Connect with us

Markets

Bitcoin and Ethereum Dip, Triggering $250 Million in Liquidations

Published

on



Traders betting on a crypto price increase were forced to close their positions quickly late Wednesday as the world’s largest cryptocurrency sagged.

Over the past 24 hours, long liquidations in the crypto market have spiked to $220.7 million, making up the majority of positions betting on a direction in prices. An additional $32 million in short positions were also liquidated, according to CoinGlass data.

Most of the liquidations were attributed to Ethereum, accounting for $17.5 million, followed by $14.8 million for Bitcoin.

According to CoinGecko data, Ethereum is down nearly 8% for the day, now trading at $3,177. Bitcoin meanwhile fell below $65,000, declining 2.5% over 24 hours. The asset is now trading at around $64,220.

Both saw a steep drop overnight, which comes as the broader market in the U.S. witnessed steep losses on Wednesday, with the Nasdaq 100 index declining 3.65%, its sharpest loss since October 2022.

Analysts and experts have tied Bitcoin’s performance to those of tech stocks alongside other tailwinds, including a changing political landscape in Washington, D.C., and bullish bets on U.S. spot Ethereum exchange-traded funds.

While short-term losses have caught traders off-guard, some analysts still see continuing upward momentum this year.

“We maintain a positive Ethereum outlook,” Singapore-based crypto trading firm QCP Capital wrote in a note on Tuesday, a day before Bitcoin sank. “Bitcoin’s achievement of an all-time high two months post-ETF launch provides a compelling precedent.”

“Anticipating sustained institutional interest, ETH’s price trajectory may gradually converge with its previous ATH,” it said.

The selloff in tech was reportedly triggered by Google parent Alphabet Inc’s and other major tech companies’ earnings report on Tuesday, which included higher-than-expected capital expenses.

This led to Alphabet’s stock falling over 5%, marking its worst performance since January. Additionally, Tesla saw a significant drop of more than 12%, while AI-darling Nvidia shed 6.8%.

While Nvidia’s market cap had surged past $3 trillion due to interest in artificial intelligence, it has since declined to $2.81 trillion as investor enthusiasm wanes amid a market correction.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

cryptocurrency

Top cryptocurrencies to watch this week

Published

on


The global crypto market cap ended last week with a 7% drop, losing $160 billion as it closed at $2.15 trillion.

While Bitcoin (BTC) influenced the broader market, several altcoins charted their own paths, benefiting from unique developments within their ecosystems.

Here are some of these cryptocurrencies to keep an eye on this week, following their diverse price movements last week:

HMSTR collapses 18% 

Hamster Kombat (HMSTR) saw a bearish week, dropping 18% to $0.004714. Its worst day came on Oct. 1 when it fell 13.94% amid a broader market decline on the back of geopolitical tensions.

HMSTR, SUI, FTT: Top cryptocurrencies to watch this week - 1
HMSTR 4H chart – Oct. 6 | Source: crypto.news

Last week’s bearishness built on a downtrend HMSTR has faced since its airdrop on Sept. 26. However, the four-hour chart shows some signs of recovery, with the RSI sloping upward, now at 42.82.

For the DMI, the +DI is steady at 17.46, signaling slight buyer momentum. However, the -DI at 23.07 slopes downward, indicating weakening selling pressure. The ADX is at 22.68 and trending downward, as the current trend loses strength.

These figures suggest a possible recovery if buying momentum continues, with bulls possibly targeting $0.0051. However, the downtrend may persist if buyers do not pick up pace this week.

SUI demonstrates resilience 

Sui (SUI) showed resilience despite broader market volatility, dropping only 0.3%. On Oct. 1, amid market turmoil, SUI dipped just 0.97%.

However, it saw a sharper 10.38% decline on Oct. 3, its largest intraday crash in three months.

HMSTR, SUI, FTT: Top cryptocurrencies to watch this week - 2
SUI 1D chart – Oct. 6 | Source: crypto.news

SUI appears to be forming a bull pennant following its uptrend in September. Currently, the Bollinger Bands indicate the upper band at $1.97, which acts as resistance, and the 20-day MA at $1.62 provides immediate support. 

With SUI trading below the upper band, the price could stabilize above the $1.62 support.

Investors should monitor for a bounce between $1.62 and $1.97, with a breakout above the resistance likely signaling bullish momentum for the week.

FTT bucks the trend

FTX Token (FTT) defied market trends last week, gaining 22% while most assets declined.

On Oct. 1, FTT rose by 13.89%, followed by a 21.53% surge on Oct. 4 and another 9.86% the next day. 

HMSTR, SUI, FTT: Top cryptocurrencies to watch this week - 3
FTT 1D chart – Oct. 6 | Source: crypto.news

Amid this uptrend, the Williams Percent Range stands at -32.59, signaling that FTT is near overbought territory but still has room for further gains. 

As it witnesses a 9% retracement this new week, bulls need to defend the Pivot support at $2.01 to prevent a slip into bearish territories. Below this, the next support rests at $1.33, marking lows last seen in two weeks.

Should FTT recover from the latest correction, market participants should watch for a break above the resistance level at $2.68, which continues the bullish momentum.



Source link

Continue Reading

Bitcoin

Whales didn’t sell Bitcoin at $62k, on-chain data shows

Published

on


Bitcoin faces yet another correction after surpassing the $62,000 mark on Oct. 2. However, data shows that whales haven’t taken part in the latest selloff.

Bitcoin (BTC) consolidated around the $60,000 zone between Oct. 1 and 4 as the geopolitical tension between Iran and Israel heated up.

Right after the U.S. jobs report, the flagship cryptocurrency reached a local high of $62,370 on Oct. 5 as the broader crypto market witnessed bullish momentum.

Whales didn’t sell Bitcoin at $62k, on-chain data shows - 1
BTC price – Oct. 6 | Source: crypto.news

Bitcoin declined by 0.2% in the past 24 hours and is trading at $61,950 at the time of writing. Its daily trading volume plunged by 53% and is currently hovering at $12.2 billion.

According to data provided by IntoTheBlock, large Bitcoin holders recorded a net inflow of 205 BTC on Oct. 5 as the outflows remained neutral. The on-chain indicator shows that whales didn’t sell Bitcoin as its price surpassed the $62,000 mark.

Whales didn’t sell Bitcoin at $62k, on-chain data shows - 2
BTC whale net flows – Oct. 6 | Source: IntoTheBlock

Meanwhile, Bitcoin’s whale transaction volume decreased by 48% on Oct. 5 — falling from $48 billion to $25 billion worth of BTC. Lower trading and transaction volumes usually hint at price consolidations and lower volatility.

Data from ITB shows that Bitcoin registered a net outflow of $153 million from centralized exchanges over the past week. Increased exchange outflows suggest accumulation as the bullish expectations for October rise.

It’s important to note that macroeconomic events and geopolitical tension can suddenly change the direction of financial markets, including crypto.



Source link

Continue Reading

artificial intelligence

AI Tokens Lead Crypto Rebound Amid Strong U.S. Economy

Published

on




Bitcoin may have bottomed at $60,000 earlier this week, and the Fed easing into a strong economy points to more upside, Will Clement said.



Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon