Solana-based cryptocurrency Beercoin has begun to show weakness after monumental early success. However, another Solana-based meme coin, Sealana, is just days out from its exchange launch, and analysts are hopeful that it could explode next. BEER Plunges Over 30% as Crypto Prices Tumble It’s been a challenging time for anyone who bought Beercoin this week […]
Bitcoin News
XRP On A Sinking Ship? Why Altcoin’s Price Continues To Plunge
The once-booming cryptocurrency Ripple (XRP) finds itself in a precarious position. The past month has been marked by a significant drop in XRP’s value, leaving investors and analysts in a state of flux.
While some fear a continued decline, others see potential for a comeback, with technical indicators hinting at a possible reversal of fortune. However, the road ahead for XRP remains shrouded in uncertainty, with the ongoing legal battle with the SEC and broader market sentiment playing a crucial role.
A Downturn And Dampened Enthusiasm
The last few weeks have been a rough ride for XRP holders. The cryptocurrency, which once held the distinction of being the only one with apparent regulatory approval in the United States, has shed over 5% in the last week alone.
The price dipped as low as .49 before recovering slightly to its current position around .50. This downtrend has coincided with a noticeable dampening of enthusiasm within the crypto community. Discussions about XRP have dwindled, and the usual “bullish” fervor seems to have gone quiet.
Technical Signals And Expert Opinions
Despite the gloomy outlook, there are some glimmers of hope for XRP. Analysts point to technical indicators on TradingView that suggest a potential uptrend in the making.
The chart shows a series of “higher lows and higher highs,” a pattern typically associated with bullish momentum. Additionally, the .50 mark seems to be acting as a support level. Each time the price dips close to this point, it rebounds slightly, indicating that some investors see it as an attractive entry point.
This bullish sentiment is echoed by some experts. Dark Defender, a prominent crypto analyst, remains optimistic about XRP’s prospects for 2024, predicting a surge to .80 before year’s end. A recent poll conducted by Egrag Crypto among nearly 4,000 crypto community members also revealed mixed feelings.
While a significant majority (61%) expressed optimism about XRP’s ability to participate in an upcoming bull run, a sizable minority (40%) remained apprehensive.
Clouds Over XRP: The Looming Legal Battle
XRP’s path forward is far from certain. The ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) continues to cast a long shadow. The lawsuit, which centers around whether XRP is a security, has created uncertainty in the market, hindering investor confidence.
This regulatory ambiguity makes it difficult for institutional investors to enter the XRP market, further dampening its potential for significant growth.
Market Sentiment And Ripple Effect
The broader bearish sentiment currently gripping the crypto market also adds pressure to XRP’s price. Bitcoin, the bellwether of the cryptocurrency market, has seen a significant correction in recent months, dragging many altcoins, including XRP, down with it. This creates a domino effect, where negative sentiment in one cryptocurrency bleeds over to others, further exacerbating the decline.
Featured image from Getty Images, chart from TradingView
Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat
For crypto investors, the last several weeks have been a rollercoaster, with many assets seeing price dips and failing to post meaningful gains. The short-term outlook is bleak, despite some analysts’ continued optimism on the market’s long-term prospects.
Halving Hype Fades
Even the granddaddy of cryptocurrencies, Bitcoin (BTC), hasn’t been immune to the market downturn. Currently trading around ,400, BTC is down 5% in the past day and a staggering 13% from its all-time high of over ,000.
This sluggish performance follows the recent Bitcoin halving event, which some enthusiasts believed would trigger a price surge. However, market experts had predicted otherwise, and it seems their forecasts were on point.
The halving, which cuts the number of new Bitcoins entering circulation in half every four years, is intended to control inflation and theoretically increase scarcity over time. However, its impact on short-term price movements appears minimal.
SUI Ecosystem Feels The Squeeze
One cryptocurrency experiencing a particularly harsh beating is Sui (SUI), the native token of the Sui blockchain ecosystem. SUI has been on a downward trajectory for the past week, plummeting a staggering 30% from its all-time high of .20.
This week alone, SUI has dipped as low as .15 before experiencing a brief uptick, only to fall again. The current price sits around .18, reflecting a 10% loss in the past 24 hours.
SUI’s TVL Tumbles
Adding to Sui’s woes is the significant decline in its total value locked. TVL refers to the total amount of cryptocurrency locked in DeFi (Decentralized Finance) protocols within a particular blockchain ecosystem.
A high TVL indicates strong user activity and locked funds, which are seen as positive indicators for the health of the ecosystem. Unfortunately for Sui, its TVL has tumbled 30% from its record high earlier this year, currently sitting at around 5 million according to DefiLlama data.
This drop in TVL suggests a decrease in user engagement and locked funds within the Sui ecosystem, mirroring the broader negative sentiment.
Broader Market Correction Or Underlying Issues?
The current market slump isn’t limited to Sui or even Bitcoin. Major altcoins like Ethereum, Solana, and Curve DAO have also seen losses ranging from 4% to 6% over the past week. This suggests a broader market correction rather than an issue specific to Sui.
Analysts point to several factors potentially contributing to the downturn, including rising inflation concerns, ongoing geopolitical tensions, and a general risk-off sentiment among investors.
What Lies Ahead For Crypto?
While the short-term outlook for the crypto market appears uncertain, many analysts remain optimistic about the long-term potential of the technology. The underlying innovation and potential for disruption across various sectors continue to attract interest.
However, navigating the current volatility will likely require a strong stomach and a long-term investment horizon for those looking to weather the storm.
Featured image from Charleston Dermatology, chart from TradingView
XRP Sinking? A Double Blow Of Underperformance And Address Exodus
Ripple’s XRP has been struggling to regain its momentum, as its performance continues to lag behind that of its competitors in the crypto market.
Recent data from CoinMarketCap reveals that XRP has been the most underperforming large-cap cryptocurrency over the past month, with gains of just over 4%. This stands in stark contrast to the significant increases seen in cryptocurrencies such as Bitcoin, Ethereum and Solana, to name a few, leaving investors disappointed and questioning the future of the digital asset.
Are Whales Slowly Losing Appetite For XRP?
Adding to the challenges, data from Santiment indicates that XRP whales, the major holders of the cryptocurrency, have shown a lack of confidence in the digital asset. The percentage of the coin’s supply in profit has declined from almost 90% in November last year to below 80% at present.
This decrease suggests that XRP whales have been selling their holdings rather than accumulating more, painting a bearish picture for the cryptocurrency’s future.
Furthermore, XRP whales have exhibited lower long exposure compared to retail investors, who are typically considered to have a better understanding of market trends. This lack of conviction among whales further dampens sentiment surrounding XRP.
Once a prominent player in the cryptocurrency market, XRP has experienced a significant decline in its influence. CoinMarketCap data highlights that XRP’s dominance in the market has plummeted from a peak of 30% in 2017 to a mere 1.48% as of February 2024.
The SEC lawsuit initiated against Ripple, the company behind XRP, along with the bear market of 2022, have taken a toll on the cryptocurrency’s value. Since reaching its peak in January 2018, XRP has lost nearly three-quarters of its market valuation, leaving investors and enthusiasts disheartened.
While the recent price action and market sentiment surrounding XRP may not inspire much optimism, the cryptocurrency landscape remains highly unpredictable. Investors and enthusiasts will closely monitor XRP’s ability to regain its footing and overcome the challenges it currently faces.
As the market continues to evolve, only time will reveal whether XRP can regain its former glory or if it will continue to struggle amidst fierce competition in the cryptocurrency space.
IMF Report Could Push XRP Price Up
Despite these challenges, there are potential catalysts that could inject positive energy into the market. A recent report from the International Monetary Fund (IMF) on the importance of digital currencies has garnered investor interest.
The report examines the potential benefits of digital money in advancing public policy goals, such as financial inclusion and improved cross-border connectivity.
Notably, the report highlights Ripple’s partnership with Palau, where they are exploring plans to launch a sovereign stablecoin. This collaboration underscores Ripple’s global reach and its involvement in the development of central bank digital currencies and sovereign stablecoins.
XRP’s struggle to regain momentum and underperformance compared to its competitors have disappointed investors. The declining influence of XRP, coupled with a lack of confidence displayed by XRP whales, further amplifies concerns about the cryptocurrency’s future.
However, potential positive developments, such as the IMF report and Ripple’s partnership with Palau, offer a glimmer of hope amidst a challenging environment.
The sixth-largest cryptocurrency was trading at .56 at the time of writing, and bulls’ prior attempts to break through that barrier had failed.
Featured image from , chart from TradingView
Bitcoin Climbs Back Above $20K, A Bit Of A Relief To The Sinking Crypto Market
Bitcoin reached a new 18-month low of .5K on Sunday before quickly recovering above K in the hours that followed, providing some breather to the heavily stressed out bear market.
According to data from CoinMarketCap, Bitcoin has rebounded by little over 15 percent in the last 24 hours, rising from its new disappointing low to ,482 at the time of writing.
Bitcoin is currently pushing the 2017 all-time high range of K to K and is constantly stalking lower prices, signaling excessive seller pressure.
Suggested Reading | Bitcoin (BTC) Drops Below ,000 – What Can Stave Off The Selloff?
Bitcoin had declined to ,677.42 on Saturday before recovering to ,290.74. After Tesla CEO Elon Musk tweeted that he was now purchasing the joke coin Dogecoin, the most sought-after crypto asset extended its recovery.
After saying on Twitter that he will “continue to support Dogecoin,” the price of the popular cryptocurrency increased by 8% to .058 on Monday.
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
In response to Musk’s tweet, a user suggested that if he truly believed in the “joke” coin, he should buy it. To which the billionaire replied, “I am,” implying that he is purchasing the drop.
By falling below ,000, BTC has triggered market trends that analysts say might spark a wave of forced selloffs. Large investors in both cryptocurrencies would be compelled to close positions on BTC and ETH derivatives in such a scenario.
Bitcoin and Ether constitute a little more than half of the market capitalization of cryptocurrencies, which fluctuates often. In the preceding hour, the entire cryptocurrency market grew by 3.7% to 2 billion.
BTC total market cap at 1 billion on the daily chart | Source: TradingView.com
Bitcoin has lost 30% of its value while Ether has dropped 31% during the previous week. Bitcoin is down 72 percent from its all-time high of ,044.77 established on November 10, while Ether is down 78 percent from its all-time high of .878.26 set on the same day.
International fixed income chief Andrew Brenner of National Alliance Securities said Monday that retail investors acquiring bitcoin over the weekend, when few professional traders are active, was likely what caused Bitcoin to regain some spark.
Bitcoin has momentarily paused a selloff that, according to some market analysts, could push the world’s top cryptocurrency as low as ,800 in the current bear market by inching up to levels above ,000.
Suggested Reading | Ether Drops Below K, Dragged Down By BTC Slide – What’s The Next ETH Support?
Featured image from TDK Corporation, chart from TradingView.com
NewsBTC
Ethereum Sinking? $25 Million of ETH Hits Exchanges as Traders Wind Down for Holidays
After a particularly rough end to 2019, it looks like the fortunes of Ethereum investors aren’t set to change anytime soon. Almost 205,000 Ether (ETH) has hit popular trading venues within the last 24 hours.
With trading volumes slumping over the holiday season, a sudden influx of selling pressure seems likely to sink the market further. The second most popular crypto asset is already trading at levels not seen since the start of the mid-2019 bull run.
Ethereum About to Sink Lower? Traders Move ETH to Major Exchanges During Holiday Downtime
Most crypto traders are busy unwrapping presents, tucking into their turkey dinners, or going for seconds of Christmas pudding. However, some ETH holders appear to not be letting the holiday season get in the way of them ditching their investments in the second largest digital asset by market capitalisation.
As highlighted by Twitter-based market analyst ViewBase (@viewbasecom), a large number of ETH has hit leading exchanges over the last 24-hours. More than 204,500 units of the cryptocurrency, worth around .6 million, has been deposited at Kraken, Binance, and Huobi.
Kraken has seen almost 90,000 ETH deposited and Binance just shy of 26,000 ETH. Beating the two, however, is Huobi, which received almost 100,000 units of the cryptocurrency.
Looks like someone is prepare to assault the market when liquidity are at its thinnest. https://t.co/clELWPWfl1
— Arthur (@Arthur_0x) December 25, 2019
As pointed out in the above tweet, the sudden influx of deposits, and the selling presumably accompanying them, will likely have a more pronounced impact than usual on the prices of Ethereum’s native crypto asset, Ether. With most traders enjoying a break from the charts over the festive period, the number of potential buyers stepping up to absorb any negative price pressure will be substantially reduced at present.
The Christmas period has not been particularly kind to Ethereum investors so far. As recently as December 23, the second most popular digital asset traded at around 4 on Kraken. It has since dropped by around 8.2 percent to a price of 3 at the time of writing.
Although most digital currencies have seen a slump in prices over the last couple of days, Bitcoin has not fallen as sharply. Over the same period, BTC price sank from a high of just over ,700 to its current price of around ,161. A drop of around 7 percent, clearly, the holiday liquidity vacuum has affected the entire market. However, with vast numbers of ETH still hitting leading exchanges, it looks like the selling is going to continue, leading to even lower Ethereum prices before the decade is out.
Related Reading: Bitcoin Price Likely to Jump After Christmas; Here’s Why
Featured Image from Shutterstock.
The post Ethereum Sinking? Million of ETH Hits Exchanges as Traders Wind Down for Holidays appeared first on NewsBTC.
Bitcoin: BTC Stabilizes After Sinking Below $3,500, Analysts Claim it is Likely to Drop Further
Following a long period of sideways trading, Bitcoin (BTC) has now broken down below its previously established support level around ,500. Today’s drop appears to have allowed BTC to establish support in the ,400 region, but further volatility could easily push it down towards ,000, where the cryptocurrency has significant buying pressure.
Analyst are conclusively bearish following BTC’s recent price move, but analysts are also quick to point out that the significant technical region that BTC must maintain above remains at ,000.
Bitcoin (BTC) Falls After Period of Stability
At the time of writing, Bitcoin (BTC) is trading down nearly 4% at its current price of ,460. Throughout this week, Bitcoin was caught in an incredibly tight trading range between ,550 and ,650, with significant buying support existing at the former price point.
,500 had acted as a strong level of support over the past several weeks, and BTC bounced each time its price visited this region since January 13th when this price point was first touched. Each time this ,500 was visited by BTC, however, the resulting bounce grew weaker, which made today’s drop somewhat unsurprising.
Mati Greenspan, the senior market analyst at eToro, spoke to Business Insider about today’s price action, noting that today’s drop is insignificant in the long-term as long as BTC is able to maintain above ,000.
“The cryptoasset movement today is nothing more than technical… There’s no need for overreaction here. Bitcoin is continuing to trade within the core area of support between ,000 and ,500, within the broader range of ,000 – ,000, where it’s been since November 2018,” Greenspan explained.
Analyst: Bitcoin Likely has Further to Drop Before Finding Support
Although Greenspan firmly believes that holding above ,000 is what matters in the long-term and price movements like today’s are simply noise, other analysts have a more bearish outlook for Bitcoin.
In a recent tweet from Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, he noted that Bitcoin breaking support at ,500 has opened the gates for further losses, and that BTC’s surge in selling pressure has “shown no signs of exhaustion.”
“There’s absolutely nothing bullish neither technically nor fundamentally for bitcoin and the main crypto assets. Bitcoin broke support overnight and has shown no signs of exhaustion. Charts are decidedly bearish. Longs = scalping against the trend” he explained, cautioning against traders entering long positions as they would be going “against the trend.”
There's absolutely nothing bullish neither technically nor fundamentally for bitcoin and the main crypto assets. Bitcoin broke support overnight and has shown no signs of exhaustion. Charts are decidedly bearish. Longs = scalping against the trend.
— Alex Krüger (@Crypto_Macro) January 28, 2019
Although for the time being Bitcoin has been able to stabilize above ,400, if the cryptocurrency’s bulls aren’t able to garner significant buying pressure in the coming hours and days, it is likely that BTC will revisit, and possibly break below, its 2018 lows that were set at around ,200 in mid-December of 2018.
Featured images from Shutterstock.
The post Bitcoin: BTC Stabilizes After Sinking Below ,500, Analysts Claim it is Likely to Drop Further appeared first on NewsBTC.
Bitcoin Price Analysis: BTC/USD Up $400 After Temporarily Sinking Below $3,700
Thanks to Josh Mandel idea, 23 different businesses in the state of Ohio will begin paying their taxes in Bitcoin. This new “convenience and adaptation” goes to show how BTC is taking root and is nowhere from being quashed despite draw downs that has seen miners in several parts of China auction their gear.
Latest Bitcoin News
At spot prices, the ramification has been dire not only for investor who got in at peaks but for miners who bought their hardware for thousands of dollars as spike in Bitcoin prices caused a mini gold rush. Now, according to reports from China, several mining pools are phasing out equipment deemed surplus and energy inefficient. But even with a +90 percent discount, customers are wary and cautious of investing in second hand equipment.
Also Read: BitPay CEO: Fidelity and Bakkt Will Drive Next Major Bitcoin Rally
"The time to buy is when there're miners in the streets." pic.twitter.com/3fshPcANDF
— cnLedger (@cnLedger) November 20, 2018
At this rate, it is likely that the Bitcoin hash rate and difficulty will drop as miners switch off their rigs at the face of declining Bitcoin prices and the ever-increasing mining difficulty meaning it is hard for businesses to break even at spot prices. Remember, for miners there is a short window for them to recoup their hardware costs but as prices drop, miners exit and the network re-calibrate its difficulty, increasing electricity costs and other overheads is definitely slowing and even pushing their ROI to negative territory. Even still, those who remain are probably mega miners like Bitmain breaking even through economies of scale.
Interesting Read: Edward Snowden Bullish On Crypto: Blockchain Money Makes Sense
In the meantime, Ohio is the first state in the US to allow businesses to pay their taxes using Bitcoin. Terming the crypto payment as “instantaneous, secure, and transparent”, the state now has a crypto payment portal: ohiocrypto.com and from this site 23 different taxes can be via Bitcoin.
BTC/USD Price Analysis
Weekly Chart
Yesterday, Bitcoin prices dropped as low as ,700 and after fluctuating within a ,000 range with highs of around ,700, the current pull back is a relief for traders as well as investors. Even though this decline is in line with our previous BTC/USD trade plan, our trade plan could as well be true more so if prices fail to expand above ,500 in the next few days.
Backing this bear preview is the simple fact that BTC/USD is trending with a bear breakout pattern following the meltdown of mid Nov when prices broke below 2018 lows and main support—now resistance at ,000. Currently, we retain a bearish outlook. As long as prices are trading below ,800–,000 resistance zone, we should look to accumulate anywhere between ,000 and ,500 because that is where we expect BTC to find support.
If not and there are further declines below ,000 then odds are BTC could test ,500 by the end of the year.
Daily Chart
The reaction from buyers after BTC temporary drop to ,700 has been impressive. Not only are they about to recoup Nov 25 losses but the volumes behind these recovery—78k versus 51k at the time of press, could as well help propel prices towards the first reaction and resistance level at ,500.
Thereafter, for bulls to print higher and bounce back above ,800 then it is imperative for bulls to maintain prices above ,500 and even breach the ,700. If BTC buyers triumph today and prices print above ,500 then aggressive traders can clip the market by buying at spot with first targets at Nov 20 highs at ,000.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Bitcoin Price Analysis: BTC/USD Up 0 After Temporarily Sinking Below ,700 appeared first on NewsBTC.
Stocks That Soared On Crypto News Are Also Sinking Today
Today’s cryptocurrency market plunge has ensnared the prices of several publicly-traded companies.
CoinDesk