Crypto
Bitcoin bounces back above $30,000 as investors absorb fallout from Terra
The brand of the Bitcoin cryptocurrency in a window of an workplace constructing within the Mitte district of Berlin, Germany, on Tuesday, Feb. 15, 2022.
Krisztian Bocsi | Bloomberg | Getty Photographs
The worth of bitcoin bounced on Friday and wavered over the $30,000 mark, after dropping to 2022 lows earlier within the week, as shares climbed increased and buyers digested the fallout of Terra’s UST stablecoin.
Bitcoin final traded 5.3% increased at $30,046.85, in line with Coin Metrics. On Thursday it fell as little as $25,401.29, its weakest level since December 2020. In the meantime, ether gained 6.6% and was buying and selling at $2,063.67.
Bitcoin and ether completed their worst weeks since Might 2021, down greater than 15% and 22%, respectively. That is bitcoin’s seventh down week in a row.
Crypto markets have struggled all yr amid the broader market turmoil. Bitcoin, which continues to guide cryptocurrency costs, stays extremely correlated with tech shares, and all three of the most important inventory averages had been increased Friday.
This week has been particularly dire for cryptocurrency buyers as they watched Terra’s UST stablecoin and luna token collapse, which at the very least briefly scared buyers and hit bitcoin costs.
“We’ve quite a lot of close to time period chaos, this has been simply the yr of concern, panic and quite a lot of buyers sitting on their fingers,” Sylvia Jablonski, CEO and CIO of Defiance ETFs advised CNBC.
“Once you get this information now about Terra and the sister coin, luna, crashing, that simply creates this absolute wall of fear,” she added, “and you’ve got the mix of the Fed and relentless market volatility coupled with a lack of confidence in crypto – quite a lot of buyers begin to run for the hills.”
By Friday, nevertheless, bitcoin was again to behaving like an fairness, she added.
Yuya Hasegawa, a crypto market analyst at Japanese bitcoin trade Bitbank, mentioned bitcoin bounced as a result of it handed “the worst a part of the week” – inflation information.
Cryptocurrencies fell with shares this week after the Bureau of Labor Statistics reported client costs for the month of April jumped 8.3%, which was barely increased than anticipated by economists polled by Dow Jones.
“The market glimpsed a bit little bit of hope this week that inflation could have hit the ceiling, and it did it with out the impact of the financial tightening that the Fed determined earlier this month,” Hasegawa mentioned.
$30,000 is a key psychological stage for buyers, as many are experiencing their first huge crypto crash. Till it started to tumble this month, the biggest cryptocurrency by market cap had been drifting between about $38,000 and $45,000 this yr, effectively off its November all-time excessive of $68,982.20.
Technical analysts have mentioned if bitcoin cannot maintain $30,000 it may fall additional nonetheless. Hasegawa mentioned bitcoin may quickly reverse increased.
“Though the market nonetheless wants to totally digest the entire TerraUSD panic, which could possibly be accompanied by capitulation, bitcoin is nearing its backside by way of the timing,” he mentioned.
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Crypto trader Intuitio declared the current market downturn a “bear trap,” comparing it to the 2021 summer bear trap while noting the stronger positions of Bitcoin BTC/USD and Ethereum ETH/USD this time around.
What Happened: Intuitio asserts that the present summer bear trap closely mirrors that of 2021. He points out that the bear trap in 2021 spanned from mid-April to mid-July, lasting three months. He adds that currently, we are two months into a similar bear trap.
| Cryptocurrency | Price (April 15, 2024) | Current Price |
| Bitcoin BTC/USD | $62,919.10 | $62,459.48 |
| Ethereum ETH/USD | $3,066.72 | $2,898.83 |
| Solana SOL/USD | $134.46 | $144.06 |
| Dogecoin DOGE/USD | $0.155273 | $0.1491 |
| Shiba Inu SHIB/USD | $0.00002273 | $0.00002363 |
A significant observation is the pattern in altcoin performance. In 2021, most altcoins dropped by 60-70%, while now they are down about 60%. However, the strength of Bitcoin and Ethereum sets the current scenario apart. In 2021, Bitcoin fell by 55%, but it is now only down 20%. Similarly, Ethereum declined by 65% in 2021 but is only down 30% now.
Intuitio attributes this relative strength to the influence of cryptocurrency ETFs, which have bolstered the two leading cryptocurrencies. He states this as “an amazing sign of strength.”
Reflecting on the aftermath of the 2021 bear trap, where quality altcoins surged 10x from their lows, Intuitio believes a similar rebound is imminent. “Bottom is very close. We are going to pump very soon. And yes, ETH will lift the whole market,” he asserts.
However, he emphasizes that not all assets will perform equally, with some pumping more than others.
Also Read: Crypto Expert Reveals How To Find ‘High-Risk High Reward’ Meme Coins
Why It Matters: Intuitio advises investors to remain focused and strategic, particularly on the fastest meme and AI coins, recommending concentrated bets on a maximum of four coins with big longs. He stresses the importance of the next six months, describing them as crucial for building significant positions in the market.
The trader suggests holding your ground, staying observant, and preparing for a surge in the crypto market. As he puts it, “Hold up your head and keep grinding,” signaling that those who navigate wisely through this bear trap will emerge stronger in the impending market upswing.
However, Former Wall Street Macro Trader Wizard Of SoHo has a different viewpoint on this. He states that it would be the biggest mistake to compare this cycle to 2021. He adds, “That cycle had trillions in stimulus and zero rates injected into the economy. This cycle has had zero new money injection.”
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Trader Nets A 553X Return With Meme Coin Of ‘The Most Memeable Cat On The Internet’
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
North Korea funnelled $147.5 million through the cryptocurrency mixer platform Tornado Cash in March, according to a confidential report by United Nations sanctions monitors reviewed by Reuters.
This illicit activity follows a hack on the HTX cryptocurrency exchange late last year, marking a major case in a broader pattern of North Korean cyber thefts targeting digital currency platforms.
The UN monitors reported to the Security Council sanctions committee that they have been investigating 97 suspected North Korean cyberattacks on cryptocurrency firms from 2017 to 2024, with total stolen funds amounting to approximately $3.6 billion.
The $147.5 million laundered in March was linked directly to the HTX exchange breach, based on data from crypto analytics firm PeckShield and blockchain research firm Elliptic.
In 2024 alone, the monitors have scrutinised 11 cryptocurrency thefts valued at $54.7 million, noting that many of these attacks might have been inadvertently facilitated by small crypto-related companies hiring North Korean IT workers.
These workers, operating abroad, reportedly generate substantial income for the isolated nation, which continues to face severe international sanctions aimed at curbing its nuclear and missile programs.
North Korea, officially known as the Democratic People’s Republic of Korea (DPRK), has been under UN sanctions since 2006.
Despite these measures, the country has continued to find ways to finance its prohibited activities, including through cybercrime and the use of virtual currency mixers like Tornado Cash.
The US sanctioned Tornado Cash in 2022 for allegedly supporting North Korean money laundering activities.
In 2023, two of its co-founders were charged with facilitating over $1 billion in illicit transactions, including for a North Korean cybercrime group.
Virtual currency mixers like Tornado Cash function by blending cryptocurrencies from various users, obscuring the origin and ownership of the funds.
This makes them attractive tools for laundering stolen cryptocurrency.
Lawyers for Tornado Cash co-founder Roman Storm, who pleaded not guilty to US charges in September, did not immediately respond to requests for comment.
The UN sanctions monitors faced a setback when their mandate expired at the end of April due to a Russian veto against its renewal.
Despite this, some monitors submitted incomplete work, including the findings on North Korea’s cryptocurrency activities, to the Security Council’s North Korea sanctions committee.
In addition to cyber theft, the UN monitors have been investigating reports of Russia releasing $9 million of North Korea’s frozen assets and allowing Pyongyang to open an account at a Russian bank in South Ossetia.
This arrangement is reportedly aimed to enhance North Korea’s access to international banking networks.
Furthermore, the monitors observed continued maritime activities suggesting ongoing arms trade between North Korea and Russia.
Ships suspected of carrying weapons have been seen travelling between North Korea’s Rajin port and Russian ports like Vladivostok and Vostochny.
China has also been implicated, with a North Korean vessel reportedly undergoing maintenance at China’s Ningbo port.
The US and its allies have accused North Korea of supplying weapons to Russia for use in the ongoing conflict in Ukraine, a charge both Moscow and Pyongyang deny.
However, both nations have committed to deepening their military cooperation.
In an additional report last month, UN monitors confirmed that debris from a missile that landed in Kharkiv, Ukraine, in January was from a North Korean Hwasong-11 series ballistic missile.
This highlights North Korea’s ongoing missile development and potential involvement in global conflicts.
North Korea’s evasion of UN sanctions continues to be a significant issue.
The monitors documented 208 voyages by North Korean cargo ships suspected of offloading coal in Chinese waters, often through ship-to-ship transfers.
Chinese Coast Guard vessels were observed in proximity to these transfers, raising questions about enforcement and compliance with international sanctions.
The Chinese mission to the UN did not immediately respond to requests for comment on these findings.
(With inputs from Reuters)
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