Connect with us

Bitcoin

Bitcoin Dipped to $33,500 Amid The News From China: Dominance Soars As Altcoins Plunge (Market Watch)

Published

on

Despite sliding to $33,500, bitcoin’s dominance has increased to 45%. This comes amid substantial price drops from ETH, BNB, ADA, and more.

With bad news attacks coming from all directions over the past week, bitcoin’s price fails to recover any of the recent losses. In the past 24 hours alone, the cryptocurrency fell by almost $10,000 following another set of China FUD.

Most altcoins have it even worse, with double-digit price slumps charted from ETH, BNB, ADA, DOGE, XRP, and more.

Advertisement

China Causes Another $9K Dip for BTC
Bitcoin has seen better days. The massive sell-off during the week caused substantial disruptions in the market when BTC lost $10,000 in minutes.

The situation seemed significantly more optimistic shortly after as the asset recovered the losses somewhat rapidly. Furthermore, bitcoin calmed around $40,000 after a few unsuccessful attempts to continue upwards.

However, China decided to remind the world once again about its negative stance on the cryptocurrency space. In its latest edition, the State Council of China breached a crackdown on BTC mining and trading.

Advertisement

Did you like this market update?
This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:

As with previous examples, the price of the primary cryptocurrency tumbled immediately. It fell from its daily high of $41,800 to $36,500 instantaneously. Although this 12% dump was bad enough, the situation worsened shortly after, and BTC dumped to a low beneath $34,000 (on Bitstamp).

Despite recovering a few thousand dollars since then, bitcoin is still 9% down on a 24-hour scale. On the positive side, its market capitalization has increased to 45% as the altcoins have plummeted even worse.

Advertisement
BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bloody Altcoins Street

As it typically happens when there’s a highly volatile market move, the altcoins suffer even more. Ethereum is 20% down now to $2,250, however, the second-largest crypto saw its price collapsing below $2100 earlier today. Thus, ETH is about 50% away from its latest ATH reached just 11 days ago.

BNB dropped well below $300. Despite bouncing off to just shy of that particular level, the asset is still 23% down since yesterday. Cardano (-16%), Dogecoin (-15%), Ripple (-23%), Polkadot (-25%), Bitcoin Cash (-22%), Litecoin (-17%), and Uniswap (-26%) are also well in red.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

 

The situation with the lower- and mid-cap altcoins is even worse. OKB leads this adverse trend with a massive 40% dump. Huobi Token (-35%), Terra (-32%), Nexo (-32%), THORChain (-32%), Maker (-31%), Compound (-30%), SushiSwap (-30%), BakeryToken (-30%), Aave (-29%), and SHIBA INU (-27%) are just a few more of the double-digit price losers.

Overall, the crypto market cap lost more than $250 billion in a day and is down to $1.5 trillion. The metric has lost about $1 trillion since its peak earlier in May.

Advertisement

News Source

Bitcoin

Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

Published

on

Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

Advertisement

Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

Advertisement

Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

Advertisement

As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

News Source

Advertisement
Continue Reading

Dogecoin

Dogecoin Looks Ready To Rip As Bitcoin Finds Critical Support, According to Crypto Analyst Justin Bennett

Published

on

Crypto analyst Justin Bennett says that Dogecoin (DOGE) could be ready to make a run for its next critical level about 37% above current prices.

The popular analyst tells his 88,000 Twitter followers that DOGE is attempting to break out of a long descending resistance line that it has been up against since May.

“DOGE looks ready (as long as $BTC cooperates).

Advertisement

Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”

Image
Source: Justin Bennett/Twitter

In the near term, Bennett says DOGE needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34. At time of writing, Dogecoin is trading at $0.26 according to CoinGecko.

Looking at Bitcoin, the analyst says BTC’s ability to maintain the $60,000 level is a major show of strength that could have big implications in the broader markets.

“Although the BTC weekly candle might not look great, it still held above $60k.

Advertisement

That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.

That’s huge.”

Image
Source: Justin Bennett

Bennett also has his eye on Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto markets. He says it’s bounced off a support level and is currently on its way up.

“BTC.D is bouncing from 44.5% support.

Advertisement

Surprise, surprise.”

Image
Source: Justin Bennett/Twitter

While surging Bitcoin dominance often suggests that altcoins will underperform, Bennett says this may only hold true in the short term. He says if the king crypto is looking healthy, then altcoins might take it as a signal to move up.

“This isn’t necessarily a bad thing for altcoins.

Will they suffer if BTC.D heats up again?

Advertisement

In the short term and against BTC, yes.

But Bitcoin strength now is massively bullish for alts over the next few months.

News Source

Advertisement
Continue Reading

Bitcoin

Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci

Published

on

Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying

Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.

He named several billionaires who used to be skeptical on BTC but have been into it since 2020.

Advertisement

Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin

According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.

He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.

Advertisement

Among these former Bitcoin skeptics are Shark Tank’s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum because of smart contracts.

Here’s how much Bitcoin Scaramucci holds

As part of studying BTC, Scaramucci recommended reading the BTC white paper written by Satoshi Nakamoto, the mysterious person or a team of them that created Bitcoin back in 2008-2009.

As for his own crypto holdings, Anthony Scaramucci holds over one billion USD worth of Bitcoin. He believes BTC to be digital analogue of gold.

Advertisement

He also believes that Ethereum and Cardano have a large potential and are going to keep rising in the future.

News Source

Advertisement
Continue Reading