Bitcoin
BTC$26 880.37

-0.11%

Ethereum
ETH$1 862.41

0.18%

Tether
USDT$1.000168

-0.02%

Binance Coin
BNB$304.82

-0.27%

USD Coin
USDC$1.000069

0%

XRP
XRP$0.504767

-0.22%

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 91.2% 10 $26 880.37 -0.11% 2.52% $521 207 950 673 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90% 5 $1 862.41 0.18% 4.02% $223 946 300 992 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000168 -0.02% 0.03% $83 236 325 280 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 96% 1 $304.82 -0.27% 0.25% $47 508 351 019 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000069 0% 0.02% $28 856 163 592 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 79.6% 37 $0.504767 -0.22% 12.47% $26 239 506 800 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 92.4% 10 $0.364637 -2.18% 2.22% $12 719 876 147 ADA 7 days price change
8 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
9 Dogecoin (DOGE) DOGE Dogecoin predictions 86% 17 $0.071674 0.64% 2.29% $10 004 786 652 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 82.4% 35 $0.892550 0.70% 1.16% $8 282 393 470 MATIC 7 days price change
11 Solana (SOL) SOL Solana predictions 82.4% 29 $20.68 0.89% 7.46% $8 201 498 865 SOL 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 81.6% 37 $0.075037 -0.51% -3.01% $7 629 482 435 WTRX 7 days price change
13 Litecoin (LTC) LTC Litecoin predictions 77.6% 37 $94.96 6.81% 12.21% $6 936 825 862 LTC 7 days price change
14 TRON (TRX) TRX TRON predictions 82.8% 33 $0.075005 -0.50% -3.12% $6 766 858 517 TRX 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90.8% 10 $5.23 -1.01% -0.14% $6 224 782 114 DOT 7 days price change

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