Day: January 4, 2024

Bitcoin Price Takes Major Hit But Uptrend Far From Over – Here’s Why

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Bitcoin price started a major drop below $44,000 after rumors of spot ETF rejection. BTC dived over 10%, but the bulls are still protecting the $40,000 support. Bitcoin declined heavily and even spiked below the $40,000 level. The price is trading below $43,500 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if there is a close above the…

Analyst Envisions Potential 50X Surge To $14, Here’s Why

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Since the beginning of December, the XRP price has been range-bound between $0.5762 and $0.6565, lagging behind other altcoins that have seen significant gains due to increased market capital inflows.  However, recent developments surrounding the potential rejection of Bitcoin exchange-traded fund (ETF) applications by the US Securities and Exchange Commission (SEC) have added to market uncertainty and triggered a 10% drop in the XRP price, pushing it toward the $0.500 level. XRP Price Legal Catalyst  Despite these challenges, a significant catalyst could potentially propel XRP to new heights—the ongoing legal clash…

How crypto market mirrors early stock market trends

Tracing the journey of cryptocurrencies from 1990s experiments to a multi-trillion dollar industry. Starting in the 1990s with early digital money experiments and leading up to the launch of Bitcoin (BTC) during the 2008 financial crisis, the crypto market has expanded rapidly. As of Jan. 3, the global crypto market has reached a market cap of over $1.7 trillion. Dominating this landscape is Bitcoin, which accounts for more than 50% of the total market cap. The market has grown not only in terms of market cap but also in infrastructure…

Crypto Futures Razed To Ground As $659 Million Rekt With Bitcoin Crash

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Data shows the cryptocurrency futures sector has gone through a mass liquidation event in the past 24 hours as Bitcoin has witnessed a sharp crash. Crypto Futures Liquidations Have Added Up To $659 Million In Past Day The cryptocurrency market has seen sharp price action during the past 24 hours. As is usually the case during such volatility, chaos has occurred on the futures side of the sector. According to data from CoinGlass, almost $660 million in futures contracts have found liquidation on the last day. The data for the…

Bonk, MultiversX, Terra Classic among biggest crypto fallers

CoinMarketCap has seen cryptos Bonk, MultiversX, and Terra Classic experience larger than average losses between 17% and 18% amid shaken investor confidence. The top faller, Bonk (BONK), is a meme coin that gained rapid popularity on the Solana network and has since seen rapid fluctuations, with a 41%, with a 20.8% reported at the end of December. Despite reaching an all-time high (ATH) of $0.00003416 per token on Dec. 15, BONK’s value plunged by 66% since its peak. It trades at around $0.00001167, down 18.8% in the last 24 hours.…

From Bullish To Bearish, Bitcoin Plunges More Than 6% Amid Matrixport’s Contradictory Reports

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Matrixport, a crypto financial services platform, has recently made headlines with the release of two conflicting articles on January 2nd about the future of Bitcoin (BTC). The first publication, radiating optimism, projected that Bitcoin’s price could soar to $50,000 in January, spurred by the potential approval of Bitcoin spot exchange-traded funds (ETFs). This bullish stance was further grounded by disclosing a possible announcement that could happen on January 8th, 9th, or 10th. Matrixport’s Sudden Shift: A Bullish Sentiment And Then Bearish Counterpoint Matrixport’s initial bullish report highlighted the transformative impact a…

CoinGecko reports crypto market cap down 7.2%

According to CoinGecko, one of the largest global crypto data aggregators, the cryptocurrency market is down to $1.7 trillion, down 7% in the last 24 hours. Alongside the reduced market cap of the industry is a 6.6% decrease in the price of Bitcoin, a 7.8% decrease in the price of Ethereum, and a 4% decrease in the price of BNB. The drop in market cap, a measurement of the total value of all mined coins, is likened to two major market updates. First, despite Jim Cramer expressing optimism about Bitcoin, the ‘inverse…

Bitcoin At A Crossroads? Economist’s Doom Prediction Clashes With Spot ETF Approval Hopes

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As the world of crypto braces for a potential regulatory nod from the US Securities and Exchange Commission (SEC) in favor of a Bitcoin spot exchange-traded fund (ETF), Peter Schiff, a notable crypto critic, has voiced a dissenting opinion. Schiff projected a grim future for Bitcoin, especially in the event of a spot ETF approval. His comments come at a time when the crypto community is abuzz with expectations of a boost in institutional investor interest in Bitcoin. Economist Spells Gloom For Bitcoin In a recent post on X, Schiff…