Bitcoin
BTC$63 464.16

-4.40%

Ethereum
ETH$3 111.33

-4.92%

Tether
USDT$0.999507

-0.09%

Binance Coin
BNB$606.03

-0.72%

Solana
SOL$143.73

-9.44%

USD Coin
USDC$0.999988

-0.01%

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 82.8% 27 $63 464.16 -4.40% 2.09% $1 249 609 254 284 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72% 50 $3 111.33 -4.92% 2.96% $379 732 070 134 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.999507 -0.09% -0.11% $110 409 078 951 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 83.6% 19 $606.03 -0.72% 11.89% $89 443 047 064 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 68.4% 71 $143.73 -9.44% 7.83% $64 254 007 873 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.6% 2 $0.999988 -0.01% 0% $33 434 777 875 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 67.6% 62 $0.516465 -4.83% 5.07% $28 472 296 020 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 67.6% 60 $0.149139 -7.77% 2.03% $21 480 346 979 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 66.4% 66 $5.24 -8.88% -14.53% $18 180 891 079 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 64% 72 $0.466880 -6.14% 4.60% $16 636 752 951 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 60.8% 82 $0.000025 -8.68% 12.38% $14 632 939 280 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 68% 68 $34.91 -10.17% 1.85% $13 196 565 753 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 88% 19 $0.115485 1.40% 6.36% $10 113 406 740 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 85.6% 21 $0.115421 1.40% 6.64% $10 107 809 147 TRX 7 days price change

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