Kategorie: Crypto Markets

The crypto market is coming off one of its worst months as June draws towards a close, with the crypto market capitalization once again moving closer to the $1 trillion mark thanks to fresh resilience among buyers.

Bitcoin and Ether, the top two cryptocurrencies by market cap, currently trade around $20,850 and $1,190 respectively. The leading crypto assets have an intraday high of $21,469 and $1,245 and both have managed to stay above the key support levels established over the week.

But where do the two cryptocurrencies go from here? What levels should investors watch on the downside?

Analyst says the 200-week moving average is key

According to Bloomberg analyst Joanna Ossinger, the key price levels are at the 200-week moving average. For Bitcoin, that is currently around the $22,000 level, while for Ether, it’s near the $1,100 mark.

However, the “round levels of $20,000 for Bitcoin and $1,000 for Ether are still a big deal,” she said during Monday’s Bloomberg Markets and Finance show. 

These levels provide the critical support zones for BTC and ETH respectively in case of fresh selling. If BTC/USD and ETH/USD hold above these zones, then buyers could be looking at new momentum above their 200-week moving averages.

On the downside, crypto analyst Rekt Capital says BTC could drop to prices near $16,000.

Last week, #BTC printed similar buy-side volume to the 2018 Bear Market Bottom at the 200-week MA

During the formation of the 2018 bottom however, that buyer volume preceded extra -20% downside

If $BTC were to drop an extra -20% soon, price would reach ~$16400#Crypto #Bitcoin pic.twitter.com/7ZHFT70xmC

— Rekt Capital (@rektcapital) June 27, 2022

For Ether, il Capo says a drop to $700-$800 is possible.

$ETH

Decreasing volume into resistance, and looking like a corrective move.

Next support: $700-800 https://t.co/MajQe7R2ms pic.twitter.com/hZpkmKjjgj

— il Capo Of Crypto (@CryptoCapo_) June 27, 2022

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The cryptocurrency market is still navigating a severe crypto winter that has wiped off billions of dollars in market value in the past few weeks, with most digital currencies trading at price levels in the 80%-90% loss bracket.

In some cases – and LUNA’s collapse is a standout example – investors have hit massive losses. Worries persist with more projects likely to fall away amid broader contagion.

But Tether co-founder and CEO of BlockV Reeve Collins says the crypto market has offered more than enough in terms of warnings about risks involved in crypto investing. 

He also believes there has been enough from the broader investment space, including regulators.

“It is tragic when people lose their money. However, our industry has done all it can to warn people that they could lose their money. But not only has our industry done that, all the other industries – all the financial experts and all the advice out there,” he told CNBC in an interview.

According to him, people have been warned against crypto, including via tags such as “Bitcoin is a scam” and that blockchain does not work.

Investors have “fair warning” of crypto risks

The BlockV CEO says that people have indeed been warned of the potential to lose their money if they invested in crypto. 

He says all the ‘naysaying’ out there provides “fair warning” to anyone looking to put their money into crypto that the market is risky and extremely volatile.

Collins also says investors going for the “fringe coins” and applications due to the attractive high yield should know that it comes with risk.

Also, investors need to know that the new projects that offer these ludicrous yields could either work or fail – as has been witnessed over time.

But overall, Collins is bullish about the crypto industry, noting that the current problems are just growing pains. The market will mature and offer great financial products to the ecosystem.

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The crypto market as a whole is mixed with most top 100 coins relatively flat at the time of writing. 

Top cryptos

The crypto market was mostly flat this morning, with the majority of top 10 cryptos registering small losses. Bitcoin was down less than 1% at time of writing, trading above $21,000. 

Ethereum was around 1% lower%, XRP registered minor losses, and Cardano remained flat. Closing out the top 10 was Dogecoin, which was up around 11%.

Dogecoin’s gains are likely due to Elon Musk’s unwavering support. Despite accusations that Dogecoin was a pyramid scheme and the lawsuit against him, Musk has stated repeatedly he would always support it. 

Cryptos outside the top 10 were mixed. Tron added 8% to its value, perhaps finally getting back on track. Uniswap was up around 6%. 

Top movers

Most coins outside the top 20 were mixed. Notable standouts include Ethereum Classic, up 6%, and Stacks, up 20% ahead of an upcoming NFT launch. Terra Classic USD, the former UST, added 195% to its value and is currently trading for $0.03.  

The losers 

Quite a few coins in the top 100 lost 2-3% of their value. Those which lost more were NEAR, Storj, The Graph, and THORChain, each down 6% and Axie Infinity, Elrond, GALA, AAVE, and 1inch Network, each down 5%.

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Bitcoin has been called just about anything and virtually “nothing” by skeptics over the years.

If you did a little checking, you would note that perhaps the most bile towards the revolutionary technology maybe coming from what Binance CEO Changpeng Zhao calls “experienced and respected crypto skeptics.”

So how does the crypto market “address” this group of influential personalities and experts?

In his latest blog published on Friday, Zhao says “walk a mile in their shoes”, get to understand where their perspective has formed. Importantly, why take everything to heart when this is all normal and expected behavior.

“Being protective and defensive doesn’t always come from a maligned place. Good-faith actors want to protect their users and community. Central banks, regulators, and financiers, in most cases, want to avoid risk and provide security. So when people ask me how I deal with trusted, respected professionals admonishing crypto, I try to walk a mile in their shoes,” he wrote.

Don’t take ‘everything to heart’, CZ says

You have heard it all, you are engaging some of them – and clearly, they seem not to understand what crypto is. Instead of ‘ignoring’ their criticism, try to understand their views from the perspective of “their experience and position.”

This is how you end up extracting value from whatever criticism they advance.   And once you do that?

“There’s no need to ignore them or take everything to heart once you’ve dug a little bit deeper,” Zhao advises.

There is a lot one can take from the Binance chief’s take on crypto critics and how to go about getting to know that what they say comes from a certain point of view.

In a nutshell, blockchain technology is disruptive technology – and like any other new technology that actually disrupts – it’s more likely than not to be met with some skepticism from those who might feel threatened by it.

You can read all of CZ’s argument on the Binance blog.

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Solana price rose to an intraday high above $41.00 on Friday as the crypto market registered some gains following a brutal start to the week.

The digital asset, which is ranked 9th among the largest cryptocurrencies with a market cap of $13.6 billion, surged from lows of $36.65 to hit $41.04 according to data from CoinGecko..

The cryptocurrency has experienced a bullish move over the week, with SOL/USD having traded at around $27.64 on 19 June.

Solana price jumps on Saga phone news

On Thursday June 23, Solana Labs, the platform behind the development of the Solana ecosystem, released a major reveal that coincided with SOL price going up.

The hot news concerned the launch of Saga, a flagship crypto-focused smartphone designed to help drive Web3 adoption, including the use of NFTs.

The news was a boost not just to Solana, but the wider crypto ecosystem, Alex Belets, the CEO of UniLayer Network, a L1 blockchain and interoperability platform, told CoinJournal.

Solana is attracting investors

While the current market conditions do not offer so much to smile about, Belets says Solana could be having a different story building up.

“It’s difficult to be bullish about any token in the current market, but Solana does continue to attract investor attention,” he added.

Positive news this definitely is for an industry that has seen so many negative headlines. However, Solana still has a big challenge that it must address – how to handle massive traffic that often ends with the network outages.

So while investors continue to bet big on the platform, Belets says one interesting thing to watch out for is “how developers tackle this critical issue in the face of a smartphone launch“

SOL/USD is nearly 10% up on the day at $40.12 (as of writing), while the upside has Solana trading more than 32% higher since its weekly low.

SOL trading volumes have also jumped, with 24-hour trading volume up by more than 13.6%. The market cap has increased by over 8% in the same period.

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