Bitcoin
BTC$64 281.02

-0.74%

Ethereum
ETH$3 503.03

-0.11%

Tether
USDT$0.999382

0.01%

Binance Coin
BNB$583.59

-0.50%

Solana
SOL$134.72

1.24%

USD Coin
USDC$0.999969

0%

A new round of crypto market mistrust


01 Aug 2023

#Bitcoin

The crypto market has been selling off since Tuesday morning, losing 1.7% to 1.17 trillion in 24h. Bitcoin is down 1.6%, Ethereum is down 1.75%, while the top altcoins are losing between 0.9% for BNB and 3.7% for Solana. The reason for the pressure is the collapse of Curve (CRV) amid a possible liquidation of the position of the company's founder, who pledged CRV to buy USDT. However, the story impacts the broader altcoin market and reduces confidence in the sector.

The risk-off pull mode has further clouded Bitcoin's technical picture. After bouncing back to $28.8K, BTCUSD took a step back from the 50-day moving average, which has been acting as support since last Monday. Without any sudden positive news, the main scenario is a decline to $28K (50% of June's upside amplitude). However, it is more likely that no significant demand will emerge at this level and that the price will retreat to $27,000, the lower boundary of the rising channel from November, where the 200-day average is passing.

In terms of seasonality, August is considered unfavourable for BTC. Over the past 11 years, bitcoin has only ended the month higher five times and lower seven times. The average gain was 26%, and the average loss was 16%.

News background

According to CoinShares, investments in crypto funds fell by $21 million last week, the second week of outflows after four weeks of active investment. Bitcoin investments decreased by $19 million, and Ethereum investments by $2 million. George Milling-Stanley, chief gold investment strategist at State Street Global Advisors, says Bitcoin cannot be called a substitute for gold because of the risk of significant losses.

The US Securities and Exchange Commission (SEC) has sued Richard Hart, founder of HEX, PulseChain and PulseX, for allegedly selling unregistered securities. According to the SEC, the businessman has raised over $1 billion through token sales of the three projects since 2019.

CoinGecko published a study showing the banking sector's growing interest in the crypto market. Over half of the top 50 banks already use exchanges to buy Bitcoin and other crypto assets. Bendigo Bank, one of Australia's largest banks, has banned its customers from transferring funds to crypto exchanges to protect them from the risks of fraud and scams.


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Bitcoin unlikely to end correction
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Bitcoin looks set to take a severe dive
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Bitcoin set for a deeper correction
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Bitcoin falls under pressure
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Bitcoin sticks to bull trend on banks' woes

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 88.8% 17 $64 281.02 -0.74% -2.87% $1 267 309 855 276 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 83.6% 22 $3 503.03 -0.11% 0.57% $428 336 932 629 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999382 0.01% -0.01% $112 821 536 179 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 81.6% 26 $583.59 -0.50% -3.16% $86 118 467 479 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 72% 62 $134.72 1.24% -6.22% $62 241 107 190 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.2% 3 $0.999969 0% 0% $32 729 450 112 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 82.8% 33 $0.488000 -0.20% 2.68% $27 141 690 253 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 62.8% 76 $0.124225 -0.04% -8.03% $17 988 814 267 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 69.6% 59 $7.10 -0.48% -12.07% $17 464 050 127 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 72.4% 61 $0.376540 -2.50% -8.29% $13 456 943 133 ADA 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 63.6% 73 $27.28 -1.70% -9.96% $10 740 352 979 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 55.6% 94 $0.000018 -0.57% -11.10% $10 569 562 911 SHIB 7 days price change
13 TRON (TRX) TRX TRON predictions 95.2% 1 $0.118022 1.14% 1.42% $10 296 940 484 TRX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 91.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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