Category: Cryptocurrency News

Further pain was inflicted on the markets as major cryptocurrencies Bitcoin and Ethereum slipped on macroeconomic pressures and other factors. As of time of writing, the top altcoin Ether has lost nearly 7% in the weekly timeframe. This is reflected in the other altcoins as most, if not all, move alongside ETH. However, if the crypto slides further downwards, will it deal a heavy blow on the broader market as well? Related Reading: Uniswap Stuck In The Ground As UNI Copes With Falling Network Activity The FTX Shockwave Still Felt Since the collapse of crypto exchange FTX, Ethereum has been in the red, but then that seems normal as other cryptos are, as well. The decline in ETH’s value, however, began after it reached a record high of $4,635 in December of last year. Since then, the crypto has had massive highs and lows, but mostly the latter. With Ethereum network fees plummeting to $2.9 million per day from $12.8 million on June 13, the price of ether plunged. The total value locked (TVL) in Ethereum-based smart contracts were also down by 4.5% in the last 24 hours. Other Factors At Play For ETH More suffering has been inflicted on ETH as a result of recent occurrences. For instance, the U.S. Federal Reserve raising interest rates last week took a toll on its price, allowing the bears to continue testing the present support price range of $1,164. Further market pain is to be predicted if the coin breaks its current support. The bulk of altcoins on the top 10 list of Coingecko are heavily correlated to ETH, so this is significant for the altcoin market. Thus, if ETH declines, other cryptocurrency holders may interpret this as a sign of market weakness, resulting in greater market misery. ETH is trading at $1,184, down 0.2% in the last 24 hours. Related Reading: Solana: Outshined But Not Lifeless As Network Activity Accelerates ETH total market cap on a descent and settles today at $144 billion | Chart: TradingView.com Ethereum: Further Struggle Anticipated? Today, prominent indices such as the S&P 500 and Dow Jones have declined by a couple of percentage points as a result of the fear of an economic recession, which impacts sentiment around the crypto. Ethereum may have difficulty retaining investors if further rate hikes occur at the beginning of the first quarter of next year. Despite the fact that the altcoin is down 7% in the last seven days, we expect to see a slight bullish pullback so that we may once again test the $1,222 level as resistance. Currently, the prior price fluctuations of the token indicate that a recovery is forming. However, this is counterbalanced by negative macroeconomic causes and a very pessimistic market mentality, which is a continuation of the bear market that preceded the current events. Investors and traders should be cautious as the current market volatility might invalidate long positions in the short-term. If ETH continues to backpedal, there will be no doubt that there will be pain for altcoins.

CoinShares’ stock was previously listed on the Nasdaq First North Growth Market, an alternative stock exchange for small and medium-sized companies.

Previously, FTX US was the largest bidder for the firm’s assets, with an offer of $1.4 billion.

Litecoin has been having a hard time recently, and it would appear that its struggles haven’t stopped yet as the coin has now dropped below Shiba Inu in terms of market cap. Litecoin Has Taken A 15% Beating During The Past Week While the last week has been red for most of the coins in the crypto market as the FUD due to the controversy around Binance’s Proof-of-Reserves has spread, LTC has taken an especially hard hit during the period. At the time of writing, Litecoin is trading around $63, down 1% in the last 24 hours. Here is a chart that shows how the price of the asset has changed in the last five days: The value of the crypto seems to have gone down recently | Source: LTCUSD on TradingView As the above graph displays, it was only a few days ago that Litecoin was still above the $75 level. The coin had been consolidating between this level and $80 since the last week of November, but now this sideways trend seems to have fully broken down as the coin has rapidly dropped in value during the last few days. Related Reading: Bitcoin Price Prints Bearish Technical Pattern, Why It Could Continue Lower The asset has now lost the $65 level, which means it has almost entirely retraced the gains of the 22 November rally. As it currently stands, LTC is down almost 15% during the past week. For comparison, Bitcoin and Ethereum are only down 1% and 4%, respectively, in the same period. In terms of monthly returns, Litecoin holders are still in a profit of about 2%. The coin is still in the green for this period thanks to the strong November rally, which some thought would lead to a pre-halving bull run for the coin, as its halving, an event where its block production rate will be cut in half, is scheduled for next year. As it turns out, this rally wasn’t what some believed it would be, since LTC has already lost most of its gains. LTC Is Now Below Shiba Inu (SHIB) In Market Cap As a result of Litecoin’s recent sharp downtrend, the cryptocurrency’s market cap has rapidly gone down. Since its competitors haven’t seen losses to such a degree, LTC’s market cap has seen a relatively sharper decline, leading to it dropping spots on the top cryptocurrency list based on market cap. Related Reading: Stablecoins Flow Into Spot Exchanges, Fuel For Christmas Bitcoin Rally? The below table shows where the asset stands in the wider crypto market at the moment. Looks like LTC is now only the 15th largest coin in the sector | Source: CoinMarketCap Litecoin had recently dropped to 14th on this list, but its continued decline has meant that it has now lost the spot to meme coin Shiba Inu. Featured image from Unsplash.com, chart from TradingView.com

European Parliamentarian Eva Kaili’s arrest under allegations of corruption is being labeled as a blow to crypto and blockchain adoption.

submitted by /u/Sourcandybars [link] [comments]

Bitcoin continued to consolidate to start the week, as market volatility remained in place ahead of the Christmas holidays. The world’s largest cryptocurrency remained below $17,000 on Monday, as price attempted to break out of a key resistance level. Ethereum was below $1,200 on Monday. Bitcoin Bitcoin (BTC) started the week below $17,000, as prices […]

Zhejiang, a coastal province of China, has presented a metaverse development plan that seeks to build a metaverse hub in its territory. The plan aims to entice the creation of a $28.7 billion metaverse industry and construct an ecosystem of several companies integrating this tech as part of its operations by 2025. Zhejiang Presents Metaverse […]

L2 protocols finally seem to be gaining traction, which is good news for Ethereum. At this point, it would seem plausible to conclude that Ethereum has successfully used network effects and the first mover advantage in the field of smart contract technology and that it should now be trying to expand on this, a stage…
Read more

submitted by /u/gaurangtorvekar [link] [comments]