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BTC Tanks 10%, ETH Crashes 20%, & Altcoins In Bearish State
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4 months agoon
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adminThe crypto prices today have taken an alarmingly bearish turn, sparking severe concerns among market participants. Bitcoin (BTC) price tanked over 10% to rest at the $54K mark today. Ethereum’s (ETH) price crashed by nearly 20%. Meanwhile, the altcoin market mainly followed the bearish momentum.
Simultaneously, the global crypto market cap plunged 12.50% to $1.89 trillion today. Nonetheless, the total crypto market volume saw an 86.72% increase to $124.44 billion.
Here’s an overview of some of the highest-ranking cryptocurrencies by market cap and their price movements today, August 5.
Crypto Prices Today
Bitcoin Price
BTC price plummeted 10.78% in the past 24 hours to reach $54,191.08. The coin’s 24-hour slumps and peaks were recorded as $52,559.19 and $61,058.94, underscoring a highly volatile movement.
Bitcoin’s dominance stood at 56.62%, an increase of 0.98% over the past day. Amid the coin’s bearish performance, BTC critic Peter Schiff has further predicted that Bitcoin ETFs will ‘gap down 15%-30% below their Jan highs.’
Ethereum Price
Simultaneously, the ETH price crashed 20.07% over the past day to trade at $2,325.86. Ethereum’s 24-hour bottoms and tops were $2,122.55 and $2,923.47, respectively.
Notably, the slumping price movement comes against the backdrop of Jump Trading offloading whopping amounts of ETH. The crypto firm appears to have dumped $500 million in Ethereum over the past ten days.
Solana Price
The crypto SOL saw an 11.42% dip in value to reach $127.94 today. Solana’s 24-hour bottoms and tops were recorded as $124.24 and $144.95, respectively.
Whale Alert’s data reveals significant SOL dumps to exchanges over the weekend, aligning with the coin’s waning movement.
Crypto XRP Price
XRP price plunged 14.92% over the past day to trade at $0.4793. The crypto’s 24-hour lows and tops were $0.4675 and $0.5583, respectively.
DOGE & SHIB Prices
Dogecoin’s price saw a 1.62% fall over the past day and is currently trading at $0.09174. Shiba Inu’s price tumbled 14.87% to trade at $0.00001204.
Similarly, PEPE, WIF, and FLOKI dipped 18%-21%.
Also Read: Crypto Market Crash: Liquidations Cross $800 Million As Japan’s Nikkei Drops 7%
Crypto Losers Today
Bittensor (TAO) price crashed 25.95% to $186.96.
KuCoin Token (KCS) price fell 22.59% to $6.81.
Ethereum Name Service (ENS) price tumbled 22.19% to $16.05.
Lido (DAO) price dipped 22.13% to $1.04.
Also, it’s worth noting that the only crypto gainer today was Tether Gold, up 0.15% to $2,449.72. Besides, the hourly time frame charts underscored the presence of upside movement on BTC and ETH, fueling contrasting speculations on the crypto prices today.
Also Read: Peter Schiff Slams Bitcoin Debt Repayment Plan By Donald Trump
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
BTC Continues To Soar, Ripple’s XRP Bullish
Published
2 hours agoon
November 24, 2024By
adminThe crypto universe has concluded yet another week, primarily with riveting developments unfolding across the broader sector. Bitcoin (BTC) continues to pump, hitting a new ATH this week. Simultaneously, Ripple’s XRP garnered significant market attention, recording considerable gains. The broader market continues to leverage investor optimism post-U.S. elections that saw Donald Trump reelected as the president.
Here’s a brief collection of some of the top cryptocurrency market headlines that have significantly impacted investor sentiment over the past seven days.
BTC Hits New ATH Amid Bull Crypto Market
BTC price hit a new ATH near the $100K level this week, echoing a buzz across the broader sector. Notably, the flagship coin gained roughly 10% over the past week to hit an ATH of $99,655. Attributable to this bullish movement post-U.S. elections, Rich Dad Poor Dad author Robert Kiyosaki shared a bold prediction for the coin, anticipating its price to hit $13 million.
Simultaneously, the crypto also saw heightened institutional interest amid its bullish movement, underscoring the potential for further gains. Aligning with this heightened market interest, biopharmaceutical firm Hoth Therapeutics forged ahead with BTC buying plans, sparking additional optimism surrounding the crypto.
Meanwhile, Bitcoin miner MARA completed its $1 billion private offering this week, with some of the proceeds set to be used to buy more BTC. Overall, the flagship coin leveraged significant buying pressure this week, paving a bullish path for future movements.
Ripple’s XRP Steals Attention
On the other hand, XRP’s price witnessed gains worth 40% over the past week, cementing investor optimism amid a bullish digital asset sector. Notably, XRP whales accumulated nearly $526M worth of the token this week, indicating that the Ripple-backed coin could pump higher. Veteran trader Peter Brandt predicted amid this bullish movement that a parabolic rally for the crypto also lies ahead.
Further, Ripple CEO Brad Garlinghouse conveyed bullish sentiments on XRP and a possible end to the SEC lawsuit, primarily attributable to the newly appointed U.S. Treasury Secretary Scott Bessent. Simultaneously, the Ripple vs. SEC lawsuit saw the regulator and FINRA trying to bring “digital asset securities” claims. This mover comes against the backdrop of XRP’s rally to $1, with speculations of a looming $2 target on SEC Chair Garu Gensler’s exit.
Overall, these market updates have sparked significant investor enthusiasm over the crypto realm’s future action, with market watchers being optimistic.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
US PCE, FOMC Minutes, & Crypto Expiry In Focus, Brace For Market Impact
Published
5 hours agoon
November 24, 2024By
adminThe crypto market enters a crucial week, with a flurry of key events like the US PCE inflation, FOMC Minutes, and Q3 GDP (first revision) data, among others, scheduled. In addition, the crypto market expiry has also fueled concerns among the market participants. For context, the investors are awaiting the impact of these events, as the broader market noted a massive rally in recent days.
US PCE Inflation & FOMC Minutes In Focus
The crypto market awaits a flurry of key economic events this week, including US PCE, FOMC, and others, with speculations soaring over the potential impact on asset prices. Notably, the week will start with Consumer confidence data and US FOMC for November scheduled on Tuesday, November 26. This would provide further cues on the Fed’s potential stance with their monetary policy plans, which usually affect the investors’ sentiment.
In addition, the minutes will also be closely watched, as recent reports showed that the US Federal Reserve said that it won’t be focusing on the 2% inflation target ahead. Besides, with Donald Trump’s election victory and Elon Musk’s focus on cutting Federal spending, investors will keep close track of the central bank’s minutes this week.
Following that, the market participants will await the US GDP figures for the third quarter. The first revision of the economic figure is scheduled for Wednesday, November 27, which will provide cues on the US economic health. This is also likely to impact the sentiment of the broader financial sector, let alone the crypto market.
Meanwhile, investors will be closely watching the inflation figures, especially after recent data indicates prices are soaring. The US PCE inflation, set for Wednesday, is expected to come in at 0.2% in October, unchanged from the previous month’s figure. On the other hand, the YoY PCE figure is expected to accelerate at 2.3%, as compared to 2.1% noted in the prior month.
In addition, the Core PCE inflation figures, which exclude the energy and food prices, are expected to show a 2.8% surge, up from the 2.7% noted in September. However, the monthly figure is expected to remain unchanged at 0.3%.
Will Crypto Expiry Impact The Ongoing Rally?
Bitcoin and other top altcoins have noted robust rallies recently, with optimism hovering in the market after Donald Trump’s election win. However, some market experts anticipate the upcoming crypto expiry to impact the market sentiment.
According to Deribit data, $9.13 billion in Bitcoin options is set to expire on November 29, with a put/call ratio of 0.80. The max pain price is $77,000. On the other hand, $1.24 billion Ethereum is also set to expire on the same date, with a put/call ratio of 0.77 and a max pain price of $2,800.
This crypto expiry, worth more than $10 billion, is likely to spark volatility in the market, impacting investors’ sentiments. In addition, many top experts including Peter Brandt hint towards a potential Bitcoin selloff ahead, while remaining optimistic about the crypto’s long-term trajectory.
Having said that, the market will keep close track of the US PCE inflation figures, FOMC minutes, and other macroeconomic events. In addition, the crypto expiry is also expected to impact the traders’ sentiment, especially amid the ongoing rally in the market.
Rupam Roy
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
Ripple Provided The Blueprint To Defeat Gary Gensler
Published
11 hours agoon
November 23, 2024By
adminStuart Alderoty, the Chief Legal Officer of Ripple Labs Inc has spotlighted the firm’s role in fighting the crypto crackdown initiated by Gary Gensler as Chairman of the US Securities and Exchange Commission (SEC). With a legal battle spanning approximately four years, Alderoty send appreciation to the key stakeholders in the regulatory fight
The Unsung Heroes In Ripple Labs’ Legal Battle
In his post on X, Stuart Alderoty noted that though victory has a thousand fathers, some personalities played major roles. He spotlighted the company’s CEO, Brad Garlinghouse, as a leader who provided the courage the team needed to go on.
He also hinted at the role many in the firm’s legal department played as key in paving the way for the success achieved thus far. To the Ripple CLO, most of the core contributors in-house are nameless and do not seek “Twitter spotlight.”
Ultimately, he believes that Ripple provided the blueprint to “defeat Gary Gensler’s inexplicable war on crypto.” He reiterated that the team kept the door open long enough for the crypto industry to survive the regulatory crackdowns.
Victory has a thousand fathers, but make no mistake. The courage of Brad and Chris, and the resilience and expertise of Ripple Team Legal (most of whom are nameless and never sought the Twitter spotlight) paved the way. Ripple provided the blueprint to defeat Gary Gensler’s…
— Stuart Alderoty (@s_alderoty) November 23, 2024
Ultimately, he mentioned the role played by the XRP Army. Alderoty thanks the community for their faith and support in the project overall.
The Gary Gensler Defeat in Context
There are a number of interpretations to the defeat implied by the Ripple CLO. Beyond the undisputed verdict that XRP is not in itself a security, Gary Gensler’s resignation date is now set at January 20, 2025.
This resignation came following the Kamala Harris defeat by Donald Trump in the just-concluded US Presidential election.
As many industry leaders noted, the crypto voters played a role in determining the outcome of the election. Many supported Donald Trump drawing on his promises to end the war on crypto.
Thus far, the signs of change are visible with his appointments. He picked Tether advocate Howard Lutnick as Commerce Sec, Scott Bessent as Treasury Secretary with Gary Gensler’s replacement yet to be unveiled.
While the next steps in the XRP lawsuit appeal are well defined, it remains to be seen if the next US SEC Chairman will revoke the appeal in the Ripple Lawsuit. In all, the community has counted a win with Trump in charge.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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