Posted on

Market Update: Top 10 Cryptos All Down In The Red Today

The crypto was red on Wednesday night but took a nosedive on Thursday morning when it became clear that Russia was attacking Ukraine.

Yesterday, US stocks went into freefall as tensions in Ukraine continued to escalate. The SPX500 (-2.25%), DJ30 (-1.69%), and NASDAQ100 finished heavily red with investors fleeing safer assets.

Tensions have been high lately due to the ongoing crisis between Russia and the West, which poses an increased danger that could affect many different aspects of life around planet Earth such as trade agreements or even violence between its citizens at home base (Ukraine).

Related Reading | Bitcoin Investors Haven’t Responded To Russia-Ukraine War With Large Inflows (Yet)

The preliminary GDP data for the fourth quarter of 2021 is expected to be released at 13:30 GMT, which could cause volatility in markets.

With Russia’s invasion of Ukraine, oil prices have skyrocketed past $97 this morning.

Top Cryptocurrencies Performance

The crypto market took a nosedive over the past 24 hours, with most coins in the top 20 dropping by 10%. Five out of 10 cryptocurrencies experienced double-digit losses: Cardano more than 15%, Avalanche 14% Ethereum and BNB 12%. The sixth-highest valued coin by market capital, XRP, had fallen 11%.

The price of Bitcoin is down today, trading under $35,000 when writing these words. Outside top 10 coins, Dogecoin (down 15%), Polkadot, and Polygon have also lost significant value, with them falling over 14%. 

Top Movers Of The Day

It’s not just the top 20 cryptocurrencies that are struggling to keep their heads above water. Outside of this select group, 8% or less loss has been sustained by most other tokens on offer today. Chainlink is getting hit even harder – losing 17%. The Graph, Fantom, Elrond, and Gala each lost 18%.

Related Reading | Crypto Market Bleeds As Missiles Rain Down On Ukraine

The markets took a plunge on news that Putin declared war against Ukraine. VeChain and AAVE lost almost 17%, while Theta Network, Enjin coin, Harmony, Looper, and Curve DAO Token dropped 19%.

Bitcoin dipped to two weeks low of $34,322 | Source: BTC/USD Chart on Tradingview.com

The group’s biggest loser is Convex Finance, which shed almost a quarter of its value. The other companies have all lost between 19-20%. Mina’s loss was 20%, followed by Kadena at 19% and PancakeSwap with an 18% decrease in performance.

Top Trending Market Update

Unifty is a new company that provides Contract-as-Service solutions for digital artists and collectible issuers. Their platform enables them to create contracts without coding knowledge, which has increased the value of their token by 82% in just 24 hours.

The crypto market is in the doldrums, but ACCEL token has seen an increase of more than 18% over 24 hours. The reason? A Binance listing is scheduled for today. It’s a multi-utility asset that claims to bring several real-world utilities into the cryptocurrency space, and investors are excited about it.

Featured image from Pixabay, Chart from TradingView.com

Posted on

Ethereum Price Falls Amid Global Tensions

With the recent rise in tensions between NATO and Ukraine, ETH’s weekly losses have increased by 17%.

Ethereum has been on quite the roller coaster ride over the last 24 hours, with prices dipping as low as $2500 before surging up to a local high of 2,653 USD. However, at press time, it is trading close to $2,636 – making its way back towards normalcy after this latest bout damped volatility in cryptocurrencies across all coins, including bitcoin & ethereum alike.

Related Reading | TA: Ethereum Primed For Strong Recovery And Only 1 Thing is Holding it Back

The recent events in Eastern Europe have caused major political entities across the board to mobilize their troops. The United States, Great Britain, and India are among those who fear any unwarranted action stemming from Russia or Ukraine may arise at anytime soon with potentially devastating consequences for all parties involved – including ourselves here on earth.

Ethereum is gaining ground after forming a base above $2,500. The cryptocurrency extended its decline below the zone and tested resistance at this level. This week’s outlook shows an upside correction in progress that may continue upward toward new highs.

Ethereum started its day with 3.5 % growth | Source: ETH/USD Chart on Tradingview.com

Ether is trading below the $2,700 support level at present. It has moved above its 50% Fib retracement from last month’s crash. Still, it remains vulnerable to additional losses in this range until there’s a break out either remaining simple Moving average or closing higher than today’s open price.

Coinbase Integration With Ledger

In a world where crypto is becoming more mainstream, Coinbase wallet has announced that they will be integrating with Ledger. This means people can store their cryptocurrencies and non-fungible tokens (NFT) on the ledger Nano X or S.  They can transact freely across all platforms without having any troubles.

With the app extension, Coinbase users can use their physical ledger devices to maintain a record of private keys in an offline fashion.

Related Reading | TA: Bitcoin Recovery Halts, Technicals Suggest Fresh Decline To $36K

Tether To Reduce Reserve Allocation

Tether’s decision to cut back on its USD reserve allocations is surprising but not altogether uncommon. The company has shown an admitted preference for commercial paper over short-term bond trades in recent months. As they strive towards becoming “more stable.”

The company revealed that it had cut its reserves by 42% over Q4 2021. As a result, the reserve dropped from $30.5 billion to just under $24B.

The recent legal woes of Tether are causing the company to be more transparent about its reserves. In order to stay in compliance with regulations, they have been mandated by the Attorney General’s office of New York State (ANNY) and must disclose data every quarter. Which has led them to this audit where “consolidated assets exceed consolidated liabilities” but not by much at all(i e., US$ 78.67 billion vs. US$78.53 billion)

Posted on

Bitcoin Falls As Russia-Ukraine Tensions Escalate

With the recent increase of volatility in both stocks and cryptocurrencies, many investors are turning towards more stable assets such as gold.

Cryptocurrencies showed no signs of slowing down as the week progressed with geopolitical tension, with Bitcoin briefly dipping below $40,000 for the first time in two weeks. Ether declined 5%, Dogecoin 4.5%, and Shiba Inc 6.5%.

Related Reading | Bitcoin On The Way To $38,000 Amid Global Uncertainty

In the past, China and American regulations influenced the Bitcoin price. However, it appears that this time around, investors are ditching volatile stocks for more stable ones such as gold. And it is due to a looming war in Eastern Europe. The geopolitical tension could cause significant cryptocurrencies’ prices to decrease over there soon enough.

In a Friday’s newsletter, David Duong, head of research at Coinbase Institutional, wrote;

Crypto performance in the last week shows us that there’s very little room for complacency regarding any of the major themes impacting this market. Open conflict could potentially affect bitcoin hashrates, which could exacerbate the knee-jerk market reaction weaker for high-beta risk assets like crypto.

Cryptocurrencies continue to move in lockstep with growth-sensitive risk assets such as stocks. Despite bitcoin having been heralded as an asset that would survive economic or geopolitical difficulties globally for years now. Yet, the narrative has not become a reality because cryptocurrencies had followed suit when prices were low last year. And then rebounded once they hit new highs months later – all while staying within a relatively narrow trading band.

Analysts Prediction For Bitcoin Price

Cryptocurrency values are highly volatile and difficult to predict. However, it seems that one country will determine the short-term future of cryptocurrency value.  What they decide is a good or bad idea could have huge impacts on how much people buy into this new way of doing things.

Bitcoin price is currently above $40,000 after a dip | Source: BTC/USD Chart on Tradingview.com

With the price of Bitcoin currently below $40,000, it’s too early to tell what will happen with this world’s most volatile cryptocurrency. However, an expert panel believes that despite adversity and regardless of whether you’re a speculator or investor, there has never been a better time because things can only get stronger from here.

Related Reading | Bitcoin Slows Plunge Below $40K, What’s The Best Point For A Pullback?

Bitcoin is expected to prosper in the short and long term, with a one-year price estimate of $68,942 per coin by Wallet Investor. This comes out as an almost 300% increase over their predicted five-year value, which stands at &174,872 coins by 2027.

DigitalCoinPrice forecasts that the cryptocurrency mainstay will be worth $56 301 in 2022 and 116706 by 2027.

CryptoNewsZ believes that by 2025, one Bitcoin will be worth between $100,000 and $125,000. This year alone, we can expect the Bitcoin price to reach $72,000 per coin.

Featured image from Pixabay and chart from Tradingview.com

Posted on

Bitcoin On The Way To $38,000 Amid Global Uncertainty

With the cryptocurrency space being such an angsty place, it’s no surprise that patience is rare. Only two weeks ago, Bitcoin rose 15%+ to near $42,000 only for traders, and retail investors alike become frustrated at how rangebound this world’s most significant digital currency has been in recent days with not much movement up or down since then aside from some tiny fluctuations here and there.

“Do something!” the crowd cried out in unison as they watched their investments plummet towards $43,000. But be careful what you wish for because yesterday’s latest pullback has put Bitcoin on the reverse track. The cryptocurrency could test resistance at $38,000, potentially sending ripple effects throughout all other markets.

Related Reading | Bitcoin Data Shows Profit Taking From Long-Term Holders Behind Decline To $40k

The markets are closely monitoring the ongoing situation in Eastern Europe, with Russia playing chicken at their borders. This is leading investors and traders alike into a state of panic as they await further developments on how this will resolve itself; however, it’s not just Bitcoin that’s affected either. The S&P 500 closed down 2% yesterday due to fears about war becoming increasingly likely across there too. All because one man won’t back down from what he believes his country needs – even if its means risking everything else.

Russia Is The Key Factor Behind Bitcoin Trend

With the probability of World War III, plus potential rate hikes coming into fruition – it’s the last call at an already fading party. The Federal Reserve has been incredibly generous with their entertainments budget over these past couple of years as they endure economic struggles not seen since 1982.

Fear is gripping the crypto markets as investors watch their investments fleeing debasing fiat currencies. However, with Fed Chairman Jerome Powell signaling an aggressive turn toward inflation. Bitcoin’s prime narratives are coming undone, and it’s no longer a haven for escaping this ever-debasing world of currency.

Bitcoin went down to $39,474, breaking its $40,000 support | Source: BTC/USD Chart on Tradingview.com

When everyone else is panicking, it’s an excellent time to buy. A famous quotation from Warren Buffet goes, “Be fearful when others are greedy and be greedy when others are fearful” – well, that seems pretty appropriate right now with Bitcoin closing in on $38,000. That high resistance off-of-$43,000 looks like such an impossible task right now, though.

Related Reading | Crypto Bulls Struggles To Defend Bitcoin’s $40,000 Level

Russia is a very unpredictable factor when it comes to Bitcoin. If Russian President Putin says something, the price of bitcoin can quickly go down or up by several thousand dollars in just minutes from his statement. The country’s leader has constantly been making headlines for years. And will continue doing so as long as there are new updates on what he might say next regarding international issues. Such ​​as alliances with other countries’ leaders.

Featured image from Pixabay and chart from Tradingview.com

Posted on

Market Update: Bitcoin Immersed To $43,000: Ether Struggled To Maintain $3,000

The price of Bitcoin fell below $44,000, and many altcoins followed suit. Ethereum struggled to maintain its value around the $3,000 mark while other cryptocurrencies dropped even further, including Cardano, Solana, BNB, and many more. 

Bitcoin is trading below the 50-day moving average for the first time in five weeks, after briefly reaching a high near $4600 last week. However, the cryptocurrency’s price has fallen back down to earth with a drop of over $4,000 in a week.

Related Reading | How Fears Of A Possible Russian Invasion Of Ukraine Is Impacting Bitcoin

Yesterday, the price of bitcoin jumped past $44,000. It even neared $45,000 last night before being stopped in its tracks again by the level’s challenge.

The cryptocurrency market has seen some fluctuation recently, with Bitcoin standing just over $44,000 and a few drops to $43,000. However, despite this drop in value, it’s still worth more than 800 billion dollars.

This price dip seems misguided with the recent news that legacy financial companies are adopting cryptocurrencies. There has been so much growth in adoption just last week when it was announced by none other than New York Stock Exchange, which wants its own crypto brokerage at some point soon.

Altcoins On The Way Down

The crypto market has been volatile lately, with most coins declining in value. For example, Ethereum went as high as $3200 but failed to continue upwards. Now, it fights for staying above 3,000 USDT/ETH zone, which it occupied this morning before losing some traction throughout yesterday’s trading sessions (24 hours).

Related Reading | Top 5 Watershed Moments In BTC On-Chain Analysis’ History. Is Your Favorite In?

With the cryptocurrency market taking a dip today, some coins are better than others. For instance, Cardano and Solana experienced smaller drops with 3-5% daily volatility, while Ripple had less severe fluctuations at around 1.5%. In addition, the two largest meme coin holders – Dogecoin (DOGE) or Shiba Inu (SHIB), have been retracing their recent gains somewhat more moderately, which suggests that they may continue heading towards an increase in value soon enough.

ATOM’s recent rise has left other coins in the shade, with its 3.5% increase putting it on track for a fifth week as one of Bitcoin’s most valuable members.

The crypto market capital has seen a decrease of around $180 billion in the past day and stands at 1.82 trillion now, from an all-time high just after weeks ago where it exceeded 2 Trillion dollars.

Crypto Market Capital on the way down | Source: Crypto Market Cap on Tradingview.com
Russia-Ukraine War Impact On Bitcoin

Joe Biden called on President Volodymyr Zelensky of Ukraine to discuss the ongoing tensions between their country and Russia. The United States’ senior political figure reportedly held an hour-long chat with him Monday evening. During the talk, they discussed how best to handle this geopolitical hotspot situation at hand before it worsens even further.

U.S. national security advisor Jake Sullivan expressed his warning of invades to the press.

With fears of a Russian strike on Ukraine growing, Bitcoin and Ethereum fell over 9% to their lowest levels in six months.

With the global market suffering a severe drop, many investors were forced to sell their assets.

Featured image from Pixabay, Chart from TradingView.com