Bitcoin
BTC$19 947.39

3.63%

Ethereum
ETH$1 351.01

3.89%

Tether
USDT$1.000139

0.01%

Binance Coin
BNB$292.38

2.14%

USD Coin
USDC$0.999939

-0.01%

XRP
XRP$0.470361

5.01%

Bitcoin seeks support


10 Aug 2022

#Bitcoin

Bitcoin lost 3.8% on Tuesday, ending it at around $23.2K, and is developing a decline to $22.9 by Wednesday morning. Ethereum has lost 5.6% in the last 24 hours, to $1680. Top altcoins are down 2.5% (BNB) to 7.2% (Solana). Total crypto market capitalisation, according to CoinMarketCap, fell 3.9% overnight to $1.08 trillion.

The recovery in stock indices has choked, but even earlier and more dramatically, these changes have affected Bitcoin and the whole crypto market. Should the decline develop, investors and traders should pay close attention to the 21500 area, where the previous local lows are concentrated.

A dip below that and a decisive return below the 50-day average could well be the start of a new wave of decline that could take the crypto market to new lows. At least, there might be a test of the June-July lows.

News background

According to CoinShares, net capital inflows into crypto funds slowed to $3m last week, with Ethereum accounting for the most investments at $16m. Funds investing in bitcoin lost $8.5m; those allowing shorting it faced $7.5m in outflows. Michael Novogratz, CEO of investment firm Galaxy Digital, expects bitcoin to consolidate in the $20,000-$30,000 range for a while.

Bitcoin seeks support

Circle has blocked 75K USDC on Tornado Cash mixer wallets, which have come under sanctions from the US Treasury. According to the agency, attackers have laundered cryptocurrency worth more than $7 billion since its inception in 2019, with about $0.5 billion linked to the North Korean hackers Lazarus Group.

The Reserve Bank of Australia is working with the Digital Finance Corporate Research Centre (DFCRC) to launch a pilot project to explore options for the practical use of CBDC digital currency.

El Salvador President Nayib Bukele said the legalisation of bitcoin last year contributed to significant growth in the country's tourism. Iran conducted its first import transaction worth $10 million paid in cryptocurrency, bypassing the global financial system restricted by US sanctions.


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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 87.6% 20 $19 947.39 3.63% -1.75% $382 369 238 889 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.6% 82 $1 351.01 3.89% -3.12% $165 698 908 342 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000139 0.01% 0.01% $67 958 881 228 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 15 $292.38 2.14% 2.98% $47 172 398 458 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $0.999939 -0.01% -0.01% $47 033 032 643 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 61.6% 86 $0.470361 5.01% -0.77% $23 471 346 889 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000315 0.10% -0.03% $21 048 857 281 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 74.8% 46 $0.431465 1.94% -5.77% $14 779 010 315 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 87.6% 22 $33.68 3.12% -3.95% $11 960 746 922 SOL 7 days price change
10 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
11 Dogecoin (DOGE) DOGE Dogecoin predictions 88.8% 14 $0.060661 0.82% -3.25% $8 047 931 990 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 65.2% 68 $6.47 2.65% -4.06% $7 260 332 773 DOT 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 67.2% 61 $0.828688 6.82% 5.76% $7 238 024 558 MATIC 7 days price change
14 Dai (DAI) DAI Dai predictions 91.6% 1 $0.999942 0.02% 0.01% $6 786 494 749 DAI 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 93.6% 5 $0.061398 0.40% 1.26% $6 242 711 894 WTRX 7 days price change

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