Bitcoin
BTC$26 369.00

0.56%

Ethereum
ETH$1 605.70

0.98%

Tether
USDT$0.999243

-0.03%

Binance Coin
BNB$212.12

-0.04%

XRP
XRP$0.499643

-0.38%

USD Coin
USDC$1.000070

0.01%

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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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 92% 4 $26 369.00 0.56% -2.24% $514 139 107 500 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 94% 6 $1 605.70 0.98% -0.76% $193 061 640 768 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.999243 -0.03% -0.08% $83 208 140 396 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 4 $212.12 -0.04% -0.98% $32 634 766 460 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 89.6% 8 $0.499643 -0.38% -3.01% $26 637 136 198 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000070 0.01% 0.01% $25 484 391 434 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 88.8% 20 $0.085255 1.04% 0.78% $8 668 426 443 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 92.4% 8 $0.244488 -0.17% -2.71% $8 588 498 037 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 93.6% 6 $0.060603 -0.04% -3.05% $8 556 370 845 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 88% 22 $19.27 1.43% -3.80% $7 951 021 232 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 86% 18 $0.085514 0.55% 1.15% $7 618 867 556 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 59.2% 84 $2.15 1.29% -10.03% $7 364 651 373 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 92.4% 1 $0.999758 0.03% 0.06% $5 346 596 495 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 88.8% 11 $4.00 -0.05% -3.40% $4 930 596 420 DOT 7 days price change

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