Autor Cointelegraph By William Suberg

Bitcoin falls below $27K to December 2020 lows as Tether stablecoin peg slips under 99 cents

Bitcoin falls below $27K to December 2020 lows as Tether stablecoin peg slips under 99 cents

Uverejnil používateľ | máj 12, 2022 |

Bitcoin (BTC) fell out of its long-term trading range on May 12 as ongoing sell pressure reduced markets to 2020 levels.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTether wobbles as UST stays under $0.60Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it exited the range in which it had traded since the start of 2021.At the time of writing, the pair circled $26,700 on Bitstamp, marking its lowest since Dec 28, 2020.The weakness came as fallout from the Terra stablecoin meltdown continued to ricochet around crypto and beyond, with rumors claiming that even professional funds were experiencing solvency issues due to losses on LUNA and UST.”People are still processing this but this is the Lehman moment for crypto”Hearing about a lot of funds possibly insolvent from Luna meltdown— Frank Chaparro (@fintechfrank) May 12, 2022LUNA, Tether’s in-house token, had all but capitulated in value at the time of writing, trading at around $0.22. At the start of May, LUNA/USD traded at $80.LUNA/USD 1-day candle chart (Binance). Source: TradingViewUST, currently the focus of Terra executives committed to restoring its U.S. dollar peg, was at around $0.60, still far from $1 but more than double the week’s record lows.UST/USD 1-hour candle chart (Coinbase). Source: TradingViewNevertheless, the strain was increasingly visible across crypto, as largest stablecoin Tether (USDT) itself began to deliver worrying signs that it was copying UST’s downfall.At the time of writing, USDT/USD was under $0.99 on major exchanges.Commenting on system stability, Tether chief technology officer Paolo Ardoino said that withdrawals of USDT were proceeding as normal.” >300M redeemed in last 24h without a sweat drop,” part of a tweet read.USDT/USD 1-hour candle chart (Bitstamp). Source: TradingViewData from on-chain analytics firm CryptoQuant added that record outflows of stablecoins had been witnessed on major exchanges.Exchange stablecoin outflows chart. Source: CryptoQuant$1.22 billion liquidated in 24 hoursOn the topic of losing the macro range low created in January 2021, analysts were still willing to see current levels as a potential opportunity.Related: Ethereum whales get busy as transactions hit highest point since January”Whatever you lose in a macro downtrend, you’ll gain multiples back in a macro uptrend. All you have to do is pay attention to the markets when they are ultra bearish,” popular trader Rekt Capital argued.A previous tweet on May 11 highlighted the macro range.If #BTC loses this green area as support…That will be the confirmation that $BTC will enter a multi-month downtrend#Crypto #Bitcoin pic.twitter.com/ReIa6D4yw3— Rekt Capital (@rektcapital) May 11, 2022

The extent of the losses was reflected in market liquidations. Data from on-chain monitoring resource Coinglass showed that for Bitcoin and altcoins combined, these topped $1.2 billion in the 24 hours to the time of writing.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin price reclaims $30K as Bitcoin Cash hits fresh record low against BTC

Bitcoin price reclaims $30K as Bitcoin Cash hits fresh record low against BTC

Uverejnil používateľ | máj 11, 2022 |

Bitcoin (BTC) bounced back from ten-month lows on May 11 as the start of Wall Street trading gave bulls some relief.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewOne day, $860 million more crypto liquidationsData from Cointelegraph Markets Pro and TradingView showed BTC/USD erasing the impact of above-expectation United States inflation data, hitting $32,000 on Bitstamp.April’s Consumer Price Index (CPI) print has sent the pair into a fresh tailspin, with $30,000 giving way to levels not seen since July 2021.As turmoil over Terra, its LUNA and TerraUSD (UST) tokens and co-founder Do Kwon continued, the mood remained firmly wary. The Crypto Fear & Greed Index measured sentiment with a normalized score of 10/100 on May 10, one of the lowest ever recorded.Crypto Fear & Greed Index (screenshot). Source: Alternative.me”Could go to $28,000 more or less,” popular trader Crypto Ed forecast in his latest YouTube and Twitter update released before the CPI news, adding that he considered the downside “not finished yet.”#BTC needs to Weekly Close above orange to confirm ~$32000 as supportSo what short-term market structure could facilitate such a move back above ~$32000?At this time, a potential 4HR Ascending Triangle + Bullish Divergence could do itWorth watching$BTC #Crypto #Bitcoin pic.twitter.com/Bo6C1YOVp3— Rekt Capital (@rektcapital) May 11, 2022The 24 hours to the time of writing meanwhile saw another $860 million in cross-crypto liquidations, data from on-chain monitoring resource Coinglass confirmed.Crypto liquidations chart. Source: CoinglassBitcoin bad? It could be worse…Away from Terra, attention also focused on Bitcoin hard forks on the day.Related: Little forkers: BCH and BSV get crushed by Bitcoin price in 2021Bitcoin Cash (BCH), which hit a peak of 0.1829 BTC in December 2017, had the dubious honor of hitting new all-time lows in BTC terms on May 11.BCH/BTC 1-month candle chart (Binance). Source: TradingViewNow at just 0.0068 BTC, BCH drew ridicule in line with its spin-off Bitcoin SV (BSV), which likewise put in a new floor against BTC.BSV/BTC 1-week candle chart (Bitfinex). Source: TradingView”Bitcoin will remind you why it is king. ALT / BTC valuations are in for a reckoning,” commentator Benjamin Cowen wrote. “The story has been told in the past and it’s the same story again. See you at 60% BTC dominance.”Bitcoin’s market dominance stood at 43.7% at the time of writing, up around 4% from 2022 lows set in January, according to data from CoinMarketCap.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin falls back under $30K while 8.3% US CPI shows signs inflation has peaked

Bitcoin falls back under $30K while 8.3% US CPI shows signs inflation has peaked

Uverejnil používateľ | máj 11, 2022 |

Bitcoin (BTC) dropped by $1,500 in minutes on May 11 as the latest United States inflation data delivered mixed sentiment on the economic outlook.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin puts in fresh 10-month lowsData from Cointelegraph Markets Pro and TradingView tracked BTC/USD diving from $31,500 to abruptly pierce the $30,000 support as the Consumer Price Index (CPI) figures went live.At 8.3%, CPI outpaced estimates by 0.2% but still fell 0.2% compared to last month’s readout. Reactions naturally began to focus on the idea that peak inflation may have passed.”This is higher than the expectation, but it shows the first decrease in two years, as last month we’ve seen 8.5% inflation. Flattening and potentially the inflation has peaked,” Cointelegraph contributor Michaël van de Poppe wrote in part of a follow-up tweet.Prior to the start of Wall Street trading, crypto markets nonetheless highlighted the prospect of a fresh downside for equities as major altcoins joined Bitcoin in heading south. Stocks futures were also down.The mood was already shaky thanks to events surrounding the U.S. dollar stablecoin, TerraUSD (UST), which took down huge numbers of positions as it lost its USD peg this week.Pledges by Do Kwon, co-founder of creator Terra, to rebuild and restore the UST peg were released on social media hours before the CPI data.”Terra’s return to form will be a sight to behold,” part of the concluding post in Kwon’s Twitter thread insisted.His words, however, did not convince everyone, as analyst Dylan LeClair made clear in reply.luna supply will dilute to infinity to try and reestablish peg, meanwhile shorts pile on driving it into the dirt, meaning it dilutes at lower and lower pricesguaranteed zerocrazy— Dylan LeClair (@DylanLeClair_) May 11, 2022Whales on the moveFor Bitcoin, meanwhile, the picture was barely any more positive than that at Terra.Related: Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to ‘$138K’ in USTLarge-volume investors had put funds on the move in recent days, on-chain analytics resource Whalemap warned, notably those who had purchased BTC over $15,000 higher than at current spot price.”A lot of whale activity yesterday,” the firm tweeted alongside a chart showing clusters of coins being relocated from wallets.A lot of whale activity yesterday Even the best of us were not prepared for drops likeMany whales that have purchased $BTC at 40k-34k prices were moving funds yesterday p.s. last bubble is an exchange moving from 1 cold wallet to another so it can be ignored pic.twitter.com/7C2fmB99k1— whalemap (@whale_map) May 11, 2022

As Cointelegraph reported, exchange balances saw a major increase during Bitcoin’s initial trip below $30,000, contrasting an overall buying trend. Previously, exchange reserves had been at their lowest since 2018.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to '$138K' in UST

Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to '$138K' in UST

Uverejnil používateľ | máj 11, 2022 |

Panic appeared to set in on crypto markets overnight on May 11 as Blockchain protocol Terra failed to steady its bleeding cryptoassets.Data from Cointelegraph Markets Pro and TradingView showed both the firm’s in-house token, LUNA and stablecoin, TerraUSD (UST) seeing fresh heavy losses on the day.A dubious new “all-time high” for BitcoinAfter a mass sell-off which some argued was “coordinated” to destroy the Terra ecosystem, UST lost its peg to the U.S. dollar.Attempts to shore up the peg with both LUNA and Bitcoin (BTC) reserves failed, and as uncertainty gripped the market, both UST and LUNA dived to levels unimaginable just days previously.Getting close … stay strong, lunatics— Do Kwon (@stablekwon) May 10, 2022Co-founder Do Kwon said that a “recovery plan” was due for release, details still scant at the time of writing.Rumors circulating online suggested that other major crypto firms may be willing to contribute funds to support the peg.UST/USD 1-hour candle chart (Bitstamp). Source: TradingViewOn May 11, UST traded at just $0.27, having briefly dived to lows of $0.25,  75% below dollar parity.LUNA/USD was at $6, down over 90% in May alone.LUNA/USD 1-day candle chart (Binance). Source: TradingViewA further unintended consequence of the turmoil came in the form of BTC/UST reaching nonsensical levels of almost $140,000 on major exchange Binance, which suspended LUNA and UST withdrawals on May 9.Bitcoin performing “remarkably well”Reacting, it was a mixture of shock and nervousness about the recovery of the market that pervaded analysts’ thoughts.Related: Ethereum rises vs. Bitcoin despite crypto market rout — will ETH/BTC gain 50% by June?Attention also focused on largest USD stablecoin, Tether (USDT), as Tether chief technology officer Paolo Ardoino appeared equally surprised at recent events.Wow— Paolo Ardoino (@paoloardoino) May 11, 2022

Despite potential sell pressure on Bitcoin itself, however, the largest cryptocurrency had avoided a fresh dip below $30,000 at the time of writing.”I think Bitcoin has held up remarkably well under the context of the Luna saga with its forced BTC selling. There continues to be a great deal of uncertainty in the market but for now the $30k level is broadly holding up well for Bitcoin,” Philip Swift, creator of analytics platform LookIntoBitcoin, told Cointelegraph in private comments. “We are seeing a range of metrics on LookIntoBitcoin which show that BTC is approaching major ‘value’ levels where historically strong hands accumulate Bitcoin at value prices. There is also plenty of evidence that long term holders are not fazed by this near term volatility.”BTC/USD, like other risk assets, faced another source of volatility on the day as U.S. CPI data was due for release.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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10-month BTC price lows spark $1B liquidation as Bitcoin eyes $35K CME futures gap

10-month BTC price lows spark $1B liquidation as Bitcoin eyes $35K CME futures gap

Uverejnil používateľ | máj 10, 2022 |

Bitcoin (BTC) upended buy trends through May 10 as BTC/USD sank below $30,000 for the first time since July 2021.Data from on-chain analytics firm CryptoQuant showed exchange reserves start increasing as panic gripped crypto markets.BTC flows back to exchangesAfter seeing a sustained downtrend, the amount of BTC on major exchanges has begun to increase again.According to CryptoQuant, which tracks the balance of 21 major exchanges, sellers sent a total of 37,537 BTC to accounts from May 6 to May 9 inclusive.The deposits came as BTC price action fell from $36,000 to $29,700, subsequently recovering to near $32,000 at the time of writing on May 10. Bitcoin exchange balance chart. Source: CryptoQuantIn private comments to Cointelegraph, CryptoQuant head of marketing, Hochan Chung, said that the sell-off did not just involve speculators, but formed the next phase of a more concerted desire to reduce BTC exposure from Bitcoin’s biggest token holders.“The massive inflow was not starting just yesterday. It has started since May,” he said.“Bitcoin price declines on whale selling. Since early May, growing exchange reserves have been increasingly dominated by whale deposits. As whales move their coins to exchanges it puts downward pressure to bitcoin price.”Other sources, as Cointelegraph reported, also noticed changing whale behavior, this nonetheless occurring comfortably above Bitcoin’s realized price of around $24,000.Longs get punished across cryptoAt the same time, other traders were less fortunate.Related: ‘Kwontitative easing’ — BTC price hits $43K in UST as Terra empties $2.2B BTC bagAccording to figures from on-chain monitoring resource Coinglass, Bitcoin’s fall below $30,000 triggered part of crypto market liquidations worth over $1 billion.The majority of those were long positions coming from altcoins. In the 24 hours to the time of writing, BTC accounted for around $330 million of the liquidations total, with the remainder from altcoin tokens.Crypto liquidations chart. Source: CoinglassIn terms of short-term price targets, however, the weekend’s CME futures gap centered on $35,000 was gathering popularity among traders on the day.“Bitcoin looks like it’s on a mission to recover that CME gap,” popular Twitter account IncomeSharks said. “The people who sold $34,000 to buy back at $37,000 will end up buying back above $40,000. Happens every time at bottoms. Bears getting greedy.”CME Bitcoin futures 1-hour candle chart. Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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