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Cryptocurrency

Bitcoin suffers worst drop since March 2020

Bitcoin traded at $33,832.77 with a daily trading volume of $100.2 billion and is down 16.08% for the day.

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A large number of crypto investors are presently cashing out at record levels amid a significant drop in the value of Bitcoin. The world’s most popular crypto asset dropped as much as $8,000 at the start of Monday’s trading session.

This is the worst daily plunge sighted in the dominant crypto asset since March 2020.

READ: Bitcoin running out of steam

What you should know: At the time of drafting this report, Bitcoin traded at $33,832.77 with a daily trading volume of $100.2 billion. Bitcoin is down 16.08% for the day. It presently has a market value of $629 billion.

Also, Scott Minerd, the Global Chief Investment Officer of Guggenheim Partners spoke on the recent bias coming to play at Bitcoin’s price action;

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“Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.”

READ: Ethereum investors have gained 51% in 2021 alone

However, amid the high sell-offs sighted in the crypto-verse, recent data governing wallet balances from Glassnode an advanced crypto analytic firm revealed that major crypto investors with at least 1000 Bitcoins are buying from these price dips in play at Bitcoin’s market.

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READ: Crypto entity moves $511 million worth of Bitcoin for a $41 fee

Addresses with more than 1k $BTC continue growing at the expense of all others–even as this most recent downturn is taking effect. While you were selling, whales were gobbling up your Bitcoin…

Meanwhile, a leading United Kingdom’s financial regulator, the Financial Conduct Authority, recently issued a piece of stern advice on crypto investments amid a major strong bearish trend coming to play.

READ: Former Presidential aspirant withdraws $1 billion lawsuit against Twitter founder

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The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public there were high chances all their funds could be lost;

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  • The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
  • Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

4 cryptos gain over 400% in a month, far outperforming Bitcoin

Ramp Defi, Telcoin, Parsiq and DeFiChain have had their value surge by more than 400%.

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4 cryptos gain over 400% in a month, far outperforming Bitcoin

Four crypto assets have had their value surge by more than 400% while significantly outmatching the flagship crypto asset, Bitcoin, amidst a relatively bullish trend in play.

CryptoDiffer, a crypto information company, disclosed such data on its Twitter feed.

READ: List of Cryptos outperforming Bitcoin, with weekly gains of over 100%

READ: Bitcoin on rampage, now worth over N10 million

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Staking platform, Ramp Defi (RAMP), had rallied by more than 465% for the last month by January 15th, coupled with outperforming Bitcoin by 5 times.

The crypto asset traded around $0.04 on December 16th before exploding to an all-time high of $0.28 on January 13th, according to Coinmarketcap.

READ: Pension funds take up investing in Bitcoin

  • Telcoin (TEL) is the second crypto-asset on the list printing monthly gains of about 418% and also outperforming Bitcoin by 4.3 times.
  • TEL continues to surge as it is presently trading around $0.001 from $0.00016 on December 16th.

The third crypto asset eclipsing Bitcoin in monthly returns is the blockchain transaction tracking protocol known as Parsiq (PRQ). PRQ had gained 414% in 30 days and exceeded BTC’s performance by 4.2 times.

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READ: Ripple on steroids, up 11%

  • Recent data show that it’s on an impressive bullish run, printing a new all-time high of $1.78 on January 16th from $0.18 on December 16th.

The fourth digital currency is known as DeFiChain (DFI) printing gains of a 401% surge.

  • The crypto that helps its users with seamless access to Defi services has also outmatched Bitcoin by 4.1times within a month
  • DFI is presently trading at $2.64 after surging from $0.53 on December 16th.

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Cryptocurrency

Crypto investors lose $530 million within a day

The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in a single day.

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Bitcoin, Bitcoin running out of steam

These are surely bad times for many crypto investors on the account that roughly $530 million worth of Crypto positions disappeared into thin air within a day.

The mass liquidation of such trading positions, according to data retrieved from Bybt.com, showed such occurred before the flagship crypto dipped around $34,000 today.

READ: Betting on Bitcoin is better than investing in PayPal, Google, Facebook, Amazon

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What this means

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Over the past day, Bitcoin, with the highest dominance rate in the crypto market gained 7% when it moved from $35,500 to nearly $38,000, taking into consideration future demand for the crypto asset could skyrocket.

  • However high sell-offs gained momentum immediately Bitcoin touched $38,000 value amid several large sell orders placed around that price.
  • The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in 24 hours.

READ: Bitcoin, Cardano, Polkadot, Ethereum suffer heavy losses over proposed regulations

What they are saying

A highly respected crypto expert, Ki-Young Ju, disclosed the ongoing activity in the ever-volatile Crypto market on his Twitter feed, by critically hinting that buying pressure has paused in recent days.

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  • “People trade $BTC with low leverage, open interest is skyrocketing, and the long-short ratio looks neutral. Strong on-chain buying signals that have driven this bull market hasn’t come up so far. Bitcoin might retest 30k, so I don’t have any position now in this uncertain market.”

READ: Investor moves $1 billion for $7 fee on Ethereum Blockchain

READ: Everything you need to know about Crypto Trading

At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control, as Bitcoin fluctuated around $34,800.

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Sequel to the sudden correction seen in the Bitcoin market lately, it had been in on a bullish run relatively.

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READ: Crypto market breaks past $1 trillion for the 1st time in history

Some days ago, leading the United Kingdom’s financial regulator, the Financial Conduct Authority, recently issued a piece of stern advice on crypto investments
The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public there were high chances all their funds could be lost;

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“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”

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Cryptocurrency

$128 million worth of Bitcoin exchange hands, Bitcoin drops to $36,100

Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion, down 0.49% for the day.

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Bitcoin, 5 major reasons it's good to buy Bitcoin

Large crypto entities are definitely up to something with the prevailing bullish trend at the world’s flagship crypto. Before dropping to $36,100, an unknown Bitcoin whale moved about $128 million worth of cryptos.

Data retrieved from Whale alert, an advanced crypto tracker, revealed recently, that a large entity transferred 3,510 BTC valued at $128.3 million from an unknown wallet to an unknown wallet.

READ: Bitcoin’s market value can reach $600 billion – JP Morgan Chase

READ: Bitcoin more valuable than any global bank

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At the time of writing this report, Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion. Bitcoin is down 0.49% for the day.

  • While it is difficult to predict market movements, large owners of Bitcoins have shown historically that they often determine the BTC trend.
  • The timing of this movement suggests that such activity could be linked to an institutional investor amid the bias that of late, a lot of institutional players are flocking into the world’s flagship crypto market at unprecedented levels.

READ: Polkadot fast-rising Crypto, jumps past XRP

What you should know

  • In the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
  • The flagship cryptocurrency is mainly decentralized, the first of its kind, and created by Satoshi Nakamoto. It was launched around January 2009.

READ: You can now buy Bitcoin, Ethereum, Uniswap through Apple Pay

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