BTC Price: Data Shows That Bitcoin is Trading Above Realized Price Amidst Market Panic
The cryptocurrency market has been going through a fair share of trauma with the recent decline in the prices of various assets. The fall in price, which can be attributed to various macroeconomic factors, caused the global market cap to drop by 1.63% in the last 24 hours. According to CoinMarketCap data, the global crypto market cap stood at $1.10 trillion at press time.
Amidst the market chaos, the founder of LookintoBitcoin, Philip Swift, shared some interesting data.
https://twitter.com/PositiveCrypto/status/1661644838411051008
Bitcoin is Trading above the Realized Price
According to the data on price action 140 days after the realized price breakout, the price of Bitcoin is trading above the realized price of $20,167. BTC is trading at $26,256 at press time, which, according to Swift, is a clear breakout for BTC above its realized price. A zoomed-out picture of the chart shows that Bitcoin is performing well and as expected for this stage of the cycle.
Bitcoin and Ethereum have shed 1.98% and 1.72%, respectively, amidst the recent market turmoil. BTC has dropped below the $27,000 level, whereas ETH has plummeted below the $1,800 level.
Amidst the ongoing debt ceiling negotiations in Washington and varying perspectives among Fed officials regarding interest rate hikes, bitcoin has exhibited characteristics of a risk asset once again, diverging from its earlier trend of trading more closely with gold earlier this year.
Both bitcoin and ether are currently experiencing their least favorable month in 2023, with bitcoin down by 12% and ether down by nearly 9.7%, respectively, in 2023.
The trending meme coin, PEPE, has also suffered from market chaos, as it is down by 4% in the last 24 hours. PEPE is also down by 10% in the last seven days. The current market turmoil hasn’t spared any altcoins, as most of them have exhibited single-digit losses.
SEC Chair Believes Ethereum Could Be A Security: Reason For Investors To Panic?
Gary Gensler is a former investment banker and American financial regulator who has been the chairman of the United States Securities and Exchange Commission (SEC) since April 2021. He has recently been in the news owing to the litigation against Ripple and SEC’s legal measures against various exchangers/firms including LBRY, and Kraken.
Criticisms of Gensler’s ostensibly harsh stance on cryptocurrency regulation have significantly increased since he was appointed head of the SEC. It has also been claimed that Gensler and the SEC have failed to provide clear direction for crypto enterprises on matters such as registration and compliance, as well as to make crypto compliance appealing and accessible to market participants.
Gensler has an update about Ethereum. Is there a reason to be cautioned? Let’s explore.
Could Ethereum be Classified as a Security?
Securities and Exchange Commission (SEC) Chief Gary Gensler stated in a recent interview with New York Magazine that he believes Ethereum (ETH) might be classed as a security. According to Gensler, other cryptocurrencies outside Bitcoin are often developed by a group of businesspeople that utilize various covert strategies to market their tokens and draw in investors. He stated that these tokens are fundamentally securities since investors are betting on the efforts of intermediaries to make money.
Gensler previously expressed his reluctance to address the question of whether Ethereum is secure in his remarks regarding the cryptocurrency. He also commented on the regulation of stablecoins earlier in 2021. According to him, stablecoins that are connected to a conventional currency or gold, like the dollar, should be categorized as securities.
Gensler’s Criticism of Crypto Projects
The head of the SEC has previously blasted cryptocurrency initiatives that attempted to pass themselves off as something else in order to avoid registering with the SEC. He contended that many cryptocurrency initiatives that are securities are attempting to claim that they are not, which he considers sad.
Gensler insisted that the fundamental principle of obtaining money from the public and providing them with basic disclosures should stay in place, even for crypto tokens, in spite of the criticism the regulatory agency has gotten for being somewhat out of step with contemporary technologies.
With this comment from Gensler on Ethereum, it seems as though yet another problem may emerge in the cryptocurrency industry.
EOS And Solana Are Two Popular Cryptocurrencies But Investors Are Panic Selling And Investing In Snowfall Protocol
Cryptocurrencies are all the rage right now, and there are a lot of them to choose from. EOS (EOS) and Solana (SOL) are two of the most popular options, but investors are starting to panic sell in favor of Snowfall Protocol (SNW) after its dApp prototype was announced.
So what is Snowfall Protocol (SNW), and why are people so excited about it? Let’s take a closer look!
Snowfall Protocol (SNW) is a first-of-its-kind cross-chain transfer ecosystem built for fungible and non-fungible tokens. It allows users to swap assets across the most widely used EVM and non-EVM compatible chains, providing interconnectivity that was previously unavailable.
By connecting EOS (EOS) and Solana (SOL), two popular cryptocurrencies, Snowfall Protocol (SNW) provides investors with an easy way to get exposure to multiple blockchains without having to open multiple accounts or move funds between them.
Furthermore, Snowfall Protocol’s (SNW) dApp prototype has generated excitement due to its ability to reduce friction in cryptocurrency transactions by streamlining transfers and eliminating centralized exchange transaction fees. This means that now, EOS (EOS) and Solana (SOL) investors can benefit from lower costs when exchanging coins across blockchains, making the process of diversifying their investments more efficient.
This is like how a draw bridge connects two sides of a river, allowing EOS (EOS) and Solana (SOL) investors to easily move their funds between the two blockchains and enjoy the benefits of both without any hassle.
Why EOS (EOS) and Solana (SOL) Investors Are Panic Selling
As siloed blockchains, EOS (EOS) and Solana (SOL) do not have the same level of compatibility that Snowfall Protocol (SNW) has. EOS (EOS) and Solana (SOL) investors are panic selling in favor of Snowfall Protocol (SNW) due to its seamless cross-chain asset transfers, which offers them a higher degree of flexibility when diversifying their investments.
Final Thoughts
Snowfall Protocol’s native token (SNW) has already witnessed a growth of more than 250% since stage 2 and the price is now $0.095. Stage 2 sold out one day early and stage 3 starts now – it looks like EOS (EOS) and Solana (SOL) investors are taking notice of this impressive progress and now realize that Snowfall Protocol’s (SNW) dApp prototype has the potential to revolutionize the crypto space.
It will be interesting to see how EOS (EOS) and Solana (SOL) investors react as they become increasingly aware of Snowfall Protocol’s (SNW) true potential. Make sure to check out the official Snowfall Protocol (SNW) website to learn more!
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Axie Infinity, Solana Investors Are Panic Selling, While Snowfall Protocol Has Recently Gone Up By 250%
As the Solana (SOL) and Axie Infinity (AXS) projects continue to move forward, investors are starting to panic sell their tokens. Both of these projects have a lot of risk associated with them, and investors are no longer willing to take the chance.
Unlike Solana (SOL) and Axie Infinity (AXS), Snowfall Protocol (SNW) provides users with a cross-chain transfer ecosystem. This allows them to swap assets across the most widely used EVM and non-EVM compatible chains.
Snowfall Protocol (SNW) is building the infrastructure for the multi-chain future. This is like how a drawbridge enabled a kingdom to trade and swap goods across borders and regions in the past.
Snowfall Protocol (SNW) is a safe and secure way for investors to diversify their portfolios without taking on too much risk. This is why it has seen a recent surge in value and Solana (SOL) and Axie Infinity (AXS) investors are continuing to panic sell.
Risks of Solana (SOL) and Axie Infinity (AXS)
The problem with Solana (SOL) and Axie Infinity (AXS) are that they are both not interoperable. Solana (SOL) assets are stuck on this blockchain. Axie Infinity (AXS) is siloed on Ethereum. This is risky because if either one of these platforms fails, investors could be stuck with no liquidity.
In addition, Solana (SOL) and Axie Infinity (AXS) have lost steam as the bear market rages on. They aren’t solving enough problems at scale to be worth investing in right now. Snowfall Protocol (SNW) on the other hand is solving a problem that could enable growth to continue even if the bear market continues.
Stage 3 Is About To Sell Out! (Now Is Your Chance At 1000x Gains)
Snowfall Protocol (SNW) has a bright future and investors should take advantage of this opportunity before it passes. The dAPP prototype has been announced, and the stage 3 token sale is about to sell out.
Secure your spot in the Snowfall Protocol (SNW) stage 3 token sale now before it’s too late.
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Are You Panic Buying or Panic Selling or Just Watching CryptoCrash?
The crypto markets are correcting very heavily as Bitcoin price is battling to sustain above $19,000 for a long time. While Ethereum prices have already dropped below $1300, a single leg down may lead the BTC price to drain below the pivotal levels, indicating the resurgence of a bearish market. While the bulls are trying hard to hold the prices, the impact of the selling pressure appears to have mounted heavily.
Hence, the crypto space remains in deep trouble as an upcoming couple of hours could be extremely crucial!
The markets, ever since the beginning of 2022, have been largely consolidated and have offered multiple opportunities to accumulate at the bottom. Now, market participants could be very sceptical about the upcoming price action as the popular assets failed to rise even after rebounding from their respective bottoms. However, external factors like CPI rates, inflation rates, employment rates, etc. and now the hike in rents too have impacted the markets.
Therefore, what can we expect in the next 24 to 48 hours?
The star crypto, Bitcoin, continues to be under acute bearish pressure and is hence expected to plunge below $19000 any time from now. The asset may re-enter the crucial demand area and reach the bottom of the channel as it did before multiple times.
In a coming couple of hours, BTC price could drop hard within the green-demand zone between $18928 & $18,191 and attempt a rebound as it happened earlier. In the event of a bounce, prices could return to the $19,339 mark but fall short of the $20,000 mark.
Hence, the crypto markets may continue to crash up until the point at which Bitcoin prices do not pass the crucial $20,800 level and reach the $21,200 level.