Crypto market
Analysts argue sell-off isn’t over even as crypto and stocks recover into the new month
Bitcoin and other top cryptocurrencies have posted modest gains since yesterday Market experts, however, believe January’s equities market slump could be an indication of a looming larger correction The crypto market is seeing a sense of stability on the first day of February after charting a recovery curve yesterday. Bitcoin (BTC), Binance Coin (BNB) and Cardano (ADA) are all up by roughly 4% on the day, while Ethereum (ETH), Solana (SOL), Polkadot (DOT) and Terra (LUNA) have double-digit gains in the last 24 hours. Solana’s native coin is up by over 20%, while Terra’s coin LUNA has seen a price upswing of almost 19% in the same period. Notwithstanding the green arrows in the market, industry experts maintain that the tide is not yet out as many market factors still hang...
Cardano has established a bearish trend, crypto analyst forewarns
A popular crypto analyst has projected that BTC would drop below $30k before it eventually bounces above $40k. He also tips off that Cardano’s ADA has carved a clear bearish path and could fall towards the support at either $0.80 or $0.65. Capo, a pseudonymous crypto analyst on Twitter, has told 240,000-large following that crypto assets are yet to come out of the bearish run. Change of tune on the leading cryptocurrency The analyst was initially bullish on Bitcoin, predicting that it would first rally beyond 40k before potentially seeing a bearish outturn. However, he has now changed his view and instead sees the flagship cryptocurrency directly plunging. “Whales are adding supply and removing bids below the current price. It seems that it will go just straight down without to...
Santiment analysis indicates XRP and Uniswap are entering an opportunity zone
On-chain data shows several altcoins could be set for an upturn as they approach historical opportunity zones Uniswap has recently hit an all-time negative low in MVRV, and XRP is on an eight-month low in this metric Blockchain analytics firm Santiment today reviewed the top altcoins that investors should look to after the sour January they have experienced with the markets. Over the course of the month, the markets have neither spared short-term nor mid-term investors, with the majority seeing trading losses at differing degrees. Advising traders to jump on the opportunity to buy low while others sulk, Santiment reviewed MVRVs of crypto assets and came up with a list of 150 assets that are prime for investment. The analytics firm justified the selection, noting that the tokens show “...
Macro trends expert Lyn Alden doesn’t see Bitcoin sinking below $20k
Alden is optimistic the flagship will stay above $20,000 even if the slump intensifies Bitcoin is trading on the green today and has cleared $37,000 Macroeconomics strategist Lyn Alden has shared her view on Bitcoin which, like other crypto assets, has suffered considerable losses in the recent market slump. In a mid-week interview with Kitco News’ David Lin, Alden noted that it is unlikely for the price of the leading cryptocurrency to sink below $20,000. Alden, who manages an eponymous equity research and investment research firm, backed his forecast, noting that the market is maturing and, as such, Bitcoin won’t see massive price fluctuations. “I’d be somewhat surprised to see a sub 20,000 print. I don’t rule it out as an option though […] Bitcoin ha...
Bloomberg strategist Mike McGlone predicts a bullish run once the correction ends
McGlone based his projection on the law of demand and supply He also posited that Bitcoin could be carving a bottom at $30k The two leading cryptocurrencies, Bitcoin and Ethereum, are poised to surge if they escape the persistent range-bound trading, according to Bloomberg’s Mike McGlone. McGlone argues that the former will get out of the current market slump on ‘bullish fundamentals.’ In a tweet shared today, he forecasted that the value of the two crypto assets will potentially rocket, citing the law of demand and supply. “What Ends #Bitcoin, #Ethereum Range Trade? Bullish Fundamentals – By the rules of economics, a market with rising demand and declining supply will go up over time, suggesting that Bitcoin may be forming a bottom again around $30,0...
Fed’s latest meeting sends bearish wave – Here’s how top crypto coins stand a day later
The Federal Reserve Chairman confirmed that plans to hike interest rates are coming into play this March. Crypto markets, as well as stocks, reacted, with token prices plunging. At the time of writing, Bitcoin is down 3.15% and Ethereum 5.25%. Following a two-day Federal Open Market Committee (FOMC) meeting that concluded Wednesday, Federal Reserve Chair Jerome Powell issued a press conference to speak on the country’s plans in monetary policy. Powell said the Fed would halt asset purchases by March and also hold off on plans to hike interest rates till then. In the lead up to yesterday’s press conference, the markets were bullish and looked optimistic. Actually, minutes into the press conference, Bitcoin price ascended, clocking a $38,740 peak. However, half an hour into the b...
Bitcoin is still an early adoption technology with a future of volatility, Anthony Scaramucci says
Scaramucci asked Bitcoin investors not to lose focus of the bigger picture He also compared Bitcoin’s volatility during growth to Amazon’s stock in the late 90s SkyBridge Capital founder Anthony Scaramucci has asked investors to hold onto their crypto assets as he believes the current market dip will come to an end soon. “Take a chill pill, stay long bitcoin, other cryptocurrencies like Algorand and Ethereum, and I think you’re going to be very well-served long-term in those investments,” he said. Bitcoin is not yet a mature store of value Speaking during a CNBC interview, he explained that the Dollar will always be the Dollar hence Bitcoin’s change relative to it should not elicit much concern from investors. He asked them to focus ahead and make long-term investments, noting that Bitcoin...
Fundamentals and correlation models show that Bitcoin is undervalued
Chamber of Digital Commerce chief executive Perianne Boring told CNBC yesterday that correlation models suggest Bitcoin’s actual value is between $50k and $100k Founder and president of the Chamber of Digital Commerce, Perianne Boring, is the latest figure to assert that Bitcoin is currently undervalued, despite the volatility in crypto markets. During a CNBC Squawk Box Monday interview, Perianne advised investors to focus on Bitcoin’s underlying value rather than its price position. Several factors back her postulation Perianne said that the fundamentals of Bitcoin are showing real strength, and this is evidence that the asset is inaccurately valued. She pointed out that Bitcoin is currently growing at a higher rate than other technology elements – the internet during the late...
Here’s why Solana has lost more than other top ten crypto coins over the same period
Solana has fallen to eighth place in market circulating value after being dethroned by Ripple’s XRP The cryptocurrency market is reeling from the extended decline that started at the end of last week. The majority of crypto tokens and coins have taken a huge beating, shedding as much as 40% of their value since Friday. The king cryptocurrency has almost 3% over the past 24 hours and is labouring to stay above $34,000. Ether (ETH) and Cardano (ADA) have all posted bigger losses – both down over 6.50% on the day. Solana price has seen the biggest slump, and this is why The altcoin market has similarly recorded huge losses following the latest selling wave. Notably, Solana has one of the biggest red candles in daily and weekly time frames – down 11.08% in the last 24 hours and almost 40...
Weekly Report: MicroStrategy chief says firm will hold onto Bitcoin stash amid crypto market tumble
The cryptocurrency market has continued bleeding on the second straight day. Bitcoin has sunk further, hitting a six-month low. It is currently trading at around $35,500, 6.28% down on the day. Ether and other altcoins have also haemorrhaged, erasing a chunk of gains from recent rallies. The crash has been attributed to the global stock sell-off and a looming crypto ban in Russia. Here are other top cryptocurrency headlines that you might have missed this week: Singapore’s top financial regulator goes after cryptocurrency ATM operators Cryptocurrency ATM operators in Singapore were on Monday ordered to halt their operations in accordance with recently published guidelines. The issued ‘request’ outlawed crypto businesses from lending services at physical crypto ATMs. Singa...
GARI token records a trading volume of over $100M on first day of trading
The social token from video sharing mobile app Chingari became available to international traders on Tuesday India-based short video app company Chingari earlier this week debuted its native token GARI on the international stage. The token quickly saw interest from millions of people on the first day, with trading volume eclipsing $100 million within hours as per an announcement from Chingari. Chingari launched GARI last October as part of efforts to incorporate a cryptocurrency element in the digital content creation world. Renowned actor, producer and TV star Salman Khan served as the brand’s ambassador during the launch. In December, Chingari revealed its Initial DEX Offering launch plans on SolRazr. Taking the market by a storm This week, the token simultaneously arrived on more ...
Bitfarm reveals it bought the dip during the early January market slump
The mining firm received a $100 million loan from Galaxy Digital at the end of last year Canada-based bitcoin miner Bitfarms said in a statement released on Monday that it purchased bitcoins as markets sunk by as much as 12% in January’s first week. Explaining the company’s strategy, CEO and founder Emiliano Grodzki held that Bitfarms intends to stack as much Bitcoin as possible in the shortest time possible. “With the dip in bitcoin, we seized the opportunity to move cash into BTC,” the Bitfarms executive explained, adding, “Our guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders.” The mining firm had minted 363 BTC last month and 339 i...
