Markets
Tables turn as shorts suffer in the wake of Bitcoin reclaiming $40k
Monday’s slump saw over $470 million in long bets wiped away from the market In the last four hours, the majority of the liquidations have been from traders betting on prices declining Bitcoin price fell below $40k early on Tuesday for the first time since March 16 as the market underwent further correction. Altcoins felt the pinch as well, with their prices sliding even further than they did on Monday. The premier alt, Ether, fell to a multi-week low of $2,958, CoinMarketCap data shows. Two contrasting strokes The crypto market has since slightly loosened, with Bitcoin climbing back to $40,210 where it was last spotted hovering. Ethereum’s native token has moved up to $3,020. This minor recovery has meant losses for traders betting on a continued downtrend. Data from Coinglass shows that ...
Blue Chip and Metaverse NFTs propel growth of NFT Market, says Nansen report
On Tuesday, blockchain data analytics platform Nansen released its quarterly report on the state of nonfungible tokens, or NFTs. The report highlighted the rapid growth of the NFT market over that of the cryptocurrency market year-to-date, and it predicts of an $80 million market cap by 2025. As Cointelegraph previously reported, Nansen recently released six NFT indexes weighted by market capitalization denominated in Ether (ETH): Nansen NFT-500, Nansen Blue Chip-10, Nansen Social-100, Nansen Gaming-50, Nansen Art-20 and Nansen Metaverse-20. According to the Nansen 2022 Quarterly NFT Report, The NFT market continues outperforming the cryptocurrency market year-to-date, putting in a 103.7% return when denominated in ETH and 82.1% when denominated in USD. Despite a downturn i...
Kava turns bullish as Ethereum Co-Chain launch initiates push toward EVM compatibility
Protocols in the Cosmos ecosystem have seen a significant amount of growth in 2022 due to the intensifying focus on blockchain interoperability and compatibility with the Ethereum network. One protocol that has seen a buildup in momentum since the middle of March is Kava, a project that is developing a co-chain architecture for the Cosmos and Ethereum network. Data from Cointelegraph Markets Pro and TradingView shows that the price of Kava’s native token KAVA has climbed 72.3% after hitting a low of $2.92 on March 13 to establish a daily high of $5.03 on April 8. KAVA/USDT 1-day chart. Source: TradingView Three reasons for the increase in price and momentum for KAVA include the Ethereum Co-Chain beta launch, the launch of a $750 million developer incentive program and a series o...
Bitcoin price dip to $39.2K places BTC back in ‘bear market’ territory
The cryptocurrency market took a turn for the worse on April 11 after concerns related to rising inflation, the prospect of several more interest rates by the U.S. Federal Reserve and fear of a global food shortage led to widespread weakness across global financial markets. Data from Cointelegraph Markets Pro and TradingView shows that bears broke through the bulls’ defensive line at $42,000 in the early trading hours on Monday to drop Bitcoin (BTC) to a daily low of $39,200 and several analysts project even lower prices in the short-term. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what analysts are saying about Monday’s move lower and whether or not traders should expect more downside over the coming days. $40,000 or bust The dip below $40,000 was foreshadowed b...
Bitcoin loses support above $42,000 as crypto markets turn red
Bitcoin is trading below $42k for the first time in almost three weeks Altcoins led by Ether have shed some of the gains from the rally at the end of March A sharp fall in the prices of the majority of the top cryptocurrencies on Monday has pushed the total crypto market capital below $2 trillion. The dip, which started late yesterday, continued overnight and has been the theme throughout the day. Red is the order of the day The market leader, Bitcoin, glided under $42,0oo earlier today and was last observed trading at $41,030. These figures reflect a downward movement of 3.7% on the day and 10.85% over the week. Market data shows BTC/USD hasn’t retouched the current level since March 22. Ether price has moved down 6.25% in the last 24 hours and the token appears likely to fall below $3,00...
BTC stocks correlation ‘not what we want’ — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts the second week of April with a whimper as bulls struggle to retain support above $40,000. After a refreshingly low-volatility weekend, the latest weekly close saw market nerves return, and in classic style, BTC/USD fell in the final hours of April 10. There is a feeling of being caught between two stools for the average hodler currently — macro forces promise major trend shifts but are being slow to play out. At the same time, “serious” buyer demand is also absent from crypto assets more broadly. However, those on the inside show no hint of doubt about the future, as evidenced by all-time high Bitcoin network fundamentals and more. The combination of these opposing factors is price action that simply does not seem to know where to go next. Can something change in the ...
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana (SOL) price reached $143.50 on April 2 after an incredible 82% rally over a 20 day period. This positive performance can be attributed to recent NFT markets-related news and a marketwide bounce, but the current 22.7% decline could have investors confused. Solana/USDT at FTX. Source: TradingView The rally started after Coinbase Wallet added support for SOL and other Solana-based blockchain tokens on March 18. The crypto exchange also outlined plans to “further integrate” with Solana by connecting the Coinbase Wallet with the decentralized applications (DApps) and nonfungible tokens (NFTs) hosted on the network. The expectation of OpenSea’s integration of the Solana network also excited investors. This means Solana will join Ethereum, Polygon and Klaytn as the ...
Top 5 cryptocurrencies to watch this week: BTC, NEAR, FTT, ETC, XMR
Bitcoin (BTC) dropped from a high of $47,200 on April 5 to a low of $42,107 on April 8, indicating possible selling by short-term traders who may have preferred to lock in their profits. However, the price action is still stuck in a tight range during the weekend, indicating that supply and demand are in balance. Although the Crypto Fear & Greed Index is in the fear zone, Bitcoin whales on crypto exchange Bitfinex remained unfazed and continued to purchase BTC. Interestingly, one large investor continued to buy $1 million of Bitcoin every day, without attempting to time the market, using the strategy of dollar-cost averaging. Crypto market data daily view. Source: Coin360 Another whale that utilized the dip to add more Bitcoin to its existing stockpile was Terra. This week, the wallet ...
Price analysis 4/8: BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGE
Bitcoin (BTC) and most major altcoins are attempting to defend the immediate support levels, indicating that bears sense an opportunity and are looking to take control of the price action. The short-term price action does not seem to worry the long-term Bitcoin bulls who expect a massive return in the next few years. While speaking at the Bitcoin 2022 conference in Miami, ARK Invest CEO Cathie Wood reiterated her Bitcoin price target of $1 million by 2030. Meanwhile, telecom billionaire Ricardo Salinas said during the conference that BTC and Bitcoin equities form 60% of his liquid investment portfolio. That is a massive increase from his Bitcoin exposure in 2020, which formed just 10% of his liquid assets. Daily cryptocurrency market performance. Source: Coin360 While the long-term may be ...
CEEK VR gains 100%+ as push toward virtual reality and Metaverse development intensifies
Nonfungible tokens (NFTs), decentralized finance (DeFi) and the Metaverse are three of the hottest trending topics in the cryptocurrency ecosystem and each is helping the world slowly move toward the mass adoption of blockchain technology. One project looking to capitalize on these trends is CEEK VR (CEEK), a entertainment and creator-focused platform aiming to use virtual worlds to connect music artists, athletes and digital content creators with their fans. Data from Cointelegraph Markets Pro and TradingView shows that since trading at a low of $0.289 on March 15, the price of CEEK has gained 123% to hit a daily high of $0.646 on April 7 as its 24-hour trading volume spiked 178% to $90 million. CEEK/USDT 4-hour chart. Source: TradingView Three reasons for the climbing price of CEEK...
Kyber Network (KNC) soars after integrating with Uniswap v3 and Avalanche Rush Phase 2
The outlook for projects in the decentralized finance (DeFi) sector has begun to improve in recent months as a combination of global events have highlighted the benefits of holding funds outside of the traditional financial systems. One project that has rallied over the past few months is Kyber Network (KNC), a multi-chain cryptocurrency trading and liquidity hub that aims to offer users the best trading rates. Data from Cointelegraph Markets Pro and TradingView shows that after bouncing off a low of $2.83 on April 6, the price of KNC jumped 55.4% to hit an all-time high of $4.04 on April 8 amid a 253% spike in its 24-hour trading volume. KNC/USDT 1-day chart. Source: TradingView Three reasons for the building momentum of KNC include the integration of support for ten separate blockchain n...
Pro traders turn into bears after Ethereum price dropped to $3,200
After a 42% rally over a three-week period, Ether (ETH) peaked at $3,580 on April 3 and since then, a 12% correction to $3,140 has taken place. Tech giants launching their own smart contract platforms and regulatory uncertainty might have impacted investors’ sentiment and derivatives metrics also show worsening conditions that confirm professional traders’ shift toward a bearish sentiment. Ether/USD price at FTX. Source: TradingView On April 6, the Financial Times reported that Meta is reportedly planning to introduce virtual currency and lending services. This move is aimed at exploring alternative sources of revenue for Facebook, WhatsApp, Instagram and Messenger. United States Senator Pat Toomey, the ranking member of the Senate Banking Committee, also drafted a bill proposing a r...
