Schlagwort: blockchain markets

The crypto market was in the red this morning, with the majority of top 10 cryptos registering losses. 

Top cryptos

The flagship crypto had lost approx. 2% at the time of writing, trading above $20,000. Ethereum was also down around 2%, Cardano was around 3% lower, and XRP registered losses of around 4%.

Solana is currently down around 6%. The blockchain had a harrowing escape with one of its protocols, Solend, almost facing liquidation. It was saved in the nick of time – by none other than Binance. Dogecoin is down 7%, reversing recent gains. 

Cryptos outside the top 10 are deeply immersed in the all-pervasive bearish trend. The biggest loss was for Polygon and Uniswap, each down 9%. 

Top movers

Outside the top 20, the tendency was also bearish, with most coins losing 3-5% of their value. Notable standouts include XDC Network and Zilliqa, which lost 10% resp. 6%. Stacks saw an end to its bull run and has shed 18% of its value so far today. 

On what seems to be a bad day for privacy tokens, Zcash lost 7%, and Monero lost 6%.

Of the bigger coins by market cap just outside the top 20, Cosmos is down 7%, and NEAR Protocol’s token NEAR has lost 8%.   

The winners

The day wasn’t without its winners. ApeCoin is up 7% on validation from rap royalty, and Tezos gained 9% on news of positive NFT developments. USDD, Tron’s stablecoin, is stabilizing, although it’s still a cause for concern to investors. 

Chiliz is up 9% so far today and is nearing a weekly breakout, according to specialists. Cristiano Ronaldo’s partnership with Binance for NFTs seems to be having a positive impact on Chiliz, too, as many football teams have partnered with Socios.  

TerraClassicUSD, Terra’s renamed stablecoin, added 86% to its value today, bringing its weekly gains to an impressive 472%. 

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While Bitcoin (BTC) remains perched above $20,000 amid the crypto winter, digital asset market analyst Marcus Sotiriou says the main risk for the market is the contagion linked to the crypto hedge fund Three Arrows Capital (3AC) and crypto lender Celsius Network.

For 3AC, today’s notice of default from Voyager Digital all but confirms the demise of the hedge fund, whose problems go back to the collapse of cryptocurrency Terra Luna in May.

Multiple companies exposed to 3AC

Crypto brokerage Voyager’s exposure to 3AC is via a loan of over $675 million – in $350 million of USDC and 15,250 BTC. Three Arrows is unable to repay the loan and hence Voyager’s attempt to explore legal means of getting the funds repaid.

And it’s not just Voyager, the rot affects multiple crypto firms that have had exposure to the crypto hedge fund, whose not-so-good investment practices could see it sink with others. Sotiriou says the contagion could be deeper. This is what the crypto market currently faces.

“As every major lender has been severely impacted by the demise of Three Arrows Capital, including BlockFi, Celsius, Voyager and Genesis, it is clear that the main market-native risk to crypto is contagion,” he said in emailed comments.

Together, these firms could see billions of dollars worth of investments go up in flames.

Notably, though, FTX founder and CEO, billionaire Sam Bankman-Fried is emerging as a ‘lender of last resort’ with his multiple bailout credit facilities. SBF noted last week that the key reason to help some of these firms is to “prevent contagion.” But he notes some may have to be left to die.

VCs: „we’d love to help you backstop crypto firms and provide liquidity because we care deeply about preventing market contagion“

also VCs: „can we please do it for the one great company (after you fix it) and make a lot of money doing it, you can take the others k thx bye“

— SBF (@SBF_FTX) June 23, 2022

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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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