Značka: ETH

Bitcoin passes $23.8K May low as crypto market cap drops under $1 trillion

Bitcoin (BTC) faced continued selling pressure before the June 13 Wall Street open as Ether (ETH) revisited multi-year lows.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin battles for $24,000Data from Cointelegraph Markets Pro and TradingView showed BTC/USD eclipsing its ten-month lows set in mid-May.The largest cryptocurrency faced bearish triggers on multiple fronts, these coming from both within and beyond the crypto sphere.FinTech protocol Celsius appeared on the brink of meltdown after operations were halted, turning billions of dollars in collateral into new risk for crypto markets. In an event ironically similar to that which caused the May rout, Bitcoin and altcoins kept falling as fresh uncertainty filled the air.Macro conditions were hardly better, with Asian markets selling off and Wall Street futures looking set to continue the downtrend which set in last week.Inflation concerns likewise remained ahead of crucial comments from the United States Federal Reserve due June 15.”I call it.. the long bear,” popular analyst Crypto Chase summarized. “For real though, we do not know when Fed will change tune, developments of war in Ukraine, US presidential election on horizon, supply chain issues, etc. Markets do NOT like uncertainty. I can be a trader of bounces sure, but investor? Not yet.”Others were more confident, both on longer and shorter timeframes.Here is your smart money. Since our Wave 3 peak at 65k they have increased $BTC holdings from approx. 11M to over 13M. This is a re-accumulation range, not distribution. Look at the comments below- most say “they must be selling” or “they already sold”. Nah, the data doesn’t lie. https://t.co/LVLhiNWNxM pic.twitter.com/2QqXEKWmDY— CrediBULL Crypto (@CredibleCrypto) June 13, 2022″The expectations are that the FED will hike on next week’s meeting,” Cointelegraph contributor Michaël van de Poppe added. “Normal, and highly expected. However, this expectation is overshooting towards extensive hikes (75bps). I don’t see that. Probably 50bps and that’s it. Markets always overreact.”The overall cryptocurrency market cap meanwhile fell under the $1 trillion mark for the first time since February 2021.Crypto market cap 1-week candle chart. Source: TradingViewEthereum faces $1,000 price targetContinuing the bearish theme, altcoins looked even more primed to hemorrhage value on the day.Related: Lowest weekly close since December 2020 — 5 things to know in Bitcoin this weekEthereum, fresh from dropping below its realized price over the weekend, now traded below its all-time highs set during Bitcoin’s previous halving cycle.This is the last time $ETH went oversold on the weekly (hasn’t confirmed here yet). I had no followers, but macro bottom ticked it. Note, you can push way lower on weekly rsi, not trying to catch a bottom. https://t.co/kLCynTKTcS— The Wolf Of All Streets (@scottmelker) June 12, 2022

ETH/USD fluctuated near $1,230 at the time of writing, a level last seen in January 2021. The old cycle’s peak, set in January 2018, was around $1,530.ETH/USD 1-week candle chart (Bitstamp). Source: TradingView”Things getting so bad so fast that the 200W SMA for $BTC & $ETH will both be severely tested,” crypto venture capital fund Placeholder founder Chris Burniske concluded. “$ETH likely breaks it cleanly & heads to bigger psychological test of $1K, $BTC will put up a bigger fight but given the clouds on the horizon hard to see it not toying w/ $20K & below.”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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NFT flipping not so profitable for more than half of buyers: Survey

With the surging popularity of non-fungible tokens (NFTs) many have taken to “flipping” these assets as a trading strategy. Around 64% of people in a recent survey said their top reason for buying a NFT was “to make money”.Blockchain monitoring software company DEXterlab polled more than 1,300 people on Twitter about their NFT buying habits in late May to early June. Despite a majority looking to gain from NFT trading less than 42% have made a profit so far according to the results. Why do you buy NFTs?— DEXterLab (@Dexterlabdata) May 27, 2022The second most cited reason for buying a NFT saw around 15% respond that it was to be part of a community and “to flex”.“People are highly social creatures, so the desire to be a part of a community and show off isn’t really surprising,” DEXterlab wrote.The team highlighted the success of the Bored Ape Yacht Club (BAYC) which has celebrities amongst its ranks along with exclusive perks like access to holder only events or new popular NFT drops.Though some NFT collections such as those of the BAYC can often see floor prices in the tens or hundreds of thousands, almost half of respondents said they were only comfortable paying a modest price of between $50 to $500 for an NFT. Surprisingly, the second most popular answer had a quarter of respondents saying they are ready to spend in the upper limits of the poll, more than $2,000 per NFT.Over the past 30 days some of the largest “blue chip” NFT collections such as CryptoPunks, Mutant Ape Yacht Club (MAYC), BAYC, and Moonbirds have seen their floor prices or market caps halve. In spite of this these collections have continued to top the charts for the top NFT sales over the same period.How does your NFT journey going?— DEXterLab (@Dexterlabdata) June 2, 2022

Though NFT prices have fallen across the board, there are still examples of NFTs that have defied the prevailing bear market.Recently, a free-to-mint collection with no utility or roadmap called Goblintown topped the charts and has since remained in third place over 30 days seeing nearly $70 million in volume.Currently, the collection has a floor price of 3 Ethereum (ETH) or around $4,000 and the most expensive one sold netted 77.7 ETH on June 1, worth nearly $151,000 at the time.Related: NFT holders can earn millions through IP rights, says Apocalyptic Apes founderOther signs point to a healthy market for those still holding out to profit from their NFT buys. Sales volumes for NFTs came in at $3.7 billion last month despite the market conditions according to a recent DappRadar report.The report also revealed that Solana NFTs posted their best trading month in the network’s history, generating $335 million in volume across all marketplaces, a 13% growth from April.NFTs continue to create a robust market for themselves and widespread mainstream adoption looms. According to a CoinGecko report, the NFT market is projected to transact more than $800 billion over the next two years though hodlers will need to wait a little longer to realize their profits. 

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Bitcoin price drops to lowest since May as Ethereum market trades at 18.4% loss

Bitcoin (BTC) saw further losses on June 12 as thin weekend trading volumes fueled an ongoing sell-off.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalyst likens risk asset ‘pump’ to 1929Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $27,150 on its sixth straight day of downside.With hours to go until the weekly close, the pair was in danger of resuming the losing streak, which had previously seen a record nine weeks of red candles in a row.To avoid that outcome and put in a second “green” close, BTC/USD needed to gain over $2,000 from current spot price, which at the time of writing was $27,400.BTC/USD 1-week candle chart (Bitstamp). Source: TradingViewWith support levels failing to change the mood thanks to the thinner liquidity during the weekend’s “out-of-hours” trading, analysts feared that a retest of May’s ten-month lows was due.“Well, Bitcoin couldn’t hold $29.3K and started dropping down some more. Looking to see how the $28.5K area is going to react,” Cointelegraph contributor Michaël van de Poppe wrote in his latest BTC update on June 11.“If that doesn’t hold, $26/24K on the cards.”Amid continuing talk of “capitulation” across cryptoassets, others focused on the fate of highly-correlated stock markets. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, risk assets more broadly could already have seen peak exuberance in the past two years.“If the stock market keeps going down, virtually everything will have peaked,” he told Twitter followers. “Just some normal reversion can feel like a crash and the 2020-21 risk asset pump may go down in history like 1929 and 1999.”At the day’s lows near $27,000, meanwhile, Bitcoin traded the closest to its May “mini” capitulation event since that day of turmoil took place at the hands of the Terra LUNA implosion.For many, the question was thus how to know where the true macro price floor for Bitcoin could lie.“If price reaches low 20ks, you will see most of CT calling for 10k or even lower. That will be the bottom confirmation,” popular Twitter account Il Capo of Crypto argued.As Cointelegraph reported, guesses for a generational bottom range from as high as $27,000 to a grimly bearish $14,000 or even lower.Ethereum makes key realized price crossoverFor altcoins, meanwhile, the picture was more precarious.Related: Bitcoin price threatens lowest weekly close since 2020 as inflation spooks marketsA look at the top ten cryptocurrencies by market cap revealed heavier daily losses than BTC/USD, with some shedding over 10%.Ether (ETH), the largest altcoin, fell around 7% on the day, taking spot price below realized price for the first time since May. Realized price refers to the combined price at which each token last moved, and its breach put ETH at increased risk of panic-based capitulation. Bitcoin’s realized price, at around $24,000, was barely touched during the May dip.“With the price declines over the weekend, the Ethereum market has fallen below the $ETH Realized Price of $1,781,” on-chain analytics firm Glassnode commented on an accompanying chart.“This means the market is holding an average unrealized loss of -18.4%. The Realized Price of ETH 2.0 deposits is higher at $2,404, with an unrealized loss of -39.6%.”Ethereum realized price vs. ETH/USD annotated 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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Brandt’s bearish ETH call — But community predicts $3K before Merge

Veteran futures trader Peter Brandt has suggested that the price of Ether (ETH) could drop to as low as $1,268 in the coming month, but the consensus view of 15,500 members of the CoinMarketCap community is that the price will hit roughly $3,131 by June 30. The Ethereum network is now in the final steps of its long-awaited Merge with the Beacon Chain and switch to proof-of-stake, with developers confirming on June 8 that they successfully completed the Ropsten testnet merge.The Ropsten testnet has now been merged!What a historic and thrilling day for the Ethereum community and what a thrilling day forNext up, 2 more public testnet merges and then mainnetThe Merge is coming — sassal.eth (@sassal0x) June 8, 2022While the timeframe has often been subject to delay, the Merge is slated to go live around August if all goes to plan. The switch to proof-of-stake will massively decrease the energy consumption of the Ethereum network while also improving its security. The price of ETH has barely responded to the latest encouraging developments however and is down 1.7% over the past 24 hours to sit at $1,788 at the time of writing. Brandt has been trading since 1975 and has gained attention of the crypto community in the past by predicting some of Bitcoin’s historical heights and crashes. If the bearish scenario he outlined for ETH comes true, it would mark a further 29% drop this month. On June 7 Brandt highlighted a month-to-month chart from April to June to his 648,000 Twitter followers, and noted that the rest of June could be rough for Ethereum if the market sentiment doesn’t turn significantly: “Classical charting 101 This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive.”Classical charting 101This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive$ETHUSD pic.twitter.com/33kOZK4tjF— Peter Brandt (@PeterLBrandt) June 7, 2022

Trader Crypto Tony also highlighted a similar scenario to his 201,000 Twitter followers questioning whether a descending triangle on the ETH chart was “too obvious” to ignore. Crypto Tony’s bearish estimates were slightly higher however at the $1,450 to $1,600 range. But the community on CoinMarketCap seem bullish — or at least high on hopium — about the near future of ETH, with 15,466 voters accounting for an average price estimate of $3131.75 by June 30. The climb to the level would mark a mammoth increase of 75.37%. CoinMarketCap enables the community to vote on predicted price targets via a tab under its listed asset pages, apart from this prediction, around 8,500 people have estimated ETH will hit $2981.27 by July 31, or a 66.94% increase, shortly before the Merge. In general, the community on CoinMarketCap that votes on ETH price predictions has had varying levels of success since December. Related: Price analysis 6/8: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIBThey predicted ETH’s closing price of 2021 with 88.40% accuracy, meaning they were 11.6% off the actual price of $3,682.63 with their estimation of $4,109.65.They then predicted the bearish drop of January with 54% accuracy, February at 76.17% accuracy, March at 89.91% and April at 62.41%. However they fell off massively in May with 16.97% accuracy, although that was an unprecedented month in which Do Kwon’s Terra eco-system caused a multi-billion market crash.

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