Tag: Ksmusd

Market Watch: Bitcoin Slipped to $36.5K, Solana Crashed 10% Following $320M Bridge Hack

by CryptoPotato

Аfter touching a ten-day high above $39,000, bitcoin went on the downturn and dipped below $37,000. The altcoins have also retraced today, with Solana being the most substantial loser after an exploit on a network bridge for $320 million worth of ETH.

Bitcoin Slid Beneath $37K

The past several days were actually going rather well for the largest cryptocurrency. After dropping to $36,500 on Monday, as reported, the asset changed its trajectory and started to gain value.

This resulted in pushing above $38,000 and even a few consecutive attempts to challenge $39,000. The latest one came in a brief push above that level, which became the highest price tag in ten days.

However, BTC stalled for the following 12 hours, as reported yesterday. After being unable to challenge $39,000 once more, the bears stepped up and drove the cryptocurrency south. This time, bitcoin tanked to $36,500 once again.

As of now, it has recovered a few hundred dollars and sits around $37,000. As such, its market capitalization is close to breaking below $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red: SOL Dumps Double Digits

The altcoins registered impressive gains on Tuesday before stalling on Wednesday. Now, though, most are deep in the red.

Ethereum touched $2,800 two days ago, marking a multi-week high. However, a 3% decline since then has driven the second-largest cryptocurrency to below $2,700.

Similar daily price drops are evident from Binance Coin, Cardano, Ripple, Dogecoin, and Shiba Inu from the larger-cap alts. Polkadot, Terra, and Avalanche have charted more significant losses, while Solana has dumped the most.

Following an exploit against a Solana-based bridge called Wormhole, in which the perpetrators swiped $320 million worth of ETH, SOL started to tank in value. As of now, the asset is down by 10% in a day to below $100.

More declines come from Arweave (-13%), Convex Finance (-12%), Curve DAO Token (-10%), Kusama (-9%), Synthetix Network Token (-9%), The Sandbox (-8%), and others.

The crypto market cap is down by $110 billion since yesterday’s peak and sits around $1.650 trillion.

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

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Cryptocurrency charts by TradingView.





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New Week Starts in Red: BTC Down $1K, LUNA Plunged 10% (Market Watch)

by CryptoPotato

After failing to remain north of $38,000, bitcoin went down again and lost around $1,000 in hours. The alternative coins are in an even worse shape today, with massive price slides from Solana, Ripple, Polkadot, Terra, and others.

Bitcoin Slipped $1K

Ever since last Thursday, when BTC dipped to $35,500 for the second time in two days, the situation with the asset seemed significantly more positive.

It was regaining value gradually and tapped $37,000 a few days later. Moreover, it kept climbing during the weekend and tapped a high of $38,700 (on Bitstamp).

However, it failed to continue the momentum going and started to lose value. This resulted in bitcoin settling around $38,000, as reported yesterday, but the situation worsened in the following hours.

More precisely, bitcoin dumped below $37,000 in a violent candle. As of now, BTC stands just slightly above that line, and its market capitalization is set at $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in a Sea of Red

The alternative coins were particularly impressive during the weekend, especially on Saturday, but the landscape is entirely different now, with red dominating almost all charts.

Ethereum went to a multi-day high above $2,600, but a 3.2% decline since then has pushed the second-largest crypto to just over $2,500. Binance Coin, Cardano, Dogecoin, and Chainlink have marked similar losses since yesterday.

However, Solana, Ripple, Polkadot, Terra, Avalanche, Shiba Inu, MATIC, and CRO have registered more significant price slides. SOL is down by 6%, XRP by 5.5%, DOT by 7%, AVAX by 8.5%, SHIB by 7%, MATIC by 7%, and CRO by 6.2%. Terra has lost the most again, with a double-digit drop to $45.

More losses are evident from Waves (-11%), Kadena (-11%), Fantom (-10%), Theta Network (-10%), Harmony (-9%), Kusama (-9%), and others.

The crypto market cap has declined by around $60 billion since yesterday and is just shy of $1.7 trillion.

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

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Cryptocurrency charts by TradingView.





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Market Watch: Bitcoin Topped at $39K, Crypto Markets Lost $100B Following Fed’s Meeting

by CryptoPotato

Bitcoin’s run-up was halted at around $39,000 after the Federal Reserve announced it will increase the interest rates in March this year. The altcoins, which were also heading north, dropped in response similarly to BTC.

Bitcoin Rejected at $39K

After last week’s massacre, in which the primary cryptocurrency dumped by over $10,000 in days to a six-month low beneath $33,000, the landscape seemed significantly more positive in the past 72 hours.

The asset recovered $4,000 in a day, as reported on Tuesday before another leg up drove it to around $37,000 yesterday. During the trading day, bitcoin kept climbing and tapped a six-day high at roughly $39,000.

As the situation seemed bullish, though, came the most recent meeting of the Federal Reserve. In it, the central bank said there will be no changes to the interest rates now, but they will be increased in March.

This caused enhanced volatility in the crypto and the stock markets, as BTC dumped by over $3,000 in hours. As of now, it has reclaimed $36,000, but it’s still about 3.5% down on the day. As such, its market capitalization is just slightly below $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red as Well

The alternative coins were flying high in the past 72 hours, with Ethereum surging past $2,600 just a few days after being close to dump below $2,000. However, the market-wide retracement has driven the second-largest crypto to just over $2,400.

Binance Coin (-4%), Ripple (-3%), Dogecoin (-2.5%), Shiba Inu (-4%), and MATIC (-2.5%) have declined by similar percentages. More serious losses come from Solana (-7%), Terra (-7%), Polkadot (-6%), and Avalanche (-7.5%).

Aside from Theta and Theta Fuel, which are well in the green, the remaining lower- and mid-cap alts are also in the red. Waves (-15%) leads the pack, followed by Quant (-14%), OKB (-11%), Celsius Network (-11%), Cosmos (-10%), and Kusama (-10%).

Ultimately, the crypto market cap declined by over $100 billion following the Federal Reserve’s statement.

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

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Is Polkadot eyeing $100 next? DOT price jumps 25% triggering classic bullish chart pattern

by Cointelegraph

Polkadot (DOT) looks poised to rally toward $100 in the coming sessions as it triggers a classic bullish reversal setup.

Dubbed Inverse Head and Shoulders (IH&S), the technical structure appears when an instrument forms three troughs in a row, with the middle one, called the Head, being the lowest, and the other two — known as the right and left shoulders — of almost equal heights. 

Meanwhile, the level at which all the troughs top out represents the “neckline.”

So it appears DOT has been forming an IH&S ever since its price correction from the $43-$49 price range (neckline), as shown in the chart below. On Nov. 1, the Polkadot token broke above the area and continued rallying the next day to bring its month-to-date returns to almost 25% while bumping its record high to $53.35.

DOT/USDT daily price chart featuring IH&S pattern. Source: TradingView

The price jump accompanied an increase in trade volumes, showing that traders supported the move above the IH&S neckline. As a result, DOT’s prospects of rising by as much as the maximum distance between its IH&S’s head and neckline (~$39) improved.

As a result, Polkadot’s profit target out of its IH&S setup comes out to be near $90, with possibilities of extended rallies toward $100, a psychological resistance level.

Parachain auction FOMO

Polkadot’s latest price rally came as traders’ focus shifted on its highly anticipated parachain auctions on or around Nov. 11.

The Polkadot team announced Monday that their council had passed the motion that enables parachain registrations and crowdloan beginning Nov. 4, adding that the proposal now awaits a go-ahead via a public referendum.

In detail, crowdloans enable rivaling projects to raise capital via DOT to bootstrap their parachain auctions.

Therefore, those who support the projects lock their DOT into a sponsored account for a predefined period. In return, they receive rewards in the form of air-dropped tokens from the project competing for the parachain slot.

Kusama fractal

In June, Polkadot’s test-net chain, dubbed Kusama (KSM), conducted a similar parachain slot auction in June. The protocol ended up proving the effectiveness of the crowdloan mechanism as users contributed more than 1.11 million KSM across the five parachain auctions.

KSM supply dedicated to its first five crowdloans as of Aug. 6. Source: Subscan, Messari

That represented over 10% of the total KSM supply locked.

Related: Kusama network set to launch its next five parachain auctions

The KSM price rallied in the days leading up to the auction in June. It peaked out on May 16 at around $645 and then dropped over 78% to $138.50 two months later. The selloff also surfaced amid an overall crypto market decline, led by China’s full-fledged ban on crypto activities.

KSM/USDT daily price chart. Source: TradingView

Hence, it appears DOT has also been undergoing the so-called “buy-the-rumor” price rally as traders bet higher on the parachain auction event. But in the absence of a China-like event, the cryptocurrency looks to be pursuing the IH&S setup mentioned above.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.