I bought into crypto at the end of May 2021, around this time a year ago and DCAed every week until around the beginning of August before deciding to just hold and not DCA during the bullrun last year (best decision I made in hindsight). I have the majority of my portfolio in BTC and…
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Newly discovered documents suggest a possible conflict of interest from a former SEC official when he made a speech about Ethereum which some claim could jeopardize the SEC’s case against Ripple.
Unless you have been living under a rock, we just experienced a catastrophic crypto meltdown. People are understandably upset, posts here are now emotionally charged. However the writing was on the wall as highlighted in my previous post https://www.reddit.com/r/CryptoCurrency/comments/ubg9me/despite_what_people_say_on_this_sub_expect_crypto/?utm_medium=android_app&utm_source=share I don't intend this to be a told you so post, I want to simply urge…
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The crypto market has deep-dived to 11% in just 24 hours. It’s been in the hole or behind and most coins (led by LUNA) have been suffering major losses such as Avalanche, ApeCoin, Solana, and Shiba Inu, to name a few. So, what’s happening here? It’s like a ripple or domino effect that has hit one and is now derailing the rest of the cryptocurrencies. Not Just LUNA LUNA has lost 97% of its value following the major dip of UST stablecoin. The losses of other coins are not as massive as Terra but they have also suffered devastating double-digit losses over the 24-hour time frame. Suggested Reading | Shiba Inu Vs. Dogecoin And LUNA: Which One Will Survive The Crypto Carnage? Altcoins In The Red Most altcoins are in the red at this time. It’s a major blow in the crypto space and people are trying to analyze their cards. Avalanche has plummeted to 34% or under $32 and it even crashed below $28 which is far worse than its slump in August 2021. More so, Solana is now down by 26% which has further dropped to around $52 as of this writing. Luna is the cryptocurrency of Terra. Following the collapse of USDT or the dollar stablecoin, Luna also suffered a massive slump at 97% or below $1. BTC total market cap at $550.71 billion on the daily chart | Source: TradingView.com ADA of Cardano has also slid down by 16% or $0.56 displaying tremendous dips comparable to what transpired in February 2021. Additionally, Polkadot (DOT) has also crashed to around 24% over the past 24 hours, or about $9. Other tokens and meme coins are also extra volatile and dipping today like Dogecoin which is down 23% or $0.087 and Shiba Inu, which has lost over 27% in the past 24 hours. Meanwhile, ApeCoin is also falling rapidly and has scraped 37% off its market value over the past day with the current prevailing price at $5.90. The price has now plunged to 85% compared to its winning streak of $39.40 following its launch in March of this year. Trouble In Metaverse? Even the metaverse is having trouble Decentraland and The Sandbox have plunged to 28% or $0.85 and 28% or $1.32, respectively. These metaverse gaming tokens were selling like hotcakes especially following Facebook’s switch to Meta but are now losing out on value. The crypto market has slumped by 11% in a quick span of 24 hours led by the king of cryptocurrencies, Bitcoin which suffered a dip of 6% or a price below $29,900. Meanwhile, Ethereum is also down to 8% or $2,180. Suggested Reading | Bitcoin Price Crashes Below $30K As Markets Show Signs Of Paranoia Featured image from Physics World, chart from TradingView.com
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Ethereum whales have been transacting a huge volume of Ethereum, marking the highest one day whale activity since January.
Price of Cardano (ADA) has been unstable following larger market trends. Bitcoin slid upto 20% over the past week and major altcoins followed through. Bitcoin’s revisit to levels that it hasn’t touched for months has caused other altcoins to plummet considerably. In just 24 hours, ADA nosedived 20% and over the last seven days, the coin posted over 30% loss in market value. ADA has been one of the worst performing altcoins of the month causing investors and buyers to flee the market. Continued sell off could cause the coin to dip further and rest near the $0.40 mark. Amidst other worrying factors, such as increasing inflation, hiked interest rates and an impending recession, broader market weakness could continue to bother the stability of the crypto industry. Cardano Price Analysis: Four Hour Chart ADA’s price at the time of writing stood at $0.50 which marks more 60% fall from its all all time high of $3 last year, September. The coin has almost noted a 35-week downtrend and the recent bearish price movement has made it nearly impossible for the coin to display chances of rebound. The coin continues to paint extreme oversold conditions. The coin depicted a downward trend (yellow) affirming the bearish thesis. At the current price level, Cardano might find a support level at $0.40. Investors might fight that scenario to be a buying opportunity which could lift ADA’s prices upward. In case of a rebound, which looks quite difficult, ADA could target $0.62. Volume of Cardano displayed a red bar which is indicative of bearishness, it also means that the coin is experiencing sell off at the time of writing. Technical Analysis Cardano had tried to retest its $0.62 level in the past few days but the bears kept dragging the altcoin down. At the time of writing, ADA was trading far below the 20-SMA line. This means that sellers were driving the price momentum of the coin in the market. After breaking from the downward trend, ADA had briefly tried to rally which had made the coin revisit the overbought zone as buyers gained confidence for a brief span of time as seen on the Relative Strength Index. Following this however, ADA barely recovered in terms of buying strength as the coin continued to juggle between the oversold zone and underbought zone. Related Reading | ADA On Discount? Cardano Whales Go On $200M Shopping Spree Ongoing bearish thesis has dampened the spirit of investors, the coin is currently experiencing a distribution phase owing to a sell-off. The Chaikin Money Flow which determines capital outflows was seen below the halfline. This reading signified that capital outflows were far greater that inflows. Awesome Oscillator that tells the price momentum, indicated amplified red histograms. Red histograms underneath the zero-line means bearish price action for the coin. Related Reading | Cardano (ADA) Real Volume Suggests Downtrend Is Far From Over Featured image from UnSplash, chart from TradingView.com
Chile’s planned start to its digital peso rollout in early 2022 has been held back while its central bank conducts more analysis to inform a new report by the end of the year.
The FASB is set to review its accounting rules for digital assets, which could see firms no longer be required to report crypto such as BTC as “intangible assets” on their balance sheets.
The Shanghai High People’s Court has declared bitcoin to be a virtual asset protected by Chinese law. The court notes that the cryptocurrency has economic value. Bitcoin Is Property Protected by Law in China The Shanghai High People’s Court has declared that bitcoin qualifies as a virtual asset protected by Chinese law despite the ban […]
