Watch this key level as the price of Bitcoin, Ethereum, BNB, Cardano, Solana and XRP continues to rise
Bitcoin and cryptocurrency prices continued to fall after a sudden sell-off earlier this week.
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Bitcoin price fell as low as $ 56,500 per bitcoin on some exchanges, down nearly 5% in the past 24 hours, trailing Bitcoin’s losses at that time to an 11% decline last week. Bitcoin’s volatility has weighed on the price of Ethereum, Binance’s BNB, Solana, Cardano, and Ripple’s XRP – all down between 4% and 8% in the past 24 hours – and around $ 500 billion from the combined in just over seven days Wiped Crypto Market Cap.
With Bitcoin, Ethereum, Binance’s BNB, Solana, Cardano, and Ripple’s XRP all struggling, traders are desperately looking for signs of a floor below, with a crypto-exchange chief citing Bitcoin’s $ 1 trillion market cap as a possible level of support.
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Bitcoin price has lost more than 10% in the past week and is trading in a range of USD 10,000 per … [+]
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“Bitcoin price development continues to look weak,” said Pankaj Balani, managing director of Singapore-based crypto derivatives exchange Delta, in email comments. “We can expect more volatility in the upcoming sessions, but Bitcoin’s $ 1 trillion market cap should be of good support in the short term.”
Bitcoin collapsed back above $ 1 trillion in early October after a summer slump, with the Bitcoin price rally pushing the broader market to an all-time high of around $ 3 trillion. Earlier this month, the Bitcoin price rally pushed Bitcoin’s market cap to a high of $ 1.3 trillion. This week it has fallen to just under $ 1.1 trillion.
The recent volatility is due to inflation fears spreading to central bankers, who are now expected to accelerate their rate hike plans. Early this morning, analysts at Wall Street giant JPMorgan presented their forecast of a high Federal Reserve interest rate for September next year, Bloomberg reported.
“[The latest bitcoin and crypto sell-off] comes at a time when the macroeconomic backdrop has also deteriorated due to rising inflation, “added Balani. This should put downward pressure on all risky assets including Bitcoin.”
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Bitcoin price has lost over 10% in the past week, with Ethereum, Binances BNB, Solana, … [+]
Although Bitcoin, Ethereum, BNB from Binance, Solana, Cardano and Ripple’s XRP have lost billions in the past week, many crypto market watchers remain optimistic.
“The current market correction is attributed to a number of factors, such as the recently strengthened US dollar index and the recent US infrastructure law intended to introduce more stringent regulation of crypto,” said Freddie Evans, sales trader at UK digital asset broker GlobalBlock. wrote in a note.
“However, there remain several technical indicators that suggest this is not the end of the current bull market and so this prolonged correction may not last long.”