Welcome to the Daily General Discussion thread. Please read the disclaimer and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading,…
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The crypto community is patiently waiting for the highly anticipated Ethereum network upgrade from proof-of-work (PoW) to proof-of-stake (PoS) as The Merge is expected to happen 27 days from now. After Ethereum transitions from PoW to PoS, only two crypto assets in the top ten market cap rankings will be PoW tokens, which is a […]
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Is it a good idea to start investing in Cryptos now? I just wanted to ask a few questions about Cryptos. Is it a good idea to invest in Crypto today or in the near future? Everything is expensive, the climate is going nuts and war is hitting my country pretty hard. How save and…
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The crypto market has now been put under another challenge. In the past day, bitcoin prices have dropped about $2,000, which has seen the crypto market lose a significant amount of value. As it now stands, the crypto market cap is down more than $100 billion and is now dangerously close to falling below $1 trillion once more. This has expectedly affected the market sentiment, triggering more fear in the market. Market Turns To Fear The crypto market had been seeing some recovery with the anticipation around the Ethereum Merge. But as the excitement has worn off, the market has started to see a drastic correction in price. Bitcoin had hit $25,000 at its peak this last recovery cycle. However, it has since shed the majority of those gains. Related Reading: Bitcoin Price Must Clear This Level If It Wants To See $28,000 With this, the crypto market sentiment recovered for a time after bitcoin began its rally. At its highest point, the Fear & Greed Index has a score of 42, the highest point in four months. This put it as close to greed as it has been, but the market had other ideas. The price of bitcoin had retraced back below $22,000, and with it, the market sentiment had declined. It closed Thursday with a low score of 30, which put it firmly back in the fear territory. The retracement is reflected in the crypto market, falling from $1.1 trillion to about $1 trillion at the time of this writing. Crypto market cap losses $100 billion | Source: Crypto Total Market Cap on TradingView.com As fear has seeped back into the market, investors are warier when it comes to investing in the crypto market. Perp traders had shown fatigue in the market last week, causing bitcoin funding rates to decline below neutral. Now, the rest of the market is following suit. Recovery In Crypto Market? With the market only just starting to retrace, it is likely that the correction is not over. Such corrections are expected when the market grows so much in such a short time. This helps prices to adjust to values that reflect their current market state. Related Reading: Crypto Market Gains Retrace As Ethereum Merge Draws Closer This means that bitcoin’s price may still have some declining to do. For now, it is speculated that the bottom has been established at a price of $17,600, so bears will want to try to test the support at this point. Historical movement also supports such movements as was done with previous bear markets. Additionally, the weekend is already here, and it is a period known for low liquidity. This means that it is likely that bitcoin will continue to trend low through the weekend. If Bitcoin’s price falls below $21,000, then the crypto market will fall below $1 trillion. Featured image from Coinmama, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
There are signs of further turbulence ahead. The absence of a BTC futures premium, $470 million in liquidations and excessive stablecoin lending all point toward new yearly lows.
There was an adress 2 days ago that mooved 150k eth to liquidate I guess . Since 2 days the price is dropping slowly since it's being mass sold for cash . If someone could send eth from tornado cash to this adress and to other whales maybe they'll get flagged and the price will…
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Scott Beck, the CEO of United Texas Bank, claimed that stablecoin issuers like Circle were “effectively sucking deposits out of the banking industry.”
