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Bitcoin Faced First Major Correction In Current Bull Run: The Crypto Weekly Market Update

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This week was very intensive in the cryptocurrency market. It’s perhaps safe to say that it was among the most tumultuous ones we’ve had in the last few months.

Everything started calmly, and during the weekend, the price hit an all-time high value of $42,000. The excitement was short-lived, as immediately after that, bitcoin went in the opposite direction and started to decline. It wasn’t until Monday, however, when things took a turn for the worst.

Bitcoin’s price lost around $12,000 in what seems to be the first major correction in the ongoing bull run. The decline of around 27% came in a few brutal four-hour red candles and led to the liquidations of $2.87 billion worth of both long and short positions, indicating once again how over-leveraged the market is.

From there, the price took uphill and even reached $40,000 again on Thursday. Bears, however, weren’t done as what followed was another handful of red candles that brought the price to its current trading level of about $35,000.

With this said, the entire cryptocurrency market took a hit as the capitalization has dropped below $1 trillion. Meanwhile, Bitcoin’s dominance is also suffering, as it’s down to 67.7% during this week from its high of around 70.3%. This shows that despite the blood on the streets, altcoins have managed to take the upper hand and claim a larger portion of the market.

Meanwhile, two other projects made headlines over the past few days, mainly thanks to their incredible price performance. Despite this brutal correction, Polkadot’s DOT token is up 40% over the last seven days, while LINK is up 22%. The latter even charted a new all-time high today.

In any case, the week was particularly exciting, and even though this time it was the bears who had the upper hand, it’s very interesting to see how the next few days will shape up. Is this the beginning of a larger correction, or is it just a step back in preparation for an even bigger rally? We have yet to see.

Market Data

Market Cap: $964B | 24H Vol: 144B | BTC Dominance: 67.7%

BTC: $35,442 (-14.6%) | ETH: $1,141 (-7.5%) | XRP: $0.276 (-12.9%)

Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know. Today is an important date for the entire cryptocurrency industry as it marks a serious deadline on the iFinex v. NYAG case. Here is everything you need to know about it and what to expect.

FinCEN Extends Comment Window on Proposed Crypto Regulations. After receiving thousands of responses and serious criticism from industry participants, the Financial Crimes Enforcement Network (FinCEN) has decided to extend the comment window on the proposed cryptocurrency regulations.

Following Coinbase And Bakkt: Winklevoss’ Gemini Reportedly Considers Going Public. Cameron and Tyler Winklevoss are reportedly exploring the option of taking their cryptocurrency exchange, Gemini, public. This means that they could follow in the footsteps of other cryptocurrency-related companies with similar intentions – namely, Coinbase and Bakkt.

Greenlight: Anchorage Secures Crypto Banking Charter from the OCC. The United States Office of the Comptroller of the Currency (OCC) has granted a cryptocurrency custodial service company a national trust charter. This puts the firm in the position to claim the mantle of a US-based national crypto bank.

4 Possible Reasons for Bitcoin’s $12K Correction After Reaching $42,000 All-Time High. Bitcoin went through its first major correction this week, sliding by more than 27% in just a few four-hour red candles. Here are some of the potential reasons for which this happened.

Crypto Market Cap Reclaims $1 Trillion as Bitcoin Sets Sights on $40K. The cryptocurrency market sees no boring days. Just a couple of days back, it was on its way back up, recovering from a major correction, and even claimed $1 trillion in market cap again. Unfortunately, today things took a turn for the worst again.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Cardano – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-faced-first-major-correction-in-current-bull-run-the-crypto-weekly-market-update/

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Ethereum Classic (ETC) Price Poised for a Surge to $100

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  • Ethereum Classic (ETC) looks poised for a surge
  • Technical indicators show that ETC could go up to $105
  • Also, one reason that could help the altcoin surge is its upcoming ECIP-1103 upgrade

Ethereum Classic price poised for a surge. The altcoin has been outperforming the market recently but can it bounce back over the $100 resistance level?

The crypto market has been experiencing a rough ride. Many altcoins have sunk to less than half their value in less than a month. However, Ethereum Classic managed to rebound faster than most of the market. In addition, the altcoin has managed to hold its ground against the bearish market.

In fact, looking at Ethereum Classic price charts, the asset looks poised for a surge.

Ethereum Classic price charts

At the time of writing, ETC is trading at $55.01, down 67% from its May 8 all-time high of $167.09. However, looking at the crypto’s Fibonacci levels, ETC could go up to ranging from $74 to $105. The price rise depends on whether ETC manages to breach the $60 resistance level. Looking at RSI, ETC is just above 40 and is thus in the safe zone.

On the other hand, ETC price could fall to $9 if the market turns on the crypto.

Possible reasons why ETC has been outperforming the market could be the crypto’s recently announced new upgrade scheduled for July 21. The upgrade will implement ECIP-1103 and include ETH’s Berlin Upgrade.

Also, perhaps investors deem the altcoin a good asset to diversify into and hedge against Bitcoin and ETH volatility. ETC has a limited coin supply of 210 million. In comparison, sister blockchain ETH has an unlimited supply. As such, ETC’s token value is likely to appreciate once the blockchain reaches its maximum token supply.

In addition, the underway ETH 2.0 upgrade will help further differentiate ETC from its more popular sister ETH. In this case, ETC could prove to be a good way for investors to diversify their portfolios.

Finally, ETC holds sentimental value for those who wish to see what ETH would look like if the platform followed its initial roadmap.

Source: https://coinquora.com/ethereum-classic-etc-price-poised-for-a-surge-to-100/

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Shiba Inu Drops Hard Below Critical Support Level

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  • Shiba Inu’s price hit below its critical support level of $0.000007.
  • Its price is now is going for new lows of $0.00000630.
  • SHIB needs to reach above $0.000007 to change the momentum and go up.

Notwithstanding a recent drop in the crypto market, Shiba Inu (SHIB), the meme-based coin named as “Dogecoin killer” has not disappeared. However, there are still some struggles that SHIB has to face.

As of writing, SHIB’s price hit below its critical support level of $0.000007 and is headed for new lows of $0.00000630. Meanwhile, If Shiba Inu breaks through the $0.00000630 support level, it will go to the $0.00000440 support level.

Now, to acquire momentum and make it go up, SHIB needs to reach above $0.000007. Otherwise, if SHIB is able to break through this resistance, it will go on to the next level of resistance at $0.000008.

Numerous individuals think that the SHIB’s rise recently is merely because of the community. In any case, there are different conditions that help the crypto gain investor’s interest. Respectively, SHIB announced its listing in Binance last month.

Furthermore, Shiba Inu will establish its own exchange soon called ShibaSwap. With this,   another decentralized exchange (DEX) like UniSwap or PancakeSwap will be available in the market. Of note, the platform has been operational for a while, but it is still undergoing some tests for security and transparency development.

On another note, many experts and analysts have shared their predictions for SHIB. Market experts even outlined a strategy for Shiba Inu to hit the $1. To reach $1, SHIB needs to increase around12,000,000%.

Consequently, the coin has increased by around 2,000,000 percent monthly since January. Moreover, according to Market Realist, if SHIB  continues to expand at this rate, it might touch $1 by the end of 2021.

Lastly, based on Wallet Investor, Shiba Inu’s price is expected to hit $0.000030 by June 2021 and could rise to $0.000048 at the end of the year.

Source: https://coinquora.com/shiba-inu-drops-hard-below-critical-support-level/

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US Financial Giants Tread Carefully Into Crypto Trend

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  • A large number of financial players continue to move into the crypto space.
  • Its volatility may be holding it back from reaching its potential value.
  • The future of crypto seems uncertain as both community interest and risks stay high.

Even as the pressure around entering the crypto space has cooled down, a large number of big players continue to move in. Many US finance giants are treading forward, cautiously.

Jamie Dimon, Chief Executive at JPMorgan and Chase, said recently, “My own personal advice to people: Stay away from it.” He added, however, “That does not mean the clients don’t want it.” The biggest US bank in terms of assets, JPMorgan is currently assessing how it can help its clients transact in crypto.

Early 2021 saw the financial industry brimming with excitement and possibilities for cryptocurrency. Part of this was due to Bitcoin’s unprecedented jump in value from late 2020 to early 2021. Some of the most recent players attracted by crypto’s novelty are:

  • Online trading firm Interactive Brokers, who promised that it will establish online trading of crypto on its platform by summer end. At this moment, it doesn’t offer crypto payments. Still, it gives its clients the option to invest in assets that include crypto or Bitcoin futures.
  • ForUsAll, a platform managing retirement accounts for small businesses, has also stepped in. It announced on Monday its decision to work with Coinbase for clients to invest up to 5 percent of their balances in crypto.
  • Morgan Stanley, Goldman Sachs, have both recently targeted crypto enthusiasts within their clients. The former stated that it would allow its richer clients to invest in Bitcoin funds, while the latter opened its doors to crypto trading with a newly assigned team.
  • Brokerage firm Fidelity Investments also filed papers with US securities regulators for a Bitcoin exchange-traded fund (ETF). Previously, it created a digital assets division in 2018 to trade crypto for hedge funds.

Despite the steady, yet cautious increase in digital asset investors, concerns remain high. This has also to do with high volatility in the market, especially reflected in Bitcoin’s most recent bull run. BTC went from $63,000 in mid-April 2021 to half its value, $34,000 in June.

Ian Gendler from Value Line, a research firm, sheds light on the influx of investors saying, “Speculators and those suffering from FOMO (the ‘fear of missing out’) will surely continue to flock to cryptos in the hopes of achieving huge returns.”

He, however, directs clients to avoid crypto investments due to high risks and the lack of tangible assets. He also noted, Bitcoin and other digital money is not backed by governments.

Cryptocurrencies are only worth what the next investor is willing to pay.

It seems likely that crypto’s lack of a steady trend may be holding the currency back and blocking possible investments. Be that as it may, but investor interest in the digital asset is far from going down. We’ll just have to keep waiting to see what the future holds for cryptocurrency.

Source: https://coinquora.com/us-financial-giants-tread-carefully-into-crypto-trend/

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