Bitcoin Crashes To 7 Days Low, Ethereum And XRP Also Drop

Despite having a boom week, Bitcoin, the most valuable cryptocurrency, sank to its seven days low. Several other altcoins that had also been rallying dropped, including the second-largest coin, Ethereum, which fell over 5%, XRP fell by 4%, and ADA took the lead with 6%.

Over the last nine days, Bitcoin has seen positive momentum. From a low of $19,230 to a high of $24,280, the leading cryptocurrency has increased in value by more than 26% since July 12.

Related Reading | TA: Ethereum Stuck In Key Range, Why $1,480 Is The Key

Nonetheless, BTC’s most recent rise failed to surpass the biggest barrier standing in the way of Bitcoin reaching the $30K price level. Instead, the price of bitcoin began a new downward trend after failing to stabilize above the $23,000 level. 

BTC reversed its gains and fell below the $22,000 mark. The price is currently at $21,917.87, down more than 3% from the day before but up 5.2% from the previous week. Its current market capitalization is $418.68 billion, with a 24-hour low of 2.62%.

Furthermore, Ethereum lost ground along with BTC and other cryptocurrencies as it could not maintain the $1600 level it had reached earlier in the week. CoinMarketCap data show that its price fell to $1,547.89 over the last day, a decrease of 2.5%.

Bitcoin is currently trading at $21,975 on the daily chart | Source: BTCUSDT From Tradingview
With Ethereum, ADA and XRP Also Experience A Decline

During the past 14 days, ETH has outperformed. From the low of $1,008 on July 12 to the month’s high of $1,664 on July 23, it rose gradually. In addition, since the Merge’s announcement date, ETH has increased by over 15.0% during the past seven days, and over the preceding 14 days, the currency has seen a notable increase of 32.3%.

Moreover, the eighth-largest cryptocurrency, Ripple (XRP), dropped by 4.9% during the course of the last day, reaching $0.346754, as per data from CoinMarketcap. Additionally, with a drop of 4.70% over the last 24 hours, it also lowers its market worth to around $16.735 billion.

The cryptocurrency markets maintained above their respective support levels throughout the last weekend. So, from July 18, there was a bullish surge in the price of XRP, giving the impression that it would overcome any obstacles. But unfortunately, XRP saw a sharp decline at the start of the new trading week. Since it could not reach $0.4 levels, the current market movement had little effect on the price of XRP.

Related Reading | TA: Bitcoin Price At Clear Risk of Sharp Drop, Indicators Turn Red

On the other side, Cardano’s price had dramatically increased to reach $0.55 and had long since overtaken XRP. However, the bears rapidly pulled both assets, demonstrating their strength over the bulls.

However, ADA couldn’t maintain its position at over $0.55. It is trading at $0.493943 right now with a loss of 6.4%, and still, it is heading downward.

Featured image from Flickr, chart from Tradingview.com

 

XRP Wins Again: Bullish Rally Sees It Climb to Sixth Spot by Market Cap

On CoinMarketCap, XRP has risen to sixth place as of today, July 20, with a market value of $17.63 billion. Being able to exceed not just Binance USD but also Cardano and Solana is a noteworthy accomplishment for Ripple’s native currency.

Ripple’s native token, XRP, provides a means of payment settlement between banks and digital assets exchanges. It decreases the number of extra steps needed when transferring money internationally, which leads to lower fees.

Related Reading | Solana And Avalanche Poised For Gains As Crypto Market Enjoys New Tailwinds

However, by breaking through significant resistance, XRP overtakes Binance USD’s market cap and gains the upper hand by 8%. The primary factor contributing to XRP’s placement in sixth place is the coin’s weekly price increase of more than 21%.

There is much more to be done for the battle between Binance USD and Ripple. However, both are still trying very hard to make headway which, under the right conditions, could lead to them taking fifth or fourth place- or even third and second place- in addition to keeping their original standings of sixth and seventh.

Following news updates on the SEC v. Ripple lawsuit, the more optimistic investor attitude led to an increase in the coin’s price. Fans and developers of Ripple are now closely following the U.S. SEC’s continuing lawsuit against the business, which appears to be interesting, according to the most recent news.

XRP is currently trading at $0.36 on the daily chart | Source: XRPUSDT from Tradingview.com
Analysis Of Ripple (XRP) Struggles to Regain its Value

In terms of the lifespan of cryptocurrency, Ripple is one of the longest. When it was first introduced in 2012, it frequently traded for less than $0.10. However, when the crypto market experienced a boom in late 2017 and early 2018. XRP was one of them which gained much from this boom and recorded its all-time high on January 4, 2018, at $3.84.

The coin soon started to decline, and by the end of 2018, it was only worth $0.50. By then, XRP’s value continued to decline. The coin was in the early stages of a bull run that ended on April 14, 2021, when it touched an average high of $1.96. 

Since the beginning of September 2021, the sixth-largest coin has struggled, dropping more than half of its value, while dozens of other cryptocurrencies have collapsed in this period.

The situation worsened in January 2022 when a sluggish cryptocurrency market caused XRP to end the month at $0.6191. Following that, it fell even further, reaching $0.345 on May 12 due to the market turbulence caused by the de-pegging of the TerraUSD stablecoin and the demise of LUNA.

Related Reading | Why Bitcoin Must Beat $25,500 To Establish A Bull Rally

It was valued at about $0.40 on June 10. Following that, the cancellation of withdrawals by the cryptocurrency lending firm Celsius confirmed that the cryptocurrency market is in a bear market, and on June 18, it dropped to $0.2906.

However, it has already bounced back from its June low and is presently trading at $0.366650, up 12.6% in 14 days. In addition, the Finder’s panel forecasts that the price of Ripple (XRP) will increase by almost 260 % in 2022 and reach $2.55 this year at the end of December.

Featured image from Flickr, chart from Tradingview.com

Bitcoin Erases Last Week Gains As Price Sinks Below $20,000

According to CoinGecko, the most prominent cryptocurrency in the world plummeted by 3.5% in the last 24 hours. Bitcoin gave up all of its gains from last week as it fell below $20,000. BTC’s price on the market right now is $19,750, and the weekly gain is in the red with a 2.6% loss.

BTC moved toward a gradual and steady recovery last week. The leading cryptocurrency posted its biggest weekly gain in the previous nine weeks. It increased by 12% last week after experiencing its worst quarter in June.

Related Reading | Former BitMEX CEO Arthur Hayes Says “Prepare” For A Massive Bitcoin Rally

Recent declines in BTC have lowered investor confidence. But when the market reached the $22,000 level on July 8 and stabilized around the $21,000 to $20,000 mark, investors started to feel a glimmer of hope as the June 18 collapse below $17,600 grew further away.

However, Bitcoin is still 71.1 % below its all-time high record, which was set on November 10, 2021, or about eight months ago, and was $69,044.77. Moreover, it has decreased by 41.8 % so far this year, as per CoinGecko statistics.

After surpassing its downward resistance line during the trading day on July 7, Bitcoin saw significant trading volume. But now, its trading volume, by nomics statistics, is almost $46.58 billion, with a 1.62% loss in the last 24 hours.

On the other hand, Solana, the ninth-ranked cryptocurrency, has plunged to $33.35 after losing 5 % over the last 24 hours. While Ethereum, the second-largest cryptocurrency, has suffered a loss of 6.58% and is currently trading at $1,068 to CoinMarketcap statistics.

BTC is currently trading below $20,000 level on the hourly chart | Sources: BTC/USD price chart from Tradingview.com
The State Of Market, Cause Multiple Drops For Bitcoin

Although many have speculated that a market bottom may be near, there is still a great deal of economic uncertainty. Therefore bitcoin might have more room for decline. However, there is nothing to worry about because BTC has seen similar peaks and troughs in years past.

Given its bleak origins and a price below $10,000 as recently as July 2020, Bitcoin’s price has had numerous sizable falls since November. However, its new highs in 2021 and present level are still remarkable achievements.

Since the start of the year, the cryptocurrency market has been on a downward trend. However, as the market was getting closer to mid-June, the bears appeared to be becoming stronger.

Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible?

Beginning with the demise of algorithmic stablecoin TerraUSD and its related token LUNA, a variety of problems have plagued the larger cryptocurrency market in recent weeks.

Additionally, macroeconomic problems like high inflation and upcoming rate increases from the US Federal Reserve impact the cryptocurrency market.

Nevertheless, it’s unknown how long crypto’s slump will persist. This is because prices of cryptocurrencies have often increased after significant losses, although in some cases, it took a while for prices to reach new highs.

Featured image from Flickr, chart from Tradingview.com

Dogecoin Adds $1 Billion To Its Market Cap Folllowing Elon Musk’s ‘Boring Company’ Announcement

Following Elon Musk’s Boring Company’s announcement, it now allows consumers to pay using Dogecoin. As a result, DOGE has increased by 5% during the past day. But after that, it decreased by over 2%. However, it had a market value increase of almost $1 billion during the past 24 hours.

With a market cap of $10.484 billion, DOGE overtook Polkadot and other currencies to rank as the tenth-largest cryptocurrency. According to CoinGecko statistics, DOGE increased by around 13% during the course of the past seven days. The price is $0.07034 at the moment.

Related Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours

The flood of negative crypto news was more minor today compared to most days over the previous six weeks. The crypto sector is still plagued by uncertainty and anxiety, though.

Data from CoinMarketCap indicate that with a rise of about 2% over the last 24 hours, the global cryptocurrency market capitalization was trading higher at $930.89 billion. However, the overall volume of the cryptocurrency trade fell by approximately 18% to $53.35 billion.

Dogecoin is currently trading at $0.0706 on the daily chart | Source: DOGE/USDT chart from Tradingview.com
Pay With Dogecoin For A Ride: Elon Musk’s Boring Company Announcement

According to CNN on Wednesday, the Boring Company has made it possible for users to use DOGE to pay for rides in its recently launched Vegas Loop.

The Loop is a transportation system where Tesla car drivers ferry people through a tunnel beneath Las Vegas. The first Loop station, which debuted last Friday, is located outside the Las Vegas Convention Center, but the business intends to build a 29-mile network of tunnels under the city with 50 stations in all.

Although the corporation has not provided a precise date, rides on Loop are presently free. However, charges are ultimately planned. The Vegas Loop’s website states that single rides will cost $1.50, and day passes will cost $2.50.

The choice to offer DOGE as a payment option was made simultaneously as the Boring Company decided to construct a Loop station at the Las Vegas Convention Center.

Related Reading | Bitcoin Will Rebound In 2nd Half Of 2022, Says Bloomberg Analyst

Even though a $258 billion lawsuit has been filed against Elon Musk and two of his companies, Tesla and SpaceX, he still chose DOGE.  The billionaire was sued by a citizen of the United States for allegedly promoting Dogecoin. According to the lawsuit, Musk is accused of participating in a racketeering plot to support cryptocurrencies.

To his more than 100 million followers, he has already shared a number of Dogecoin memes. The adoption of DOGE as a payment method for rides by The Boring Company is one of several antics. Musk earlier said that he is unconcerned by the current market circumstances and would keep building up his Dogecoin holdings.

Featured image from Flickr, chart from Tradingview.com

 

Stratis (STRAX) Soars 200% From June Low On Sky Dream Mall Launch

After the news of the launch of the Sky Dream Mall metaverse and Stratis GBP stablecoin, the price of STRAX increased by 200% from its low of $0.365 on June 15 to its high of $1.20 on June 29, according to data from coinmarketcap. The price dropped the next day and is currently trading at $1.09, although it is still up from its low.

The record high for STRAX was $22.77 on January 8, 2018, more than four years ago. However, the coin’s record low was $0.011 on August 12, 2016, approximately six years ago.

Related Reading | Bitcoin Slides Under $20K – Another Collapse In The Offing?

In spite of the overall market downturn, per the CoinGecko information, Stratis, a blockchain-as-a-service platform, witnessed a notable gain in volume. And among STRAX, Numeraire (NMR) is another coin that shows a notable gain of 201.1% in the seven-day chart. NMR is an Ethereum token that fuels Numerai (a San Francisco-based hedge fund). 

Since Stratis has a comparatively strong growth momentum and increased by more than 140.9% over seven days, it is defying expectations in the current bear market. The term “bear market” so refers to a market where commodities or securities’ values are consistently decreasing.

Reasons Behind STRAX Price Spike This Week

Currently, two of the factors are driving the increase in STRAX’s price this week. The first is the Stratis GBP stablecoin announcement, and the second is the Sky Dream Mall metaverse launch.

STRAX is currently trading at $1.05 on the daily chart | Source: STRAX /USD chart from Tradingview.com

In a blog post published three days ago, Stratis said that it is making progress in its attempts to introduce the Stratis GBP stablecoin:

Plans to launch a Great British Pound Token (GBPT) stable coin using Stratis technology are progressing with ‘Stratis Investment Group Limited,’ a new entity created that will be used for the Stratis GBP stablecoin.

However, Price Waterhouse Coopers (PwC), according to the company, is assisting it in obtaining the necessary licenses from the Financial Conduct Authority (FCA).

The post also stated that blockchain technology offers a significant chance to streamline cross-border and wholesale payments as organizations like Visa are becoming more open to accepting stable coin payments.

Polycarbon Games announced on Twitter on June 25:

Sky Dream Mall, a metaverse powered by Stratis Blockchain Coming soon! 

The idea of Stratis launching the metaverse front could also be a major motivator behind widespread acceptance in the cryptocurrency industry.

Related Reading | Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community

While a few individuals concentrate on the benefit this metaverse will offer, a far more significant number is intrigued by the possibility of financial gain from a metaverse investment.

Investors cannot ignore the fact that Stratis is establishing itself with Sky Dream Mall as a major player who will be important in the developing Web3.0 world.

 

Featured image from Pixabay, chart from Tradingview.com

LUNA2 Recovers 70% In Nine Days From Historic Lows

The company behind TerraUSD and Luna, which sparked a crypto market collapse last month, launched a new coin. However, it is now developing actively. For example, nine days after falling to an all-time low of $1.62, the price of Terra’s freshly minted new token (LUNA2) increased significantly.

Regarding recovery from the previous low, LUNA2’s pricing on June 27 reached $2.77, or a 70% increase. Nevertheless, the token is trading almost 77% below its May 30 historical high of $12.24.

Related Reading | Doom To Fail: Tether Shorts Pile In As Hedge Funds Seek To Profit From Crypto Winter

According to CoinMarketCap, LUNA2 is currently trading at $2.36 and has a gain of 8% in the last 24 hours. 

After the market fall, many people have been selling their cryptocurrencies. This has made the market more illiquid, even though the prices have started to rebound.

However, the market has started to re-established itself since the recovery started moving during the past week. As a result, the liquidations have begun to level down, and the price of Terra has increased dramatically.

LUNA2 Has A High Degree Of Risk?

During the last week of May, the new Terra network became live and began trading on exchanges such as Bybit, Kucoin, Huobi, and Binance.

LUNA is currently trading at $2.23 on the hourly chart | Source: LUNA/USD chart from Tradingview.com

By adding the newly launched token of the collapsed Terra network, cryptocurrency trading platforms first express their support for its rebirth.

Notably, the price has changed significantly on various exchanges, primarily related to the trading volume. For example, the cost of LUNA2 jumped to $12.24 when it began trading on all major exchanges but ultimately lost all of its gains due to a sharp reversal.

Similar to LUNA2, Terra UST, and Terra Classic Hikes

TerraUSD has recorded a more than 400 % spike over the last seven days despite the heightened volatility associated with Terra’s recently issued coin LUNA 2.0. According to CoinMarketCap, it is trading for an average price of about $0.02014. The 24-hour trading volume for UST is at $83 million.

Related Reading | Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

Similarly, The prices of Terra Classic (LUNC/OLD LUNA) have also increased significantly over the past 24 hours. As a result, the market value of Terra Classic has climbed by $208 million. As per CoinMarketCap, data show the token was trading at $0.00008521 at the time of writing.

On the other hand, Do Kwon, the CEO of Terraforms Labs is currently the subject of a hacktivist organization after dealing with several accusations made by Terra insider FatMan.

 

Featured image from Flickr and chart from TradingView.com

Polygon’s MATIC Surges 27% On Carbon Neutrality News

According to CoinMarketCap, the Polygon (MATIC) value was increased by nearly 27% to $0.55 within 24 hours after Polygon’s news of being carbon neutral. However, the coin is still on an upward trend, and as of the time of writing, it was trading at $0.60. 

The price is still below what it was at the beginning of the month when it was trading at $0.66, but considering the market downturn, MATIC’s price gain is sending out a positive vibe. It ranks as the 18th largest cryptocurrency worldwide.

Related Reading | Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K?

The value of Polygon (MATIC) increased by roughly 50%% within seven days, as per CoinMarketCap statistics. On the other hand, the leading cryptocurrencies, like Bitcoin and Ethereum, saw a week’s decline. In addition, Having peaked at $2.92 on December 27, 2021, Polygon has since plummeted nearly 80%. Although it is still 50% higher than this month’s low of 0.31 on June 18.

MATIC was first created on top of the Ethereum Network and is now enhanced with Plasma-based side-chains to guarantee asset security. The main objective of MATIC Network, which calls itself a blockchain-agnostic Layer-2 scaling solution, is to enable scalable, quick, and safe blockchain transactions. 

MATIC is currently trading at around $0.6 on the hourly chart | Source: MATIC/USD price chart from Tradingview.com
The Main Factor Driving Polygon’s Matic Value Upward

Mainly two catalysts appear to be the reason for Polygon’s increasing value. Nevertheless, the most important one is Polygon’s recent announcement that it has retired $400,000 worth of carbon credits, turning the company carbon neutral.

The value of its native token has increased significantly as a result of its achievement of carbon neutrality. Indian crypto exchange WazirX’s Trade Desk also claims that:

Polygon(MATIC), just lately achieved carbon neutrality(a stability between emitting and absorbing carbon). This has led to a surge in MATIC value in the previous couple of days, leaping up by 30%. The hourly pattern for MATIC has damaged out of the ascending triangle sample. The subsequent resistance is predicted at $0.73 degree.

Polygon stated in its blog post that through their partnership with KlimaDAO, it became carbon neutral and further explained that:

In helping to implement the first phase of Polygon’s long-term commitment to sustainability, KlimaDAO, in partnership with Offsetra, analyzed the network’s energy footprint to identify emissions hotspots and develop an effective mitigation strategy.

Then, utilizing the offset aggregator feature of KlimaDAO, Polygon bought tokenized credits valued at $400,000 from the on-chain carbon market.

In addition, Polygon collaborated with KlimaDAO to retire the carbon credits created by particular projects on its blockchain. The Bull Run Forest Conservation Project is one of those projects.

 Related Reading | Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated

Furthermore, whale accumulation is the second factor that drives MATIC’s price increase, according to Santiment on-chain statistics.

As stated in their tweet on June 22:

$MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan.

Featured image from Flickr and chart from TradingView.com

 

$127 Million In Bitcoin And Ethereum Positions Liquidated Amid Market Drop

Data shows that over the past 24 hours, more than $127 million in Bitcoin and Ethereum futures have been liquidated. The price of both cryptos has decreased by 6% and 7%, respectively, wiping out the recent gain.

According to Coinglass statistics, Bitcoin futures alone lost $57.78 million, implying that most trading activity and open interest were restricted by market capitalization to the most prominent cryptocurrency. However, Ethereum futures suffered a $64 million loss. 

  Related Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It Lose?

Liquidations occur when an exchange closes a leveraged position for a safety mechanism. It happens because of a partial or total loss of the trader’s initial margin. That happens primarily in futures trading. That only tracks asset prices instead of spot trading, where traders own the actual assets.

As per CoinMarketCap statistics, Bitcoin is currently down 5.85% on the day. It also means that the major cryptocurrency with a market value of $563.33 billion is down 57.06% from its all-time high of $68,789.63.

Likewise, Ethereum, the second-largest cryptocurrency, is now down 64.02% from its all-time high of $4,891.70 reached in November 2021. Nevertheless, ETH is struggling to keep its recent positive momentum going.

BTC’s price currently fluctuates around $29,912.29  | Source: BTC/USD price chart from TradingView.com
Feasible Reasons Behind Bitcoin & Ethereum Crash

The Crypto Fear & Greed Index is a way of gauging market activity and determining if the price of cryptocurrencies are priced fairly. According to the Fear & Greed Index, the score is down (15 out of 100), implying that the market is experiencing “extreme fear.”

First, there has been a decrease in Ethereum and Bitcoin trading activity. According to data from DefiLlama, the Total Value Locked (TVL) across multiple protocols in Ethereum has dropped from $88.67 billion to $68.02 billion in the last 24 hours.

The flow of Bitcoin to crypto exchanges is down 37.4%, indicating lower demand for BTC among investors, as per the data from Chainalysis indicates.

DeFi Protocols On Ethereum

TVL, or Total Value Locked, on Aave, the largest decentralized finance protocol on Ethereum, lost 15% of its value over the past month. Other blue-chip projects like Curve Finance, MakerDAO, Lido, and Uniswap also lost double-digits of TVL over the same period.

  Related Reading | Polygon (MATIC) Price Falls Short Of Reaching Full Potential Despite Recent Developments

Ethereum is still the most popular blockchain for decentralized applications (defi), with 55.59% of the total defi TVL. This is due to the $101.32 billion worth of value locked in on the ETH chain. Terra is second in terms of market share, with 12.86% and $23.44 billion locked in on its blockchain. Binance Smart Chain (BSC) has 6.37% of the total defi TVL, or $11.6 billion today.

   Featured image from Flickr and chart from TradingView.com

Crypto Community At CoinMarketCap Predicts $1 Cardano By June 30

Cardano’s price has been growing in recent weeks while the rest of the cryptocurrency market has been falling. This trend has encouraged some in the crypto community to be optimistic about its future price and make it a bright light among digital coins and tokens.

According to the most recent predictions made using CoinMarketCap’s Market Estimation tool, which allows users to make crypto price predictions and check their average score, the community expects this crypto to trade at roughly $1 by the end of June.

    Related Reading | Crypto Analyst Says Cardano, Avalanche and Two Others Have Potential To Perform Well In Bear Trend 

CoinMarketCap Price Estimation Pool Figures

Cardano hit a price of $0.4 on May 12 and then quickly reversed to $0.59 on May 13. The price then gradually dropped to $0.44 over the next few weeks. The price was still 10% higher than the low before, but we could call this a test of the bottom. ADA surged almost 50% since the test happened.

ADA price estimates show an average price of $1.034 on June 30, 2022, which is $0.423 up from the current price or a 69.23% increase. As per the data obtained on May 31 from the analytics portal CoinMarketCap, Cardano was trading at $0.6698, a gain of 28.77% on the day and a gain of 29.10% compared to seven days earlier.

ADA is currently trading at $0.59 | Source: ADA/USD price chart from Tradingview.com

According to the poll, there are about 24,430 people who have voted on May 30. 15,911 votes predicted that the price of ADA will rise relatively less by July 31- to $0.9399.

Meanwhile, under statistics acquired on May 31 from Cardano Blockchain Insights, Cardano is back to having close to $500 million in its treasury or exactly $498,403,802.47. Through a voting procedure, the Cardano treasury is utilized to provide funds for the development of Cardano activities.

Other Cardano Developments

Like the hardfork approaches, other developments include the average Cardano blockchain load lasting reasonably high, at 64% on average in May. This implies that roughly 64% of blocks were utilized during this month.

In other good news for the chain, in the month leading up to May 20, it gained more than 2,000 new wallets every day, for a total of 70,211 between April 19 and May 19. According to data from Cardano Blockchain Insights, it had 3,357,509 user’s wallets as of May 30. 

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In addition, the successful introduction of ADACash gives Cardano a boost. On the other hand, developers aren’t slowing down when it comes to new ADA-USD projects. They market these projects as a third-generation blockchain after Bitcoin and Ethereum.

Cardano is working on new projects, such as a marketplace for NFTs and a DeFi transaction exchange. These projects will take time to launch, but they demonstrate the value and capability of the Cardano blockchain. Which could lead to future growth in the ADA/USD price.

 

Featured image from Pixabay, and chart from Tradingview.com