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Cryptocurrency Market Loses $60 Billion In Two Days With Bitcoin Dropping

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The past few days in the bitcoin and cryptocurrency markets have had a strong impact from the bears. Prices of most crypto assets have been heading south beyond expectations. In addition, the entire market is in decline due to the collapse of the FTX exchange.

The outcome of recent events has raised more doubts in the cryptocurrency space. Bitcoin is dropping significantly and it fell below the $16k region. However, altcoins were not left on the downside. Many assets have fallen below critical resistance levels, which indicates a possible draft in the cryptocurrency market.

After a continuous decline, the cryptocurrency market lost about $60 billion in just two days. This has brought the cumulative market capitalization down to less than $800 billion. The value is $785.71 billion at the time of publication, indicating a decrease of 1.53% over the past 24 hours.

In the two weeks since the FTX fiasco, the cryptocurrency market has lost nearly $300 billion. This dropped the market cap from the coveted region of $1 trillion.

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Bitcoin price drop

The primary cryptocurrency has performed less impressively in a declining crypto market. Bitcoin failed to break through the $17K region throughout the past week. Without volatility, it was an oppressive weekend for the token as it stagnated around $16,6000 for two days in a row.

Monday saw a different dimension for bitcoin as the price of the token fell to $16,000. Gradually, BTC was moving south to finally reach a new two-year low at $15,660.

Blockchain analytics firm Glassnode reports that the current Bitcoin price has caused whales unrealized losses.

At the time of writing, BTC was trading at $16,142, which represents growth. With a market capitalization of $308.23 billion, its dominance over altcoins is 38.69%.

Bitcoin is gaining momentum l BTCUSDT on Tradingview.com

Altcoins stuck in a bad trend

The story is no different for altcoins either. Ethereum has suffered in the mainstream mode. The past 48 hours have seen a loss in the value of the second largest crypto asset. Although Ether was slightly above the $1,200 level on Sunday, the token has been declining since Monday.

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ETH finally reached a new multi-week low as it fell below $1,100 during the early trading hours of the day, November 22nd. At the time of writing, Ethereum is hovering sideways around $1,121.

Other altcoins with smaller daily declines include Cardano, Binance Coin, Polygon, Dogecoin, Tron, Shiba Inu, and Polkadot. However, Chainlink and Litecoin posted some gains despite the downward trend in the market. The two tokens have seen an increase of up to 3% over the past 24 hours.

Featured image from Pixabay, chart from TradingView.com

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Cryptocurrency

Understanding Bitcoin Hash Rate Increase – Bitcoin Magazine

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This is an op-ed by Alex, a bitcoin miner with KapoMax.

It is important for individuals looking into bitcoin mining for the first time to understand the importance of adjusting the bitcoin difficulty as well as the impact this has on mining profitability. Many newcomers to bitcoin mining will consult an ASIC profitability on a mining calculator, and expect this profitability to remain relatively the same in the future. This is a misunderstanding as the profitability of any given machine tends to be downward over time. Difficulty increases must be understood before purchasing an ASIC.


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Bitcoin price targets extend to $19k as BTC jumps 4% from daily lows

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bitcoin (BTC) remained higher after buying $17,000 in liquidity on December 9 as traders targeted more upside.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin is trying to make a new monthly high

information from Cointelegraph Markets Pro And the TradingView BTC/USD shows cooling volatility once again after it reached $17,300 on Bitstamp.

husband was He started taking cash On Dec. 8, Wall Street opened this uptrend to see it challenge the one-month highs of Dec. 5.

For those who are already betting on continuing to go higher, the move came as no surprise, as the coast is still clear to add more gains.

Popular trader Credible Crypto summed it up: “The move to $18-19K BTC continues.”

Previous tweet from Dec 7 explained The rationale, with invalidation set at the $16,000 support.

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Part of the accompanying comments read:

“Maybe another push to 16.4-16.5k, then expect a back-up reversal and continuation of the 18-19k targets.”
Annotated BTC/USD chart. Source: Credible Crypto / Twitter

Meanwhile, fellow merchant Shades, eye Potential volatility continues, with BTC/USD marking the upper Bollinger band on the 4-hour timeframe.

At the time of writing, the four hour candles remain near the upper band, with both candles continuing to stretch in a classic lead to increase volatility.

BTC/USD 4-hour candlestick chart (Bitstamp) with Bollinger Bands. Source: TradingView

“Expect bitcoin to continue as long as we stay above $17,000,” Michael Van de Poppe, founder and CEO of trading firm Eight, said. addedlikening the nocturnal movement to the breakout from the end of November.

Liquidations are fueling Bitcoin’s price hike

Further analysis of BTC’s price movements overnight highlighted increased liquidation of short positions.

Related: Bitcoin 2022 Bears ‘Habitual’ Despite Missing Major Trend Line – Analyst

In a sign of how far market participants assumed further declines would enter, shorts on BTC totaled $7 million in one hour on Dec. 8, according to data from Coinglass. Altcoin short liquidations added another $11 million to the tally.

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“Liquidations have been relatively small since the crash in early November, but short liquidations have helped support that latest move,” Analytics Source On-Chain College has been confirmed.

BTC liquidation scheme. Source: Coinglass

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.