Crypto

Bitcoin and Ethereum Hit Key Levels After Cryptocurrency Crash

At the time of this article’s publication, bitcoin andEther traded just below their psychological threshold as global crypto market capitalization lost another 2.2% to $1.2 trillion.

Performance of major coins Token 24 hours to 7 days Price Bitcoin (CRYPTO:BTC) +0.9% – 20.1% 29,181.06 USD Ethereum (CRYPTO:ETH) – 5.3% – 28.35% 1 $969.01 Dogecoin (CRYPTO:DOGE) – 3.45% – 33.6% $0.08 24 Hour Top Earnings (Data sourced from CoinMarketCap) 24 Hour Token % Change (+/-) ApeCoin Price ( CRYPTO:APE) +45.8% $8.24 Quantity (CRYPTO:QNT) +17.25% $72.35 Maker (CRYPTO: MCR) +17.2% $1,317.02

Why is it important

On Thursday, BTC and ETH prices hit lows of $26,350.49 and $1,748.30 respectively amid the global crypto crash.

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The market reported losses of more than $200 billion in a single day as investors feared the fallout from the fiasco TerraUSD (CRYPTO:UST) at the price of Bitcoin.

The panic only intensified when leash (CRYPTO:USDT), the first stablecoin by market cap, also began to lose its peg to the dollar as traders traded the coin against the US currency.

At the time, USDT was trading at $0.9974, hitting an intraday low of $0.9485.

Analyst at GlobalBlock, Marcus Sotiriouwrote in a note that the collapse of Tether would be catastrophic due to its dominant market cap.

“While losing the USDT peg is a significant risk, I am confident that the coin will recover soon as it has enough reserves to back it up and its mechanisms are more secure than those of UST.”

The largest whale addresses burned a total of $710 million on Thursday, the largest single-day coin liquidation of 100,000 to 10 million addresses in Tether history. Saniment.

Senior Market Analyst, OANDA Edward Moyaargued that “we are nearing the end of this sell-off,” but that BTC’s rebound “will not last long unless risk appetite stabilizes soon.”

“Bitcoin is still vulnerable to a final drop that could coincide with a sell-off before many traders believe the token has bottomed out,” he added.

Shares traded higher on the stock market, with S&P and Nasdaq futures up +0.6% and +0.9%, respectively. Benchmark 10-year bond yields fell 0.071% to 2.843 as recession fears rattled investors, Reuters reported.

The dollar index (DXY), which tracks the strength of the dollar against a basket of six other currencies, hit 104.22, its highest level since December 2002, Reuters said in a separate report.

Cryptocurrency trader Justin Bennett tweeted that there is a strong possibility that bitcoin will experience a relief rally that will “exceed all expectations”.

Ethereum Whales Bought Cheaper Thursday, Chartist Says Ali Martinezwhile large bitcoin addresses opted to reduce their exposure to risk.

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