Doubleline Capital CEO Jeffrey Gundlach, also known as the “bond king,” says he would not be surprised at all if the price of bitcoin falls to $10K. “We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems,” he explained. ‘Bond King’ Jeff Gundlach Discusses […]
XRP has been hovering within a price range over the past few days. Over the last 24 hours, the coin attempted to move slightly on the upside. The market movers also noted slight uptick on their charts after the Federal Reserve raised interest rates by 75-basis points. Technical outlook for XRP continues to paint bearish picture for the coin. The altcoin could soon attempt to move near its next support zone. Price of XRP has just managed to remain above the $0.30 mark. Immediate fall will push the coin to trade near the $0.24 price level. Sellers are still in panic mode as the asset continues to hover near the extreme selling zone on the chart. Bulls have tired out as choppiness has taken over the market, XRP over the last two days flashed an increase in buying strength but as the coin fell in value again, sellers have taken over. The global cryptocurrency market cap today is at $941 Billion with a fall of 0.5% in the last 24 hours. XRP Price Analysis: One Day Chart The altcoin was at $0.31 at the time of writing. It seems to have found its support at the $0.24 price level. After consolidating between $0.40 and $0.30 levels respectively, its looks as though further downside could be on the charts. Overhead resistance could be pointed at $0.38 as the coin has struggled to move past that aforementioned level lately. In the last week itself, XRP slumped by 22%. At the moment, the altcoin has fallen by 90% from its all time high value of $3.40. Price of XRP last touched these lows in the month of February 2021. Trading volume displayed an increase signifying a sell-off. The bar was in the red which is a signal of bearish price action prevailing in the market. Technical Analysis The asset has touched the oversold region a couple of times both in the month of May and June. Over the last 48 hours, XRP tried recovering from the undervalued zone but again noted a fall in buying strength. In conformity with the same, Relative Strength Index displayed a downtick and was moving close to the 20-mark. Continued selling pressure can again make XRP fall to the oversold region. Directional Movement Index determines the direction of price change and the current price momentum. DMI was negative as the -DI line was above the +DI line. ADX (Red) was steady above 40, which signified strength in the current price momentum. This meant that XRP could move further south. Related Reading | XRP Consolidates, Is It Going To Retrace Now? Bollinger Bands indicate price volatility or incoming price fluctuations in the market. In the above chart, Bollinger Bands opened up which is a sign of increased price volatility. Going by the other indicators that point towards bearishness, the opening up of the bands can also mean a further depreciation of price in the near term. Awesome Oscillator displayed change in price trend and flashed red signal bars. These red signal bars are linked to sell signal for the asset. Going by the charts, Ripple might stay near the $0.30 price level a little longer before the buyers cause the price to move upwards. Related Reading | Bitcoin Amidst Relentless Sell Off; Is It Targeting $13,000 Now? Featured image from UnSplash, chart from TradingView.com
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I’m seeing more and more people spread FUD and hate on “crypto bros” and calling crypto a pyramid scheme even though that doesn’t even make any sense because no one ever officially promised any return. Crypto is a volatile asset so it seems obvious to me that in this environment (recession) that it would crash…
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“If you’ve made a sale during the tax year, and you’ve sold at a loss, there’s basically a benefit there,” says Koinly’s head of tax.
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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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Cryptocurrencies can be used for international payments if they don’t penetrate the Russian financial system, the head of Bank of Russia has stated. The governor also insisted that the digital assets should not be traded on platforms operating inside the country. Bank of Russia Chair Ready to Accept Cryptocurrency Payments for International Settlements Cryptocurrencies can […]
PRESS RELEASE. GensoKishi, a new fantasy world economy with blockchain technology by incorporating elements of NFT and GameFi on the Metaverse is pleased to announce its 2nd commemorative NFT Auction to be held from June 15th, 2022 at 18:00 (UTC+8) to June 22nd, 2022 at 17:59 (UTC+8) ! The 2nd round NFT auction will feature […]
Bitcoin funding rates have been dropping over the last couple of weeks. Even as the price of the digital asset had plummeted, causing some to call it being on ‘discount’, these funding rates have refused to move out of the negative territory. The past week has proven to be no different given that funding rates have exited the neutral territory entirely and remain low. Funding Rates Refuse To Budge Coming out of the last week has been a hard one for the crypto market. The bloodbath had sent the majority of the coins in the crypto market into the red and bitcoin had touched the $20,000 level for the first time since December 2020. Through this has come panic across investors and the funding rates have reflected this panic. Related Reading | Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market The past week had come to a close with funding rates sitting well below neutral. This follows the trend for the 7-day period where the funding rate had trended below neutral each day. It sat at 0.013% as of Tuesday. Not the lowest point so far but it marked the second-lowest point for the month of June. This decline in funding rates follows what Arcane Research refers to as an orderly sell-off in the derivatives markets. It is no surprise given the liquidation volumes that rocked the market on Monday and Tuesday, touching above $1 billion in a 24-hour period and setting a new daily liquidation event record. Funding rates remain low | Source: Arcane Research The research and analysis firm also notes that investors are approaching the market with caution. This is due to the “current market structure with increased contagion risks related to Celsius and the pressuring macro backdrop.” This caution comes as no surprise given that investor sentiment now resides in extreme fear, meaning there is no room for careless abandon in a market such as this. Bitcoin Open Interest Turns The Other Way Even with the funding rates low, other metrics are surprisingly not doing as bad. One of these is the bitcoin’s open interest in the perpetual markets. This metric remains high even though the price of bitcoin has plummeted close to 2017 highs. Historically, BTC-denominated open interest has been known to decline in line with the market. This has not been the case with the most recent bitcoin crash. Instead of falling, open interest had hit multiple new all-time highs even as the sell-offs had continued. This suggests that some investors had believed that the bottom was in and tried to take advantage of it. But this was not the case. Open interest on the rise | Source: Arcane Research Nevertheless, open interest in perpetuals was at 298,500 BTC as of Tuesday. It is in stark contrast to the last major market crash that took place back in December, where open interest in perps had declined to 190,000 BTC as the price of the digital asset had fallen. Related Reading | Bitcoin Crash Sends Institutional Investors Running For The Hills This increase in open interest suggests that if the bitcoin bottom is not in already, then it may very well be reached soon. Although it is important to keep in mind that a metric like this on its own cannot give a full picture of when the bitcoin bottom will be reached. BTC drops to $21,000 | Source: BTCUSD on TradingView.com Featured image from Arabian Business, charts from Arcane Reseach and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
