As the Cryptocurrency Market Corrects, the Prices of Bitcoin and Ethereum Drops By 9%

2022-8-19 18:22

Bitcoin is trading at $21.3k after rejecting the $25k range and losing momentum since last night. Ethereum prices are down about 10% this Friday. With an 8% decline, the general Cryptocurrency market is trying to stay over the $1 trillion market cap threshold. Surprisingly, the sudden price drop coincides with higher trading activity, with Bitcoin’s 24-hour volume up 26% and Ethereum’s up 25%.

Key Points:

There was a significant correction on the price of Bitcoin and Ethereum, dropping to monthly lows. An increase in trading activity suggests a price continuation pattern. Stocks plummet while cryptocurrency market battles to stay above $1 trillion capitalization. BTC is likely to touch below $20k over the weekend before any relief rally is initiated. Bitcoin Market News Update

BTC’s price correction today, which brought the cryptocurrency asset plunging below the $22k area, doesn’t seem to have an actual cause or influence. BTC and ETH are expected to continue correcting over the weekend, albeit a price decline accompanied by an increase in trading volume suggests a price continuation pattern. This shows that investor’s sentiment were not affected by this sudden unexplainable decline today.

We’re likely going to see BTC go under $20k, breaking below its monthly low of $20.8k. On the plus side, Ethereum’s monthly low is around $1,400, and the digital currency is far from falling to those price range at the moment.

A study from Cointelegraph says that cryptocurrency exchanges could control the market by creating and selling BTC only within their system. Since exchanges do not require evidence that they own Bitcoin, they are free to manipulate their order books by generating fictitious buy or sell orders without any monitoring system.

Exchanges Manipulate The Crypto Market

This underlines once more how crucial it is to regulate bitcoin exchanges globally. Exchanges that refuse to participate in asset audits ought to be taken from well-known cryptocurrency price aggregation websites like CoinMarketCap and CoinGecko.

Unfortunately, unregulated exchanges frequently bloat their order books with phony buy and sell volume to give the impression that their platform is larger than it actually is. Without mentioning names, if you visit CoinMarketCap’s exchange area, the majority of the unidentified exchanges with millions in trading volume are fraudulent. It’s only a matter of time for their secrets to be made public as more tighter regulations is underway.

Final Thoughts

The downward momentum that Bitcoin experienced this Friday spread to other key assets like Ethereum, Solana, BNB, XRP, etc. As long as the impending merge deal maintains Ethereum’s positive momentum, it will continue to beat Bitcoin in terms of price movement. It also maintains its valuation at 50% of Bitcoin’s.

The objective for the cryptocurrency markets will be to maintain above the $1 trillion support level given that stocks are also expected to see a minor price decline this Friday, with Dow Jones futures falling and Bed Bath & Beyond stock collapsing this weekend. The bears will seize charge and continue driving cryptocurrency to monthly lows if the market crashes below that level.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any Web3 tokens.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

mage Source: artmagination/123RF // Image Effects by Colorcinch

The post As the Cryptocurrency Market Corrects, the Prices of Bitcoin and Ethereum Drops By 9% appeared first on NullTX.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market ethereum bitcoin cryptocurrency prices friday down

market ethereum → Результатов: 126


Ethereum breaks $2,000 as Shanghai upgrade completes, leads crypto market

Key Takeaways 15% of the ETH supply had been locked until the Shanghai upgrade completed Thursday There was no extra selling pressure, however, with ETH leading the crypto market, up 4.6% today ETH has broken through the $2,000 barrier for the first time since May 2022 Ethereum stakers woke up for the first time in […] The post Ethereum breaks $2,000 as Shanghai upgrade completes, leads crypto market appeared first on CoinJournal.

2023-4-13 18:39


Ethereum Price Holds Above $1,500 Amid Crypto Market Retrace

Cryptocurrency markets are slowing down after an incredible bull run last week. Ethereum surged past $1,600 on Friday, with its 24-hour trading volume surpassing Bitcoin’s. Even with the global cryptocurrency markets losing momentum, ETH is managing to hold above the $1,500 level, with a current market capitalization of $185 billion, which could soon approach 50% […] The post Ethereum Price Holds Above $1,500 Amid Crypto Market Retrace appeared first on NullTX.

2022-7-23 17:11


Фото:

Bloomberg Analysts Cite ‘Bullish Implications’ For Bitcoin and Ethereum as Markets See Meteoric Upsurge

Key Takeaways  Bloomberg is most bullish for Bitcoin and Ethereum. Their overall market utility is cited as a driving factor. Ethereum remains a key beneficiary of the increased use of stablecoins  The cryptocurrency market took a hit early this year, but the coming months might lead the market toward the light at the end of […]

2022-2-15 14:46


Ethereum: Similarities with 2018's market structure might foreshadow this 'worst-case scenario'

Market sentiment across the month of August has been largely bullish. Especially since some crypto-assets recovered significantly to touch their ATH levels once again. Ethereum hasn't been one of thosThe post Ethereum: Similarities with 2018's market structure might foreshadow this 'worst-case scenario' appeared first on AMBCrypto.

2021-8-31 17:00


Ethereum’s Rebound is “Getting Tired” as Analyst Eyes Move to $520

Ethereum has been climbing higher today alongside Bitcoin and the rest of the crypto market The strength seen as of late comes as Bitcoin puts some serious distance between its recent lows and its current price levels This indicates that bulls are in full control and are looking to form a “V-shaped” recovery that could allow for significantly further upside in the days and weeks ahead Where the entire market trends next will depend largely […]

2020-11-30 22:00