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Bitcoin Tests $40K, ETH Reaches 2-Month High on London Hard Fork Day (Market Watch)

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Just hours ahead of the highly-anticipated London Hard Fork, ETH skyrocketed to a two-month high of $2,800. Bitcoin touched $40K but dropped.

Following a dip to $37,500, bitcoin initiated an impressive leg up that resulted in touching $40,000 once more. The Altcoins are all in green, too, with ETH leading the way. This comes on the day that the second-largest blockchain is scheduled to go through with its London Hard Fork upgrade.

Bitcoin Tested $40K But Fell

Ever since the positive weekend in which BTC went as high as $42,600, the primary cryptocurrency was struggling. In the following three days, it was gradually declining in value, losing one support after another.

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This culminated yesterday when the asset fell to a weekly low of $37,500 (on Bitstamp). However, the bulls stepped up at this point and reversed its trajectory.

In the following hours, bitcoin started increasing against the dollar and added roughly $2,500 of value. As a result, it went to approximately $40,000.

Nevertheless, the test was unsuccessful, and BTC dipped once more. As of writing these lines, the cryptocurrency trades just beneath $39,000, but it’s still about 2.5% up on the day.

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Its market capitalization has remained well above $700 billion, but its dominance over the altcoins has reduced as most of them have outperformed their leader.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Taps 2-Month High Ahead of London Hard Fork

As previously reported, the Ethereum blockchain is scheduled to go through the London Hard Fork today, on August 5th. The anticipation for the event, which should decrease the fees on the network, didn’t result in any gains in the past few days as the token fell below $2,500.

However, the situation is significantly different today. ETH bounced off from the low and skyrocketed to just under $2,800. This became its highest price line in almost two months – since June 8th. Despite retracing slightly since then, the asset is still 8% up on a 24-hour scale.

Polkadot, Uniswap, and Solana are also well in the green since yesterday with 9-10% increases.

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Binance Coin, Cardano, Ripple, Dogecoin, Chainlink, Bitcoin Cash, and Litecoin have marked more modest gains in a day.

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

From the lower- and mid-cap alts, Aave has surged the most. AAVE is up by 19% and trades above $360. Voyager Token follows with an 18% increase. BitTorrent (15%), Compound (15%), Synthetix (12%), and TRON (10%) are next.

Ultimately, the cumulative market cap of all crypto assets has added roughly $80 billion in a day and has reclaimed $1.6T.

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Bitcoin extends correction as Ethereum sees ‘picture perfect’ rejection at all-time highs

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Bitcoin (BTC) stayed closer to $60,000 on Oct. 22 after the largest altcoin Ether (ETH) failed to cement new all-time highs.

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BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

ETH all-time high? Blink and you’ll miss it

Data from Cointelegraph Markets Pro and TradingView ETH/USD just match its record $4,380 on Bitstamp before seeing a harsh rejection.

Traders watched in anticipation as Ethereum appeared to follow Bitcoin to historic new levels, only to face immediate resistance and fall sharply back into a lower range.

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Trader and analyst Rekt Capital called the event a “picture perfect rejection.”

At the time of writing, ETH/USD circled $4,150, preserving $4,000 as support with the exception of a flash dip which immediately followed the all-time high rematch.

ETH

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

Against Bitcoin, Ethereum fared better, with the ETH/BTC pair having bounced near lows last seen in late July. 

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Bitcoin could see “additional topside euphoria”

Having similarly failed to hold significantly higher levels, Bitcoin itself took an extended break as overheated markets cooled their excitement.

Funding rates were returning to normal on Friday, having reached a state reminiscient of the blow-off top from April. 

Chart

Bitcoin funding rates chart. Source: Bybt

As with open interest, however, these were not as frenzied as the Q2 rush, which produced the $64,900 all-time high in place until this week.

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“This means there is possibly still room for additional topside euphoria but we are at levels that are starting to stretch the market,” crypto trading firm QCP Capital commented in its latest market update.

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Bitcoin Forecast and Analysis BTC/USD October 22, 2021

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BTC/USD are trading at 64619 and continue to move as part of the correction and the bullish channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $1,194,342,792,891. Moving averages indicate a short-term bullish trend for Bitcoin. Prices went up from the area between the signal lines up, which indicates pressure from buyers of ”Digital Gold” and a potential continuation of the rise in the value of the asset already from the current levels. As part of the cryptocurrency rate forecast for tomorrow, October 22, 2021, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the 57505 area. Where again should we expect a rebound and an attempt to raise the Bitcoin rate with a target above the 74055 area.

Bitcoin Forecast and Analysis BTC/USD October 22, 2021

An additional signal in favor of the growth of BTC/USD quotes will be a test of the rising trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the growth rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of ​​52205. This will indicate a breakdown of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 42055. Confirmation of the rise in the price of the asset will be a breakdown of the resistance area with the price fixing above the level of 69205.

Bitcoin Forecast and Analysis BTC/USD October 22, 2021

Bitcoin Forecast and Analysis BTC/USD October 22, 2021 suggests an attempt to test the support level near the 57505 area. And further, the cryptocurrency will continue to grow with a potential target at 74055. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 52205 area. This will indicate a continued fall with a potential target below the 42055 area.

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Bitcoin Price Flash Crashes for Second Time in a Month in the US

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The price of bitcoin (BTC) on Binance.US, the US-based exchange affiliated with Binance, briefly crashed to as low as USD 8,200 today – a drop of 87% – before recovering again. The crash marks the second time in a month when bitcoin prices in the US have briefly disconnected from the rest of the world. 

Today’s flash crash, which was one of the most significant on a major exchange in bitcoin’s history, all happened within less than 1 minute, the BTC/USD price chart from Binance.US showed. 

Although the flash crash was all over within a minute, the trading volume showed that a significant number of coins did change hands during the crash, indicating that some traders may have been able to fill orders for bitcoin at extremely low prices.

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BTC/USD on Binance.US. Source: TradingView

Flash crashes can happen when large market sell orders are sent to exchanges without sufficient liquidity on its order books, for instance, because a large trader accidentally placed the order as a market order instead of a limit order.

Today’s flash crash on Binance’s US exchange is the second such incident in a month in the US. On September 20, a data feed for crypto prices called Pyth that is used by some of the largest financial institutions on Wall Street showed a 90% crash in the price of bitcoin.

The feed briefly showed bitcoin at a price of USD 5,402. However, a similar price crash was nowhere else to be seen. Two days later, in a report about the incident, Pyth concluded that the abnormally low price was indeed a technical glitch, “caused by the combination of (1) two different Pyth publishers publishing a near-zero price for BTC/USD and (2) the aggregation logic overweighting these publishers’ contributions.”

Discussing today’s incident on Twitter, many traders complained about being forced by US regulations to use exchanges such as Binance.US, which has thin order books and low liquidity compared to the international version of the exchange.

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No statement has yet been made from Binance or Binance US regarding today’s flash crash.

At 16:11 UTC, BTC trades at USD 63,180 and is down by almost 6% in a day, trimming its weekly gains to 10%.

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