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People Sold Their Bitcoin & Ethereum For Shiba Inu!! Will It Be Worth?

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Fundamentals VS Quick Money!!

Bitcoin and Ethereum are among the primitive assets which laid the foundation of cryptos in the world. And hence the crypto veterans usually lean towards these assets as they are fundamentally very strong. Despite the fact that these assets undergo a slow yet steady price rally, wherein the trader may have some time to think and book profits. 

On the other hand, new emerging tokens in the world of DeFi or NFT or the MEME coins gasp more profit in a very short period of time. The price rallies are gigantic, and also they tremble and fall mercilessly. The most popular one is Dogecoin which remained silent for a couple of years and pumped 800% & also dumped 300% on the same day. 

Yet the new trend within the crypto space has diversified into quick money than a long-term investment. As the crypto space is witnessing in the case of Shiba Inu. The asset since its inception has shaken the market. Initially, traders were much sceptical about the asset, but now they are letting of their BTC & ETH for SHIB. This may be a laughing stock for some but actually make sense for many!

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Brainy Traders Use BTC, ETH Reserves To Pump In More Profit 

BTC price recorded a surge of nearly 150% since the beginning of 2021 which includes a couple of pumps of 132% and a dump in between of nearly 100%. Conversely, SHIB price, which initiated the trade with a notable dump of nearly 85% and maintained a silent trend for more than 5 months. Very recently, the asset ranged more than 440% in 15 days. But still, the question remains will people ever sell Bitcoin or Ethereum for Shiba INU?

The long-term investors might find it very tough to digest that the short term retail traders prefer quick profit-making coins to strong fundamentals assets. People believe in multiplying BTC with the profits booked with these meme coins. And hence with the current surge in SHIB price, people are selling their Bitcoin & Ethereum. 

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But whether it’s a good or a bad idea? Well, it depends on how perfectly the trader has done with DYOR or how much he is willing to lose. Top influencers and analysts do warn and suggest a deep study before dealing with meme coins. But it’s also true that you can convert 1 BTC into 2 with the right strategy and exit plan. 

On the whole, one must also consider the fact that fundamentally strong projects like Bitcoin, Ethereum, Cardano, Polkadot provide good returns on time. As the possibilities of a drastic dump of more than 80% to 90% reduces and most importantly if ever it happens a quick recovery is imminent. Yet it is also important to note that meme coins like Shiba Inu are similar to a lottery ticket where-in the chances of winning is also similar to them. 

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Peter Schiff Names Real Reason Behind Bitcoin Drop

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Popular digital assets critic believes that measures against inflation are the real reason behind the most recent market correction

The famous Bitcoin and crypto critic, Peter Schiff, provided his Twitter subscribers with a potential reason behind one of the largest corrections on the cryptocurrency market this year.

According to Schiff, Bitcoin’s correction was tied directly to the Fed’s action toward risk assets like cryptocurrencies and some stocks. Previously, Jerome Powell hinted that tapering might happen sooner than the market expects.

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In addition to the end of the quantitative easing monetary policy, Powell has stated that the point rate may be increased sooner than was expected due to the inflation’s change of nature, which has become a real threat to the country’s economic safety and stability.

All of the actions that the Fed is currently taking are designed to control inflation, which is currently hitting highs previously observed back in the Depression era.

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High-risk assets like Bitcoin and other digital assets were allegedly considered a store of value for those who wished to protect their funds from increased inflation. Schiff is a widely known critic of cryptocurrencies, and he believes they should not be considered an inflation hedge.

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Whales Suddenly Move $320,000,000 in Bitcoin to a Single Destination – Here’s Where the Crypto Is Headed

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Crypto whales just moved over 5,800 Bitcoin (BTC) worth more than $327 million into a single destination, according to a whale-surveilling platform.

Whale Alert tells its 1.8 million followers in a series of tweets that in the last 24 hours crypto whales are relocating thousands of BTC amid a correction that saw Bitcoin tumble to a new 30-day low of $52,416.

Five of the transactions involved shifted BTC from wallets of unknown origins to popular US-based crypto exchange Coinbase. Meanwhile, one transaction moved a large sum of Bitcoin from global crypto exchange Binance to Coinbase.

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Here’s a summary of the BTC transactions:

While crypto investors tend to be concerned that a massive influx of Bitcoin into the crypto exchanges might indicate downward selling pressure, insights firm Into the Block reports that centralized exchanges recorded more outflows than inflows during the past week.

The crypto intelligence platform says,

“Bitcoin recorded nearly $2 billion in net outflows from centralized exchanges, the highest level in five weeks.”

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At time of writing, BTC is down nearly 7.14% on the day to $52,557.

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Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?

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  • Ethereum price analysis is bullish today.
  • ETH/USD rejected further downside at $3,600.
  • Previous support at $3,950 is currently tested as resistance.

Ethereum price analysis is bullish today as we expect further recovery to follow after a strong reaction higher from the $3,600 was seen this morning. Likely ETH/USD is set to break above the current resistance, moving to regain even more over the weekend.

Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover? 1
Cryptocurrency heat map. Source: Coin360

The market has seen strong bearish momentum over the last 24 hours. The market leader, Bitcoin, has lost 17.23 percent, while Ethereum 14.83 percent. Meanwhile, the rest of the market has seen even more substantial losses.

Ethereum price movement in the last 24 hours: Ethereum breaks below $3,950 previous support, rejects more downside at $3,600

ETH/USD traded in a range of $3,739.39 – $4,647.29, indicating extreme volatility in the market. Trading volume has spiked by 113 percent, totaling $41.2 billion, while the total market cap trades around $465 billion, resulting in the market dominance of 21.16 percent.

ETH/USD 4-hour chart: ETH reacts back to previous lows

On the 4-hour chart, we can see the Ethereum price swiftly rejecting further downside after touching the $3,600 mark this morning.

Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action saw strong bullish momentum during the first half of the week. After establishing and retesting the new low at $3,950 last weekend, ETH/USD started to move higher on Monday quickly.

Ethereum reached $4,750 resistance by Wednesday, as bulls were eager to move towards the previous all-time high. However, more upside did not follow, leading to a reversal over the next days.

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Another attempt to test upside was seen Yesterday, with the following rejection leading to a strong spike lower. Overnight, the Ethereum price broke past the previous swing low at $3,950, leading to more downside this morning. Strong reaction, preventing further downside, was seen at $3,600, with ETH/USD since moving back towards the previous low.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we saw a swift drop to $3,600 met with a strong reaction higher this morning. Therefore, we assume ETH/USD has set a new swing low, and further recovery should follow over the weekend.

While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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