Bitcoin Crypto News

Crypto Market Liquidations Surges Past $250 Million As Bitcoin Declines Below $20,000

With bitcoin’s decline below $20,000, the crypto market liquidations have ramped up once more. The market which had been regaining some semblance of normality has now lost its hold. As bears continue to drag down prices across the space, traders are being liquidated left, right, and center. Although the liquidations have not been record-breaking in […]

Bitcoin Crypto News

Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

As of June 28, the bitcoin price fluctuated slightly above the $20K mark. However, toward the end of the day, it eventually dropped to $20K. The market watch also noted the bearish state in the price of most altcoins. These include DOGE, AVAX, SOL, and many others. Drawing from June 29 data, Bitcoin’s price has finally plunged below the $20K mark. Many renowned cryptos like the Ethereum, Shiba Inu, and Doge tokens also feel the heat of the bearish turn in the market. Bitcoin Lost The $20,000 Price Mark According to the news last week, Bitcoin made several attempts to come off the loss in value. During that time, its price shot from $17,500 to $21,000. This was a recovery from its 18-month low price mark. It sustained this $21K price mark until it hit its 10-day high price, a little over $21,800. Suggested Reading | Bitcoin Slides Under $20K – Another Collapse In The Offing? The journey to a higher price became abortive for BTC, and it eventually dipped lower than $21K. It attempted to hit this price, but all attempts proved unsuccessful. BTC’s unsuccessful attempts to appreciate eventually turned into a bearish trend toward $20K. According to the news on June 28, it managed to get slightly above the $20K benchmark. From today’s market watch, the price of Bitcoin has plunged below $20,000. At the time of writing, it is still fluctuating below this price, bringing its market cap below $400B. The Effect On Other Digital Tokens The bearish movement of Bitcoin’s price affects the rest of the digital tokens. This explains the several red bars in the crypto market chart. During the last weekend, Ethereum attempted to go higher amid the bearish state of the market. At the time, ETH was trading at $1,200. However, this did not last too long as Ethereum’s price currently sells at $1,116, about a 6.5% daily decline in price. According to the altcoins price data from CoinMarketCap, BNB now trades at $219. This is about a 7.5% 24 hours plunge in its price. There are other altcoins down trend records like SOL, DOGE, SHIB, and XRP, to mention a few. Suggested Reading | Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens Also, despite the slight appreciation of the LEO, Tron, and Cardano tokens, they remain in the chart’s red zone. So, judging from the current state of all crypto assets from 2 days back, the total dump in the overall market cap sums up to $60B. Adding this figure to the total drop in the market cap since the beginning of the bearish trend equates to $900 Billion. Featured image from Pexels, chart from TradingView.com

Bitcoin Crypto News

Bitcoin Sees Worst Quarter In 11 Years

The leading cryptocurrency in the world, Bitcoin (BTC), saw its worst quarter-over-quarter drop in 11 years. According to data from CoinGecko, BTC has lost over 57.43% in the second quarter of 2022. Additionally, by selling below $19,000 on the final day of Q2, Bitcoin had its most significant quarterly loss in more than a decade. The current state of the Bitcoin market is not good. The position was favorable even at the end of Q1 when it was approaching close to $50,000. But after that, things became more complex, and the price kept dropping. Related Reading | TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100 From $45,524 at the beginning of the year, bitcoin slid to a low of $17,593.2 on June 18. It recorded its worst-performing quarter as a result of its persistently negative price moves, which have seen it drop below $20,000 several times in June. According to CoinGecko data, BTC dropped by 38% over the month of June and is currently trading at $19,447.62. Since its launch in January 2009, the price of bitcoin has been on an up-and-down Ferris wheel. Like Q2 2021, the second quarter of 2022 will be referred to as the “Bloodiest Quarter In Crypto. Quarter 2 of last year lost more than 40% of its value.  Concerns About Risks Due To Market’s Downturn Situation After the news that the Federal Reserve is preparing to reduce liquidity in the financial markets, Bitcoin fell precipitously and the downturn continued. Investors avoided riskier assets because of rising inflation and interest rates. As a result, the market lost huge profits.  Throughout the quarter, several significant problems have surfaced. For example, Celsius; recently, the firm decided to halt all account withdrawals, raising concerns that the business would soon go bankrupt. Cryptocurrency exchange CoinFlex also stopped customer withdrawals on June 23, due to the harsh market conditions. CEO of CoinFlex, Mark Lamb stated: Due to extreme market conditions last week & continued uncertainty involving a counterparty, today we are announcing that we are pausing all withdrawals. Moreover, on the other hand, regulators have become ever more concerned about cryptocurrencies’ hazards. Everyone is terrified due to the recent failure of TerraUSD (UST) and the issues experienced by crypto lenders, including Celsius. In order to address the possible threat that crypto-assets can bring to the financial system, the European Systemic Risk Board (ESRB) urged urgent regulation to solve the situation.  Related Reading | Avalanche Might Continue Its Downtrend As Price Slips To $16  In a report on June 30, the EU stated: While potential systemic implications stemming from these market segments currently seem limited, systemic risks could materialise quickly and suddenly. Europe is not the only one. There are 103 countries listed in November 2021 whose governments urged their financial regulatory agencies to set legislation and policies for financial institutions concerning cryptocurrency. Including France, Germany, Japan, Mexico, and many others.   Featured image from Flickr, chart from Tradingview.com

Analysis Bitcoin Crypto News Ethereum

MicroStrategy is buying the dip – Should you follow their lead?

microstrategy-is-buying-the-dip-–-should-you-follow-their-lead?

With smart money digging in, Bitcoin and Ethereum come across as worthy buys in the crypto dip. Key points: Smart money is buying crypto and could be a leading indicator that the market could rebound. Following the lead of institutional money, Bitcoin and Ethereum could be worthy buys today. MicroStrategy is buying the current Bitcoin… More

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Altcoins

Coinbase Announces Support for Little-Known Ethereum Scaling Altcoin and Mid-Cap Stablecoin Project

A layer-2 scaling solution is joining top US crypto exchange Coinbase’s roster of digital assets alongside an exchange stablecoin. Coinbase says Boba Network (BOBA) and Gemini USD (GUSD) will start trading paired with Tether (USDT) once appropriate liquidity conditions are met. Boba Network utilizes optimistic rollups, a less stringent and data-heavy method of transaction verification […]

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Crypto News

VeChain At Risk Of Further Losses? VET Price Drops 30% In Downtrend

The crypto market continues on its downtrend, and VeChain (VET) follows after expiring some relief over the last weekend. The cryptocurrency recently breached a major level of support and seems poised to expand its downside price action. Related Reading | Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode At the time of writing, VET’s price trades at $0.022 with a 3% and 32% loss over the last 24 hours and the past month respectively. According to crypto analyst Justin Bennett, VeChain lost a major area of support when it broke below $0.024. As seen below, this area was the last line of resistance for a “neckline” or a trendline that saw VET’s price after an increase in previous selling pressure. Not everything is lost for the bulls, the analyst believes, as long as VeChain is capable of holding above $0.021. This area is a “much more significant support for the market”. In case of further downside action, VET’s price could drop into this support line before seeing some relief. If the price manages to get back above the neckline, it could support a bullish continuation. However, traders should wait for confirmation if VET’s price can return to $0.024 and then to $0.026. Beyond that point, $0.028 seems like a very important area of resistance. Bennett believes it seems more possible that VeChain will continue on its downtrend: Resistance for VET is around $0.0237, which is the neckline it broke below yesterday. All in all, the market looks relatively weak. So even if we do see some additional relief, I think a move to at least $0.016 makes the most sense right now. Traders should watch out for a daily close below current levels or $0.022. This could hint at potential losses targeting the levels mentioned by the analyst. What Could Save VeChain In The Long Run? As NewsBTC reported, VeChain is currently in the process of deploying a major consensus update. This could facilitate the corporate adoption of the blockchain VeChainThor and inject fresh capital into the ecosystem. However, this will positively impact VET’s price over the long run. In the short term, Bennett claims the current macro conditions don’t support bullish momentum in the crypto market. The analyst recently pointed out a “Head and Shoulders” pattern formed on the crypto market total capitalization 4-hour chart. Related Reading | Ethereum Rising Gas Fees are Still Concerning But Presents Opportunity For Decentralized Exchanges This pattern often precedes further losses by a certain asset. The total crypto market cap currently stands above $800 billion and could crash into the $700 billion if the pattern plays out. Any long positions, at current levels, seem at risk, as Bennett explained: $TOTAL is a perfect example of how to use a failed head and shoulders to your advantage. That failure offered a short opportunity. I never thought to long this because of the established downtrend. I was always expecting it to fail.

Bitcoin Crypto News

Why Rich Dad, Poor Dad Author Will Wait For Bitcoin To Drop To $1,100 Before Buying More

Best-selling author Robert Kiyosaki offered his followers a “Rich dad lesson” on Bitcoin. Via his official Twitter account, the writer made a distinction between “winners” and “losers” in the crypto market. Related Reading | Reports: FTX Targeting BlockFi Purchase At $25M At the time of writing, Bitcoin has lost major support as it broke below $20,000 and it’s currently trading at $18,900 with a 6% loss in the last 24 hours. The cryptocurrency has lost over 75% of its value since reaching an all-time high at $69,000. At those levels, the Rich Dad Poor Dad author was a buyer and seemed more enthusiastic about BTC’s price future appreciation. Now, he has made a 180 degrees shift in his speech publicly bashing those investors which he classified as “losers”. Kiyosaki’s full message is rather grim, and might be aiming for an impossible level, for Bitcoin to crash all the way down to $1,100: RICH Dad lesson. “LOSERS quit when they lose.”  Bitcoin losers are quitting some committing suicide.’WINNERs learn from their losses. I am waiting for Bitcoin to “test” $1100. If it recovers I will buy more. If it does not I will wait for losers to “capitulate” quit then buy more. In the past, Kiyosaki highlighted $20,000 as the “buy the dip” level. The author called the cryptocurrency a hedge against inflation and called the BTC’s price crashing “good news” and predicted a “time to get richer” by increasing his holdings. The author was bullish on BTC and precious metals, but it’s unclear what has caused him to shift his views. On a different occasion, Kiyosaki foresaw the start of a depression, preceded by a “giant crash” across global markets. The main trigger for this scenario is the U.S. Federal Reserve (Fed) and its attempts to slow down inflation, which is currently at a 40-year high. At that time, Kiyosaki said: BIDEEN & FED need inflation to prevent New Depression. Inflation rips off the poor. Inflation makes rich richer. Biden and Fed corrupt. Prepare: Giant crash then new depression. Be smart Buy, gold, silver Bitcoin. Should You Listen To Robert Kiyosaki? Kiyosaki was almost right when he predicted Bitcoin would reach an all-time high near $75,000. However, as crypto users pointed out, he has been mostly wrong about his BTC’s price prediction. As seen below, Kiyosaki has been talking about this doomsday scenario for over a decade. In 2017, he tweeted about a potential crash in the real estate market, this prediction proceeded a major bull run in the sector. Related Reading | TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up Therefore, it seems wise to take his words with a grain of salt. The crypto market seems soft and susceptible to macro-conditions, but for BTC to return to the $1,000 levels seems unlikely.

Crypto News Ethereum

Ethereum Keeps Sliding Down, Will The Support Line of $1,100 Break?

Ethereum continued on a bearish path as the coin has now found support level at $1,100. Over the last two days the coin surged and touched the $1,200 mark but shortly after that, it witnessed a pullback on the chart. Ethereum’s strong resistance currently stood at $1,300. The technical perspective of the coin has also remained bearish. Over the last 24 hours, ETH lost 9% of its value and invalidated most gains it secured in the past one week. After the bulls could not manage to move past the $1,300 price ceiling, the coin has slipped down. ETH has depicted a consolidated price range with price of the asset sandwiched between $1,280 and $1,110, respectively. If Ethereum doesn’t rise and break past the $1,300, price could dip and fall below the $1,000 mark. Buying strength also faded as price of the coin kept falling on the chart. The global cryptocurrency market cap today is at $937 Billion with a fall of 5.5% in the last 24 hours. Ethereum Price Analysis: One Day Chart ETH was trading for $1,111 at the time of writing. Immediate support for the coin stood at $1,000, but if ETH starts to fall then the coin can trade at the $900 price level. Immediate overhead resistance stood at $1,200 and then at $1,300. The last time the altcoin hovered around this price region was in the month of January 2021. If Ethereum falls to $900, it would mark a new low for the coin in the year 2022. If price of the altcoin manages to jump to $1,300 and trades above that level for significantly long, then rally to $1,700 could be possible. Volume of Ethereum traded fell on the 24 hour chart which meant that buying strength decreased. The trading volume bar was red indicating bearishness. Technical Analysis ETH was oversold over the last 48 hours, but the coin recovered and moved above the oversold zone. Despite this recovery Ethereum’s buying pressure remained extremely low on the chart. The Relative Strength Index noted a downtick and was nearing the oversold mark again. Consistent downfall in demand can bring Ethereum to touch the $900 level over the next trading sessions. On the 20-SMA, the coin was seen below the 20-SMA line. A reading below the 20-SMA line means that the sellers were driving the price momentum in the market. Related Reading | Why Ethereum Could Trade At $500 If These Conditions Are Met ETH noted a fall in buying strength despite that the coin flashed buy signal son the one day chart. Moving Average Convergence Divergence depicts the price momentum. It displayed a bullish crossover and flashed green signal bars which are buy signals for the coin. The current price level could potentially turn into a demand zone for the king altcoin. Chaikin Money Flow demonstrated capital inflows and outflows on the chart. CMF was below the the half-line which meant that capital inflows were lesser than capital outflows signifying bearishness. Suggested Reading | Ethereum Needs To Breach This Level To Sustain Bullish Pace Featured image UnSplash, chart from TradingView.com

Altcoins

Coinbase Ignites Crypto Rallies After Listing Several Altcoins Built on Ethereum and Solana

A decentralized media-sharing ecosystem built on Solana (SOL), plus several altcoins built on Ethereum (ETH) are surging after being added to top US crypto exchange Coinbase’s roster of digital assets. In an announcement, Coinbase says Media Network (MEDIA) and four other cryptocurrencies will start trading paired with Tether (USDT) once appropriate liquidity conditions are met. […]

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