Bitcoin
BTC$66 008.53

0.43%

Ethereum
ETH$3 550.56

4.03%

Tether
USDT$0.999516

-0.01%

Binance Coin
BNB$605.24

1.60%

Solana
SOL$144.26

1.67%

USD Coin
USDC$1.000068

0%

Bitcoin falls under pressure


10 May 2023

#Bitcoin

The total capitalisation of the cryptocurrency market fell by 2% to $1.14 trillion over the last 24 hours. Over the same period, bitcoin lost 2.6%, Ethereum lost 1.7%, and the top 10 altcoins lost between 1.4% (BNB) and 5% (Polygon). Bitcoin lost around $1500 on Monday to $28.5K amid rumours of a possible collapse of Binance. The world’s largest cryptocurrency exchange twice suspended BTC withdrawals due to network congestion.

The technical picture shows local victory for the bears, as the sharp drop in price started from the downside resistance that has been in place since the middle of last month. In a strong move, the price broke below the 50-day moving average for the first time since March 13th. The price is testing support near $27K, from which the coin has been rallying for the past two months.

Fees on the Bitcoin network hit a record high on May 8th. In some cases, transaction fees on the BTC blockchain exceeded $10K, with block 788762 setting the record for the day costing $15,834. The BTC network processes around seven transactions per second and cannot quickly confirm payments when users are active, causing queues to form.  According to CryptoQuant, users withdrew over 195,000 BTC (over $5.6 billion) from Binance in one day. In addition, according to Bloomberg, the US Department of Justice has launched an investigation into the exchange, suspecting it of violating sanctions against Russia.

News background

YouTube analyst Jason Pizzino said that negative news failed to stop Bitcoin’s rally after a strong bearish signal after the $20K breakout failed in early March. He believes BTC should soon be in the $32K to $42K range. According to Validus Power, investment in bitcoin, gold and real estate can protect investors against losses related to the banking crisis.

The total capitalisation of the cryptocurrency market fell by 2% to $1.14 trillion over the last 24 hours

The prime minister of Liechtenstein said the country would allow citizens to pay for public services using Bitcoin. He also did not rule out the possibility of the state investing some of its reserves in BTC. Famous investor and head of Berkshire Hathaway, Warren Buffett, said that people’s loss of confidence in the dollar does not mean that Bitcoin will become a global reserve currency. Argentina’s central bank has banned the sale of cryptocurrencies through payment applications. The regulator said it was trying to reduce the financial risks that transactions in digital assets could pose.


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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 89.2% 16 $66 008.53 0.43% -4.83% $1 301 189 948 082 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.8% 41 $3 550.56 4.03% -3.37% $423 949 263 016 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $0.999516 -0.01% -0.04% $112 505 427 241 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 80% 33 $605.24 1.60% -11.74% $89 323 205 919 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 81.2% 28 $144.26 1.67% -9.41% $66 605 969 054 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 95.2% 3 $1.000068 0% -0.01% $32 444 207 431 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 80.8% 27 $0.492103 4.73% -0.12% $27 346 377 385 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 77.2% 49 $0.136226 2.14% -6.70% $19 715 144 237 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 70.8% 51 $7.89 -1.96% 11.78% $19 184 251 963 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 82.4% 29 $0.412486 1.85% -5.10% $14 736 231 398 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.2% 94 $0.000021 3.27% -11.23% $12 162 359 944 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 77.2% 49 $30.00 1.40% -6.81% $11 797 861 230 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 93.2% 1 $66 130.63 0.61% -4.68% $10 133 575 688 WBTC 7 days price change
15 TRON (TRX) TRX TRON predictions 85.6% 19 $0.115323 -0.57% 0.39% $10 065 733 271 TRX 7 days price change

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