Bitcoin
BTC$51 105.08

-0.20%

Ethereum
ETH$2 960.73

0.64%

Tether
USDT$0.999837

0.01%

Binance Coin
BNB$380.69

1.13%

Solana
SOL$102.23

-0.37%

XRP
XRP$0.546133

1.85%

The bogged-down crypto market


07 Oct 2022

#Bitcoin

Bitcoin has lost 1.9% over the past 24 hours, trading just below $20K at the time of writing. A sharp spike in stock markets has bogged down in indecision over the past few days, keeping investors in the crypto market, whose capitalisation lost 1.6% overnight to $956, from buying as well. Once again, the 50-day moving average in BTCUSD acted as local resistance, keeping the market inside the range that has prevailed since the second half of September. Buyers' hesitancy at the 50-day moving average indicates a persistent wait-and-see attitude, which has almost equal chances to both translate into a new downside momentum and be reborn into growth.

The cryptocurrency Fear & Greed Index dropped 3 points to 23 by Friday and moved back into "extreme fear".

News background

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, said that we had recently seen some stability in the crypto market. However, the Fed's tightening monetary policy affects all assets, causing cryptocurrencies to fluctuate along with fiat currencies and stock indices. According to Ark Invest, hoarders have accumulated a record 13.7 million coins, or 71.5% of the total BTC supply, buying the cryptocurrency on the decline since spring. In addition, sellers have all but exhausted their sales potential.

Last week, bitcoin's correlation with gold reached its highest level in more than a year due to a stronger dollar, Kaiko noted. Gold and BTC failed to reassert their haven asset status amid a Fed rate hike.

The EU has imposed a ban on Russian crypto wallets, which will primarily affect the large centralised and regulated Binance and Coinbase, potentially increasing interest in smaller exchanges with softer KYC but generally risking more active cryptocurrency sales.


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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 65.2% 79 $51 105.08 -0.20% -1.15% $1 003 512 715 674 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 64.4% 74 $2 960.73 0.64% 6.46% $355 751 431 010 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $0.999837 0.01% -0.05% $97 894 752 247 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 70 $380.69 1.13% 6.45% $56 930 194 738 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 72.4% 50 $102.23 -0.37% -6.58% $45 090 053 848 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 83.6% 21 $0.546133 1.85% -1.43% $29 815 727 194 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999999 0% 0% $28 140 573 679 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 65.6% 70 $0.587899 0.75% 0.13% $20 852 958 050 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 56 $36.64 -0.34% -7.77% $13 821 787 005 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 90.4% 13 $0.085360 1.92% 0.91% $12 223 858 828 DOGE 7 days price change
11 TRON (TRX) TRX TRON predictions 70.8% 62 $0.137670 -0.76% 0.05% $12 117 006 673 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 67.6% 61 $0.137632 -0.71% 0.40% $12 113 656 497 WTRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 69.6% 62 $18.40 2.60% -5.91% $10 802 289 665 LINK 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 77.2% 48 $7.75 5.49% 1.95% $9 944 804 876 DOT 7 days price change

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