Anyone know the reason for the drop today?
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I have a time sensitive NFT that needs to be minted very soon & I want people to have a chance to buy one without paying like 500% of the cost in gas… Is there anything I should know before making the decision to mint on polygon or ETH? submitted by /u/NFTForest [link]…
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Bitcoin-as-a-payment is becoming reality in El Salvador after the country formally recognized the cryptocurrency as legal tender.
Everytime there is any kind of dip, there are tons of posts from people telling you to 'not panic, this is normal, just hodl and dca, dont panic sell, buy the dip, its just a sale'. But there is never anyone actually panicking. We have seen this so many times, its always the same. Sure,…
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The "new" section is full of posts telling people to stop panicking. "This is just dip", "This is normal", "Just hodl and dca", "Buy the dip". But I am failing to see anyone panicking. Giga Chad President of El Salvador bought the dip while they may have the most reason to "panic". I just find…
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Hi guys. I transferred hiveos from my usb to ssd. It works. However. I have another problem. I have 2 corsair 850 w power supply. On one I have 3 gpu on the other just 1. I cannot put my other 2 gpu on it. I have no display and hiveos will not launch. It's…
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After leading the crypto market rally for several weeks, Ethereum faces the return of the bears. The second cryptocurrency by market cap was pushing into the $4,000 resistance before a selloff sent it back to critical support. At the time of writing, ETH trades at $3,466 with an 11.6% loss in the daily chart. Ethereum bounces back from the low of its current levels. Some exchange platforms briefly recorded $3,100 for the cryptocurrency, but the recovery could face hurdles. As the market crashed, there were over $2,3 billion in liquidations recorded across exchange platforms. Bitcoin and Ethereum were performing well during the past weeks, as NewBTC informed. This attracted short-term sellers that mostly use perpetual future contracts to speculate on the market. Thus, leading to an increase in Open Interest and over-leverage positions. The funding rates for this sector flipped positive in the past weeks, leaving the market open for another capitulation event, similar to May, and June. El Salvador implementing its Bitcoin Law could have been the trigger. When crypto exchange Coinbase debuted in the stock market, Ethereum and other cryptocurrencies saw a decline caused by an over-leverage market. However, invest Daniel Cheung believes this could be healthy for the market in the long run. Via his Twitter account, Cheung reported the event as just another day in crypto: $2.3bn in liquidations was healthy today nothing to be concerned about to be honest. Liquidations were consistently $7bn + near the end of last run and think if we get around there that is when I start freaking out. Just average volatility here and bears doing their thing. Ethereum Fundamentals Remain Strong Pseudonyms trader Altcoin Sherpa presented a scenario where Ethereum could repeat a formula already experience during the Fall of 2020. At that moment, Ethereum dropped to retest support, entered an accumulation phase, and then proceed to reclaim new highs. Altcoin Sherpa said: I’m wondering if we see something like this happen: Some sort of big move down (30%) followed by accumulation like in 2020. Note: $BTC was moving in Fall 2020 while $ETHUSD stayed relatively stagnant. Bitcoin could be the key that will signal up or down for the market in the short term. Analysts such as Will Clemente believe that the recent liquidation cascade has no impact on the “macro on-chain supply dynamics”. Thus, he claims that leverage players needed to be taken “off our backs for now”. This suggests a potential opportunity for the bulls. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course However, trader Nebraskan Gooner advised caution. He recommended investors not be “overly bullish or bearish here” as Ethereum and Bitcoin bounce back from support. Therefore, he expects the weekly close to provide more light into future price action.
Cardano (ADA) has not been left out of the massive flash crash that just occurred throughout the market. What seemed to be a good day for bitcoin as El Salvador’s “Bitcoin Day” began has now turned to nothing short of a nightmarish market opening. The crash saw bitcoin drop $6K in only a matter of hours. While the general altcoin markets have recorded crashes as high as over 20% in the same timeframe. With altcoins following bitcoin closely, the price of the ADA shows similar movement patterns to BTC following the flash crash. The number 1 crypto coin fell to the mid-$40K, taking the whole of the market down with it. Related Reading | IOG Denies Rumors About Cardano Smart Contracts Platform The flash crash has taken the market by surprise, given that general sentiment is positive and the Fear & Greed Index putting the market in “Extreme Greed”. There’s currently no exact reason pinpointed for this crash. Although massive liquidations to the tune of almost $1 billion across the crypto market look to be the culprit. The liquidated positions being mostly long positions. Crash Puts Cardano (ADA) In Chokehold Struggling alongside the other cryptocurrencies is Cardano (ADA). The asset had long left behind the $2 price point since mid-August, with indicators pointing towards a pathway to $5 following upgrades. But with the current flash crash, the digital asset lost over 18% of its value. This set it on a downward trend that saw ADA hitting the low $2s for the first time in three weeks. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Even though Cardano (ADA) has seen an upward correction that sent it towards mid-$2, the price is still maintaining a struggling pace. Trend lines in the asset show a sideways zig-zag, up and down pattern. Depicting numerous dips and recoveries in just the past hour alone. Starting the early hours of the morning was ADA at $2.75. A bit shaky but was holding on tight to this price point. Flash crash sends ADA price to three-week lows | Source: ADAUSD on TradingView.com At this junction, it is still too early to tell how much recovery ADA will make in the hours following the flash crash. It has so far recovered about 6% of value lost during the crash, with indicators pointing towards total recovery. As of the current time of writing, Cardano (ADA) is still trading low at a price of $2.45 according to Coinmarketcap, with a 24-hour price change of 13.46%. Featured image from Currency.com, chart from TradingView.com
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