Has Cardano Hit Rock Bottom? Analyst Benjamin Cowen Looks at State of ADA

Widely followed crypto analyst Benjamin Cowen is taking a look at the state of Ethereum (ETH) rival Cardano as ADA continues its multi-month downtrend. In a new strategy session, Cowen looks at previous periods when Cardano was in a long-term downtrend and notes that while ADA already looks fairly discounted after losing 83% of its […]

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Bitcoin Crypto News

Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem

The Top 5 cryptos featured in this article today are taking a heavy blow in the ongoing market pandemonium. Led by Bitcoin and Ethereum – two of the biggest cryptocurrencies in terms of market cap – these five cryptos have been hogging the headlines of late. Investors now wonder when a recovery will occur, as losses continue to mount, sending jitters across the broader crypto space and dampening investor spirit. Here’s a quick look at the Top 5 cryptocurrencies and how much they’ve lost so far: 1 – Bitcoin (BTC) Bitcoin takes the spot of the Top 5 cryptos with the most losses. Bitcoin is the largest and most popular cryptocurrency in the world. In November of last year, BTC surpassed a market capitalization of $1.27 trillion when one unit reached a price of $69,000, an all-time high. As of this writing, the price of Bitcoin hovers around $20,000. This year, it has lost 57.23 percent of its value. Bitcoin maintained $20,000 for another day on Thursday, despite calls for a 20 percent decline. Bitcoin has lost 57.23 percent of its value. Image: Coingape. 2 – Ether (ETH) Ether (ETH) – at No. 2 on this list – dropped below $1,000 for the first time this month after its value soared 386 percent in the previous year, reaching a record high of $4,812 in November 2021. ETH, the second largest cryptocurrency in the world with a market capitalization of $134 billion, has lost 70 percent of its value since the beginning of the year as of June 23. This year, Ether has experienced the same fate as Bitcoin and many other cryptocurrencies, bringing its price to its lowest level since January 2021. Suggested Reading | Cosmos (ATOM) Price Swells 12% – Can It Breach Resistance? 3 – Solana (SOL) Solana has lost 78 percent of its value this year, trading at $36.28 as of Thursday, a far cry from its November 2021 all-time high of $258. Solana (SOL) is the ninth largest cryptocurrency by market capitalization, at $12.46 billion. In the past 24 hours, SOL has lost 0.51 percent of its market capitalization. The intraday trading session has witnessed a 9.30 percent decline in trade volume. Crypto total market cap at $932 billion on the daily chart | Source: 4 – Terra (LUNA) On April 4, Luna reached an all-time high of $116, with a market capitalization of more than $40 billion. During the period between May 4 and 12, the price of the token plummeted from $86 to $0.0041. Do Kwon, co-founder of Terraform Labs, told the Wall Street Journal this week that he lost nearly all of his wealth in the market fall. As of Thursday, LUNA is currently valued at $0.00005682 and has been renamed Terra Classic. Suggested Reading | Stepn GST Token Slides 97% – Despite Fitness App Having 3M Users 5 – TerraUSD Last month, TerraUSD slipped below the US dollar, and attempts to return it to its $1 peg failed. It depreciated to $0.69 before entering what is known as a “death spiral” and lost all value. LUNA is now within the five decimal points adjacent to zero. Bloomberg reported on June 9 that the U.S. Securities and Exchange Commission is examining whether the marketing of TerraUSD prior to its collapse violated federal investor protection requirements. Featured image from Analytics Insight, chart from

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3AC Hires Legal And Financial Advisers To Help Avert A “Bankruptcy” Situation

3AC Hires Legal And Financial Advisers To Help Avert A Bankruptcy Situation

Beleaguered Singapore-based cryptocurrency hedge fund Three Arrows Capital “3AC” has reportedly hired external financial and legal advisers to help work out a solution for its users and lenders, even as the firm battles impending bankruptcy. The move comes after 3AC failed to meet margin calls last weekend, the Wall Street Journal reported Friday. Apart from […]

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Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning?

The crypto market just saw some slight recovery, but the performances are upside down. Opposite to the way sellouts usually play out, the Bitcoin dominance dropped dramatically as the asset is underperforming the Small Cap index. From last November’s $3 trillion market cap, the crypto market is now down to around $800 billion: Smaller Altcoins Make A Strong Comeback Last week the crypto market saw its bottom, followed now by some slight recovery. As per Arcane Research’s latest weekly report, the smaller altcoins have also been seeing red numbers with the Small Cap index shedding 27%, but it has been the best performer overall. In contrast, Bitcoin had dropped 35%. Through this small window of relief during June, we have seen the blue-chip coin underperform all other indexes. As a result, BTC’s dominance in the market fell -1,51% this week to 43,5% while Ether fell -0,31. The latter has been declining since May from 19.5% to 15%. What’s Making This Crypto Winter Colder The report notes that the primary driver of this crypto crash has been the hedge fund Three Arrow Capital (3AC) collapse. Having invested over $200 million in Luna Foundation Guard’s token sale, 3AC’s liquidity ended up being wiped out and its margin call was the last straw for the already pressured market. Related Reading | How Long Will The CryptoWinter Last? Cardano Founder Provides Answers As per the Wall Street Journal, the crypto hedge fund hired legal and financial advisers to help work out a solution for its investors and lenders. The firm is looking for a way out, “including asset sales and a rescue by another firm”. The prognostic is not very positive at the moment, seeing the wave of liquidations and mitigations of losses by crypto exchanges that have followed the collapse. “We were not the first to get hit…This has been all part of the same contagion that has affected many other firms,” Kyle Davies, 3AC’s co-founder, said in an interview. Arcane Research explained that “In periods of insolvency, creditors unwind the most liquid assets first, which is likely the root cause of BTC and ETH’s relative underperformance in the last week.” The report adds that “illiquid altcoins are more challenging to sell at size, particularly during pressuring times, which explains why smaller coins have experienced less excessive selling pressure in the last week”. Meanwhile, Microstrategy CEO Michael Saylor described the events around this winter as a “parade of horribles” in which the consequences of lack of regulation in the crypto field have made it possible for wash trading and cross-collateralized altcoins to weigh down on Bitcoin. “What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin.” “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday,” Saylor added, slamming at the recent collapses and suggesting that future actions by regulators could prevent the level of volatility that BTC is now experiencing. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse

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Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens

Ethereum (ETH) has fallen below $1,000 for the first time in more than a year as the broader crypto market continues to slide south with no quick remedy in sight, or at least not yet. Ether (ETH) was one of the cryptocurrencies that performed particularly poorly, falling 7.32 percent over the past day to follow Bitcoin’s loss. The second largest cryptocurrency by market capitalization is presently selling at $950, down 37.4 percent in the past week. Examining the bitcoin market as a whole over the previous two weeks reveals that its entirety has been falling. This decline has deepened over the past week, wiping almost $300 billion from the market value of all cryptocurrencies. Suggested Reading | Bitcoin (BTC) Drops Below $18,000 – What Can Stave Off The Selloff? Ethereum Loses Over Half Of Its Value In 7 Days However, it is not simply crypto that’s experiencing a major beat-down. Wall Street is likewise in disarray, as the S&P 500 has shed 4.25 percent over the past week. During the same time frame, the Dow Jones Industrial Average fell 4 percent, while the NASDAQ dropped sharply less than 2 percent. As is normal when Bitcoin declines, so do alternative cryptocurrencies. This negative trend is led by Ethereum, which has fallen below $1,000 for the first time since January 2021. In approximately seven days, ETH has lost more than half of its value. In reaction to worries about the US central bank’s 75 basis point rate hike – the largest increase in the last three decades – both cryptocurrencies and stocks experienced a severe bear market. ETH total market cap at $117 billion on the weekend chart | Source: Following a similar daily decline, BNB also fell below the $200 round-number threshold. Cardano, Solana, Ripple, Dogecoin, Pokadot, Siba Inu, and TRON, to name a few, are experiencing more difficulties. More Pain In The Offing? Analysts caution that additional losses are forthcoming. They stated that the Federal Reserve has just begun to increase interest rates and has not yet sold any assets from its balance sheet. The U.S. Bureau of Labor Statistics also issued data for the Consumer Price Index (CPI) – a metric used to measure inflation – coming in at 8.6 percent for the month of May, which had an effect on the continuous volatility of cryptocurrencies. Technically, ETH’s price must reclaim $1,000 as its psychological support; if this level is breached to the negative, the token may target $830 as its next objective. In February 2018, the same level acted as resistance, preceding a 90% drop to roughly $80 in December 2018. Suggested Reading | Ether Drops Below $1K, Dragged Down By BTC Slide – What’s The Next ETH Support? Featured image from Futurity, chart from


State Regulators Across the US Are Probing Celsius Network (CEL) After Withdrawal Freeze This Week: Report

Regulators in nearly half a dozen US states are looking into what caused popular crypto lending platform Celsius Network (CEL) to halt withdrawals last weekend. According to a new report from Reuters, securities regulators from the states of Alabama, Kentucky, New Jersey, Texas and Washington have begun probing into the matter. Celsius claimed its actions […]

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