Crypto

Normal slowness of Bitcoin | Cryptocurrency

Bitcoin lost 3.5% in 24 hours after falling to $21,100 at the time of writing. Meanwhile, Ethereum lost 6.1% in the same time to $1,430. The top 10 altcoins fell from 3.5% (XRP) to 6.8% (Solana). ¬¬

The total capitalization of the cryptocurrency market, according to CoinMarketCap, fell 3.7% overnight to $971 billion, according to CoinMarketCap.

Bitcoin continued its corrective decline near its 50-day average on Monday, but began to pull back from it on Tuesday morning. Without the support of stock indices, the cryptocurrency market collapses under its own weight without any significant growth engine.

This situation fuels expectations of a long lull, which is consistent with historical patterns. The history of previous cryptocurrency cycles teaches us that even after bottoming out, buyers may not be in a hurry to buy, as a sustained recovery should be expected about a year after the previous peak. But even so, the most spectacular latest episode of FOMO-based growth will have to wait another year or so. The history of cryptocurrencies is still too short to rely on trends. However, an extended break in rumors after a sell-off is also common for stocks, albeit without a time frame given.

According to Glassnode, about 80% of bitcoins are already concentrated in the hands of long-term holders, which may indicate that the “bottom” is approaching.

Retail investors rushed to buy cryptocurrency stocks. According to VandaTrack, in 10 days, the inflow into crypto stocks amounted to almost $1 billion.

In the US, a class-action lawsuit was filed against Celsius Network, which filed for bankruptcy on July 14. Cryptocurrency lending platform is accused of violating securities law by selling unregistered securities.

Shiba Inu developers are preparing to release a Visa-enabled card to speed up the burning of SHIB, thereby increasing the price.

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