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BTC Slips Below $61K, Altcoins Tumble on PlusToken Related Selloff

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The crypto prices on Thursday sparked a bearish sentiment among market watchers globally. Bitcoin (BTC) price slipped back to the $60K level over the past day, whereas Ethereum (ETH), Solana (SOL), and XRP traded dominantly in the red territory. This waning movement aligns with massive selloffs looming in the wake of the PlusToken scam.

Simultaneously, the global crypto market cap dipped 1.94% in the past 24 hours to $2.13 trillion. Also, the total market volume decreased 2.91% to $67.22 billion. Here’s a brief report on some of the top cryptocurrencies by market cap and their price movements today, October 10.

Crypto Prices Today: BTC, ETH, SOL, & XRP Plunge

The crypto prices today have illustrated a bearish movement in the past 24 hours, raising severe investor concerns globally. BTC price slipped to the $60K level today, whereas ETH, SOL, and XRP cracked 1%-3% in the past 24 hours. The slumping movement comes against the backdrop of sluggish flows in Bitcoin and Ethereum ETFs over the past day. Further, selloffs related to the PlusToken scam have added to bearish concerns and price movements. Also, altcoins have mainly mirrored the broader market trend. Let’s delve deeper into the top coins’ prices today.

Bitcoin Price Today

BTC price chart showcased a nearly 2% dip in value and is currently sitting at $60,852. The coin’s intraday low and high were recorded as $60,314.22 and $62,508.84, respectively. Today’s waning movement comes against the backdrop of $44.47 million outflows in Bitcoin ETFs as of October 9, per Sosovalue data at press time that excludes BITB. Further, even the flagship crypto’s market dominance slipped 0.16% over the past day to 56.59%. BTC’s market cap rested at $1.2 trillion today. Despite the recent buzz echoing with the HBO documentary on BTC creator Satoshi Nakamoto, the coin continues to consolidate.

Ethereum Price Today

ETH price illustrated a drop of over 2% in the past 24 hours and is currently trading at $2,395. The coin’s intraday low and high were recorded as $2,350.95 and $2,469.21, respectively. This slumping movement comes against the backdrop of $0 million net flows in Ethereum ETFs as of October 9, excluding ETHW data. Ethereum’s market cap rested at $288.30 billion today. Meanwhile, the Chinese government appears to be preparing for a massive selloff of 7000 ETH recently sent to exchanges, birthing additional concerns among market participants.

Solana Price Today

Simultaneously, the crypto SOL witnessed a 3% dip in value to reach $140. The coin’s intraday low and high were $137.85 and $144.17, respectively. Solana’s market cap stood at $65.72 billion today. The coin rides along a bearish trend in-sync with the broader market sentiment.

XRP Price Today

Meanwhile, XRP price slipped nearly 1% in the past 24 hours and is currently trading at $0.5272. The coin’s 24-hour low and high were $0.5219 and $0.5339, respectively. XRP’s market cap was recorded to be $29.87 billion today.

Meme Coins Prices Today

Dogecoin (DOGE) price witnessed a nearly 1% fall and is trading at $0.1079 today. Similarly, Shiba Inu (SHIB) price dropped over 2% in value today and is sitting at $0.00001711. In the interim, PEPE, WIF, and BONK prices cracked 3%-5% in the past 24 hours, in line with the broader market trend.

Top Crypto Gainers’ Prices Today

Conversely, some coins have also defied the broader market trend today.

First Neiro On Ethereum Price

NEIRO price soared over 5% in the past 24 hours and is currently sitting at $0.001784. Its intraday low and high were $0.001618 and $0.001912, respectively.

Uniswap Price

UNI price noted gains worth 4% in the past 24 hours and is trading at $7.40. The coin’s 24-hour low and high were $7.08 and $7.42, respectively.

UNUS SED LEO Price

LEO price jumped over 1% to reach $6.06 today. The coin’s intraday low and high were $5.92 and $6.18, respectively.

Top Crypto Losers’ Prices Today

Aptos Price

APT price dipped 8.5% over the past day and is now trading at $8.42. The coin’s intraday low and high were $8.38 and $9.38, respectively.

THORChain Price

RUNE price slipped nearly 7% over the past day and is now sitting at $4.63. Its intraday low and peak were $4.55 and $5.06, respectively.

FTX Token Price

FTT price fell 6% in the past 24 hours and is now trading at $2.18. Its intraday low and high were $2.12 and $2.34, respectively.

Besides, the hourly time frame charts sparked further concerns over the cryptocurrency prices today as BTC slipped by 0.14% and ETH by 0.08%.

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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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Robert Kiyosaki Hints At Economic Depression Ahead, What It Means For BTC?

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2 hours ago

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December 23, 2024

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Rich Dad Poor Dad author Robert Kiyosaki has issued a stark warning while hinting towards an economic depression ahead. In a recent X post, the renowned author said that the global market crash has already started, as he predicted earlier, which indicates that the financial market might enter a “depression” phase. Notably, this comes as the crypto market records immense volatility, sparking concerns over what’s next for Bitcoin (BTC).

Robert Kiyosaki Hints At Economic Depression Ahead

Robert Kiyosaki, in a recent X post, has revealed a stark warning of a looming economic depression. The Rich Dad Poor Dad author warned that a global market crash has already begun, citing Europe, China, and the U.S. as regions facing significant downturns.

In his post, Kiyosaki urged caution, advising individuals to safeguard their finances and maintain their jobs. “Global crash has started. Europe, China, USA going down. Depression ahead?” he asked while emphasizing the enduring value of assets like gold, silver, and Bitcoin. He added, “For many people, crashes are the best times to get rich.”

This warning aligns with Kiyosaki’s earlier prediction of what he called the “biggest crash in history.” Earlier this month, he encouraged his followers to prepare for financial turmoil, stating, “Please be proactive and get rich… before the BOOMER’s go BUST.”

However, this recent comment from Robert Kiyosaki indicates his sustained confidence in BTC. As the crypto market faces heightened volatility, Bitcoin could emerge as a hedge against traditional market instability, he noted. Besides, it also indicates that the flagship crypto, alongside gold and silver, might continue to gain traction amid this economic turmoil.

What’s Next For BTC?

Bitcoin price today has continued its volatile trading, losing nearly 1.5% over the last 24 hours to $95,323. The crypto touched a high and low of $97,260 and $93,690 in the last 24 hours, showcasing the highly volatile scenario in the market.

In addition, the US Spot Bitcoin ETF also recorded significant outflow, with BlackRock Bitcoin ETF witnessing its largest outflux since its launch. This has weighed on the investors’ sentiment, sparking concerns over a waning institutional interest.

However, despite that, many experts remained confident on the asset’s future trajectory. For context, in a recent X post, Peter Brandt shared a new BTC price target, indicating his confidence in the digital asset.

On the other hand, institutions like Metaplanet have also continued to boost their BTC holdings. These moves indicates that the institutions, as well as many investors, are bullish towards the long-term potential of the crypto. Besides, as Robert Kiyosaki said, the recent dip also provides a buying opportunity to investors, which might further boost Bitcoin to its new ATH ahead.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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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Tron’s Justin Sun Offloads 50% ETH Holdings, Ethereum Price Crash Imminent?

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5 hours ago

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December 23, 2024

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Tron founder Justin Sun has been heavily offloading his ETH holdings with Ethereum price crashing 17% following the rejection at $4,000. Over the past 7 days, Sun has offloaded another 50% of his holdings worth $143 million. Market analysts predict that ETH price could further take a dip below $3,000 once again before resuming upside momentum.

Tron’s Justin Sun on ETH Selling Spree

Justin Sun is on a massive Ethereum selling spree since the coin resumed its upward journey after Donald Trump’s election win. This continued even until last week, when Tron founder offloaded $143 million worth of ETH causing Ethereum price to tank over 15% amid the crypto market crash.

Blockchain analytics firm Spot On Chain reported that Justin Sun redeemed 39,999 ETH (valued at $143 million) from liquid staking platforms Lido Finance and EtherFi. He subsequently deposited the entire amount into HTX.

Since November 10, as Ethereum price has trended upward, Sun has deposited a total of 108,919 ETH (worth $400 million) to HTX at an average price of $3,674. Notably, many of these deposits occurred near local price peaks.

Courtesy: Spot On Chain

Spot On Chain also revealed that Justin Sun currently has 42,904 ETH (valued at $139 million) in the process of unstaking from Lido Finance. The Tron founder might potentially send this funds to HTX later.

Ethereum Price Drop Below $3,000 Coming?

With Ethereum price losing its crucial support of $3,500, the market sentiment for the world’s largest altcoin has turned bearish. Last week, crypto market analysts turned bearish on Ethereum expecting the ETH price to drop $2,800 on selloff by whales.

Popular market analyst IncomeSharks stated that it was a “low-volume weekend,” for Ethereum following a volatile week for stocks. The analysts added that it won’t be the right time to sell.

The On-Balance Volume (OBV) indicator, a tool used to gauge buying and selling pressure, remains steady, oscillating within a channel. Recent Ethereum buyers are still in profit, providing some support for the market. However, the below chart shows that there’s still scope for Ethereum to take a dip to $3,000.

Source: IncomeSharks

Prominent crypto analyst “I am Crypto Wolf” also highlighted a bullish outlook with a potential inverse head-and-shoulders (iHS) pattern. According to the analyst, Ethereum price chart is currently forming the “right shoulder” of the iHS continuation pattern.

Source: I Am Crypto Wolf

This setup could provide the momentum needed to surpass the $4,000 resistance and aim for a $10,000 target by May. A breakout is anticipated by the end of January, though a retest of the $3,000 level remains a possibility before the rally takes off, he noted.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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CryptoQuant Hails Binance Reserve Amid High Leverage Trading

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11 hours ago

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December 23, 2024

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Crypto analytics platform CryptoQuant has conducted a deep dive research into Binance and other centralized exchanges to uncover how susceptible they are to liquidity risks. With the crypto ecosystem trading at a very high premium, exchanges require high liquidity to meet growing demands. Of its findings, CryptoQuant singles out Binance and OKX as platforms to watch out for.

What Makes Binance Stand Out from Centralized Exchanges?

According to CryptoQuant, it analyzed the leverage levels of top centralized exchanges. It conducted this exercise to evaluate their liquidity, default risk and how crypto reserves backs trading activity. The analysis also employs leverage ratio calculation to estimate trader’s exposures.

Based on this, the analytics firm singled out Binance as an exchange with robust reserves. The trading platform maintains this reserve despite the significant growth in open interest this year. This is signficant, considering how Binance Futures list new tokens to fuel this expansion including Solana’s Fartcoin.

“Its reserves in Bitcoin, Ethereum, and USDT comfortably exceed its open interest. Binance also reported the lowest and most stable leverage ratio among major exchanges, with a ratio of 12.8 in December 2023, rising slightly to 13.5 in December 2024,” the CryptoQaunt report reads.

As pointed out, this stability and the 2.6x expansion in Bitcoin open interest on the platform from $4.45 billion to $11.64 billion implies that the exchange can handle unexpected liquidations.

As the report hinted, smaller exchanges like OKX also maintain low leverage ratios.

Centralized Exchanges and Avoiding the FTX Saga

In addition to the Binance spotlight, CryptoQuant also mentioned Gate io, Bybit, and Deribit. However, the report noted that these trading platforms have the highest leverage ratios in the market pegged at 106, 86, and 32, respectively. Notably, this figures show open interests for Bitcoin and Ethereum is higher than the existing reserves available on these centralized exchanges.

The analysis concluded by flagging the impact of high leverage trading, one of the major causes of the FTX Derivatives Exchange collapse. This report serves as an eye opener that can help traders manage risk per platforms they trade on.

Meanwhile, FTX is at the tail end of its bankruptcy proceedings. As Coingape reported earlier, FTX has set January 3 as the date to commence creditor repayment.

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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.

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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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