Day: August 6, 2024

Analyst Warns Bitcoin (BTC) Price Could Drop Another 20%

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Bitcoin (BTC) saw a 20% price drop over the weekend, briefly losing the $50,000 support level. The rest of the market followed the flagship cryptocurrency, crashing around 23% in the last three days. Since then, the crypto market has momentarily reclaimed some key levels, but analysts fear the bleeding isn’t over yet. Is The Bitcoin Bottom In? Following Bitcoin’s drop below $50,000, crypto analyst Altcoin Sherpa shared his thoughts on BTC’s performance. To him, the flagship cryptocurrency hit one of its possible bottoms on Monday morning after reaching the $49,000…

Bitcoin (BTC) Jumps Above $56K, Solana (SOL) Leads Recovery From Monday’s Rout

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“Overall, the recent drop in Bitcoin’s price is not significantly worse than the decline in the Nikkei index, indicating that the current sentiment is driven by external factors rather than issues within the crypto market itself,” Ruslan said. “It is unclear if we are entering a bearish market, and much will depend on the performance of the equity markets this month.” Original

Aave nets $6m in revenue amid crypto plunge

Decentralized finance protocol Aave generated more than $6 million in revenue as the crypto prices plummeted. Stani Kulechov, founder of Aave (AAVE), said in a post on X on Aug. 5 that the DeFi protocol secured the revenue after navigating the crypto market plunge that had investors reeling on Monday. Aave, which traded higher to hit $117 on Aug. 2, followed by lows of $79 on Aug. 5 amid a crypto crash. Aave sees $6 million in revenue According to Kulechov, Aave helped secure $21 billion in value amid the…

Buying The Ethereum Dip? New Address Tied To Crypto Mogul Justin Sun Purchases 16,000 ETH

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The cryptocurrency market has been rocked by a seismic sell-off over the past 24 hours, with the two largest digital assets, Bitcoin (BTC) and Ethereum (ETH), plummeting over 20% in value. At the epicenter of the chaos is one of the industry’s biggest names – Justin Sun, the founder of the TRON blockchain. On-chain data suggests that Sun may have used the pullback to scoop up millions of dollars worth of Ethereum at discounted prices. Market Meltdown Wipes Out $600 Billion According to a Fortune report, this market upheaval unfolded…

BNB Price Recovery Faces Setbacks: What Risks Lie Ahead?

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked…

XRP Price Recovery Encounters Hurdles: Will It Prevail?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked…

VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000

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Jan van Eck, the Chief Executive Officer (CEO) of VanEck, an American investment management firm, has maintained an extremely bullish stance on Bitcoin (BTC), the world’s largest cryptocurrency. According to the popular CEO, Bitcoin is set to witness an exponential surge to $350,000, driven by an adoption rate on par with gold. Bitcoin Set To Hit Ambitious $350,000 Target In an exclusive interview with Fox Business on August 2, Van Eck predicted that the price of Bitcoin could surge as high as $350,000. As one of the issuers of Spot…

Is There More Room to Climb?

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Ethereum price started a recovery wave from the $1,910 zone. ETH is up over 10% and is now consolidating near the $2,500 zone. Ethereum started a recovery wave above the $2,250 and $2,400 levels. The price is trading below $2,650 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $2,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair could struggle to clear the $2,680 resistance zone. Ethereum Price Rebound 10% Ethereum price gained bearish momentum below…

Google Pay, Amazon Pay, Walmart-Backed Phonepe Eye Entry Into RBI’s Digital Rupee Program

Google Pay, Amazon Pay, and Walmart-backed Phonepe are reportedly seeking to join India’s central bank digital currency (CBDC) initiative led by the Reserve Bank of India (RBI). Other fintech firms like Cred and Mobikwik are also seeking participation. These companies aim to facilitate transactions through the e-rupee. The initiative aims to boost transaction volumes by […] Source CryptoX Portal

Bitcoin Drops Hard: Time To Fade The Trend And Buy BTC?

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Bitcoin is under immense selling pressure at spot rates, crashing below critical multi-month support at around the $53,500 to $56,000 zone. As bears take over, there are concerns that the coin could, after all, slip even lower, plunging towards the $50,000 and even $40,000 level in a bear trend continuation formation. Bitcoin Sellers Testing Resolve Of Determined Active Investors Despite the prevailing doubts, several on-chain indicators point to strength. Notably, one analyst observed that Bitcoin prices have dipped below the “moderate risk lower boundary of 9% from the average purchase…