Crypto

Top cryptocurrency prices today: Terra halves investor wealth; Bitcoin, Shiba Inu, Solana tank up to 17%

Published

2 years ago

May 10, 2022

Top cryptocurrency prices today: Terra halves investor wealth; Bitcoin, Shiba Inu, Solana tank up to 17%

New Delhi: There was a massacre within the crypto market on Tuesday as high crypto tokens worn out as much as half of the traders’ wealth in only a few hours. Traders rushed to promote digital property as if there was no tomorrow.

The euphoria over cryptocurrencies led by wider adoption, rising institutional curiosity and consciousness of blockchain initiatives has fizzled out and is now being changed by concern of upper rates of interest, geopolitical turmoil and a looming recession.

Barring the dollar-pegged secure cash, all main crypto tokens and altcoins had been bleeding. Terra tanked over 49 per cent, wiping off half of the investor wealth, whereas Shiba Inu’s 17 per cent drop pulled it out from the top-15 crypto tokens.

Bitcoin slumped about 10 per cent to hit 10-month lows, whereas Ethereum dropped one other 8 per cent. Solana, Cardano, Avalanche, BNB plunged within the vary of 12-16 per cent every.

The worldwide cryptocurrency market cap was buying and selling sharply decrease on the $1.42 trillion mark, falling about 8 per cent within the final 24 hours. Nevertheless, the entire cryptocurrency buying and selling quantity zoomed about 85 per cent to $181.90 billion.

What’s cooking in India

In what may additional dampen the temper of crypto traders within the nation, the products and companies tax (GST) council is mulling a 28 per cent tax on cryptocurrencies, at par with the present GST on casinos, betting and lottery, a number of media studies claimed.

The companies corresponding to crypto mining together with gross sales and purchases are more likely to entice the 28 per cent GST if the proposal goes via within the subsequent GST assembly, based on studies. The date of the subsequent GST assembly is but to be finalised.

Professional take

Bitcoin examined its help on the $30,000 stage yesterday, which is the bottom since July 2021. It broke its short-term uptrend and now’s seeing decrease help between $27,000 to $30,000, mentioned Edul Patel, CEO & Co-founder, Mudrex

Ethereum additionally hit a two-month low on Tuesday, he added. “Most cryptocurrencies have dipped considerably for the reason that previous week following a hike in rates of interest and geopolitical tensions on the opposite facet. The approaching days could be

for the whole crypto spectrum.”

International updates

There was a shocking quantity of inflows to digital-asset funds, the primary time cash got here into the funds in 4 weeks. This got here regardless of a plunge in costs for bitcoin (BTC) and most different cryptocurrencies.

Cryptocurrency trade Coinbase International, Inc. (COIN) will proceed to face headwinds as the corporate is ready to report first-quarter earnings on Tuesday after the market shut.

Meta CEO Mark Zuckerberg mentioned in a video Monday that Instagram will start testing non-fungible token (NFT) integrations this week.

Luna Basis Guard (LFG) will lend $1.5 billion in bitcoin (BTC) and terraUSD (UST) to defend the peg of its algorithmic stablecoin to the US greenback.

Tech View by Giottus Crypto Change
Ethereum, the second-largest crypto by market cap, has been falling together with the remainder of the market. From a latest excessive of almost $3,600, it now trades at barely above $2,200. Nevertheless, this 40% drop isn’t as unhealthy as it might look.

ETH has proven outstanding resilience given it has not misplaced worth versus BTC, with the ETH/BTC pair nearly buying and selling in a good vary since April. Whereas it rejected from a key resistance stage of 0.075, its value motion represents a bullish image for ETH, which is able to seemingly bounce sooner as soon as the market resumes a bullish sentiment.

ET CONTRIBUTORS

When it comes to greenback worth, whereas ETH has misplaced an necessary help stage close to the $2,400 stage and likewise a long-term help development line, it nonetheless has a key stage at $2,160 developing that ought to put the brakes on additional draw back.

Submit that, ETH might want to deal with $2,400 once more and the psychological stage of $2,500. This could align properly with BTC at $33,300 – which is a comparatively modest goal for a reduction rally for the largest cryptocurrency, ought to it arrive.

Main ranges:
Help: $2,200, $2,160

Resistance: $2,380, $2,500

(Views and proposals given on this part are the analysts’ personal and don’t signify these of ETMarkets.com. Please seek the advice of your monetary adviser earlier than taking any place within the asset/s talked about.)

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Crypto

Is The Bitcoin Price Correction Over? Here’s The Support Level To Watch

Published

37 mins ago

June 29, 2024

Press Room

Is The Bitcoin Price Correction Over? Here’s The Support Level To Watch

The Bitcoin price suffered significant bearish pressure over the past week, dragging down alongside it a large portion of the general crypto market. The premier cryptocurrency tumbled as low as $59,500 at some point in the week — its lowest in nearly two months.

While investors will be hoping that the worst is over, it is difficult to determine whether BTC is ready to resume its bullish run. In any case, a prominent crypto intelligence firm has identified a price level critical to the future trajectory of the Bitcoin price.

$56,000 The Ultimate Support Level For Bitcoin: CryptoQuant

In a recent report, the blockchain analytics platform CryptoQuant put forward an interesting prognosis for the price of Bitcoin over the coming days. According to the firm, the $56,000 price level is an important level to the future performance of the premier cryptocurrency.

The relevant indicator here is Metcalfe price valuation bands, which pinpointed resistance levels and tops in the previous cycle. However, as shown in the chart below, these bands (the red line) acted as a critical support area in May.

NewsBTC

For context, the Metcalfe Law states that the value of a network is proportional to the square of the number of its users. Basically, this law suggests that the value of the cryptocurrency (Bitcoin) is intrinsically linked to the size and activity of its network.

The Metcalfe price valuation bands are derived from this principle, providing a valuation framework associated with the network effect. These bands create a range of price levels that evaluate where Bitcoin should theoretically trade based on the network fundamentals.

Historically, these bands have acted as both reliable resistance and support levels in different market cycles. In recent months, the $56,000 level has been a pivot point for the indicator, providing a strong support for the Bitcoin price in May.

According to CryptoQuant’s report, the price level might prove to be vital should the premier cryptocurrency face additional downward pressure. However, if the Bitcoin price dips below this level, the market leader could experience a major correction.

Bitcoin Price At A Glance

As of this writing, the Bitcoin price has returned to around the $60,700 mark, reflecting a 2% decline in the last 24 hours. The coin’s performance on the weekly timeframe is deeper in the red.

According to data from CoinGecko, BTC is down by more than 6% in the past week. Nevertheless, the cryptocurrency ranks as the largest asset in the sector, with a market capitalization of over $1.18 trillion.

Crypto

Earning Cryptocurrency with Minimal Investment: A Comprehensive Guide

Published

8 hours ago

June 29, 2024

Press Room

Earning Cryptocurrency with Minimal Investment: A Comprehensive Guide

1. Harnessing the Power of Referral Programs

Let’s kick things off with a strategy that leverages your network: referral programs. Cryptocurrency exchanges and platforms often offer lucrative rewards for bringing new users on board.

KuCoin Affiliate Program: Earn up to 60% of trading fees from referrals.
Trezor Affiliate Program: Earn up to 15% in commission for each referral.
Koinly Affiliate Program: Earn up to 40% in commission for each referral.

2. Searching for Crypto: The Presearch Revolution

Enter Presearch, a decentralized search engine that rewards users with its native token, PST.

Earn 0.25 PST per search
Daily cap of 8 PST
At the time of writing, 1 PST is valued at $0.02

3. Putting Pen to Paper (or Fingers to Keyboard)

If you’ve got a way with words, platforms like Publish0x offer an intriguing opportunity.

Write blog posts on various topics
Earn crypto tips from readers
Even readers can earn a slice of the advertising revenue

4. Shop ‘Til You Drop (and Earn Crypto)

Turn your retail therapy into a crypto-earning opportunity with platforms like:

Lolli: Earn up to 30% back in cash or Bitcoin at over 1,000 stores
StormX: Provides Crypto Cashback ranging from 0.5% to 87.5% at various online retailers

5. Learn and Earn: Education Pays Off

Platforms offering “Learn and Earn” programs:

Coinbase: Earn up to $200 worth of free crypto
Binance
Phemex
CoinMarketCap

6. Engage with Crypto Communities

Forecaster: Create content and interact with others, earning crypto tips and rewards
BountyCaster: Post and redeem bounties for completing specific tasks or achievements

7. Sign-Up Bonuses: Free Crypto for Joining

CoinSmart: Get 15 CAD worth of Bitcoin for signing up and verifying your account
Crypto.com: $25 bonus when you stake at least $400 worth of CRO

8. Crypto Betting Bonuses

In the realm of cryptocurrency, even online betting platforms are getting in on the action. “Crypto betting bonuses explained” is a term you might come across when exploring this niche. These bonuses are incentives offered by crypto-friendly betting sites to attract new users or retain existing ones.

Types of Crypto Betting Bonuses

Welcome Bonuses: Often a match of your first deposit in cryptocurrency.
No Deposit Bonuses: Free crypto to bet with, no deposit required.
Reload Bonuses: Rewards for subsequent deposits.
Cashback: A percentage of losses returned as crypto.

When diving into crypto betting bonuses explained, it’s important to note that these offers often come with terms and conditions, such as wagering requirements or time limits. Always read the fine print and gamble responsibly.

Important Considerations

Bonuses should not be the sole reason for engaging in online betting.
Prioritize responsible gambling practices.
Be aware of the risks involved in both cryptocurrency and online betting.
Terms and conditions may vary significantly between platforms.

Remember, while crypto betting bonuses can seem attractive, they are ultimately marketing tools designed to encourage betting. Always approach such offers with caution and a clear understanding of the associated risks and requirements.

Crypto

21Shares files for permission to offer ETF linked to cryptocurrency Solana

Published

15 hours ago

June 28, 2024

Press Room

21Shares files for permission to offer ETF linked to cryptocurrency Solana

By Suzanne McGee
(Reuters) – Digital assets investment management firm 21Shares filed Friday for permission from U.S. regulators to launch an exchange-traded fund tied to the spot price of crypto token Solana.

It was the second such filing in as many days, following a similar move Thursday by VanEck. The Securities & Exchange Commission approved spot bitcoin ETFs offered by both firms, among others, in January after a long battle. Both VanEck and 21Shares are among the asset managers awaiting SEC approval to launch spot ETFs tied to the price of ethereum, the second-largest cryptocurrency.

The CBOE, the exchange on which both asset managers plan to list Solana ETFs if approved, must still request regulatory approval to change its rules and allow these new products to trade. People involved in the Solana discussions, who declined to be identified because of the confidentiality of the process, said that filing could come within days or weeks. A spokeswoman for CBOE declined to comment.

A third asset manager, Canada’s 3iQ, filed earlier in June for permission from Ontario regulators to list a similar Solana-based product on the Toronto Stock Exchange. Solana is the fifth-largest cryptocurrency measured by market capitalization, according to CoinGecko.

The three filings have combined to drive the price of Solana 9.4% higher in the last seven days, even as the prices of bitcoin and ether dropped 4.6% and 2.8% respectively, according to CoinGecko.

So far, however, no futures contracts on Solana trade on the CME, in contrast to the pattern with both bitcoin and ether. The SEC approved futures-based ETFs tied to both tokens before considering the spot products.

The existence of futures contracts, however, “should not be the sole criterion for ETF eligibility,” said Andrew Jacobson, head of legal at 21Shares.

(Reporting by Suzanne McGee; Editing by Cynthia Osterman)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.