Bitcoin
BTC$37 887.42

2.19%

Ethereum
ETH$2 050.06

1.43%

Tether
USDT$1.000301

0.03%

Binance Coin
BNB$229.58

1.34%

XRP
XRP$0.611178

1.60%

USD Coin
USDC$0.999723

-0.03%

Crypto market stumbles, losing 5%


08 Nov 2022

#Dogecoin

The crypto market has lost over 5% in the last 24 hours, pushing capitalisation back below $1 trillion. The steep fall in FTT affected Bitcoin and Ether and has pulled a significant market spectrum. Bitcoin is now trading at $19.8K, with the most substantial losses coming in the Asian session, filled with algorithmic traders, pushing the price back to $19.4K at one point. It is noteworthy that a sell-off did not follow the sell-off in the first and second cryptocurrencies in the markets.

Once again, we are forced to guess whether crypto reflects the internal risk attitude of the financial markets or whether we have seen a short-term technical sell-off. In the former case, market sentiment will worsen during the day. In the second, BTCUSD will redeem during the day and further confirm the market's reversal to growth.

According to CoinShares, investments in crypto funds declined last week after a slight increase the previous week. Outflows amounted to $16m compared to inflows of $6m a week earlier. Bitcoin investments fell by $13 million, and Ethereum rose by $3 million. Investments in funds that allow shorts on bitcoin fell by $7 million. Investors have shown a lack of enthusiasm over the past eight weeks, CoinShares noted.

News background

Former MicroStrategy head Michael Saylor called bitcoin a "hope" for Lebanon, whose national currency has fallen 96% against the dollar, and inflation has reached triple digits. The Middle Eastern country has been in a deep financial crisis since 2019. Twitter's new owner, Elon Musk, plans to postpone temporarily or entirely shut down the development of some of the projects announced by the previous administration, including, reportedly, work on a cryptocurrency wallet. The news has hurt Dogecoin, which has been growing in hopes of becoming the social network's digital currency.

According to Reuters, UK bank Santander will block transactions on cryptocurrency exchanges in 2023 to protect consumers from fraud. Mining companies are being forced to sell off cryptocurrency mining equipment at a massive discount to cover losses from a falling market, The Wall Street Journal reported.


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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 94% 7 $37 887.42 2.19% 4.10% $740 914 703 934 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76% 50 $2 050.06 1.43% 5.57% $246 506 860 729 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000301 0.03% 0% $88 925 672 826 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 83.2% 25 $229.58 1.34% 0.61% $34 826 645 047 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 74.4% 42 $0.611178 1.60% 5.44% $32 891 765 662 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999723 -0.03% -0.01% $24 527 694 579 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 59.2% 87 $57.87 5.81% 12.26% $24 503 935 560 SOL 7 days price change
8 Cardano (ADA) ADA Cardano predictions 71.6% 62 $0.384113 2.50% 6.35% $13 558 501 012 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74.8% 48 $0.080192 2.84% 12.17% $11 388 879 677 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 TRON (TRX) TRX TRON predictions 82.8% 27 $0.103213 1.12% 7.03% $9 139 931 162 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.4% 30 $0.102906 0.58% 6.65% $9 112 741 438 WTRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 81.6% 31 $2.45 0.16% 5.46% $8 405 695 668 TON 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 63.6% 69 $14.48 2.92% 6.94% $8 065 328 705 LINK 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 58.8% 86 $20.54 1.70% 7.11% $7 497 665 518 AVAX 7 days price change

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