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Cryptocurrency

Red Sunday: Crypto market drops $70 billion in value as Bitcoin, Ethereum, Litcoin tumble

The downward trend gained momentum immediately after the flagship crypto touched below the $45,000 value.

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The prevailing market volatility at the crypto market led to heavy losses of global investors’ funds when roughly $70 billion worth of crypto positions evaporated into thin air within a day.

The downward trend gained momentum immediately after the flagship crypto touched below the $45,000 value amid several large sell orders placed around that price.

Crypto pundits alike breathed a sigh of relief during the week when Bitcoin managed to retake $50,000 — with some proclaiming that the asset had experienced “healthy correction.” But this narrative proved shaky when BTC plunged yet again on Friday to lows of $44,500. Other top Crypto assets including Ethereum, Litecoin were down more than 8%.

READ: Crypto: Investors get liquidated, lose $1.6 billion within a day

It’s key to note that most crypto assets are  often volatile because of their high use for financial gain and speculating advantages used by global investors and crypto traders.

As such, individuals and hedge funds sell and buy Bitcoin as they wouldn’t do for any other financial asset (stocks, bonds) with regulatory limitations.

The Crypto market had suddenly become overheated and record sell-offs began leading traders to lose about $2 billion.

  • The global crypto market cap is $1.37 Trillion, a 5.66% decrease over the last day.
  • The total crypto market volume over the last 24 hours is $127.95 Billion, which makes a 19.38% decrease.
  • The total volume in DeFi is currently $9.80 Billion, 7.66% of the total crypto market 24-hour volume.
  • The volume of all stable coins is now $105.38 Billion, which is 82.36% of the total crypto market 24-hour volume.
  • Bitcoin’s dominance is currently 61.28%, an increase of 0.17% over the day.

READ: Bitcoin’s bloodbath leads crypto market drop by $120 billion

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Sigma Pensions

At the time of writing this report, the flagship Crypto traded at $45,146.03 with a daily trading volume of $46.8 Billion. Bitcoin is down 5.37% for the day.

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

That being said, Nairametrics advises cautious buying in this fast-growing financial asset, as high market liquidity can expose you to significant losses and loss of funds. It’s highly recommended you seek advice from a certified financial advisor when buying these crypto assets.

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

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Cryptocurrency

Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

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$700 million worth of Bitcoin moved by an unknown identity

Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC

The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

Sigma Pensions

READ: Why Bitcoin is still going up

During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

Stanbic 728 x 90

READ: FG moves to recover N5.2 trillion debt owed by firms, individuals

 

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Cryptocurrency

XRP surges by 150% in 7 days as Ripple posts early victories against SEC

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

READ: XRP stands firm, investors wait on Ripple’s legal outcome

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

Sigma Pensions

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