Connect with us

business

Nearly $90 billion wiped off crypto market as bitcoin drops below $30,000

Published

on

 

Bitcoin fell below $30,000 for the first time since Jun. 22 dragging other digital coins lower.

About $89 billion was wiped off the entire cryptocurrency market in 24 hours as of 6:29 a.m. ET on Tuesday, according to CoinMarketCap data.

Bitcoin was down more than 5% while ether fell over 6% and XRP sank almost 9%, according to CoinDesk data.

The plunge in bitcoin came after a big sell-off in global stock markets. On Monday, the Dow Jones Industrial Average had its worst day since last October.

“There’s been a broad sell-off in global markets, risk assets are down across the board,” Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said.

There are “concerns of the quality and strength of economic recovery” and “broader risk assets turned weaker including high yields,” Huang said. “Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further.”

Since bitcoin’s all-time high of nearly $65,000 in mid-April, its price has plunged over 50%.

Regulatory scrutiny

A renewed crackdown in China on cryptocurrency trading and mining has weighed on the bitcoin price.

Major regions responsible for bitcoin mining in China have forced operations to shut down. Bitcoin mining is an energy-intensive process that facilitates bitcoin transactions and creates new coins.

China’s central bank has also spoken to finance and fintech companies reminding them not to offer crytpo-related services to customers.

China banned local cryptocurrency exchanges in 2017 forcing them to move offshore. That did not stop Chinese traders buying and selling digital coins. But the tough actions this year from Chinese regulators has looked to further tighten restrictions on trading and mining.

“All signals are red as BTC (bitcoin) continues to be weighed down by China’s ultimate crypto ban and worsening macro economic conditions from a surge in covid variants,” said Jehan Chu, founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital.

Regulators around the world are also looking more closely at the crypto space.

Binance, the world’s largest cryptocurrency exchange, last month was barred by U.K. authorities from carrying out any regulated activities in the country. Regulators in Japan, Canada and Thailand have also issued warnings about Binance.

“In general we’re seeing more regulatory focus on crypto and bitcoin,” said Vijay Ayyar, head of business development at cryptocurrency exchange Luno.

More selling ahead?

Bitcoin’s fall below $30,000 could be important, according to Ayyar, who said the sell-off could go lower to test the $22,000 to $24,000 level.

From then on, bitcoin could trade in a range.

“I would see bitcoin between 20-40K ($20,000 to $40,000) for a while now before any bullishness returns,” Ayyar said.

Kinetic Capital’s Chu also sees potential selling ahead.

“Q1′s crypto market momentum has stalled and is threatening further reversal potentially below the $25K levels,” Chu said.

business

Bitcoin Rallies Towards $52K, Ethereum Consolidates, Altcoins In Uptrend

Published

on

Bitcoin price gained bullish momentum above USD 50,000. Ethereum is consolidating below USD 4,000, XRP surged above the USD 1.30 resistance. QNT and FTM are up over 28%.

Bitcoin price remained well bid and it started a fresh increase above the USD 50,000 resistance. BTC gained nearly 4% and it even broke USD 51,500. It is currently (11:35 WAT) consolidating gains below the USD 52,000 resistance zone.

Besides, most major altcoins are also rising. ETH is holding gains, but it is facing resistance near the USD 4,000 zone. XRP is up over 6% and it broke the USD 1.30 resistance. ADA is still struggling to clear the USD 3.00 resistance zone.

Bitcoin price

After a successful close above USD 50,000, bitcoin price gained bullish momentum. BTC broke many hurdles near USD 51,000 and USD 51,200. It even traded close to USD 52,000 before the bears appeared. It is now consolidating gains below the USD 52,000 resistance. If there is an upside break above USD 52,000, the price could rise towards the USD 53,000 level.

On the downside, the price could find support near the USD 51,200 level. The main support is now forming near the USD 50,500 level.

Ethereum price

Ethereum price made another attempt to clear the USD 4,000 resistance, but it failed. As a result, ETH corrected lower below USD 3,950.

However, the bulls were active near the USD 3,850 level. The price is now consolidating above USD 3,900, with many hurdles near USD 3,980 and USD 4,000.

If there is another downside correction, the price could find support near USD 3,850. The next major support is near the USD 3,800 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) failed to stay above USD 3.00 and corrected lower. However, downsides were limited below USD 2.85. The price is now stuck in a range below the USD 3.00 resistance. A close above USD 3.00 could start a stronger increase.

Litecoin (LTC) broke many hurdles near USD 200 and USD 212. LTC even cleared USD 220 and it is now consolidating gains. An immediate resistance is near the USD 230 level. A clear break above USD 230 and USD 232 could open the doors for a move towards the USD 250 level.

Dogecoin (DOGE) is up over 4% and it broke the USD 0.312 resistance. The next major resistance is near the USD 0.320 level. Any more gains might lead the price towards the USD 0.335 level. If not, there might be a downside correction towards the USD 0.300 level.

XRP price gained pace above the USD 1.30 resistance. It is up over 6% and it even cleared the USD 1.32 resistance. There was a spike towards the USD 1.34 level, where the bulls faced resistance. XRP is now consolidating around USD 1.32, with support near USD 0.305 and USD 0.300.

Other altcoins market today

Many altcoins are up over 5%, including QNT, FTM, FIL, OMG, LINK, LUNA, QTUM, AMP, HT, ICP, ALGO, ATOM, CRO, EOS, and COMP. Out of these, QNT rallied over 41% and it surpassed the USD 335 level.

Overall, bitcoin price settled well above the USD 50,000 resistance zone. If BTC continues to rise and clears USD 52,000, there could be a move towards USD 53,000 or USD 53,500.

Continue Reading

business

Bitcoin Above USD 50K, Ethereum Eyes USD 4K, SOL Extends Rally

Published

on

Bitcoin price recovered losses and it climbed above USD 49,200. BTC is currently (11:46 UTC) trading above USD 50,000. A close above this level could push the price higher in the near term.

Besides, most major altcoins are trading in a positive zone. ETH regained strength and it broke the USD 3,900 level. XRP is consolidating near the USD 1.265 support. ADA could regain momentum if it settles above the USD 3.00 resistance.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a short-term downside correction, bitcoin price started a fresh increase above USD 49,000. BTC surpassed USD 49,500 and USD 50,000. A successful close above USD 50,000 could start a fresh rally. The next major resistance is near USD 52,000. An intermediate resistance might be USD 51,200.
If there is a downside correction, the price might find support near USD 49,200. The next major support is now forming near the USD 48,500 level.

Ethereum price

Ethereum price started a fresh rally above the USD 3,800 resistance. ETH is up almost 6% and it traded close to the USD 4,000 level. If there is a break above USD 4,000, the price might rise towards the USD 4,200 level.
If there is a downside correction, the price might find bids near the USD 3,900 level. The next major support is near the USD 3,850 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) corrected lower below the USD 3.00 level. It even tested the USD 2.90 level and is consolidating in a range. If there is a fresh increase, the price could accelerate higher towards the USD 3.10 and USD 3.12 levels. The next major resistance is near the USD 3.20 level.

Litecoin (LTC) is gaining pace and it cleared the USD 188 resistance zone. The main hurdle is now near the USD 200 level. A close above USD 200 could start another increase. If there is a downside correction, the price might find support near USD 185. The next major support is now forming near the USD 180 level.

Dogecoin (DOGE) is struggling to clear the USD 0.300 resistance. If the bulls succeed, the price could rise towards the USD 0.312 level. The next major resistance is near the USD 0.320 level. On the downside, the price may possibly remain stable above the USD 0.280 level.

XRP price failed to clear USD 1.295 and USD 1.300. It corrected lower and it traded below USD 1.280. The price is now stuck near USD 1.265. The next major support is near USD 1.25, below which there is a risk of a major decline. Conversely, the price could visit the USD 1.30 resistance zone.

Other altcoins market today

Many altcoins gained over 5%, including SOL, REV, NEAR, CEL, AUDIO, MIOTA, AVAX, BTT, HOT, ALGO, ZIL, LINK, and ICX. Out of these, SOL rallied over 20% and it trades near USD 140.

To sum up, bitcoin price is now attempting an upside break above USD 50,000. If BTC succeeds, it could rise further towards the USD 52,000 level.

Continue Reading

business

Apple plans to loosen App Store payment policy

Published

on

Apple announced on Wednesday it will loosen some of its App Store policies, allowing media apps to steer customers directly to their websites without paying commission.

The change, to be implemented early next year, is being introduced to end an investigation by the Japan Fair Trade Commission.

The modification will spare so-called reader apps that provide digital content such as newspapers, books, music or video from having to use the App Store payment system and thus avoid paying a 30 percent commission.

“We have great respect for the Japan Fair Trade Commission and appreciate the work we’ve done together, which will help developers of reader apps make it easier for users to set up and manage their apps and services while protecting their privacy and maintaining their trust,” Apple Fellow Phil Schiller said in a blog post.

Developers of the digital content apps will be able to link to their websites where users can create or manage accounts, according to Apple.

While the change resulted from an agreement with the JFTC, it will apply globally to all reader apps at the App Store, the Silicon Valley tech giant said.

Apple has come under fire for its tight control of the App Store, where developers are required to use its payment system.

Apple charges a commission of as much as 30 percent on sales of digital content or subscriptions at the App Store, with the payment system making certain the company gets its piece of the action.

“Because developers of reader apps do not offer in-app digital goods and services for purchase, Apple agreed with the JFTC to let developers of these apps share a single link to their website to help users set up and manage their account,” Apple said in a post.

Apple last week agreed to loosen payment restrictions on its App Store, a major change announced in a settlement with small developers as the US technology giant faces growing scrutiny and legal challenges over its tightly controlled online marketplace.

The change will allow small developers to inform their customers of alternative payment options beyond the official App Store.

In a class-action lawsuit, the developers had accused Apple of monopolistic distribution practices by operating the sole gateway to get apps or other content onto iPhones and other devices powered by iOS software.

The proposed settlement is pending court approval.

Continue Reading

Trending