the last thirty days, the price of SHIB has increased by more than 47 percent. Nevertheless, the recent revival of the cryptocurrency market was the primary driver of this spike. It is currently worth $0.00001201.
In conclusion, the most probable scenario for the Shiba Inu price forecast for the month of February is a bullish breakout, followed by a climb that is headed toward $0.000014. This bullish price projection, on the other hand, would be rendered worthless if the price closed below the support line of the triangle, which may set off a downward trend below $0.0000103.
Solana (SOL) and Polygon (MATIC) Price May Face a Potential Drop If This Scenario Plays-out
The altcoin market has been experiencing an unexpected downtrend after a promising upward rally, giving bearish woes to investors’ portfolios. Two of the most talked-about altcoins, Solana and MATIC, are no exception, as they are following the ongoing market trend and developing a possible downtrend in the next few days.
Will Solana And MATIC Price Bring The Worst Situation?
Solana and MATIC are two of the fastest-growing altcoins in the market that have made a significant recovery rally after forming a price bottom in November. Since the beginning of 2023, these altcoins have caught investors’ attention and have been making headlines for their impressive performance. However, the bearish market sentiments have jeopardized the upward rally, and many investors are concerned about their future performance.
Solana Price Analysis
SOL price has been able to hold its trend above the $22 mark, which it gained a week ago. However, the next challenge for the altcoin is at $28.2, as a rejection near this level may plunge the asset below its 23.6% Fib level. As of writing, Solana trades at $24.18, declining nearly 1% in the last 24 hours.
A prominent crypto analyst, Momentos, predicts two scenarios for the upcoming Solana price. The analyst noted that the SOL price might become bearish if it fails to hold its pivot area at $26-$29, slumping the token to its EMA-20 trend line at $10.94. However, a trend above the pivot area may send this token to test its crucial resistance above the EMA-200 at $32.
MATIC Price Analysis
Polygon (MATIC) has recently faced a solid rejection near $1.18 and has quickly dropped to the bottom price zone near $1.1 as investors started their profit-taking operations to avoid any sudden price dump ahead. Moreover, the eyes of the altcoin traders are now on the FOMC meeting and Jerome Powell’s comment on interest rate hikes as it can shake up the MATIC price.
A well-known altcoin trader, RMDFinance, predicted that MATIC price is poised for a downtrend as it forms a descending channel pattern. A breakout below the weekly support level of $1.06 may begin bearish trading sessions as MATIC may witness a significant rise in short positions.
According to CoinMarketCap, MATIC’s price hovers at $1.11 with a downtrend of 0.49%. Looking at the daily price chart, the RSI-14 indicator may push the token upward to test its resistance at $1.2 to confirm a short-term upside retracement. If MATIC breaks its resistance at $1.2, it may pave an upward journey to $1.33.
Bitcoin Bulls & Bears Clash For Conquest-Will BTC Price Rise towards $24K or Drop Below $22,500 Today?
The uncertainty within the crypto space has yet again increased after a relief of a few weeks, as the Bitcoin price crashed hard below crucial levels. The increased bearish action is currently signaling that the rally could re-test the interim support at $22,500. Meanwhile, the bulls appear to hold enough strength and momentum required to withstand the bearish pressure.
However, it would be incorrect to say that the bulls could continue like this for much longer- they are expected to get exhausted soon and that may spark a fresh decline in the prices very soon.
The BTC price has surged from $16,500 to as high as $23,900 since the beginning of 2023. The 40% price rise appears to end soon as the 3 main bearish factors have emerged. Here’s what they are:
- Bitcoin completely overshadowed the price rise that marked the yearly highs on 20th January 2023 and dropped to the levels below during the next trading day. This is a clear indication of a bearish reversal, popularly known as bearish engulfing which begins at the end of the rally.
- The Relative Strength Index (RSI) has displayed an inclination towards the south and slipped below the January 14 levels. However, in the meantime, the BTC price continued to rise and this gap usually results in trend reversals, favoring bears.
- Lastly, the MRI or the Moment Reversal Indicator which is a time-based indicator that speculates the end of the trend based on the momentum of the price movement has breached the BTC price in the daily chart. However, it still continues to hover within a crucial area wherein a bullish flip may be expected. But in case, the levels drop towards the south, a notable bearish case may be validated.
Presently, the Bitcoin bulls are trying hard to hold the price levels above the crucial support and a failure may spark a fresh bearish trend. The price may continue to dive lower until the sell-off subsidizes offering an opportunity for the buyers to accumulate. Besides, the FOMC meeting which is scheduled to take place in the following days is believed to induce bullish momentum to rise the price beyond $24,000.
Therefore, the next 24 to 48 hours appear to be extremely crucial for Bitcoin and the entire crypto space.
March 2020-like Crypto Crash Coming in Q2 2023, Bitcoin (BTC) Price May Witness Highest Drop in History!
Bitcoin price after fluttering below $18,000 for a few months has jumped beyond the crucial resistance at $22,500. The prices are inflating heavily and appear to be at the initial stages of the bull run that may end up forming a new ATH in the near future. However, before being optimistic about the upcoming bull run, here are the possibilities of the rally being programmed and could be executed shortly.
An extract replication of 2019-2020 rally is underway where-in the first leg bouncer off from 200-day WMA initially and later the Q1 2024 crash may begin. A popular analyst, forecasts the Bitcoin price prediction for 2023 and says that the price may reach $25,000 in the next few weeks which will be followed by a massive pullback in February.
Referring to the above chart, the analyst says, there could be a continuation to $23,100 which could be followed by a pullback to $22,000. However, this plunge is believed to trigger a massive leg up towards $25,000 to accomplish the ‘2023 bull run’ and by the end of the first week of February, the bears may begin with their actions.
Bull Run Or Bull Trap? What Next For Bitcoin Price
In one of Coinpeida’s compositions, it was reported that whales have been aggressively accumulating Bitcoin. Therefore, it may not be considered a normal price jump if the volume does not appear to be real. Hence, a well-known analyst, il Capo of Crypto says that this could be the biggest bull trap ever which may foresee a major impact soon.
Collectively, the Bitcoin bull run presently appears to be a trap. No significant confirmation of bullish reversals was seen while the conditions for an intrinsic upswing have not been met. Therefore, one needs to keep a close watch on the BTC price movements as it may fade away in just the blink of an eye.
Could Solana’s Meme Token BONK Spike Up Again After Huge Price Drop?
Last week, we experienced a perfect instance of a meme token generating so much publicity at the beginning of its release that spikes its price up to an incredible high, then the enthusiasm dies down almost as soon as it began, resulting in the token witnessing a massive reduction in value.
The token in question is Solana’s meme token Bonk (BONK). According to the information given by CoinGecko at the time this article was written, BONK’s price has decreased by 35% in the last 24 hours and by nearly 70% in the last seven days. But is this it for BONK? Or is there a possibility that the token price may see yet another significant increase?
Could BONK Spike Up Again?
BONK, which is the first and currently only meme token on the Solana network, has the potential to see better days and follow a development path similar to that of SHIB and DOGE. Nevertheless, in order for this to be successful, it must be supported by the most significant exchanges in the sector.
There is one thing that the majority of the most popular meme currencies in the cryptocurrency business all have in common, and that is the fact that they are all listed on the most prominent exchanges such as Binance, Kraken, and Coinbase. DOGE and SHIB are two examples of these coins.
BONK will need to be listed on at least one of these exchanges in order for it to reclaim its price and record a somewhat significant price rise in the foreseeable future. This is a move that will infuse tremendous liquidity and assist BONK to maintain its trading volume, which previously exceeded Ethereum’s.
On the other hand, it is quite unlikely that BONK will ever be able to acquire the same degree of widespread acceptance as other cryptocurrencies such as Bitcoin and Ethereum.
However, having the token listed on a reputable exchange will do wonders for the price of the token. Let’s see what the future holds.
$20M Worth ETH Transferred To Binance, ETH Price Drop Ahead ?
Even though the year 2022 has been a roller coaster ride, the start of 2023 has been pretty much on a positive note as the crypto market seems to be recovering. The star cryptocurrency, Bitcoin which was struggling to even move beyond $15,000, has now successfully captured $17.5 levels. This has resulted in a bullish market.
However, as Ethereum bulls are making a gradual move one of the ETH whales has pulled out 15,500 Ethereum (ETH) which is worth nearly $20 million. This withdrawal has been made from various liquidity pools and this $20 million was then moved to Binance exchange. This was confirmed by Lookonchain, a on-chain analytic firm via Twitter post where the firm claimed that the whale has withdrawn the said amount from Convex, Lido, Curve and Balancer liquidity pools.
Ethereum Witness Decreasing Trade Volume
The firm also stated that in September 2022, the whale had 30,000 ETH and now after the withdrawal, the whale is worth just $19.58. Furthermore, over the last 10 days the whale has sent nearly 20,000 ETH to Binance. Hence, the crypto space believes that Ethereum price is about to plunge.
Meanwhile, it’s been observed that Ethereum price trade is not that productive when compared to that of Bitcoin’s. In the last 24hrs, Bitcoin has gained $0.85 while Ethereum has managed to rise only 0.02%. Also Ethereum’s trading volume has plummeted 12% over the last 24hrs which suggests that ETH is losing interest.
At the time of publication, Ethereum price is selling at $1,331 after a surge of 0.02% in the last one day. The lead altcoin should hold on its trade above $1,300 to see its next climb of $1,400 and then $1,500.
Solana’s Excellent Start of the Year is Coming to an End, SOL Price Might Drop To $12 Soon?
The traders who experienced unrealized losses owing to the FTX collapse were charged up by the most recent Solana price rally. Since the FTX-related liquidity problem in November, the price of the Ethereum competitor has been steadily declining.
Although the cryptocurrency is now in a bullish overall trend, it is uncertain whether a further surge will occur soon. Bitcoin has finally crossed the significant $17k mark, sending green waves across the market.
Returning to Solana, the coin has shown a very exceptional start to the year as the network’s native cryptocurrency SOL had a significant rally over the past few days. According to the expert who correctly predicted the bottom of Bitcoin’s bear market in 2018, Solana may be preparing for a big retracement. According to analyst Smart Contracter, Solana’s excellent start to the year has probably come to an end.
“Over 112% move from the lows on SOL in a clear V reversal, five-wave impulsive move. One of the clearest I can see across the board, actually. Over the coming weeks, I’d anticipate an ABC correcting that whole run, probably between 25%-35%, but it will likely be a dip to buy.”
The Elliott Wave theory, a technical analysis used by Smart Contracter, seeks to forecast future price movement by observing crowd psychology, which frequently manifests in waves. The theory states that a bullish asset often corrects (ABC wave) following a five-wave advance.
According to the chart of Smart Contracter, at the 0.618 Fibonacci level, SOL is expected to decline below $12. At the time of writing, Solana is trading at $16 and is down by more than 5 percent.
Alex Krüger, an economist, likewise believes that the recent price hikes for SOL are likely coming to an end. Krüger asserts that the shorts that propelled SOL’s rally have already been destroyed.
“Bears wiped out. SOL funding markets back in balance. Think still has room to go, but the outperformance phase is mostly behind.”
Fed Chair Jeremy Powell all Set to Deliver his Speech-Will Crypto Market Drop Again?
The post <strong>Fed Chair Jeremy Powell all Set to Deliver his Speech-Will Crypto Market Drop Again?</strong> appeared first on Coinpedia Fintech News
U.S FED’s Chair, Jerome Powell is going to speak at the Sveriges Riksbank International Symposium on Central Bank Independence, while the crypto markets and the stock market investors are presently clueless. Most analysts believe the markets could turn extremely volatile as the Bitcoin price is expected to rise slightly and after it hits $17,500, massive liquidations may explode.
Jerome Powell's speech will be in 2h 30 mins.
Be careful trading at that time as algos will be on fire reacting to his words.
If this scenario occurs and hit the liquidations at $17500 within today & tomorrow, we'll support the idea of CPI giving us a mid-week reversal. pic.twitter.com/tdQYPbuHEe
— CrypNuevo
(@CrypNuevo) January 10, 2023
Previously, the markets responded in a negative way whenever the FED chair delivered his speech citing the dovish outlook. A similar trend is believed to replicate and hence the analyst here has warned his 37.8K followers to be careful in performing any trade.
Besides, another popular analyst, Micheal van de Poppe, believes that Jerome Powell has no base to produce a dovish speech apart from having more than 50 PMI from Friday. Hence believes that the markets may just be relaxed and display no major impact of his speech.
Collectively, after a significant upswing, the markets are again consolidating within a very narrow range. Hence it appears that the Bitcoin and major altcoins are preparing for the event and hence began accumulating well in advance.
Bitcoin and Altcoin Price To Drop Heavily With Major Capitulation in 2023!
Toni Ghinea, an independent cryptocurrency analyst, has revealed on Twitter their forecast for the price of bitcoin in the year 2023. According to Ghinea, this year will be the year when the cryptocurrency market has a major capitulation, and the analyst adds that price declines of 40–60% shouldn’t come as a surprise.
According to the expert, we should anticipate that institutions will continue to sell Bitcoin, which will cause the price to drop below $16,500. The price of bitcoin is present $16,555. Secondly, Ghinea said that global liquidity is contracting and that the price of cryptocurrency does not account for the possibility of a recession.
The market expert believes that the monthly chart for Bitcoin looks “horrifying,” and she forecasts that the price of the most valuable cryptocurrency will fall between $11,000 and $14,000.
Ghinea said:
“There’s nothing wrong with being optimistic, but being a bull in the face of an imminent recession due to irresponsible money printing over the last 2 years is not smart. Don’t fight the FED. It’s simple.”
After breaching over the $16,650 mark, Bitcoin is trading with a positive bias on January 3rd. At first, it seemed probable that Bitcoin would go toward the $16,750 level. Despite this, it is presently trading at just a hair over $16,630, and the total amount of trades over the last 24 hours was $13.4 billion.
On the four-hour timescale, the bullish scenario for Bitcoin price has been partially invalidated, and it is expected that BTC will turn the range low at $16,211 into a resistance level
Investors should wait for confirmation before closing their long position. Confirmation will come if Bitcoin creates a lower level below $16,211. Manipulation may cause a fast selloff below the level listed above. However, investors should wait for confirmation before closing their long position.
An improved macroeconomic situation, more adoption, a decreased supply, and a lack of competition are all things that can end up helping cryptocurrency. Although not only Ghinea, several other experts seem to believe that Bitcoin’s value will continue to decline.
This might happen if investors stop putting money into cryptocurrencies and if crypto firms continue to cave in the face of pressure.
Cardano And OKB Price Drop Puts Fear In Investors As Flasko Skyrockets
Cryptocurrencies specifically continue to captivate and excite a vast number of investors. The Flasko presale has lately gained popularity among cryptocurrency enthusiasts, resulting in some Cardano (ADA) and OKB (OKB) investors transferring their investments to Flasko.
But why? Keep reading to find out if you should put Flasko in your investment portfolio in 2023.
Cardano (ADA) Keeps Losing Value
The eco-friendly software of the Cardano (ADA) system allows digital contracts and decentralized programs. The much-awaited Voltaire generation, which will usher Cardano (ADA) into its long-awaited fifth era, will supply the components needed for the Cardano (ADA) network to evolve into an autonomous entity.
The value of Cardano (ADA) has fluctuated much, like the prices of many other coins. It is currently downward, losing 16% of its worth in the last week and 20% in the past month. Cardano (ADA) may rebound when Voltaire launches next year. But investing in it at this time is not advisable.
OKB (OKB) Fails To Withstand Bear Pressure
The OKX’s native token, or OKB (OKB), was created by the OK Blockchain Foundation and accepted as its universal use coin. Investors in OKB (OKB) can receive various things, including reduced costs, voting privileges, and incentives and gifts.
OKB (OKB) recently saw a slight rise in value after Elon Musk followed the OKX exchange on Twitter. But that pump was short-lived as OKB (OKB) is currently trading at $21.88, a 7% drop in the last 24 hours. OKB (OKB) holders are beginning to migrate to other ventures with more profit potential.
Flasko (FLSK) Seen As A Hidden Crypto Gem
The 13.4 trillion dollars alternative investment market is promising for the Flasko team. It hopes to combine it with the NFT sector by creating a unique platform where fractionalized NFTs will be available for trading or purchasing.
The Flasko team will put a one-of-a-kind spin on it by underpinning these NFTs with fine whiskey, wine, and champagne bottles. Flasko will keep these bottles or casks in safe locations around the world.
By purchasing a full NFT, some investors may even get the real asset delivered to their homes. Amazing concept!
For those who wish to become VIP members, Flasko will provide three VIP tiers or Clubs as they call them: Whiskey, Wine, and Champagne club. With rewards ranging from a personal account manager available 24/7 to access to Flasko-sponsored wine-tasting events, becoming a Club member is a great deal!
Its presale is currently in Stage Two, with plans to begin trading on the popular exchange Uniswap soon. Its current price of just $0.111 will soar when that happens, so invest now and yield profit! Crypto analysts forecast it may even give you 20x the profit by April 2023.
Flasko has proven to be here to stay with a 33-year lock on liquidity and a Solid proof audit, so take a closer look by using the links below:
| 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. |
XRP Price Might Drop To This Level Despite Increasing Accumulation
As the price of the token continues to witness a decent price spike, whales have continued their constant accumulation of millions of XRP.
According to the information that was made available by WhaleStats, XRP was able to make its way into the list of the top 10 tokens in terms of trading volume among the 100 and 500 largest BSC whales throughout the course of the previous day.
At the time of this writing, one XRP is worth $0.356, which represents an increase of 2.5% over the course of the previous 24 hours and 3.9% over the course of the previous seven days.
In the previous twenty-four hours, various transactions involving 287 million XRP, which are estimated to be valued at around one hundred million dollars, have been recorded by WhaleAlert. It is estimated that around 34.7 million dollars worth of XRP has been transferred from Ripple to an unidentified wallet.
Analyst Lays Out Key Price Level to Watch
On Twitter, the pseudonymous analyst Dark Defender revealed the XRP price level that everyone should keep an eye on. According to his analysis, the first Resistance has been broken, while the RSI resistance is getting closer to the price level of $0.36618.
He went on to say that the next two short-term price targets for XRP in view are $0.4184 and $0.4726. During this time, the level of $0.33 is serving as the most crucial support, says Dark Defender.
Notably, multiple crypto giants have transferred around 280 million XRP tokens at the start of the weekend. The cryptocurrency exchange Bitstamp received a transfer of XRP tokens worth $11.1 million from a particular whale.
Meanwhile, data from the XRP Ledger Service shows that the total number of XRP accounts is growing steadily. With a current total of 4,506,842 holders, XRP has officially surpassed the $4 billion milestone. A new high mark has been set.
The present bullish price movement in XRP is difficult to predict, and I have no idea whether it will hold or reverse course. However, things are looking a bit well at the moment. We can only hope it stays.
Top Crypto Predictions for 2023: BTC Price To Soar Beyond $50K While SOL Price May Drop to $1
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Bitcoin’s sideways trend is hindering most of the altcoins within the crypto space to rise high
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The altcoins are believed to rise high and may also mark new highs while some may face a major downswing ahead
The crypto space appears to have entered a final phase of consolidation and hence a giant move is believed to occur very soon. Presently, the BTC price is failing to rise beyond $17,000 as it continues to trade around $16,800 for nearly a month now. This diminished volatility has compelled the market participants to look out for other altcoins but the scenario is believed to change very soon as the 2023 year may mark a strong recovery phase for many cryptos.
Bitcoin price is required to slice through the pivotal resistance levels at $20,000 and sustain above $20,800. In such cases, a significant upswing may be validated that may uplift the price towards $50,000 or even more. Meanwhile, the altcoins may also follow the star crypto and rise high but woefully, Solana’s price is expected to drop to $1.
A well-known analyst lays down his predictions for 2023 and believes that the BTC price may hit $70,000 too. Interestingly, the analyst predicts bullish targets for most of the altcoins but believes that Solana’s price may drop heavily and reach $1. The bearish targets for SOL price raise concerns about the platform’s developments in the coming days.
The targets are set to flash the possibility of a bull run for the majority of the assets that may even mark new ATH by the end of 2023. However, the XRP price may still be deprived of reaching the highs as it could be capped at around $1.6. While the possibility of a continued upswing in 2024 remains uncertain at the moment.
XRP Price Poised to Drop by More than 50% Soon-Is it the Right Time to Sell?
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XRP price is speculated to witness significant turbulence very soon which may hinder the progress of the rally towards the north
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A notable drain is believed to drag the price lower in the coming days which may compel the token to record a bearish close for the year
The 2022-end is approaching very fast, meanwhile, the tokens maintain their consolidated trend as Bitcoin prices fail to slice through the crucial $17000 levels. The fine accumulation which has slaughtered the volatility also has prevented the traders to induce significant volume, much required to rise above the bearish captivity. While the beginning of 2023 was believed to be bullish, the possibility of XRP price marking new lows emerges.
The XRP price has been maintaining a significant trend since the beginning. Moreover, after the recent fallout, it maintained a significant upswing which was hindered during the recent fallout. Despite the bearish pressure, the XRP price is trying very hard to overcome the bearish action and reclaim its trades before the gigantic price drop.
- The XRP price in the larger perspective is stuck within a parallel channel wherein the bears appear to be in full control, while there are no signs of any reversals as no buy alerts by whales have been witnessed
- The head & shoulders pattern on the weekly chart is on the verge to experience a breakdown, as a fresh rejection may drag the price toward the lower support which is the neckline of the pattern
- With a fine rejection from the neckline, the price is believed to be halved and reach $0.1 which could be the last point of defense too. Here whales are believed to enter and uplift the price by 30% to 40%
Collectively, the XRP price remains within the bearish captivity regardless of the minor bounce, it is undergoing in the short term. As per the predictions of some analysts and influencers, the crypto markets may find their bottoms somewhere in Q1 2023 and XRP is no exception. Hence, a fine correction may be pre-programmed which may intensify the upcoming rally in the near future.
Ethereum Price Crash: If History Repeats ETH Price Might Drop To this Level!
The final day of the week is neutral for the cryptocurrency market as certain coins are in negative territory while the prices of others are climbing, so it appears that the holiday spirit did not spread to the market.
However, with the uncertainty of the cryptocurrency market, anything can cause a price change and the crypto wires are constantly being flooded with FTX updates and regulatory noise.
Talking about the second-largest cryptocurrency, Ethereum, the price fell in the middle of December, it instantly slid sideways and broke through some important support levels.
Ethereum may be heading toward an epic collapse. Expert and analyst Nicholas Merten issued a dire warning and said that ETH Price has serious issues that might cause it to lose up to 75% of its value from its current price of $1,220.
“Our target range for Ethereum is somewhere around $300 to $500. I don’t think it’s going to live there for long, but it has to do with the fact that right now, there is a big skeleton closet that is over $1.5 billion of cumulative liquidations that can potentially happen in the DeFi [decentralized finance] ecosystem for Ethereum.”
Merten used a graph to show the Ethereum DeFi protocol liquidation levels. The crypto strategist claims that if ETH drops to a specific level, these protocols will cause a big sell-off event. There might be a cascading impact on the sell-side of the Ethereum market if it starts to go towards approximately $750 to $550.
He talks about the pressure which may push the price of ETH from $750 and $550 to $300 very soon. Merten compares the scenario to Ethereum’s significant fall during the 2018 crypto bear market.
“If we repeat history, just simply repeat history not even considering the macro environment, that takes us down to $300.”
Ethereum Price Crash: If History Repeats ETH Price Might Drop To this Level!
The final day of the week is neutral for the cryptocurrency market as certain coins are in negative territory while the prices of others are climbing, so it appears that the holiday spirit did not spread to the market.
However, with the uncertainty of the cryptocurrency market, anything can cause a price change and the crypto wires are constantly being flooded with FTX updates and regulatory noise.
Talking about the second-largest cryptocurrency, Ethereum, the price fell in the middle of December, it instantly slid sideways and broke through some important support levels.
Ethereum may be heading toward an epic collapse. Expert and analyst Nicholas Merten issued a dire warning and said that ETH Price has serious issues that might cause it to lose up to 75% of its value from its current price of $1,220.
“Our target range for Ethereum is somewhere around $300 to $500. I don’t think it’s going to live there for long, but it has to do with the fact that right now, there is a big skeleton closet that is over $1.5 billion of cumulative liquidations that can potentially happen in the DeFi [decentralized finance] ecosystem for Ethereum.”
Merten used a graph to show the Ethereum DeFi protocol liquidation levels. The crypto strategist claims that if ETH drops to a specific level, these protocols will cause a big sell-off event. There might be a cascading impact on the sell-side of the Ethereum market if it starts to go towards approximately $750 to $550.
He talks about the pressure which may push the price of ETH from $750 and $550 to $300 very soon. Merten compares the scenario to Ethereum’s significant fall during the 2018 crypto bear market.
“If we repeat history, just simply repeat history not even considering the macro environment, that takes us down to $300.”
Ethereum (ETH) Price to Drop Hard in the Next 3 Days-May Even Mark the Bottom of the Cycle
The second-largest crypto, Ethereum, has sustained above the crucial $1100 price level each time it drops amid the mounting bearish action. While the other assets including Bitcoin price plummeted by nearly 50%, ETH price marked new lows below $1000. While the current rebound is expected to reclaim the lost levels, the possibility of another leg down emerges.
The ETH price was trading within a decisive symmetrical triangle ever since the price trying hard to rebound from the crash led by the fall of the Terra ecosystem. Presently, the price volatility has dropped heavily and hence the asset is approaching the pinnacle by trading within a very narrow range.
However, as per the new trade set-up, the ETH price is believed to pull a massive leg down very soon.
Source: Tradingview
The Ethereum price is now flashing extreme bearish signals in various time frames as the conditions are more favorable for state 2 expansion towards the south. In the higher time frame as the 3-week chart displays the possibility of a bearish divergence which may be ignited with the next upcoming candle.
Woefully, this is just 3 days away and hence the weakness behind the distribution phase may not be completely nullified.
As the ETH price is trading within the Wyckoff mode and about to begin the 5th wave of the consolidation, a slight sign of weakness may drag the price as low as $875 and $625. Therefore, the upcoming couple of weeks appear to be extremely crucial, as a notable price plunge may kick in if the bears regain their dominance over the asset again.
Cardano Price Analysis: ADA Price To See DreadFul Drop Plunging to This Level
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Cardano price is trading within a steep bearish trend and does not display the possibility of any rebound in the near future
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The price in the coming days is expected to display a fakeout and hence believed to trap strong hands around the higher levels very soon
The Cardano price continues to trade below the crucial support levels at around $0.3 and fails to reclaim these levels. Mainly due to the dropped volume and volatility the price trend is expected to continue to trade within the descending channel. However, the current trade set-up flashes acute bearish signals due to which the price is believed to drop from $0.23 to $0.2 levels very soon.
The ADA price currently appears to be the weakest altcoin within the crypto space as it made a couple of pullbacks which broke down from the consolidation. Moreover, a healthy pullback below the $0.25 level is quite possible to ignite a significant upswing toward the upper target above $0.28 in the near term.
Meanwhile, if the market participant believes it could be the end of the bearish trend, then they may find themselves trapped at highs. As a dreadful drop is expected to follow the minor upswing.
Below are the key points to be noted
- A false breakout could be expected as the levels reach beyond $0.27 levels
- The volume has been growing in case of liquidations and hence it can be assumed that the traders could have been more interested in shorting the price rather than long
- If the BTC price undergoes a dump, then the other altcoins are also expected to drop heavily in the coming days.
- The next targets to keep a close watch on that could be fine entry points are $0.25, $0.2, and $0.182.
Considering the above trade set up it is now extremely skeptical whether the ADA price will be able to survive the bear market or not. However, the upcoming yearly close could turn out to be more pivotal for Bitcoin as the Cardano (ADA) price and the other altcoins could follow the trend.
Is Cardano Halving On the Horizon? ADA Price May Drop 50% if This Encounters!
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Cardano price has been largely bearish for quite a long time, being unaffected by the market conditions
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The technicals have been extremely bearish due to which the price may soon encounter a fresh price plunge soon
Cardano, after breaking down from the crucial support at around $0.35 is considered to remain within the bearish trend until it reclaims back the levels. The price earlier had reached lower lows at around $0.301 in August 2021 and $0.295 in November 2021. Post to which the price has been hovering along the same levels and constantly deafening the last point of defense at $$0.296 multiple times.
However, the lowest support for the ADA price is around $0.15 which appears to be imminent if the bulls fail to sustain at the present levels. Besides, the RSI is displaying some bullish divergence, due to which some risks could be invalidated. Regardless of the bearish pattern in the longer time frame, the price continues to trade within a descending parallel channel.
This is considered a bullish pattern as the price could undergo a significant breakout but the trend within the channel remains largely bearish. The ADA price is trending very close to the channel’s support line, being in a lower position since the beginning of November 2022. Secondly, the daily RSI has broken down from its bullish divergence which is an indication of a bounce.
Therefore, the yearly close can be considered extremely pivotal for the Cardano price which may have a larger impact on the yearly end. The bulls are expected to hold the price right up and if they fail to do so a major drain may drag the ADA price lower very soon.
Binance CEO CZ and SBF Drop Truth Bombs Amid Their Twitter Spat, Here Are The Latest Developments
The feud between Binance CEO CZ and Sam Bankman-Fried continued after CZ accused SBF of attempting to depeg USDT through Alameda.
CZ also released a long thread on Twitter referencing Kevin O’Leary’s defense of FTX and referring to SBF as “a fraudster.” SBF has now taken to Twitter and has told CZ to stop lying about the FTX buyout.
CZ also revealed that SBF threatened a few of the Binance members after they pulled out of the FTX deal.
“Sam was so unhinged when we decided to pull out as an investor that he launched a series of offensive tirades at multiple Binance team members, including threatening to go to “extraordinary lengths to make us pay” – we still have those text messages.”
SBF responded by declaring that CZ had “won” and asserting that CZ had lied about the specifics of Binance’s acquisition of FTX. SBF continued his argument by claiming that CZ threatened to walk away from the agreement if FTX didn’t “kick in an extra $75m.”
“You won, @cz_binance. There’s no need to lie, now, about the buyout. We initiated conversations around buying you out, and we decided to do it because it was important for our business. And while I was frustrated with your ‘negotiation’ tactics, I chose to still do it.”
After SBF’s agitation on Twitter, CZ immediately replied and advised SBF to focus on himself.
In other news, SBF announced that he would be willing to testify in front of American authorities. He had previously expressed uncertainty that he would show up for the testimony on December 13, but he has now declared that he will testify regardless of his lack of facts and information.