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BTC$28 487.09

0.01%

Ethereum
ETH$1 820.99

-0.18%

Tether
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Bitcoin dips below $50K as Evergrande defaults on US dollar debt


09 Dec 2021

#Bitcoin

Fresh panic over Evergrande appears to have a limited impact on cryptocurrency markets. Bitcoin (BTC) kept $50,000 as a focus on Dec. 9 as consolidation on BTC/USD continued to avoid last week’s lows. Data from Cointelegraph Markets Pro and TradingView showed the pair acting within a small range around the $50,000 mark overnight, this yet to become firm support.

“A crucial area to hold is that region we’ve touched already at $42K. The close was above $46-47K and I’d prefer not to lose that at all.” “Chop, chop, chop it is for Bitcoin,” Cointelegraph contributor Michaël van de Poppe wrote on the day.

Amid broadly calmer conditions despite macro markets dealing with an unprecedented debt default from China’s Evergrande property giant, analysts thus focused increasingly on longer-term phenomena to gauge Bitcoin price action’s overall health.

“Bitcoin appears on track,” popular Twitter account TechDev summarized Wednesday in an optimistic discussion comparing this year to previous post-halving years 2013 and 2017.

A frequent topic for TechDev, the relationship, conditioned by halving cycles, has survived despite the most recent drawdown from all-time highs totaling 39%. He further agreed with separate analysis from popular trader and analyst Rekt Capital, who late last week highlighted key Fibonacci levels for Bitcoin to hold and reclaim. Despite the similarities between cycles, however, commentators have conceded that this time, Bitcoin will likely take longer to reach its cycle peak, leaving December without a classic blow-off top.

Ether takes aim at BTC pair

Altcoins were similarly calm overnight, with the only standout in the top 10 cryptocurrencies by market cap being Terra’s LUNA token, up 11%. Ether (ETH) was down by 1.2% at the time of writing to just above $4,300 while maintaining almost four-year highs against BTC. For Rekt Capital, $4,384 was the support level to reclaim in order to fuel a retest of ground nearer all-time highs.


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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 59.2% 82 $28 487.09 0.01% 3.89% $550 783 645 841 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70% 61 $1 820.99 -0.18% 5.05% $219 352 245 827 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000239 0.01% -0.05% $79 712 905 402 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 72% 56 $314.97 -0.48% -2.32% $49 729 339 998 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.6% 2 $0.999867 -0.01% 0.02% $32 523 102 126 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 61.2% 85 $0.510598 -5.60% 12.92% $26 386 760 233 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 63.6% 71 $0.080735 -10.29% -1.04% $14 000 412 504 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.2% 41 $0.394316 -2.49% 11.93% $13 699 582 029 ADA 7 days price change
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11 Polygon (MATIC) MATIC Polygon predictions 84% 30 $1.11 -0.96% 3.56% $10 066 655 550 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 81.2% 37 $21.07 0.33% 3.84% $8 124 049 462 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $0.999622 -0.02% 0% $7 554 331 620 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 82.8% 27 $6.31 -0.28% 7.11% $7 392 861 993 DOT 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 87.6% 22 $0.066664 0.88% 5.86% $6 778 146 401 WTRX 7 days price change

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