Kategorie: Crypto Markets

• Litecoin price has retreated 14% in the past 24 hours and 23% in the past week
• Price has also broken below an ascending channel trendline support.
• Can bulls stem post-halving dump?

Litecoin price has declined 14% in the past 24 hours to add to the pain bulls have experienced over the past three weeks. The cryptocurrency, which successfully underwent its third block reward halving early this month, traded to lows of $60.75 and has plummeted 23% in the past week.

Why did Litecoin price go down today?

LTC’s latest price decline came as most top cryptocurrencies by market cap dumped heavily on the back of Bitcoin’s sharp plunge to the $25k area.  This was after investors spooked by rumours related to Elon Musk’s SpaceX BTC holdings sold off, with the 24-hour crypto liquidations jumping to over $1 billion on Friday.

The downward pressure cascaded to altcoins, which saw Ethereum nosedive to below $1,575 and XRP touch the technical support area of $0.50. Litecoin’s reaction was for its post-halving rot to deepen and leave bulls poised at a key level that threatens further declines.

LTC price technical outlook

As seen on the daily chart below, the breakdown from highs of $114 in early July has all but wiped pre-halving gains. The psychologically important $100 is once again the primary horizontal resistance level while $60 is now crucial for bulls.

The post Litecoin price drops below key technical area: What next for LTC? appeared first on CoinJournal.

• Shiba Inu (SHIB) traded to lows of $0.0000072 before bouncing to $0.0000087.
• Declines for SHIB came amid wider crypto sell-off as Bitcoin fell to lows of $25,600.
• SHIB price could recover to the psychological $0.00001 or see fresh declines to major support levels.

Shiba Inu’s native token SHIB has plunged to July lows, trading to lows of $0.000000726 after a sharp 20% drop. SHIB price was down over 30% in the past week as of 8:30 am ET on Friday morning.

The token’s sharp decline follows a broader market sell-off that also saw Bitcoin flash crash to $25,600 and Ethereum to $1,570. However, for Shiba Inu, the dump had another catalyst.

Sell-off came at a time the SHIB army – a passionate community of SHIB holders – was looking to navigate a major setback related to the cryptocurrency’s layer-2 network Shibarium. Meanwhile, the data shows a total of over 97 million SHIB have been burnt in the past 24 hours. 

Shibarium hit snag shortly after launch

Shibarium, a fork of Polygon, launched to much hype on Wednesday, with the community celebrating a key milestone as the layer-2 network brought new functionality set to transform the Shiba Inu ecosystem.

But that enthusiasm hit the rocks shortly after, with the L2 going offline amid what the team says was an unprecedented traffic. The latest update from the team has nonetheless provided optimism for a swift reboot, more so after it was revealed Shibarium was getting help from major players within the ecosystem.

Developer Kaal Dhairya has also assured users that the $1.7 million in user funds locked in the ETH bridge as the blockchain went into “fail safe” mode were “safu.” Although its unclear when the Shiba Inu L2 platform reboots, the community’s response to today’s update has seen SHIB price turn just green as seen on the 24-hour time frame.

SHIB price outlook after Shibarium setback

The 4-hour chart below shows SHIB has bounced from lows of $0.00000726 to intraday highs of $0.0000087. 

Otherwise, more downside will follow as the 4-hour RSI remains below 50 to indicate strength still lies with the bears. In this case, the key areas to watch on the downside are $0.000008 and $0.0000075.

The post Shiba Inu price outlook: SHIB army digs in despite Shibarium setback appeared first on CoinJournal.

• Over $1 billion in crypto liquidations occured as crypto prices dumped sharply.
• Bitcoin fell to near $25k amid a flash crash triggered by SpaceX rumour.

The crypto market saw a sharp correction overnight Thursday/Friday morning, with Bitcoin price crashing within minutes from near $28k to lows of $25,600. Reverberations across the market resulted in over $1 billion in liquidations and the crypto market cap shrunk by nearly 7%.

Traders rekt as amid massive $1 billion in liquidations

Even though the benchmark cryptocurrency has pared some of the losses to trade around $26,440 at 7am ET, the negative flip left more than 176,000 traders rekt. According to data from Coinglass, the past 24 hours saw 176,700 traders liquidated – total liquidations in the time frame reaching $1.04 billion.

Most of the liquidated positions were longs at $832 million, while shorts accounted for about $206 million. Bitcoin saw over $499 million in liquidations – $373 million in longs and $125 million in shorts. 

According to Glassnode data, the largest single liquidation order was $55.92 million on Binance and involved ETH/BUSD. The ETH price fell to below $1,580, its lowest level since mid-June. Wu Blockchain posted this on X.

During today’s sharp drop, an investor in Binance’s ETHBUSD contract was liquidated at $1,434.37 for $55.9211 million, which was the largest liquidation order today. This could be a market maker, which may hedge on other exchanges. In the same minute, a Binance BTCUSDT contract…

— Wu Blockchain (@WuBlockchain) August 18, 2023

Why did Bitcoin price fall so suddenly?

Bitcoin teetered on a knife’s edge on Thursday when crypto mirrored broader market’s reaction to Fed minutes released on Wednesday. After breaking below $28k, largely on scant volume, the possibility of a flash crash increased.

That happened after rumours spread that Elon Musk’s SpaceX had dumped its BTC holdings. By the time the rumour was debunked, BTC/USD was trading at levels last seen when the market reacted higher on news of BlackRock’s spot Bitcoin ETF application.

Veteran trader and analyst Gareth Soloway highlighted the outlook via a post on X.

#Bitcoin flushed through 28k. With so little volume, stops triggering can cause an outsized move (flash crash).

Rumors that SpaceX dumped its holdings (unconfirmed) exacerbated the selling and increased the dump with so few buyers available. SpaceX did write down some of their… pic.twitter.com/eN6QErapWc

— Gareth Soloway (@GarethSoloway) August 17, 2023

The recovery towards the critical $28k level is likely to hinge on regulatory news involving the Grayscale ETF application, which is expected today around 11 am ET. Still on ETF news, there’s some optimism related to the approval of several Ether futures ETF applications. These and other market conditions could be key not just to Bitcoin and Ethereum, but the overall crypto market.

Bitcoin below $25k would bring the $20k support level into view and likely threaten a retest of the 52-week cycle lows. On the flipside, rebound to $28k on a confluence of upside triggers could inject fresh momentum and strengthen bulls.

The post Crypto liquidations hit $1B in 24 hours as Bitcoin dumps to near $25k appeared first on CoinJournal.

• At press time, SEI was trading at $0.1625 down 12.02% from where it was trading at yesterday the same time.
• The token’s trading volume has also dropped by 42% in the last 24 hours.
• SEI recently announced it was increasing the number of eligible wallets for $SEI Airdrop from 500K to 1.5M wallets.

SEI token price dropped to $0.1496 in the early hours of Friday morning, sending shockwaves among investors. The token has seen a very strong performance over the past seven days and it hit an all-time high of $0.2736 on August 16.

But why is the price of SEI dropping? Why is SEI going down after such a magnificent surge? Well, this article shall delve into the details of what caused SEI to take a dive.

Here’s why the SEI price is going down

This price decline coincided with a decision by Sei Foundation to open airdrop claims to 1 million more wallets than previously anticipated.

Sei blockchain mainnet beta went live on August 15 promising to hold a token airdrop afterwards.

Sei today reported that the number of wallets eligible for the airdrop had surged from the initially planned number of 500,000 wallets to roughly 1.5 million in response to what the Sei Foundation termed “fervent demand.”

Due to fervent demand, Sei Foundation has increased the number of eligible wallets for the cross-bridge airdrop from 500K to 1.5M on @ethereum, @0xPolygonLabs, @arbitrum, @BNBCHAIN, @solana, @optimismFND and @osmosiszone.

— Sei Foundation (@Sei_FND) August 17, 2023

The wallet surge is believed to have incorporated users from a variety of other blockchains pouring into the blockchain including but not limited to Ethereum, BNB Chain, and Polygon.

Sei Foundation had earmarked 3% (300 million) of SEI tokens for the airdrop, which constitute a significant chunk of the 1.8 billion Sei coins currently circulating out of the token’s total supply of 10 billion coins.

Token airdrops often trigger a cascade of sell-offs as eligible users rush to convert their newfound coins into cash or other cryptocurrencies.

The post SEI token takes a hit, plunges 26% after a splendid performance appeared first on CoinJournal.

• Binance periodically reviews its listed tokens to ensure they continue to meet the high level of standard we expect.
• The New Bitshares (NBS) token was delisted by Binance in October last year.
• At press time, the NBS token was trading at $0.0002246, down 6.05% in the last 24 hours.

Binance, the biggest cryptocurrency exchange in the world, has indicated that it will convert all New Bitshares (NBS) token balances in users’ wallets to USDT by December 8, 2023. The conversion will be carried out using the average NBS/USDT exchange rate between September 9 and December 8, 2023, and will be based on users’ NBS holdings in their Binance wallets at the snapshot time of September 9, 2023.

New NBS token deposits will not be credited to users’ accounts and withdrawals will not be possible until September 9, 2023.

Binance delisted tokens

The announcement of converting the NBS tokens to USDT comes almost a year after the exchange delisted District0x (DNT), New Bitshares (NBS), Bitcoin Gold (BTG), and Token Club (TCT) on October 24, 2022.

In the previous announcement, Binance had stated that deposits of these tokens will not be credited to users’ accounts after October 2022-10-25 00:00 (UTC). Users were supposed to commence withdrawing the delisted tokens and the withdrawals were to continue to be supported until January 25, 2023, at 00:00 (UTC).

What users should expect

According to the announcement made by Binance, users who hold New Bitshares (NBS) tokens in any of their Binance wallets will receive an email notification by August 25, 2023. 23:59 (UTC).  

The users will be able to continue withdrawing their New Bitshares (NBS) tokens from Binance until September 9, 2023, 00:00 (UTC), subject to network conditions and availability. After this date, users will not be able to withdraw or transfer their NBS token to any external wallets.  

The users should expect to receive the Tether (USDT) equivalent of their remaining NBS tokens by December 0, 2023, which is the scheduled date when the conversion will be completed. During the conversion period which will run between September and December, users will not be able to see their New Bitshares (NBS) token balances in their Binance wallets.

The post Binance to convert all New Bitshares (NBS) token balances to USDT before year ends appeared first on CoinJournal.