Bitcoin
BTC$17 058.33

0.06%

Ethereum
ETH$1 266.25

0.01%

Tether
USDT$1.000063

0%

Binance Coin
BNB$289.87

0.04%

USD Coin
USDC$0.999979

0%

Binance USD
BUSD$1.000081

-0.05%

If the fork is unsuccessful, ETH could fall sharply but hold above $800


19 Aug 2022

#Ethereum

Bitcoin was almost flat on Thursday but started Friday with a 6% plunge, momentarily dropping to $21.5K. Ethereum is losing 4.5% overnight to $1760. Leading altcoins are down 7% (XRP) to 12% (Solana). Total crypto market capitalisation is down 4.2% to $1.07 trillion, according to CoinMarketCap. Bitcoin's fall below $22.5K is a formal break of the upward corridor of the past two months, as a sequence of increasingly higher local lows is broken. Currently, BTCUSD is testing the 50-day moving average, which could act as an uptrend indicator.

Bitcoin failed to hold, testing key levels again

The current dip has made the fight for the 200-week average, which is now near $23K, relevant again. Closing the week below this level risks triggering another round of liquidation. Altcoins are losing even more significantly, reflecting a dramatic shift in enthusiast sentiment from cautious buying to simultaneously locking in quick profits across a wide range of coins.

Additionally, the weakening of global equity indices and the deteriorating macroeconomic backdrop is worrying factor. At the same time, the crypto market is no longer oversold but not yet attractive to long-term investors.

We believe we will see similar sharp market movements again in the coming months.

News background

Arthur Hayes, former head of crypto exchange BitMEX, talked about two scenarios after Ethereum moves to the Proof-of-Stake (PoS) mining algorithm. If the fork is unsuccessful, ETH could fall sharply but hold above $800. If the merger is successful, an ETH rally should be expected, although it may be delayed, as in the case of bitcoin halving.

Ethereum moves to the Proof-of-Stake (PoS) mining algorithm

Korean authorities are investigating 16 crypto exchanges that are accused of breaking local laws and providing digital asset trading services to Korean citizens. Tether, the issuer of the largest USDT stablecoin by capitalisation, has announced a partnership with accounting firm BDO Italia. Tether plans to move from reporting quarterly financial results to monthly reporting.


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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 84.4% 17 $17 058.33 0.06% 0.44% $327 969 673 009 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 80.4% 28 $1 266.25 0.01% -0.56% $154 956 271 042 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000063 0% 0.04% $65 689 347 584 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 44 $289.87 0.04% -4.43% $46 370 691 955 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999979 0% -0.02% $43 034 372 975 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000081 -0.05% -0.07% $22 101 869 687 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 85.2% 29 $0.386677 -0.35% -4.46% $19 434 565 003 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 73 $0.100260 -1.98% -7.15% $13 301 634 924 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 83.2% 30 $0.318080 -0.75% 0.25% $10 960 804 759 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 71.6% 52 $0.913880 -0.11% 4.95% $7 982 115 948 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 78% 37 $5.48 -0.37% 0.45% $6 269 169 724 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 95.2% 1 $0.999497 -0.03% -0.06% $5 875 589 658 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 61.6% 85 $79.71 -1.79% 0.97% $5 720 814 160 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.4% 30 $0.053431 0.36% -1.20% $5 432 662 792 WTRX 7 days price change

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