“With the plummeting bitcoin price, the profitability of these companies will continue to be under pressure,” said Jaran Mellerud, an analyst at Arcane Research. However, he added, the larger miners – with lower operating costs than the industry average – should be able to see themselves through the valley of this bear market. Source
Ethereum has bled heavily owing to the aftermath of the crypto crash. Prices of other altcoins followed suit as Bitcoin hangs below the $30,000 price mark. Ethereum’s current price has hit a new low in 2022. The altcoin had tried to pull off a brief recovery a week back but the broader market weakness finally crept in and caused it to dip further. At the time of writing, ETH is seen below its major support line of $2500. Selling pressure had accelerated as the increased fear index drove investors out…
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Big Things Are Happening in Cryptocurrency!!! 💥💥💥💥💥 Hit Like, Share, and Subscribe for more daily cryptocurrency news Altcoin Daily, the best cryptocurrency news media online! Follow us on Twitter: Timestamps: 0:00 – Introduction (Watch the whole video!) 0:37 – Paul Krugman Says Bitcoin Resembles Subprime Mortgages. 1:50 – Coinbase Will List BRAND NEW Class of Crypto Assets! 3:20 – Coinbase Ventures Investment Portfolio Breakdown 5:22 – Facebook Crypto Update! (Diem is Dead) 6:17 – Visa Report: Crypto Credit Card Usage Reaches $2.5…
The similarity in price action between the crypto and traditional financial markets remains quite strong on May 10 as traders enjoyed a relief bounce across asset classes following the May 9 rout, which saw Bitcoin (BTC) briefly dip to $29,730. Market downturns typically translate to heavier losses in altcoins due to a variety of factors, including thinly traded assets and low liquidity, but this also translates into larger bounces once a recovery ensues. Daily cryptocurrency market performance. Source: Coin360 Several projects notched double-digit gains on May 10, including a 15.75%…
Polygon (MATIC) price reversed course to the upside on May 10 after testing $0.794 as its interim support, thus rising by up to 25% to $0.99. The rebound occurred a day after the token slumped over 17% to reach $0.787, its lowest level since July 2021, amid a global market crash led by the U.S. Federal Reserve’s hawkish policies. MATIC price rebounded after undergoing five days of relentless declines, attracting buyers around the same support level that had preceded a 275% bull run last year. MATIC/USD weekly price chart. Source: TradingView A…
NFT trading volume has been on a robust momentum since April and the pace is just right for May with Solana and Moonbirds NFTs such as Okay Bears triggering the increase in NFT sales volume since April. According to DappRadar, there is a monumental 45% climb in organic trading volume of NFTs in April in comparison to the previous months. Solana NFT trading has skyrocketed in April, as Moonbirds also proved to boost Ethereum trading. Suggested Reading | Bitcoin Seen Dropping To $32K – But Not This Month – As…
Bitcoin (BTC) lost almost $1,000 in the first hour of Wall Street trading on May 5 as a brief rally ended in disappointment. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Nasdaq drops 4% on post-Fed open Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it returned to $38,130 on Bitstamp almost 24 hours after reaching weekly highs of $40,050. The move came courtesy of highly-correlated U.S. stock markets, which opened with volatility after posting their own short-lived gains after comments from the Federal Reserve on May 4. At the…
Avalanche (AVAX) has rebounded strongly five days after testing a key inflection area as its support. Now, the AVAX/USD pair faces the possibility of continuing its upside retracement move further into Q2. A 30%-plus move ahead? AVAX’s price surged to almost $69.50 on May 5 from nearly $55 on April 30, a 25% jump. Interestingly, AVAX’s rebound move surfaced inside the same support area ($54–$60 range) that had preceded a 100% and a 175% price rally in the January 2022–April 2022 and the October 2021–November 2021 session, respectively. AVAX/USD weekly…
Crypto markets added nearly 5% to overall capitalization in the past 24 hours after broader markets jumped on the decision to increase rates in the U.S. Source
Large-cap cryptocurrency continue to slump as investors await comments from the Federal Open Markets Committee regarding the exact size of the next interest rate hike. There are, however, a few bright spots in the market and select altcoins managed to post double-digit gains in trading on May 3, thanks to a big-time partnership announcement and cross-protocol collaborations that led to a spike in demand. Data from Cointelegraph Markets Pro and TradingView shows that three of the biggest gainers over the past 24-hours were Algorand (ALGO), Frax Share (FXS) and Helium…