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Top cryptocurrencies reeling from Tuesday’s market crash

Except for stable coins, other digital assets are still trading in the red

The overall crypto sector recorded huge losses on Tuesday’s trading session and is still a sea of red at the moment. Almost $300 billion of market capital has been wiped off in the sector in the last 48 hours, with the sector’s combined value dropping from highs of $2.885 trillion on Monday to $2.581 trillion as of writing.

The prices of many cryptocurrencies, including Bitcoin, tanked in what has been a thorough across-the-board plunge. The flagship crypto erased most of its gains from last week as it retreated from its all-time high zone to around $58,700 on Tuesday before clawing its way back and finding stability around the $60,000 mark where it is currently swinging around.

Market Outlook

Only Tether and USD Coin traded in the green as of Wednesday 01:45 UTC, according to data from coinmarketcap.

The world’s leading cryptocurrency has lost about 10% over the last 7 days and is trading at $60,713 – down 2.54% in the last 24 hours. Ether posted a similar pattern, having lost 3.11% over the past 24 hours to settle at $4,222. The native token on the Ethereum blockchain has now shed almost 11% over the last 7-days.

Market performance of the top cryptocurrencies

 

Binance Coin, which sits third among tokens with the highest market value, traded at $590 on Wednesday morning – 5.49% below its closing price on Tuesday. The pattern is the same for Solana, Cardano, and XRP, which have lost 3.81%, 2.54%, and 3.34%. The latter two have double-digit negative 7-day changes at 15.68% and 11.95%, respectively.

Polkadot and Dogecoin also carved a similar path. Polkadot posted one of the biggest 7-day changes among the top 10 cryptocurrencies, having shed 9.37% in that period. The picture is no different for the meme cryptocurrency, which is deep in the red with a negative 12.6% change over the same period. The two have lost 4.35% and 3.85%, respectively over the last 24 hours.

Other tokens outside the scope of the top cryptocurrencies are feeling similar losses. Terra, Litecoin, Chainlink, Bitcoin Cash, TRON, and VeChain have all lost between 6% and 10% in the last 24 hours.

What was the reason behind the pullback early on Tuesday?

Crypto analysts haven’t singled out a specific impetus behind the market crash, but the majority agree recent crypto stance in the Chinese crypto landscape massively contributed to the tumble. China’s state planner revealed yesterday that authorities would press on with crackdown efforts as the government seeks to stamp out the mining of digital assets.

The state planner, the National Development and Reform Commission, maintains that crypto mining consumes a lot of energy and causes environmental pollution, and the activity has no significant contribution to the development of the industry. This is the rationale behind the move to curtail the mining of digital assets.

What is next in the market?

Traders don’t seem to be very worried despite the intense selling pressure and the sharp correction that has since ensued. The two leading cryptocurrencies both fell off their highs but confidence in the tokens to bounce back is high. The general consolation is that the plunge wasn’t token-specific but rather swept across the whole market.

Besides, many crypto holders understand the volatile nature of the crypto sector and, as such, aren’t shocked about the recent price movements. They contend that the latest dip is a breather rather than a prolonged sell-off, with some considering it an entry point into the market. Traders have generally resorted to the cautious wait-and-see approach before making their next move. It remains to be seen how the sector will perform for the rest of the week and whether or not the tokens will shake off the losses soon.

The post Top cryptocurrencies reeling from Tuesday’s market crash appeared first on Coin Journal.

Crypto remains bullish despite price rout, says ARK36 exec Mikkel Morch

  • The crypto market is seeing widespread sell-offs, with most crypto assets in red.
  • Bitcoin’s dump below $60k and the general price collapse in the crypto prices has some investors scrambling to book profits.
  • ARK36 executive director Mikkel Morch says the market remains bullish

Bitcoin plunged 9% in 24 hours to break below $60,000 as the crypto market price rout wiped out more than $400 billion off the total cryptocurrency market cap. According to data from CoinGecko, the crypto market cap shrank to $2.7 trillion, shedding nearly 10% off recent highs of $3 trillion.

Crypto analyst Michael van de Poppe says the corrections are normal and part of the many waves that hit the crypto market.

Last week, Mikkel Morch, the executive director at EU-based crypto hedge fund ARK36 told CNBC that Bitcoin price was primed for a run above $70,000, reiterating that the uptick towards the target was fundamentally not leverage-driven. Rather, he commented, the rally drew momentum from increased demand across the spot market, which at the time did not signal much sell-side liquidity.

In comments made on Tuesday, Morch said what has happened is Bitcoin defying expectations and that crypto remains on a positive trajectory.

At the moment, the overall bullish market structure remains largely intact,” the ARK36 exec told Forbes.

After an extended drawdown sent BTC price to lows of $59,150, buyers have reacted to see the cryptocurrency change hands above $60,400 and are looking to recoup some of the losses seen in the past 24 hours.

In the broader market, there were double-digit losses for most top 100 altcoins, including Ethereum, which declined by more than 11% to trade near $4,100. Other big losers on the day were Cardano (ADA), XRP (XRP), Solana (SOL), Litecoin (LTC), and Shiba Inu, which had all at one point traded between 10-15% down on the daily timeline.

The post Crypto remains bullish despite price rout, says ARK36 exec Mikkel Morch appeared first on Coin Journal.

Pepperstone head of research: ‘Fast money’ is behind Bitcoin and Ether rally

  • Pepperstone’s Chris Weston says most clients are net-long on Ether

  • Ethereum is primed for $5k and Bitcoin could soon hit $70,000

Bitcoin’s surge above $68,000 and Ethereum’s run to a new all-time high above $4,800 is down to the influx of new money.

According to Pepperstone’s head of research Chris Weston, the inflow of capital into crypto is driving prices higher as demand explodes.

Crypto is where the fast money is at. Ethereum is trending like a dream and I’d be long and strong here,” Weston told Reuters on Tuesday.

Ethereum climbed as high as $4,857 in early deals Tuesday, hitting the landmark price level amid a 16% spike in daily volume. According to Weston, most clients are bullish about ETH, with over three quarters holding long positions to suggest another leg up to $5,000 is more than likely.

Clients are net long, with 79% of open positions held long, and I can sense the $5k party could get going soon,” he added.

Crypto analyst Benjamin Cowen called Ethereum “an absolute beast” and expects further gains well into 2022.

Bitcoin has also benefited from strong demand over much of 2021, with data showing increased institutional adoption and positive regulatory conditions contributing to the more than 340% price surge this past year.

This week, upward momentum has been accelerated by inflation fears across the stock market, with money flowing into safe-haven assets.

On Monday, ARK36 fund manager Mikkel Morch told CNBC that current price action could see BTC top $70,000. He points to why there might be no major pullback for Bitcoin, noting:

The uptick doesn’t seem to be leverage-driven but rather results from the increased demand on the spot market where there’s currently very little sell-side liquidity”.

However, crypto analyst Michael van de Poppe thinks it’s good to be cautious.

Euphoria going through the roof. Yes, the market is easy, but be aware of the fact that markets can turn the other way quite fast. Don’t forget to take profits.”

The post Pepperstone head of research: ‘Fast money’ is behind Bitcoin and Ether rally appeared first on Coin Journal.

NYC mayor-elect: Crypto should be taught in schools

  • New York City’s incoming mayor Eric Adams recently said he’d accept his first paycheck in Bitcoin

  • He would like to see crypto become part of the school curriculum

New York City mayor-elect Eric Adams says it is time schools added blockchain and cryptocurrency to their curriculum.

Adams told CNN’s “State of the Union,” that schools need to introduce Bitcoin as a topic so that young people can learn about how this “new way of paying for goods and services” online works.

When I talked about blockchain and bitcoins, young people on the street stopped and asked me, ‘What is that? What is it about?’ We need to inspire the energy again,” he said during the interview.

In response to a question on what he say bitcoin is in 30 seconds, Adams noted that such an attempt would be challenging even to experts in the industry. However, he explained:

“Cryptocurrency is a new way for paying for goods and services throughout the entire globe. And that’s what we must do, to open our schools to teach the technology, to teach this new way of thinking when it comes down to paying for goods and services.”

Adams did not detail what levels of education needed to add blockchain and crypto to their curriculum, suggesting that this is something that needed further input and consultation.

In other comments, the mayor-elect indicated he’d be ready to go in the direction of encouraging crypto payments across businesses in New York City. However, he thinks the subject requires players to “tread carefully.”

We are going to look at it, and we are going to tread carefully. We are going to get it right.”

Adams’ comments come on the back of his decision to accept salary in Bitcoin. He now joins Miami mayor Francis Suarez in seeking Bitcoin paychecks.

Bitcoin and Ethereum have both rallied higher in the past few days, hitting record highs above $68,000 and $4,800, respectively.

The post NYC mayor-elect: Crypto should be taught in schools appeared first on Coin Journal.

Bitcoin bullish trend picks momentum as whales enter BTC accumulation spree

Bitcoin (BTC) has shown the capability of rising toward $75,000 by the end of this year as it breaks out of a classic bullish pattern and picks additional upside cues from its richest investors’ recent accumulation spree.

In the last 24 hours, BTC rallied over 6% to reach a three-week bull pennant of $66,500. Through that, the cryptocurrency commenced on a setup remindful of a bull pennant.

Bull Pennants are bullish continuation patterns that appear when an instrument consolidates in a Triangle-like price range following a strong move higher known as Flagpole.

It commonly ends up breaking out of the range to the upside, to hit a profit target at length equal to the Flagpole’s size.

When it comes to confirming a bull pennant break out, Bitcoin tricks almost all the boxes. As a result, the possibility of its profit target remaining as high as the height of its flagpole rises, which is over $12,300.

Whales on a BTC buying spree

Bitcoin’s bullish trend was confirmed by an on-chain indicator that follows the accumulation activities of the wallets with balances between 10,000 BTC and 100,000 BTC.

There is a clear indication that “Bitcoin whales” have been accelerating their BTC buying spree.

Distinctively, BTC Whales accumulated 43,000 BTC, worth about $2.82 billion, in the last five days and about 92,000 BTC, over $6 billion, in the last 25 days.

An on-chain analyst, Willy Woo, noted that Bitcoin saw an increase in exchanges to cold storage transactions in recent weeks as dollar-pegged stablecoin USDC (USD) also surged.

 In a note to his clients, Willy Woo said:

“Price was previously overheated, calling for a time of consolidation, since then we’ve seen significant buying from investors while [the] price has been sideways… It’s been a healthy consolidation. Meanwhile, significant whale activity has been spotted which suggests BTC’s next move in price may come soon.”

The post Bitcoin bullish trend picks momentum as whales enter BTC accumulation spree appeared first on Coin Journal.

Raoul Pal: Expect a sell-off before crypto markets rip again

  • Pal suggests markets are about psychology

  • Markets take the path of most pain

  • Institutional inflows, Ethereum ETFs, and ETH 2.0 could drive crypto prices in March-June 2022

Raoul Pal, the founder and CEO of Real Vision, says the market would be wrong to go with historical perceptions while predicting the end of crypto’s current bull cycle.

Bitcoin (BTC), and the broader crypto market rose spectacularly in 2013 and again in 2017, reaching landmark price levels that helped shine a light on the emerging sector. In both cases, however, the cycle ended around December- with some analysts suggesting a similar trend in 2021.

But Pal is warning against this, noting in an interview that this won’t be the case during this year’s market cycle.

 “Markets are all about psychology, and if everyone expects something to happen, it won’t happen. So everybody’s kind of got in their heads that the cycle ends in December because that’s what it did in ‘13 and that’s what it did in ’17,” he noted.

Crypto investor to be ready for ‘path of most pain’

The investment strategist then went on to give his view on what could happen with Bitcoin, Ethereum, and other major altcoins over the next few months. According to him, the crypto market is set to descend into a sell-off before bouncing back to reach record highs.

My guess is that we probably have a sell-off, and then it rips again because that is the path of most pain and markets tend to take the path of most pain,” he said in the interview.

The market recently surged on the approval of the first Bitcoin-based exchange-traded funds in the US. Greater retail and institutional adoption are also behind recent spikes in crypto prices.

He explained why institutions could be key to a bullish phase between March and June next year.

Institutions tend to make asset allocation decisions by quarters, and my guess is January to March quarter next year we’re going to see a huge inflow.”

Ethereum’s ETH 2.0 critical to a new bull phase

Pal sees a regulatory clearance for an Ethereum ETF and the launch of ETH 2.0 as the other two key drivers of the next phase of the bull cycle. He notes that staking is big with ETH 2.0 coming.

It’s creating this incredible supply and demand imbalance in ETH where there’s only about 11% of the total ETH supply available. Everything else is locked up for this staking.”

According to the Real Vision CEO, it’s these factors that could see the broader crypto market extend its bull cycle from around March to June.

Bitcoin has edged lower since touching highs of $67k in October, while Ethereum stole the crypto show with a march to highs above $4,600 this week. Bitcoin is trading near $61,700 as of writing, with Ether’s price also lower around $4,510.

The post Raoul Pal: Expect a sell-off before crypto markets rip again appeared first on Coin Journal.

JP Morgan places $35,000 valuation on Bitcoin

The asset management bank opinioned Bitcoin’s valuation will keep on rising but will not reach the heights that most expect

The leading cryptocurrency Bitcoin is currently doing numbers over $60,000 after setting a new high. However, in a recent report to investors, the giant investment banking firm JPMorgan detailed that based on its price model, the fair value of Bitcoin is around $35,000. The multinational bank further said the coin could realistically reach the $73,000 mark of valuation, should the volatility shown by the digital asset reduce by half into the new year.

JP Morgan further observed that Bitcoin may not reach the significantly high numbers most people are predicting. The analysts said:

This challenges the idea that a price target of $100K or above, which appears to be the current consensus for 2022, is a sustainable Bitcoin target in the absence of a significant decline in Bitcoin volatility.”

The bank analysts who penned the report explained that they expect the crypto to continue performing well in 2022, maintaining the view that the asset is on a “multiyear structural ascent.” With a look into additional alternative assets, JPMorgan said that these assets (including private debt, digital currencies, and private equity) would record an 11% return in the coming year, a figure more than double the 5% yield expected from stocks.

The bank also said it sees better returns from crypto (15%) as compared to the 12.5% figure from real estate, but warned that the extreme volatility of the asset class is making it increasingly unappealing to investors. Early October, JPMorgan, via a note to clients said that even with the massive fluctuations Bitcoin has seen this year, investors are finding it a better hedge for inflation in comparison to gold.

Evidence from the industry, more so the numbers crypto exchanges are recording, shows that this is the case due to the increased interest from institutional investors. As the month went on, another revelation from a JPMorgan team led by Nikolaos Panigirtzoglou attributed the rise in value Bitcoin saw late last month to inflation concerns rather than the SEC’s approval of the first Bitcoin ETF in the US.

“Instead, we believe the perception of bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into bitcoin funds since September.”

Opinions on Bitcoin haven’t been any scarce and early last month, the bank’s CEO Jamie Dimon acknowledged that Bitcoin could well scale in value up to ten times over in a matter of five years. However, a crypto skeptic, the executive has maintained that he still wouldn’t invest in it but would let the bank offer it to interested clients. The impact of what the CEO of a banking and asset management firm as huge as JPMorgan says could not be understated, but the bank has separately taken a kinder approach to crypto.

The post JP Morgan places $35,000 valuation on Bitcoin appeared first on Coin Journal.

Is Bitcoin a buy or sell as it targets a retest of all-time highs?

  • Bitcoin spiked on Tuesday after Digital Currency Group sold $700M in shares to Alphabet and SoftBank.

  • According to reports, the sale values DCG at about $10 billion.

  • Reacting to the news, the (BTC/USD) bounced off the key support at $60,800 to top $63,300.

On Tuesday, the Bitcoin price (BTC/USD) surged 3.66% after Digital Currency Group sold $700 million in shares to Alphabet and SoftBank. The two technology giants’ bid to invest in a company that invests in digital currencies boosted the BTC/USD from $60,800 to $$63,339 as of this writing, stretching the session gains to 4.17%.

According to a report published by Wall Street Journal, Coindesk and Grayscale sold $700 million implying a market value of about $10 billion for the digital currency company. 

Is it time to bet on Bitcoin?

From an investment perspective, Bitcoin is the world’s most popular cryptocurrency, amassing a market value of about $1.33 trillion fully-diluted market cap.

Although the BTC/USD price spiked more than 4% on Tuesday, the trading volume edged slightly lower 1.92%.

Bitcoin continues to trade within an ascending channel formation in the intraday chart, surging closer to overbought conditions.

However, with the price of the pioneer cryptocurrency still far from retesting the all-time highs set last month, the current rebound could continue for the foreseeable future.

Therefore, investors could target extended gains at about $65,650, or higher at $68,052, while $60,800 and $58,169 are crucial support zones.

In summary, although Bitcoin appears to have rallied significantly on Tuesday, investors can expect the current rally to continue toward $68,000.

The post Is Bitcoin a buy or sell as it targets a retest of all-time highs? appeared first on Coin Journal.

Bitcoin price to hit $98k this November- PlanB

  • BTC hit a monthly close of $61,343 on 31 October

  • Bitcoin price has historically rallied after topping previous monthly close

  • PlanB predicts Bitcoin will rally to $98k and $135k in November and December respectively.

Bitcoin (BTC) price closed October at around $61,343, and is currently trading above $62,000 as the first week of November begins with the top crypto in green.

According to PlanB, the price of Bitcoin missed its October close target by less than 3%, but the coin is still in for a major rally in November. The Stock-to-Flow (S2F) model creator has therefore reiterated his earlier prediction that BTC price will follow his model to reach a new all-time high of $98,000 this November.

He pointed to the flagship cryptocurrency’s run to the monthly close of $47k in August before another leg down in September saw it close around $43k. October has seen Bitcoin hit a new monthly high at close above $61k and despite achieving a bull’s-eye close, PlanB believes the upside trajectory for Bitcoin remains.

PlanB has called the 3% off-target mark a “rounding error,” but which is “close enough” for him to stick with his next targets of more than $98k for November and $135k for December.

BTC price chart showing monthly candle. Source: TradingView

Bitcoin’s strong support

As Bitcoin price battles sell-off pressure above $60k, crypto analyst Altcoin Sherpa says strong support levels will prevent a short-term breakdown beyond $54,000. The trader recently noted that Bitcoin is forming a new higher low and the next breakout will be big.

He believes now is the time for anyone looking to take a position, adding that most money will soon flow into Bitcoin.

When it accelerates I expect it to suck all altcoin liquidity out of the market and move like a runaway train. Higher low getting established now,” he said.

Another analyst Rekt Capital says that Bitcoin’s monthly close means the cryptocurrency could repeat its “historically recurring mid-cycle price tendencies” and see further gains in the short term. This outlook bodes well for BTC/USD as the pair has tended to go higher after topping the previous month’s close.

The upbeat mood towards Bitcoin was also espoused last week by CoinList CEO Graham Jenkin, soon after the crypto platform secured $100 million in its series A funding round.

Jenkin told CNBC that his company was bullish on Bitcoin and that sentiment across the market pointed to BTC price hitting $100,000 by end of 2021.

 “Most of the folks at CoinList will bet that we’re at $100,000 by the end of the year. It’s getting pretty tight so I’m not sure that we’re going to make it there, but that’s what we’re predicting toward the start of the year,” he added.

The post Bitcoin price to hit $98k this November- PlanB appeared first on Coin Journal.

Monthly Report: US regulatory bodies are hot on the heels of digital assets

October has been an eventful month for most of the top cryptocurrencies.

Except for Cardano, the top 10 digital assets by market capital surged with a couple printing new all-time highs. The crypto scene has equally been active outside the markets, and here are some of the headlines you might have missed:

FDIC considers approving bank engagement with crypto

Over the last few months, regulators from the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) have been exploring ways to allow banks to hold cryptocurrencies on their bank sheets.

FDIC Chairperson Jelena McWilliams said at the Money 20/20 conference held in Las Vegas that her agency is planning to issue a series of policy statements over the coming months. McWilliams stated that the policies would explicate to the public how the current rules and regulations affect crypto assets, which activities banks can engage in, and the regulatory requirements for banks to be allowed to engage.

The FDIC chair also reviewed stablecoins, which she acknowledged would play an essential role in making transactions faster and cheaper. However, she warned that these backed digital assets required diligent government oversight so that their full benefits are enjoyed. She held this point of view as she felt that if any one stable coin is adopted as a major payment tool, it could impact credit creation and affect financial stability. McWilliams’ remarks follow a Bloomberg report on Monday citing anonymous sources who claimed the SEC had been given the regulatory reigns over stablecoins.

Alameda Research backs Voyager Digital with $75 million investment

Crypto trading firm Voyager Digital announced via a press release yesterday that it had received a $75 million investment from Alameda Research. Alameda, currently a growing market maker, is expected to help Voyager extend the reach of its rewards programs via its market-neutral algorithms.

Voyager Digital’s CEO Steve Ehrlich commented on the partnership which he explained as one to offer ‘synergistic opportunities’ in the developing space of cryptocurrencies. Ehrlich went further to detail that he sees these opportunities as tied to NFTs & crypto products, as well as provision of ‘thought leadership’ as Voyager Digital interacts with the regulators.

Alameda Research was founded in 2017 and presently manages more than $1 billion worth of digital assets. The quantitative trading firm also says it trades anywhere between $1 billion and $10 billion worth of digital assets each day, including derivatives, major cryptocurrencies, and other altcoins.

This week on Wednesday, Voyager Digital also announced that it had reached a deal with Mark Cuban’s Dallas Mavericks to become the official crypto brokerage partner for the NBA league team. The Mavs and Voyager will target newer audiences and use awareness to enhance crypto adoption worldwide.

El-Salvador is 420 Bitcoins stronger

The controversy around El Salvador’s decision to take up cryptocurrency Bitcoin as a legal tender has not stopped President Nayib Bukele and his government from advancing their crypto cause. Via his Twitter account, the President announced on Wednesday that the country had bought 420 new Bitcoins from the market dip.

He added that Bitcoin’s rise in price had benefited the Central American country. El Salvador has a Bitcoin trust that uses both BTC and the American Dollar. President Bukele explained that through revaluation of value between BTC and the dollar, they were able to withdraw a profit, leaving the trust just as it was.

With this latest purchase, El Salvador now has approximately 1120 Bitcoins valued at about $66 million. Its first batch of coins (400 BTC) was announced just a day before the September 7 official launch, with the government saying it planned to continue purchasing the asset using government funding.  The country added a further 150 coins to its portfolio after Bitcoin dipped from $51,000 to $43,000 on the day of launch.

FATF updates virtual asset guidelines

Decentralised finance is increasingly becoming a point of focus for regulators. On Thursday, the Financial Action Task Force, FAT, announced that it is now subjecting DeFi apps to FATF standards, intending to have them regulated as VASPs despite not being VASPs by definition.

The update alters the 2019 guidance to a risk-based approach for virtual assets and virtual asset providers. The regulator said that the guidance explores issues that were singled out from a 12-month review, with a touch of public consultation done between March and April 2021. The updates have been adapted to include DeFi applications even though they are not considered VASPs.

Further, the FATF explained that DeFi operators or creators could easily fall under the regulator’s purview if they actively provide or facilitate a VASP service.  The anti-money laundering watchdog explained that it did not see NFTs as virtual assets, but if operated in such a way that meets FATF standards, they would be treated as virtual assets. NFTs that stand for other assets already under the FATF standards would be regulated as the financial asset they represent.

CoinList raises $100 million in the latest round

CoinList, a platform that links early cryptocurrency adopters to protocols, announced on Tuesday that it had raised $100 million to reach a new $1.5 billion valuation. The round was led by Agman Partners and Accomplice, with other participants including Fenbushi Capital, Continue Capital, Alphemy Capital, and Metaplanet.

CoinList’s last funding round was in 2019, led by Polychain, in which the token sale platform received $90 million. The funding from this round further highlights the growth of the primary token sales market. CEO of CoinList Graham Jenkin has acknowledged the progress explaining that the market has seen many new businesses (more so in staking and lending) that are growing quite fast despite still being immature.

Also on Tuesday, bug bounty platform ImmuneFi revealed that it had raised $5.5 million from private investors and a group of institutional investors, including Bitscale Capital, Framework Ventures, Electric Capital, and Blueprint Capital. Further, Alchemy announced yesterday that it had closed a Series C funding round worth $250 million at a $3.5 billion valuation, with the round led by venture capital firm Andreessen Horowitz, a16z.

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