The Lido community is discussing a potential change in governance that would utilize both of its main tokens. All Holders Could Have a Governance Role The Lido community’s suggested approach…
Crypto is mirroring stock markets’ gains again today, with Wall Street’s sharp climb after opening higher likely to provide further impetus for Bitcoin. Last Friday, the crypto market saw a significant decline correlating US Indexes. Bitcoin and Ethereum, the major players in the crypto market, gained 2% in the past 24 hours. Both crypto combined capitalization reached nearly $1.2 trillion today, with total crypto market capital at $1.9 trillion. Related Reading | Ethereum Trades Below $3,000 Support, Why Is ETH Falling Since November? The crypto markets see a broad recovery as equities continue their upward trajectory. The BTC/USD pair is trading above $40,000 while ETH/USD has gained ground close to the $3,000 resistance level. Both coins are gaining amid this positive trend for all assets. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite have all gone up today. The S&P 500 is up 2.3%, the Dow Jones Industrial Average is higher by 1.7%, and the Nasdaq Composite leads the upside with 2.8%. This happened as Asian and European stocks had good days before the US Federal Reserve’s 0.5% interest rate hike. Bitcoin And Ethereum Still Look Bullish The bitcoin price is holding well above $38,000, but it’s close to touching another key supply wall at $40,000. However, this could signify that the bulls still have some strength and may push higher soon. As per Altcoin Sherpa, a crypto trader and analyst, “the market structure looks bullish.” He further added; As long as these lows are maintained and we still see higher lows, I think the bullish market structure is still intact. Still thinking 55k+ in the coming weeks. While commenting on Ethereum prediction, Altcoin Sherpa said; Unlike $BTC, ETH is still decently above its last lows and still has a bullish market structure (btc does too but its closer). Would like to see a higher low formed for #Ethereum. I think that it’s still at the mercy of BTC though, as always – if BTC tanks, so will ETH. Related Reading | TA: Bitcoin Key Indicators Suggest Strengthening Case For Decent Increase “Bitcoin could go higher,” said Rekt Capital, one of the top crypto analysts. The analyst said; Bullish Divergence on the 4-hourly is playing out. Key resistance in the very short-term will be this red area [above $40,300]. Turning it into support like in the previous yellow circle would be a bullish sign for trend continuation. Bitcoin has been below its 100-day moving average for a few weeks. The price has been supported by $37,000 and the falling trendline. This has lessened the bearish momentum. The $37,000 mark has become an important support for Bitcoin. If it falls below that, the price might go down to $30,000. Featured image from Pixabay and chart from Tradingview.com
Bitcoin further sank to about $17,750 for the first time since December 2020 Saturday afternoon, as the selloff in the crypto market intensifies. Bitcoin’s price is still falling steadily and is currently testing the 2017 all-time high range of $17,000 to $20,000. However, the descent shows no indication of abating, and analysts are are not quite sure to call a bottom at this time. The following hour, Ethereum followed suit and went below $1,000. These numbers were feared as crucial support levels for the top two coins by market capitalization. Suggested Reading | Ether Drops Below $1K, Dragged Down By BTC Slide – What’s The Next ETH Support? The next several days could be crucial for Bitcoin, as a failure to establish support at this position could lead to a further market decline into the $15,000 mark. Alternatively, if the price recovers from the current region, the $24,000 level would be the first hurdle before the key $30, 000 resistance and the 50-day moving average. The current Crypto Winter differs from 2018 in that cryptocurrencies are falling alongside tech stocks as the broader economy is fragile, inflation is soaring, and a full-scale recession appears impending. This year’s Crypto Winter is different from last year’s because cryptocurrencies and tech stocks are both in decline. Image: CNBC. During the past week, the price of Bitcoin fell by more than 30 percent, and the market is arguably suffering maximum anxiety. A significant amount of coins that have been purchased and held over the past two years are being put into exchanges, as indicated by exchange inflows. On Friday, Antoni Trenchev, the founder of cryptocurrency lender Nexo, stated on Bloomberg that the current slump “reminds me of the 1907 bank panic.” Saturday, Kraken’s director of growth marketing and Bitcoin influencer Dan Held warned, “We are on the path of maximal pain.” Bitcoin’s decline occurred over the course of several months, and was hastened in recent weeks by the collapse of two major cryptocurrency projects, Terra-Luna and Celsius, which further sowed worries about the market’s durability. BTC total market cap at $350 billion on the weekend chart | Source: TradingView.com Pressure from macroeconomic factors, such as growing inflation and a series of interest rate hikes by the Federal Reserve, also contributes to the calamity on the cryptocurrency market. Market observers have also been keeping a close eye on top-tier cryptocurrencies as they track equities lower. It doesn’t help that crypto companies are issuing the pink slips and rendering a large number of people jobless, and that some of the industry’s most recognizable brands are facing solvency breakdowns. Meanwhile, recent data from the analytics website Glassnode indicates that the revenue generated by Bitcoin miners has continued to decline. With rising mining expenses and a deteriorating macroeconomic environment, miners are now less motivated and profitable. Suggested Reading | Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom? Featured image from Domestika, chart from TradingView.com
Ferrum Network, a cross-blockchain service company & ecosystem, has now announced it will integrate the zkSync layer-2 scaling solution into its suite of products. This synergy comes following Ferrum’s participation in the Series B round for Matter Labs, creator of zkSync. zkSync is a user-centric zero-knowledge (ZK)-rollup platform for Ethereum and is live on the […]
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