Crypto market slumps 1.7%, Ethereum prepares for London hard fork

The global cryptocurrency market was at $ 1.57 trillion, down 1.7 percent in the 24 hours that ended at 9:00 a.m. IST. Trading volume on the exchanges fell 8 percent as investors wait for Bitcoin (BTC) to regain momentum towards $ 42,000.

BTC continued its correction for the third day in a row, declining 3 percent in the past 24 hours to close at $ 38,600. The BTC support levels are currently at $ 38,500 and $ 36,500. $ 41,000 is the next big resistance level. During BTC’s recent relief rally, data analytics firm Glassnode reported a 30 percent increase in the number of active BTC addresses. During this period there was also an accumulation of whales (investors with large amounts of a cryptocurrency) with 9.2 million BTC, which were stored in addresses with at least 100 BTC.

Ethereum (ETH), the world’s second largest cryptocurrency by market capitalization, has seen an impressive rally for 13 days in a row. This extended rally is held in anticipation of the London Hard Fork due to go live tomorrow. ETH is currently trading at $ 2,535, down a marginal 1 percent decline today.

Among the top 20 cryptocurrencies, Chainlink (LINK) and Bitcoin Cash (BCH) saw moderate gains, while the rest of them glowed red by the end of the day. BTC continues to dominate the market share with 46.1 percent.

Although BTC traders have lost momentum in the past few days, they are bullish and are calling this downtrend a healthy correction as the on-chain metrics signaled an accumulation phase. If BTC is able to rebound and break the resistance zone between $ 40,600 and $ 41,000, there will likely be a rally towards $ 46,000.

Top winners today:

  1. Voyager Token (VGX): 23.9%
  2. Stack (STX): 18.8%
  3. THOR chain (RUNE): 17.6%

Top Losers Today:

  1. Quantity (QNT): -11.4%
  2. Decree (DCR): -10.9%
  3. Siacoin (SC): -5.4%

The analysis only includes the top 100 coins from 9 a.m. IST.

Source: CoinMarketCap

Crypto news at a glance:

  1. U.S. mining company Marathon Digital has bought more than 30,000 bitcoin miners at a cost of $ 120.7 million to benefit from China’s mining raid. Marathon Digital will likely control 12 percent of the BTC mining hash rate after this expansion.
  2. According to a local news agency, South Korea is reportedly planning to shut down at least 11 medium-sized cryptocurrency exchanges due to their allegedly illegal activities.
  3. NCR Corporation, a Fortune 500 company, announced plans to acquire LibertyX, a retailer and Bitcoin ATM operator with over 9,000 kiosks in the United States.
  4. The mobile payment platform Square generated gross profits of $ 1.14 billion for the second quarter of 2021, according to its earnings report. Bitcoin-related services resulted in gross profits of $ 55 million, aided by the rise in the price of Bitcoin and growing customer demand.

DISCLAIMER: Views that are expressed are the author’s own views and Outlook Money does not necessarily subscribe to them. Outlook Money is not liable for any damage caused directly or indirectly to any person / organization.

Comments are closed.