Crypto Market Watch: Why is Bitcoin Price Down Today?
Bitcoin price has edged 2 percent lower today to trade around $23.4k on Friday. After retesting $24k twice on the four-hour time frame, the RSI indicator has formed a falling divergence that most often leads to a price dump. Bitcoin bulls should be extremely careful with the death cross, which entails the 50 and 200 WMAs, not to happen for the first time since its inception.
Furthermore, the 50 and 200 WMAs have acted as a support line for the past ten-plus years and would turn to a resistance line if the death cross occurs.
Nevertheless, popular crypto analyst Rekt Capital thinks Bitcoin will break the macro downtrend next month or in April. Moreover, on-chain data shows Bitcoin miners have reduced their sell pressure after taking profits in the past few weeks. Additionally, whales continue to accumulate more Sats irrespective of the price volatility.
Bitcoin Market Under Macroeconomic Influence
By now, it is safe to say that Bitcoin price has a significant correlation with global market indexes due to high institutional adoption and crypto regulations. During the last few days, Bitcoin price has reacted to the high-impact news from the Fed statement regarding interest rates. As the United States dollar exhibited more weakness, Bitcoin price edged higher to $24k.
“I do expect it’s likely DXY will retest what was support and now overhead resistance. This would align with my inverse expectation on BTC and Crypto moving down a touch before a final ‘blowoff’ high (not much higher imo),” Mathew Dixon, CEO Evai, noted.
With more high-impact news expected from the United States later today on the unemployment rate, more volatility is expected in the crypto market during the weekend.
Crypto Market Up Today, Bitcoin Price Holds Steady!
Run towards a bullish weekend! The cryptocurrency market has opened the market on a positive note as the majority of large cap cryptocurrencies have turned bullish. This bull rally is led by the first born crypto, Bitcoin price which has now jumped above $23,500 level and is strongly moving towards $24K. It’s just not that, even Ethereum, BNB, XRP, Cardano, Solana and other top altcoins have regained their lost price rally.
At the time of writing, Bitcoin is valued at $23,793 after a surge of 3% in the last 24 hrs. While Ethereum has gained 5.52% over the last 24hrs and is now trading at $1,667 leading the altcoin rally.
Crypto Market Surge With Fed’s 25 bps Interest Rate Hike
This wasn’t the scene a day ago as the crypto market was dwindling before the FOMC meeting results. However, during the FOMC conference, Federal Reserve chair, Jerome Powell claimed that the committee is focused towards the 2% inflation target. The Fed also claimed that even though inflation has dropped it is still too high and needs to be curbed.
After the Fed Chair’s above statement, the crypto market did react negatively, but soon bulls took control once the US Federal Reserve announced interest rate hike. Following the FOMC meeting, the US Federal Reserve held its meeting and concluded with an interest rate hike of 0.25% or 25 bps.
Last year the financial market witnessed one of the highest interest rate hikes by the Fed which was raised from 4.5% to 4.75%. This aggressive approach was to bring down the increasing inflation rate. Meanwhile, the US stock market which the crypto assets tend to follow has also gained wherein, the S&P 500 gained 1.05% and Nasdaq 100 is up by 2.16%.
On the contrary, what needs to be noted here is, during the FOMC meeting the Fed Chair claimed that the inflation still remains high and the job is not done. This suggests that the interest rate hikes will continue further and hence, the investors and traders should consider the crypto market volatility before making any further decision.
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.
Top Reasons Why Crypto Market is Down Today
The four-week crypto relief rally has lacked upward momentum in the past two days. According to our latest crypto price oracles, Bitcoin and Ethereum have dropped approximately 4 percent in the past 24 hours to trade around $22,803 and $1,566 respectively. As major stock indexes edged lower in the past 24 hours – Dow, S & P 500, and Nasdaq down 1 percent today – Morgan Stanley analysts are convinced the new year rally will end this week.
“We think the recent price action is more a reflection of the seasonal January effect and short covering after a tough end to December and a brutal year,” wrote a team of strategists led by Wilson, Morgan Stanley’s chief equity strategist. “The reality is that earnings are proving to be even worse than feared based on the data, especially as it relates to margins.”
The selling pressure emanating from short-term holders and crypto miners seems to have outdone the buy squeeze from long-term holders and whales. Furthermore, a crypto correction had been predicted by most analysts in the past few weeks citing minimal buy momentum as observed with prior bull markets.
What Next for Crypto Market?
The crypto market has experienced heightened volatility amid the upcoming FOMC statement, which economists believe will encompass an interest rate hike. While the crypto market has previously shown a high correlation with macroeconomic factors, analysts anticipate more volatility in the next few days, in all directions.
Notably, over $160 million has been liquidated in the crypto market in the past 24 hours. Bitcoin, Ethereum, and Aptos have led in total liquidations with approximately $49M, $47M, and $9M respectively according to aggregate data provided by Coinglass.
Why Bitcoin Price is Up Today? Is it Heading to $25K? What is Triggering BTC Price Rise?
Bitcoin witnessed yet another bullish weekend, that raised the price beyond the crucial levels of around $23,500. With the recent upswing, the star crypto is closer to recording the most bullish candle for the first time since October 2021. Moreover, the indicators are flashing extremely bullish signals that may ignite a notable upswing in the coming months.
But How Long Will the BTC Price Rally Sustain? Will the Rally Face Rejection After Reaching $25,000?
A big week for the crypto space is approaching ahead with multiple events lined up to impact the BTC price. Moreover, the traders and the investors presently, appear to be in profit and the upcoming events may witness acute withdrawals due to a further increase in profits.
As per the report from Glassnode, an on-chain data provider, Bitcoin price is now back in profit as the market price has surged above the realized price which is collected year on year since 2017.
The average acquisition price for Bitcoin is tracked by average exchange withdrawals which are displayed in the above chart. The average withdrawal price has now surged above 2019 levels which clearly suggests that the BTC price is back in profit. To be precise, all exchange average withdrawal price is around $16.7K while for Binance and Coinbase, the levels are around $21K. Hence, the two largest exchanges also appear to be back in profit.
The extended price rally also carries the fear of a sell-off as a 40% gain in the crypto markets does not certify the revival of a firm upswing, while a bull run could remain quite distinct. Presently, Bitcoin is also not facing miners’ selling pressure as they are recording very low transactions to the exchanges. However, it doesn’t validate the end of the miner’s capitulation phase as they continue to sell small amounts of Bitcoin as the prices go higher.
Collectively, Bitcoin price is flashing acute bullish signals as the rally is approaching the crucial 200-week MA levels. A rise beyond these levels may validate a notable upswing in the coming days that may achieve $25,000 quickly, but if the bulls get weak at this juncture, a notable rejection may occur.
Why Crypto Market is Up Today? Is It a Precursor to a Giant Rally or a Smoke of Hopium?
The post Why Crypto Market is Up Today? Is It a Precursor to a Giant Rally or a Smoke of Hopium? appeared first on Coinpedia Fintech News
The crypto market is rising today as the global market capitalization gained more than 2% and attempting to reach $1.1 trillion at the earliest. The trading volume also spikes by 25% to mark levels close to $50 billion at the moment.
The total value locked in DeFi is also surging as they approach $50 billion with a jump of 1.49%. Moreover, Bitcoin’s dominance is also surging which stands at around 42.25% with a rise of 0.17%, for the first time in the past 6 months.
But What Changes the Market Sentiments? Why the Crypto Market Is Rising Today?
Bitcoin and the traditional markets have been impacted by external events and FOMC is at the top of the list. Each time, the agenda for the next meeting is discussed, markets react notably and with the announcement of the fresh rates, BTC prices jump, uplifting the entire crypto space. Presently, the crypto space is surging but may be impacted any moment-says a popular analyst Rager.
FOMC this week
Be open to understanding that things can change regardless of how good things look
Unfortunately, Bitcoin price movement can still be impacted by the Fed, hopefully it's good
— Rager
(@Rager) January 29, 2023
Meanwhile, the BTC price is expected to be impacted positively by the upcoming Fed announcement where-in the possibility of a massive upswing emerges. Along with this, the traditional markets are also believed to rise as both S&P 500 and Bitcoin are testing one of the crucial levels along the trend line.
Why Bitcoin Price is Down Today? Here Are The Top Reasons
The crypto market has undergone a predicted correction following a three-week rally, with total market capitalization declining by 3% in the past 24 hours. The second largest digital asset, Ethereum (ETH), has dropped approximately 5% in the last day, trading at around $1,554 on Wednesday.
Additionally, over $227 million has been liquidated in the crypto market in the past 24 hours. However, on-chain data suggests that there may be further pain in the near-term future.
According to on-chain analytics firm Glassnode, short-term holders and Bitcoin miners are heavily selling their positions during the relief rally. Despite this, long-term holders are experiencing all-time high levels of Bitcoin accumulation, leading to a fierce tug-of-war between bulls and bears.
Reportedly, on-chain data shows a significant resemblance between the 2018/2019 bear market to the 2022 one. Nonetheless, the macroeconomic factors have significantly changed and the crypto market is no longer reliant on the speculative aspects.
“The recent surge in Bitcoin price action has resulted in an initial breakout above all three cost-basis for the first time since the 2018/19 bear market and the March 2020 Covid crisis. A sustained duration above these key psychological levels would be considered constructive,” Glassnode indicated.
What is the point of return for the crypto markets?
Following the recent crypto rally, many coins have regained their pre-FTX trading levels. However, the impact of the FTX and Alameda collapse is still being felt, as evidenced by Genesis Trading, a subsidiary of Digital Currency Group (DCG), recently succumbing to the losses.
Popular market economist Peter Schiff predicts that the Bitcoin price will soon fall below previous low levels. Schiff believes that the crypto market, including Bitcoin, is headed for a prolonged period of decline.
Why is Bitcoin Going Up Today? Will it Reach $25,000 Before the End of January 2023?
Bitcoin price is rising today as the bulls uplift the price beyond the crucial resistance at $23,000. The price was stuck up around $22,850 for a couple of days and marked a bullish retracement after accumulating enough strength. Undoubtedly, the bullish momentum appears to have been revoked but the possibility of a bearish pullback has not waned off.
BTC Price Analysis
The current outlook for Bitcoin appears to be constructive but a short-term retracement may still be on the cards. Bitcoin price is following the Wyckoff Dynamics, according to which Bitcoin has successfully completed the test phase of the pattern. Considering the wave patterns, the token may soon surge to reach the Sign-of-strength (SoS) mentioned in the chart below.
These levels are considered to be paramount as the BTC price may complete the Wyckoff Dynamics which may be a great milestone of the year to set up a significant upswing thereafter. However, to do so, BTC price may undergo a slight pullback below $22,000 and further maintain a consolidated trend below these levels.
The pullbacks may certainly not prevail for long as the price is believed to remain consolidated within a narrow range to accumulate gains and explode towards the next levels. A popular analyst, Kaleo, believes that the BTC price may be due to the final bear trap that could slash the price close to $22,200.
Despite a bearish pullback, the analyst believes the price may rebound quickly after the plunge as the price could receive a bullish push to reach levels beyond $24,500 in the next few days. Therefore, the Bitcoin(BTC) price which has ignited a firm upswing is believed to remain within the bullish influence until it reaches the crucial resistance at $25,000. However, these levels have not been tested for quite a long time and hence the possibility of a bearish interference may be evident.
Crypto News Today: Is the Biggest Bull Trap Getting Bigger or the Resurgence of an Intrinsic Rally?
Crypto markets today have printed large green-bullish candles which have uplifted the sentiments from bearish to bullish. The star crypto, Bitcoin ranged high to recover the losses printed back in September 2022, indicating the possibility of laying down a significant upswing to reclaim the lost levels soon. Meanwhile, the altcoins also register double-digit gains which may also point toward an Altseason in the coming day.
But is this the largest bull trap ever or the end of the bearish trend? To decode this, first, let’s see why the Bitcoin price is going up.
The BTC prices underwent an extended narrow consolidation between $16,000 to $17,500 for nearly 2 months. Further, the prices quickly surged close to $21,500 by maintaining a firm upswing that began at the beginning of the year 2023. This upswing is said to have been fueled by the whales who accumulated more than 60,000 BTC.
As per the data from Santiment, the whales holding 1000 to 10,000 BTC, were dumped on Bitcoin throughout the year 2022, while they accumulated heavily over the past 15 days. They have accumulated 64,638 BTC worth nearly $1.46 billion which led to the largest spike since August 18, 2022.
It has to be noted that this surge is led by whales and not the retail traders who keep the markets active most of the time. The whales do cause a massive price change but it is restricted to just a short time frame, post to which the price remains consolidated within a very narrow range. Interestingly, despite a massive upward movement in the price, Bitcoin’s OBV or On-Balance Volume displays a bearish divergence.
On-Balance Volume(OBV) is a momentum indicator that considers the volume flow to predict changes in the value of the crypto. ‘The OBV is flashing some warnings on this move-up, says a known analyst, IncomeSharks referring to the above chart. All the previous moves displayed strength and surged along with a rise in OBV. But this time, it is displaying a bearish divergence and the retest of the resistance also failed.
The analyst here believes, the BTC price may undertake a violent move and plunge back to the lower support at $21,500 if the trend does not match with the OBV. Therefore, a significant correction may be expected during the weekend that may drag the Bitcoin (BTC) price slightly lower.
Crypto Market Analysis: Why Shiba INU(SHIB) is Going Up Today?
The crypto markets continue to trade under a bullish influence despite another bankruptcy struck-in. Bitcoin price continues to trade close to the crucial levels around $21,000 and hence the other major altcoins also appear to have withstood the turbulence. Interestingly, Shiba INU prices continue to trade above the gained levels of around $0.000011 despite millions of tokens being dumped by the whales.
During the previous trading day, the SHIB prices rose to highs fueled by the Shibarium network update. Alongside, SHIB was also the most-held token by the top 100 Ethereum whales. Moreover, a huge whale transaction was encountered as soon as the SHIB prices spiked of more than 443 billion tokens worth $5.1 million in a single transaction. Interestingly, this was a sell transaction!
Post to which the SHIB prices were impacted notably which faced rejection from the levels close to $0.000013. Presently, the bears are attempting to compress the price but the bulls appear to carry enough strength to hold the selling pressure.
The Shiba INU price despite the current pullback continues to hover within the ascending rising channel which is largely considered as bearish. However, in the short term, the price is closer to testing the lower support of the channel. If the price rebounds successfully, then a notable rise beyond the highs at $0.000013 may be imminent. Else a bearish pullback may drag the price lower and compel it to trade along the lower support zone.
The Shiba INU (SHIB) price is trading around $0.0000114 with a notable rise of more than 2% in the past 24 hours. However, the trading volume also has dropped by nearly 60% due to which bulls are not getting enough room to swell. Meanwhile, if the price registers a bullish close above $0.00001150 or higher, then the upcoming trade may record significant gains.
Crypto Market Analysis Today: Is it Over for Cardano (ADA) & Ripple (XRP) Price?
Cardano (ADA) Price Analysis
Cardano displayed a notable recovery in the past few days as the price underwent a parabolic recovery to gain the levels it traded before the market collapsed in November. However, after rising beyond $0.35, it was assumed the price may spike beyond $0.4 but the Genesis debacle could prevent a giant move towards the north.
The ADA price accomplished the parabolic recovery and despite undergoing a minor correction to form a cup & handle pattern, it surged high to reach the interim resistance. Therefore, a rejection then appeared to be imminent that occurred in the past few days. Presently, the price is trading within crucial resistance-turned-to-support levels. If these levels are not held, then a significant plunge may drag the price close to $0.3 in the next few days.
Ripple (XRP) Price Analysis
The Ripple price in the short term is displaying a sense of strength as the price levels hover within the same resistance and support levels. The recent rally did not amplify the price levels to a large extent as it did with the other altcoins. Therefore, the possibility of a rebound emerges as the bulls appear to hold notable strength to ignite a rebound.
The XRP price is testing the crucial price levels at 200-day MA, clearing which may induce strong bullish momentum within the asset. However, the market sentiments have turned slightly beamish which may compel the price to drop below these levels. Therefore, if the Genesis fiasco impacts the crypto space to a large extent, then a plunge slightly below $0.34 can be expected, else the price may remain consolidated until the next move uplifts the price beyond the reach of the bears.
Why is BTC Dropping Today? Is there any Further Growth or Will Bitcoin Price Enter a Corrective Wave?
The crypto markets have been largely consolidated since the early reading hours as the round of the US authorities cracking on the prominent players of the crypto space is making huge rounds. Presently, Bitcoin (BTC) prices have dropped by more than 2% after undergoing a giant rise of more than 15% and currently trading around $20,743 with a 21% jump in the trading volume, largely dominated by the bears.
However, Ethereum also dropped by almost the same margin but held crucial support at $1500, followed by BinanceCoin by 3.79%, XRP by 1.8%, and Cardano by 4.77%. Besides the global crypto market cap also suffered a drop of nearly 2.54% and is trading at $966.12 billion at the moment.
The upcoming Bitcoin trend appears quite misty as it continues to trade within a very narrow range, displaying the possibilities of heading on either of the directions. Therefore, it is extremely crucial to determine whether the BTC price may reach the desired target of $22,500 or just slip back below $20,000, owing to intensified bearish actions!
One of the well-known analysts, Micheal van de Poppe, believes in a bullish narrative but also expects a short-term plunge to fulfill the CME gap below $20,000.
Bitcoin is trading in a short-term bullish channel, wherein one can expect higher tops and bottoms in the short term. As these short-term targets are associated with long shadows a higher chance of a strong negative reaction may be imminent. The support of the channel is currently hovering between $20,720 and $20,840, and if the Bitcoin (BTC) price breaks down these levels, it may enter a corrective wave.
Top Crypto News Today- This is Why Crypto Market is Going Down!
The crypto markets are down today! Reason-the FTX-contagion spreads. The crypto community is well aware of the collapse of the popular exchange FTX, which caused significant market turbulence. The bullish push that began with the start of the 2023 trade was expected to keep the bearish trend at bay for a long time, as many tokens had recovered their losses from the FTX debacle.
However, the bears again regain their strength as the contagion spreads, compelling a well-known crypto lending platform, Genesis is proceeding to file for Chapter 11 bankruptcy.
Bitcoin prices slashed hard below $21,000 but currently holding the crucial levels at $20,800. Despite the prices showing some sign of stability, the bankruptcy filing may make the token extremely brittle. Adding icing to the cake, the miners may make the bear’s job much easy as they too appear to be preparing to sell BTC that they accumulated till now.
The miners had been constantly accumulating BTC since the beginning of 2021 and continued to hold until the market trembled due to the FTX fallout. This was when they began to liquidate which compressed the BTC price below $17,000. However, the miners stopped selling and started accumulating again at the beginning of the 2023 trade which propelled Bitcoin prices close to $21,500.
Woefully, this upswing appeared to be just a short-lived one as the bears are intensifying their actions. Besides, the miners are now started selling their reserves which may add to the mounting selling pressure ignited by the rounds of Genesis bankruptcy filing.
As per the fresh data provided by Crypto Quant, the BTC miners are flipping their positions oflet. A couple of huge outflows from their wallets of 4089 and 2500 BTC were recorded on 14th January and 17th January respectively. In a recent update, nearly 669 BTC were sent to the exchanges on 18th January 2023. Hence, this kind of miner behavior is increasing the selling pressure on the market.
Shiba INU Coin News Today: SHIB Price Explodes After Being the Most Favoratie Token of Ethereum Whales
The crypto markets seem to have inculcated acute strength as the bears are not finding enough room to expand. After maintaining a narrow upswing since the beginning of 2023, the SHIB price exploded and has risen by more than 21% since the early trading hours. Apart from breaking the descending trend line that it maintained for nearly 5 months, SHIB has become the most preferred token among the top 100 Ethereum whales.
As per the data from the Whalestats, the Shiba INU coin has entered the list of top traded assets, top sold tokens and top purchased tokens. It is also featured in the top holdings of these whales. Other than Ethereum, the ETH whales hold nearly 505.52 billion SHIB worth more than $6 million.
SHIB Price Analysis
After receiving enough boost from the positive market sentiments and massive whale accumulation, SHIB price now appears to be poised to reach the next target above $0.000013. The price underwent a parabolic recovery to overcome the losses incurred after the collapse of the FTX exchange. However, a fresh bullish divergence is witnessed that may uplift the price towards the interim resistance.
The SHIB price broke out of the falling wedge during the previous trading day and surged magnificently to reach levels above $0.000012. However, the price is facing a minor rejection after testing the resistance at $0.00001299 and experiencing a pullback to reach $0.00001261 at the press time. However, the RSI is maintaining ascending trend while MACD just displayed a bullish cross-over within the positive ranges.
Therefore, after a brief consolidation, the Shiba INU may resume the upswing intending to close the weekly trade above $0.000015. Presently, SHIB’s price is trading around $0.00001262 with a jump of 20.63% in the past 24 hours with a market capitalization of $6.9 billion and a trading volume of $761.66 which witnessed a huge jump of 133.62%.
Cryptocurrency News Today: Decentraland (MANA) To Reclaim the NFT Top Spot, But Will it Hit $1 in January 2023?
The Decentraland (MANA) price has seen a significant increase since the beginning of the year, indicating its potential for further growth. The price had been heavily trading within a descending trend since the market collapsed in May 2020.
However, after reaching a bottom below $0.3 just before the end of 2022, the MANA price broke through the crucial resistance at $0.6 and reached yearly highs around $0.758.
The upward trend was initially fueled by bullish market sentiment as the Bitcoin price rebounded, along with a significant increase in GitHub activity. Additionally, a major boost came from the announcement of a collaboration between the “Australian Open” tennis tournament and Decentraland.
With the current upward trend in the Decentraland price, the question remains whether the bullish momentum will be sustained and reach the next target of above $1.
The price has broken above the descending trend line it had been following throughout the second half of 2022 and is currently trading within these gained levels, leaving little room for bearish actions.
The bullish pressure has accumulated heavily due to which the price may maintain a notable upswing to reach the initial target close to $1 very soon.
In the meantime, the whale accumulation has intensified which had dropped heavily soon after the collapse of the FTX exchange. Whales holding tokens in the range of 100 million to 1 billion have become active.
However, it should be noted that a significant portion of the supply, around 50% around 1.23 billion, is held by whales who have been accumulating since December 2022. These whales hold nearly 1% of the entire circulating supply and may have a major impact on the upcoming MANA price rally.
This means that a pullback may be expected if these large holders begin to liquidate their holdings, as they did following the collapse of the FTX exchange. Therefore, the possibility of a short-term bounce appears high, which may trap bulls for a longer period in the coming days.
Why The Crypto Market Is Up Today?
-
Bitcoin price has successfully surpassed $20,000 level
-
This comes amidst the uncertain macro environment
It looks like the year 2023 will be in favor of the crypto market as since the beginning of the year, the market is experiencing recovery. Now just after 15 days of 2023, for the first time since November 2022. The global crypto market cap has surpassed $1 trillion as per CoinGecko data. The continued crypto rally is led by Bitcoin which hit a high of $20,000, the price never seen since early November.
The world’s first cryptocurrency had never seen this price level after November 8. Bitcoin began its recovery journey at the start of 2023 and today, on January 14 the King currency has hit $20,000. At the time of writing, Bitcoin is selling at $20,879 after a surge of 11.04% over the last 24hrs.
The same is with other currencies like Ethereum, Cardano, Solana, BNB, Dogecoin. Infact, Solana is among the top gainers with a jump of more than 40% over the last 24hrs.
Crypto Market Watch: Why Aptos (APT) and Fetch.ai (FET) Are Surging Today?
The altcoin market is led by Aptos (APT) and Fetch.si (FET), is on a bullish sentiment following Bitcoin’s surge to $19k in the past 24 hours. According to our latest crypto price oracles, Aptos price is exchanging at $6.34, up approximately 22 percent in the last 24 hours.
Notably, the APT price is up over 70 percent in the last seven days and market analysts believe there are more upside gains. The Aptos network has a market capitalization of approximately $813,689,465 and a 24-hour trading volume of about $557,229,215.
The Fetch.ai (FET) price, on the other hand, is trading around $0.233030, up approximately 24 percent in the last 24 hours. Notably, the FET price has surged over 115 percent in the last seven days with more gains in the last few hours. The FET network has a market capitalization of approximately $241,423,231, and a 24-hour trading volume of about $185,789,732.
Fetch.ai (FET)
While speculation and FOMO are largely attributed to the recent crypto pump, the utility has played a significant role in specific projects. For instance, Fetch.ai (FET) is developing a decentralized ecosystem on the autonomous of Things (AoT).
Notably, the Fetch.ai network is an interchain protocol, based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language (CosmWasm). As such, it allows the Fetch.ai network to serve as a layer-1 network for Ethereum and as an interchain bridge to the rest of the blockchain world.
From a technical standpoint, the FET price could end the week trading around $0.25 or beyond. Such a scenario could be invalidated if the weekly derivative bar closes on a bearish wink. In that case, the FET price could correct toward the $0.14 region.
“$FET performed a Weekly Close above the red region & successfully rallied to new Yearly Highs. Approaching the next resistance (orange). If FET turns the orange area into support and/or Weekly Closes above it -> blue
Otherwise, a dip to red may be next,” Rekt Capital noted.
Aptos (APT)
The Aptos market, on the other hand, has gained significant momentum after breaking out of the $5.3 resistance level. After closing Thursday on a strong and bullish bar, analysts believe the digital asset is headed for the $6.86 region soon. Moreover, the so-called Solana killer has a vibrant global community and active developers.
US CPI Rates Today -Will the Bears Restrict the Bitcoin (BTC) Price to Reach $19K?
The year 2023 appears to have activated the bulls as the crypto markets print more green candles. Bitcoin price has been recording bullish closes every day since the start of 2023, including a couple of corrections, that have outspread the bullish wave within the crypto space. Moreover, now that the prices have inflated above $18,000, the market participants now wait for the star crypto to reach beyond $20,000.
While many analysts believe that the upswing could prevail for another couple of months, some of the indicators point toward the dreadful days approaching fast.
A top analyst Peter Brandtt believes that Bitcoin price may not undergo a steep upswing from now. Maintaining an ascending consolidation, the BTC price may rise high in the coming days and re-test the ATH levels in the later 2023 to early 2024.
The analyst believes that the Bitcoin price is following the X-advances multiple times, due to which the upcoming trend of the token is predictable. He referees to the gigantic upswing after an extended consolidation for months which is followed by an 80% correction prior to the next ATH. Hence, believes the next ATH could be very near.
“Bitcoin has been very predictable with multiple X advances followed by 80% declines and multi-quarter consolidations prior to new ATHs and then another multiple X advance. I do not expect Bitcoin to run away to the upside, but rather work higher toward late 2023/ early to mid-2024 when ATHs are rested,”
Besides, the fresh CPI rates are expected to be let out shortly which may impact the crypto and the traditional finance markets. Previously in December 2022, the CPI rates were slashed from 7.7% to 7.1% due to which the BTC price rose by 1.7% in the next 5 minutes of the announcement and recorded nearly 4.36% growth in the next 24 hours.
Now when the fresh CPI rates are believed to be lower again from 7% to 6.5%, Bitcoin (BTC) is expected to receive a push beyond $19,000. Conversely, if the rates come out anything above 6.5% may invite the bears to act wisely.
Top Reasons Why Crypto Market is Bullish Today
We begin this week with all of the leading cryptocurrencies in the green, which has sparked excitement among crypto enthusiasts and analyses from industry professionals. The total value of the global cryptocurrency market increased by 3.48%, which was backed by a 121% growth in the trading volume. Bitcoin and Ethereum have both successfully broken over the $17,000 and $1,300 resistance levels, respectively.
Why is the Crypto Market Suddenly Bullish?
U.S. wage growth has slowed, and the services sector has contracted, all of which point to less aggressive rate rises by the Federal Reserve. This has led to a boom in the cryptocurrency market.
The country’s monetary policy is determined by the Federal Reserve. It also plays a key role in guiding the economy through recessions and inflation. It employs monetary processes such as quantitative easing and tightening to achieve this goal. As a result, this may have far-reaching effects on the market generally and the cryptocurrency market specifically.
Take the present situation of the US economy, where excessive inflation is a major problem. As a result, the Federal Reserve took a hawkish posture and increased interest rates as part of its quantitative tightening program. This led to a severe downturn in the cryptocurrency markets. It stands to reason that if interest rates were to drop, the market sentiment would shift to bullish.
Several macroeconomic indicators suggest that inflation and recovery in the global economy may be stalling, which may be contributing to the positive turnaround in the cryptocurrency market.
Moreover, investor confidence has risen as a result of China’s closing of its borders to the rest of the world and other central banks’ attempts to reduce inflation. Due to this, Asian and European stock markets are seeing positive openings today.
By expanding their holdings of GBTC and crypto businesses’ shares, financial services heavyweights BlackRock and Morgan Stanley are indirectly supporting Bitcoin prices. Even more importantly for the cryptocurrency market, the U.S. dollar index (DXY) dropped to 103.65 in the previous 24 hours, according to data.
Is this a bull trap?
It’s not the first time the cryptocurrency market has seen a sudden and dramatic upswing. Some people are worried that it’s just a bull trap designed to trick investors into buying at a higher price for a limited period of time before the market corrects itself and becomes bearish again.
Some have speculated that this rapid ascent marks the beginning of the Altcoin Season. We look forward to altcoin seasons since that’s when the values of alternative cryptocurrencies tend to spike dramatically, bringing us huge profits.
With many users seeing a reversal in their financial situations, this time of year is eagerly anticipated by the whole cryptocurrency community. Whatever the case may be, let’s hope the recent uptrend holds.
Crypto Market Today: ADA, FTM, AVAX, and Other 2 Altcoins Rise Significant High
Bitcoin price has risen finally above $17,000 after trying hard for nearly 45 days in a row. The upswing appears to be pretty strong and hence if the price undergoes a correction phase, it may still hold above $17,000 until extreme bearish sentiments slash the markets hard. In the meantime, popular altcoins like Cardano (ADA), Fantom (FTM), Avalanche (AVAX), and other 2 tokens display possibilities of a notable upswing.
A popular analyst, Micheal van de Poppe frames the upcoming price trend of these top altcoins.
Cardano (ADA)
Cardano price has been trading within a bearish trade set up for quite a long time as the price after losing from $0.3 constantly failed to regain the levels. However, the fresh price surge offered a significant push beyond the interim resistance. Presently, the prices are appearing to remain inflated and reach the specified targets at the earliest.
“This one looks beautiful, but it’s approaching resistance.
Just a relief rally in a downtrend, so far.
If it wants to break that downtrend, flipping $0.30 is key.
Otherwise, I’d be looking at $0.2675 and $.25 for potential plays,”
Fantom (FTM)
Fantom is among the coins which have been bullish since the beginning of the year 2023. The token has been withstanding significant bearish pressure and forming constant higher highs and lows. However, the analyst here believes that the token may soon face a rejection that may drag the price lower that may even retest the lower support.
“One of the coin I’d preferably keep on trading at this point.
Looks good for a significant rally Q1/Q2 of this year.
However, approaching resistance, probably one more sweep before we buy dips at $0.2130.
Break & flip $0.23-> $0.26 next,”
Avalanche (AVAX)
Similar to Fantom, Avalanche’s price also rose significantly since the beginning of the 2023 trade. However, after a slight pullback, the price again rose high and began to consolidate. The analyst believes that the price could rise significantly beyond the interim resistance and face a rejection to head back toward the interim support levels.
“Probably markets are going to break upwards, after some more consolidation.
For AVAX, liquidity taken above the area around Christmas.
Support at $11.30 was quite clear for a bounce, missed it.
Resistance now at $12 & $12.50. Dips at $11.30 and $11,”
Other than these, the analyst also mentioned about XCAD price which is heading towards the lower support and predicts a bearish outcome.
Latest on Sam Bankman Fried’s Arrest: What to Expect During SBF’s Court Hearing Today!
Last Monday, authorities in the Bahamas detained notorious crypto figure Sam Bankman Fried, and a judge ruled against granting him bail. Now he’ll be locked up until February of next year.
It remains to be seen how the litigation will unfold, but if SBF is found guilty, he may spend well over a century behind bars. But there’s a lot that may happen in the case before he receives a final sentence in the coming months or years.
SBF was charged with eight counts in an indictment that was unsealed on December 13 by the United States Department of Justice. These charges include wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, conspiracy to defraud the Federal Election Commission, and campaign finance violations.
The petition for Chapter 11 bankruptcy on November 11 showed that the failure of FTX has resulted in damages to creditors of billions of dollars, which affect approximately one million people.
The Committee of Unsecured Creditors has been established to defend FTX account holders and other creditors in the bankruptcy case of the defunct cryptocurrency exchange. This appointment was made by the Office of the US Trustee under the Department of Justice in the United States.
According to the reports, the offender has probably had a change of heart over his former choice to resist extradition, and he is scheduled to appear in court in the Bahamas today to seek a reversal of the decision.
It is possible that it will take a few weeks to transport him to the United States of America if SBF does end up agreeing to his extradition. After that, he will make an appearance before a court and judge in the country. The continuation of his bail hearings will be determined by them.
Fox Hill Jail, which is the only prison in the Bahamas, is where SBF is now being kept. According to a report that was distributed by the United States Department of State in 2021, the circumstances at Fox Hill are harsh and overcrowded, with insufficient sanitation and nutritional provisions. It was stated that detainees had been subjected to physical abuse at the hands of jail staff.
Bottomline
In the beginning, SBF informed the Bahamian courts of his intention to contest any extradition order to the United States of America. According to the Securities and Exchange Commission (SEC), FTX was a scam from the very beginning.
SBF began transferring client cash to Alameda almost immediately after FTX was established, and he maintained this practice all the way up to FTX’s demise in November 2022.
Many people in the cryptocurrency community have pointed out that SBF is a criminal, and they have criticized him for being self-centered and for not caring how the consequences of his actions would impact other people. I believe that he deserves whatever penalty the authorities decide to hand down to him as punishment for all he did.
Here’s Why It Is The Best Meme Coin To Invest In Today
It is often wondered why individuals even bother to spend their money in meme coins. Some people participate just for the sake of the publicity, while others do so because they believe it will allow them to make a profit during a pump. Because so few people believe that these kinds of tokens may truly add usefulness to the cryptocurrency market, very few of them do it.
Some meme coins, like as Tora Inu (TORA), do just that – they offer fresh ideas to an area that is already quite congested. Because of the functionality that it provides, it is proving to be one of the finest ways to get started in the meme coin. The vast majority of meme coins are little more than joke coins, however TORA is far more than that.
Meme coins are unique forms of assets. They are, in all actuality, driven only by hype and function as a kind of word-of-mouth campaign that goes off the rails once it reaches a critical mass. Then, investors pour in with the expectation that they would be able to ride the hype train, or sometimes merely with the intention of making a fast money.
Meme coins, which are essentially merely replicas of previous cryptocurrencies, are losing investors’ interest. Because in addition to being a meme currency, Tora Inu (TORA) also functions as a utility coin, this project has a lot of interesting potential. It is precisely because of this functionality that it has established itself as the forerunner of the subsequent generation of meme currencies.
TORA is a Meme Coin Worth Keeping an Eye on.
There aren’t really many meme coins that are really doing anything interesting right now. There are no meme currencies that are doing what Tora Inu is doing. Neither is there anybody else. The project has all of the characteristics of a typical meme currency in addition to offering a great deal of functionality, which justifies the need for any lover of cryptocurrencies to keep a watch on it.
The user may get benefit in a variety of different ways by participating in this project. The fact that it has a one-of-a-kind token burn and redistribution mechanism is the most crucial aspect of it. In the Tora Inu network, burning causes a redistribution of rewards and a reduction in supply. As a direct result of this, the value of the TORA token will grow. The value increases in proportion to the number of transactions that take place.
In addition, there will be non-fantasy tradeable items, a pay-to-win game, and a metaverse in Tora Inu. Players may earn TORA and NFTs by pitting their pets, which are represented in-game by NFTs, against those of other players. You may gain levels in the NFTS, or you can sell it on one of the markets.
Because of this, new initiatives like Tora Inu (TORA) are shaking up the industry by providing a wide variety of functions that differentiate it from other meme currencies. For instance, the project includes a “Play-to-Earn” game in which users may pit their pets against those of other players in order to compete for prizes in the form of TORA. The metaverse is scheduled to be published in the near future, at which time users will be able to own land.
The road plan for Tora Inu’s immediate future also seems to have some intriguing developments. At this time, the group is making preparations to conduct a review of the network’s security. In addition, we place a high priority on conducting large marketing campaigns and listing our products on centralized exchanges. In the second quarter of 2023, the first NFTs will be distributed.
The TORA presale is now active, and it employs a process called an incremental price increase, in which the price of TORA rises incrementally when additional presale stages are introduced. A private sale has not yet taken place, and the beta sale won’t start until phase 3 has been completed.
What Sets the Tora Inu Apart from Other Dogs?
After all, it’s named after a dog, and those are the kinds of things that are usually popular in the crypto market. At first look, Tora Inu could seem to be just like any other meme currency. However, Tora Inu adds a new spin to the meme currency area, which has been overdue for a makeover for a very long time.
Tora Inu is distinguished from other cryptocurrencies by its tokenomics, which include a burn mechanism that redistributes rewards. This causes a decrease in supply while simultaneously driving up demand for the cryptocurrency. As more transactions take place on the network, it is anticipated that the value of the token will rise to reflect the increased demand for it. Those who do nothing more than keep a TORA token in their wallet would, of course, see the same price growth as everyone else.
However, there are many additional advantages that prove that Tora Inu is dedicated to providing its community with an experience that is unlike any other. The project is going to create a pay-to-play game that gives gamers incentives, and this game will include NFTs. It is possible for players to engage in combat with one another or the environment with their NFTs, which may gain levels.
Tora Inu has further ideas in the works for the future, including the creation of a metaverse that will allow gamers to communicate with one another. Players will have the ability to buy land, much as they can in a lot of other metaverses.
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.
Bitcoin Price Prediction for Today! Will BTC Surge Beyond $17,100?
The Bitcoin price is currently trading around $16,700 and ranges towards the upper targets within the lower time ranges. The star crypto consolidated within a narrow zone between $15,700 and $15,900 for a while. After undergoing extensive compression, it broke out of the consolidation to rise beyond $16,800.
Meanwhile, the BTC price failed to reach $17,000 and presently trading sideways with decent volume that may compel the price to go in either of the directions.
The macro trend appears to be bearish for the Bitcoin price, and one can therefore expect a further drop soon. In the short term, the chart displays growing strength, which may further result in a minor bounce. However, the price currently is trading within a decisive phase that may either propel the price beyond $16,800 or drop the levels close to $16,300.
The BTC price is trading within the rising wedge and presently testing the lower support of the rising wedge, which is largely considered bearish. Therefore, if the price rebounds, it may rise high to reach levels beyond $16,800, or else drop close to $16,300. However, even if the BTC price rebounds, the price could still encounter a bearish breakout as it reaches the pinnacle of the consolidation.
Bitcoin (BTC) Price May Go 5x in the Long-term
Regardless of the star crypto being stuck within a bearish trend, the long-term prediction is extremely bullish. In a recent interview with Benjamin Cowen, a well-known analyst, PlanB, an anonymous BTC proponent, believe that the price may head towards $10,000 after the next halving in 2024.
Moreover, PlanB believes that the current FTX impact may continue for a long. Furthermore, the end of the conflict between Russia and Ukraine may have a positive impact on the BTC price. Elaborating more on the price movements, PlanB believes that the BTC bottoms could be reached sometime in the next 3 months.
“The bottom of the bear market is also about a year, one and a half years, after tha all-time highs. And that’s also true today. It was true in 2019 and 2015, and it’s also true today in 2022. But from the bottom of the bear market, once we hit the bottom it will go up.”
“So the rising, if you will, is not starting at the halving or after the halving. It will start when the bottom of the bear market is reached. And that could be today. Or next month. Or maybe three months from now. But it will come,”
Why Litecoin (LTC) Price is Up Today?
The post Why Litecoin (LTC) Price is Up Today? appeared first on Coinpedia Fintech News
In a volatile market, the price of Litecoin has recently risen. LTC Price defied the downward trend in the market by generating gains of 19% over the previous week to lead the top 100. The alternative currency increased by 13.7% over the previous day, rising from $61.53 to $70.10.
As On-chain metrics suggest investors are hodling $LTC . Analysis of Glassnode data suggests users increasingly view Litecoin as a store of value. The Santiment report reveals that LTC’s daily on-chain transaction volume in profits was 153,000. On the opposing end, the daily on-chain transaction volume in the loss was 163,000.
The social engagement and mentions Metrics hint that the altcoin maintained a favorable position, according to the LunarCrush statistics. Platform suggested that despite being in 98th place, the increase in social levels has impacted LTC’s market reaction.
Why Bitcoin and Altcoins are Bullish Today?
Since their yearly lows, Bitcoin, Ethereum, and the majority of cryptocurrencies have experienced a market-wide rally with modest increases. Even if it has increased by nearly 4% in the last 24 hours to $855 billion, the global crypto market cap today is still below the $1 trillion threshold.
At $15,932, the price of Bitcoin has remained above the resistance level. BTC will probably trade above $16,300 in the near future if the bulls can maintain the advantage they have today. Ethereum, on the other hand, bounced off the level even though it fell to its lowest level at $1,074.
On November 23, 2022, the U.S. FOMC minutes reports have not yet been made public. Investors’ confidence in the crypto market could also be rising due to their belief that the United States Federal Reserve could roll out smaller-sized interest rate hikes in the next two months.
As the government implements strict measures to stop increasing inflation, FOMC meetings are fairly favorable for the broader crypto market. This has a beneficial effect on the crypto space in turn, but only briefly. The next meeting minutes could also have a negative effect on cryptocurrencies and stocks.
Top 3 Reasons Why Crypto Market is Going Up Today? Is FOMC Fueling the Rally?
After undergoing a massacre, the bulls have uplifted the crypto space to some extent. The Bitcoin price is approaching $16,500, while the Ethereum price rose beyond $1100 after withstanding extreme bearish pressure. However, the upward swing is expected to prevail until the FOMC reveals its agenda for the upcoming meeting.
FOMC meetings are somewhat bullish for the entire crypto space as the authorities take down stringent actions to curb rising inflation. This in turn impacts the crypto space positively but for only a very small time frame. Meanwhile, the upcoming minutes of the meeting may adversely impact the cryptos & equities as well.
A popular analyst, tedtalksmacro, who provides insights about the traditional markets which impact the crypto spaces and believes that a reversal of hopium appears likely today. The October CPI print went more negative than expected that uplifted both equities & crypto space for a while.
Considering the previous reaction, the FED is likely to use the FOMC meeting minutes to bring back the markets in line. Therefore, one can expect the hawkish language and their commitment to higer rates for longer. This may further compel the equities & cryptos to react negatively when the minutes are released.
Secondly, the FED chair Jerome Powell is expected to speak on November 30, 2022, at the Brookings Institute where-in he may follow the Jackson Hole-like presentation which had led to a 4% sell-off in US equities earlier. This is considered extremely important as the speech is immediately followed by the FOMC blackout period.
Despite the crypto markets have been witnessing a slight upswing since the early trading hours, the selling pressure may mount up with the release of FOMC MoM. Therefore, traders are expected to be cautious as the crypto markets may remain volatile for a while.
KEY.did Goes Live Today, Aligned Partnership with Bitkeep and 8 Other Wallets With Over 16,000 Early Bird Participants
November,10,2022 – The DID protocol KEY3.did is live on November 10th at 20:00 (UTC+8). KEY3.did strategically launched the .did domain name and initiated an early bird campaign for all ENS holders to claim the same domain name they already own for free. Earlier on November 7th, GameFi Future Fund, a subsidiary of Game Space, announced a $3 Million investment in KEY3.did.
Within 48 hours only, KEY3.did gained over 16,000 Discord users, over 22,000 Twitter followers and over 16,000 users participating in the Early Bird campaign. KEY3.did has partnered with BitKeep Wallet, iToken Wallet, Bybit, KuCoin Wallet, Coinhub Wallet, Onto Wallet, Element.market and many other wallets, DeFi, exchanges, DAO organizations and others to build a network of applications for the .did domain.
Kory Pak, CEO of KEY3.did said: “The choice of a neutral term .did was made with the intention of being inclusive to express that Web3 is a big unified world and should not be divided and factionalised at the entry level. On a broader perspective, it should also not contradict with the core philosophy of Web3, but instead encourage each other and take part in the development of the ecosystem, building the Web3 industry together.”
KEY3.did possess distinctive features compared to existing live domains or DID projects that includes:
- Permanently Free
KEY3.did is a Free to Claim, perpetual ownership, requires no renewal fee and an inclusive DID protocol dedicated to providing free, available and decentralized identities for every user who wants to enter Web3. KEY3.did ushers in a new phase of Free to own DID, empowering users with a free DID experience at a low threshold, and breaking the circle to attract new users to join Web3.
- De-factionalisation
KEY3.did has chosen .did as the main domain name due to its profound meaning. Most of the current mainstream domain names have public chains as their factions, such as .eth, .bnb, .sol, etc., which are incompatible with each other and form fragmented user groups. Among the many domains with distinct factional characteristics, .did appears more neutral and inclusive. Noun-as-category is a smart choice.
- Supports Cross Chain
KEY3.did also supports cross chain, a DID can be bound to multiple chain addresses to achieve multi-chain parsing. For example, for users who often transfer money across exchanges and wallets, they often have both an ETH and TRON wallet. KEY3.did can bind multiple chain addresses and resolve them intelligently by chain, thus facilitating users with much more convenience. KEY3.did chose to deploy the first phase of .did on ETH due to the fact that it has the largest user base. In the near future , the deployments and applications will also be supported on multiple chains.
- Fair Distribution
KEY3.did has opted for a more equitable distribution scheme for issuing premium domain names, as well as a more decentralized DAO vault. In response to the current situation that the demand for digital domain names in the DID scenario remains speculative, KEY3 has reserved short digital domain names with less than 4 digits and will subsequently distribute quality short domain names to users who contribute to community, building through airdrops and auctions in a fair manner of which the proceeds from the auctions will be used to support project development.
- Top Level Support
In terms of partners, KEY3.did also has resources of leading partners in the industry, and has quickly gained the support of many wallets including BitKeep Wallet, iToken Wallet, Bybit, KuCoin Wallet, Coinhub Wallet, Onto Wallet, Element.market and many other wallets, DeFi, exchanges, DAO organizations and others before it goes online.
With the support of many partners, KEY3.did now can provide free, fully autonomous and controllable DIDs to a broad audience of Web3 users without renewal fees, maximizing the digital identity that can be created and used by anyone who needs it, and may become a new force in the DID sector.
About KEY3.did
KEY3.did is a Decentralized Account System which is free to claim and permanently free to own without any fees for renewal. KEY3.did lowers the entry barrier and uses a neutral term .did with the intention of being inclusive of the major ecosystems and not taking sides to encourage more existing and new users to enter Web3. Users can create any sub.did and assign ownership to anyone you’d like, even set up your own registrar for your .did.
For more details please visit:
Twitter: https://twitter.com/KEY3id
Discord: https://bit.ly/KEY3idDS
Medium: https://bit.ly/KEY3idMD
Website: https://KEY3.id
Disclaimer: This is a guest 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.
Was this writing helpful?
Why is Bitcoin Price Down Today? What is Leading to a Crypto Crash?
The crypto markets have been extremely bearish after undergoing a minor bounce in recent times. The brawl between the Binance CEO, Changepang Zhao(CZ) & the FTX CEO, San Bankman-Fried(SBF) has led the market to lose more than 10%-12% of the market cap in the past couple of days.
Presently, the FTT price has dropped by more than 73% to mark new lows at $4.36. Meanwhile, Solana’s price is also under heavy pressure as Bitcoin & Ethereum prices slump below $19,000 & $1400, respectively. However, the BinanceCoin (BNB) price continues to maintain its strength, registering a minimal loss of just 0.4% in the past 24 hours.
What caused a flip in market sentiments?
Well, there are larger concerns over FTX’s liquidity and its balance sheet, as they have turned down sharply ever since Binance announced liquidating all of their FTT tokens. As per some reports, the FTX balance sheet is down by nearly $6 billion, and the platform is trying hard to raise some funds to fill the gap.
The crypto markets have encountered a similar situation in the past couple of months while the Terra ecosystem crashed causing a 50% drop within the markets. Meanwhile, the assets have not completely recovered from the losses incurred then, and a fresh bearish market may compel the assets to find new lows in the coming days.
However, some analysts believe that the markets may not drop heavily as they did during the LUNA-UST crash as the reasons are a little diverse. Meanwhile, for the investors who were slowly gaining confidence back, the fresh sell-off may eventually enhance their distrust for a prolonged period ahead. Moreover, the regulatory scare may act as icing on the cake. Therefore, a bearish close for the year appears to be imminent.
Was this writing helpful?
Why Crypto Market is Crashing Today?
The post Why Crypto Market is Crashing Today? appeared first on Coinpedia Fintech News
The news of Binance Acquiring FTX created negative impact in the Crypto Market. Cryptocurrencies plunged Tuesday as investors digested an emergency deal struck for an undisclosed sum between major crypto exchanges Binance and FTX.
As a result, the cumulative market cap had dipped from its coveted position above $1 trillion after losing over $70 billion in a single day. Notably, BTC tumbled to a two-year low of $16,950 before steadying. BTC last visited sub-$17,000 in November 2020.
FTT, the utility token of crypto exchange giant FTX, collapsed by more than 75 per cent to around US$4.70
BTC, ETH, SOL, FTT, DOGE, and BNB saw the largest liquidations.