Crypto Market Daily Highlights – ADA, ETH, and SOL See Heavy Losses

Key Insights:

  • It is a bearish Tuesday session for the crypto top ten, with Ethereum (ETH), Cardano (ADA), and Solana (SOL) taking big hits.
  • Following a bullish Monday, a shift in investor focus towards US inflation and Wednesday’s CPI numbers sent riskier assets into the red.
  • The total crypto market cap is down $25 billion, leaving the market cap up by $17 billion for the month.

It is a bearish Monday session for the crypto top ten. In a choppy session, bitcoin (BTC) failed to revisit the $24,000 handle for the eighth time in nine sessions. Cardano (ADA), Ethereum (ETH), and Solana (SOL) lead the way down.

Easing fears of a US economic recession took a backseat on Tuesday. The investor focus returned to inflation and Fed monetary policy. Investor jitters ahead of the US inflation numbers on Wednesday sent riskier assets into the red.

The NASDAQ 100 fell for a third consecutive day. A 1.19% decline weighed on the broader crypto market, with cryptos failing to break free from central bank monetary policy expectations.

On Wednesday, US consumer price index figures will be the key stats of the week. Following impressive nonfarm payroll and better-than-expected services PMI numbers, another spike in inflation could force the Fed into a percentage point move. A more aggressive path towards normalization would be crypto price negative.

NASDAQ correlation
Total Market Cap – NASDAQ – 100822 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was up 14 points.

The Total Crypto Market Cap Tumbles on US Inflation Jitters

On Tuesday, the total crypto market cap rose to an early high of $1,113 billion before sliding to an early afternoon low of $1,036 billion. However, finding late support, the crypto market cap has reduced the deficit, with a return to $1,073 billion.

Down by $25.2 billion on Tuesday, the total crypto market cap is up by $17 billion for August.

Crypto market cap hits reverse on inflation jitters.
Total Market Cap 100822 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a bearish Tuesday session for the crypto top ten.

With one hour remaining, SOL is down 3.96%, with ADA (-3.72%) and ETH (-3.71%) also struggling.

Things are not much better for BTC (-2.46%), DOT (-1.39%), and XRP (-2.64%), while BNB is down by 0.06%.

From the CoinMarketCap top 100, it is a mixed session.

Celsius (CEL), Mina (MINA), and Zcash (ZEC) are among the front runners. CEL is up 14% to lead the way, with MINA and ZEC up 5.6% and 4.5%, respectively.

At the other end of the table, Curve DAO Token (CRV) is down 8.6%, with Filecoin (FIL) and Kusama (KSM) down 7.43% and 6.84%, respectively.

Total Crypto Liquidations Rise in Bearish Tuesday Session

This morning, 24-hour liquidations continued the upward trend after sitting at sub-$100 million levels for two consecutive sessions.

At the time of writing, 24-hour liquidations stood at $203 million, up from $187 million on Tuesday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 82,754 versus 57,332 on Tuesday morning.

However, one-hour and four-hour liquidations declined, reflecting a partial recovery late in the session.

Crypto liquidations continue upward trend ahead of US CPIs
Total Crypto Liquidations 100822

According to Coinglass, four-hour liquidations stood at $9.05 million, down from $19.75 million on Tuesday morning. One-hour liquidations are down from $8.71 million to $3.59 million (see hourly crypto market cap chart below).

Crypto market cap finds late support
Total Market Cap 100822 Hourly Chart

Daily News Highlights

  • Australia’s central bank launched a one-year digital currency project.
  • Circle froze funds linked to Tornado Cash addresses.
  • China hit illegal websites and accounts for falsifying BTC returns.
  • A Deloitte report showed the crypto adoption outlook to surge over the next two years.

Crypto Price Analysis August 9: FIL, CRV, KSM, RUNE, UNI

Key Insights:

  • Curve DAO token led the market with a 10.57% fall.
  • Filecoin, Kusama, and others followed suit with more than 8% dips.
  • Bitcoin and Ethereum were in line with the same, falling to $23k and $1.6k.

Cryptocurrencies mostly noted a downtrend today as the crypto market faced the impact of the US Office of Foreign Assets Control’s (OFAC) sanctions on the crypto service provider Tornado Cash.

The platform linked with the North Korean hackers – the Lazarus Group, has been barred from usage by any US citizen.

Consequently, despite TORN, the native token of Tornado, being the epicenter, the bearish waves were felt across the crypto market, sparing only a few cryptocurrencies which did not even include the king coin and the altcoin king, which traded at $23,147 and $1,694, respectively.

Filecoin (FIL)

FIL noted an 8.84% decline today due to the broader market bearish cues, only days after marking an almost 87% rally in the span of 5 days.

The reason behind the fall has been a market cooldown caused by excessive bullish pressure, as evinced by the Relative Strength Index (RSI).

Curve DAO Token (CRV)

CRV was also amongst the worst performing assets of the day, falling by 10.57%, losing a part of its 165.42% rally from the month before.

Whether or not this momentum will stick is questionable since the Awesome Oscillator is exhibiting mixed signals at the moment.

Kusama (KSM)

Kusama finally broke its almost month-long streak of keeping above the basis of the Bollinger Bands, which would’ve been helpful during periods of volatility.

The 8.97% drop in 24 hours that caused this development also brought the trading price of the asset to $59.88 today.

ThorChain (RUNE)

RUNE was among the ones to lose the least, declining by just 5.69% in 24 hours after charting an 83.67% rally in the last two months.

But regardless of the rally, investors have been consistently pulling their money out of the asset as evinced by the downtick of the Chaikin Money Flow.

Uniswap (UNI)

Uniswap was the best performer of this lot as it only fell by 4.55% today, bringing the price to $8.391. The fall came days after the almost 155% rally from a month ago.

The MACD today also slipped into a bearish crossover, and the appearance of the red bar below the neutral line makes the altcoin far more susceptible to a price drop.

Crypto Market Daily Highlights – Ethereum (ETH) Leads the Way

Key Insights:

  • It is a mixed Sunday session for the crypto top ten, with Ethereum (ETH) leading the way.
  • Investor sentiment towards the Ethereum Merge delivered a breakout session.
  • With an hour to go, the total coin market cap was up $16 billion to end the day at $1,023 billion.

It is a mixed Sunday session for the crypto top ten. Bitcoin (BTC) revisited $23,000, with Ethereum (ETH) hitting a high of $1,664 before easing back.

The upcoming Fed monetary policy decision and concerns over the US economic outlook took a backseat, with investors refocusing on crypto-related news.

Going into the month’s final week, the Cardano (ADA) Vasil hard fork is imminent, with progress towards the Ethereum Merge also proving to be the key for the broader crypto market.

The Total Crypto Market Cap Jumps Despite Crypto Headwinds

A bearish start to the Sunday session saw the total crypto market cap fall to a low of $1,001 billion.

The crypto market avoiding sub-$1,000 billion, with a broad-based market rally driving the market cap to a day high of $1,041 billion before easing back.

Crypto market cap
Total Market Cap 250722 Daily Chart

The broad-based crypto rally will wrap up a bullish week, with the crypto total market cap currently up $91.5 billion.

Significantly, the total crypto market cap is up by $157 billion for July. Barring a Fed-fueled sell-off, the crypto market looks set to end a 3-month losing streak.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

At the time of press, ETH was up 3.72% to lead the way, with SOL (+2.90%) close behind.

While BNB (+1.04%), BTC (+0.92%), and XRP (+0.15%) also found support, ADA (-0.39%) and DOGE (-0.40%) look set to buck the top ten trend.

From the CoinMarketCap top 100, it is also a mixed session.

Lido DAO (LDO) leads the way, going into the final hour, with an 8.32% gain.

Bitcoin Cash (BCH), Synthetix (SNX), and Fantom (FTM) are close behind.

However, succumbing to a late reversal, Axie Infinity (AXS) is leading the way down, with a 5.11% loss.

Kusama (KSM), ApeCoin (APE), and NEM (XEM) are also facing relatively heavy losses.

Total Crypto Liquidations Spikes in Final Hour Crypto Pullback

On Monday, 24-hour liquidations are up, though liquidation levels remain low relative to the mid-week spike.

This morning, 24-hour liquidations stood at $155 million, up from $127 million on Sunday. On Tuesday morning, liquidations had spiked at $691 million.

Liquidated traders have fallen sharply over the last 24 hours. At the time of writing, liquidated traders stood at 41,141 versus 61,924 on Sunday morning.

However, one-hour liquidations are up, reflecting the current market pullback from session highs.

Crypto liquidations
Total Crypto Liquidations 250722

According to Coinglass, one-hour liquidations stood at $34.39 million, up from $0.526 million on Sunday. Four-hour liquidations stood at $41.48 million, up from $9.33 million on Sunday. (See hourly market cap chart below).

Market cap - hourly
Total Market Cap 250722 Hourly Chart

Daily News Highlights

  • Updates from the SEC v Ripple case continue to prevent an XRP breakout.
  • Barclays plans to take a stake in crypto firm Copper.
  • Finland will deliver seized bitcoin with a value of close to €47 million to Ukraine.

Crypto Market Daily Highlights – SOL, ADA, and DOGE See Deep Red

Key Insights:

  • After two mixed sessions, the crypto top ten hit reverse on Friday, with Solana (SOL) leading the way down.
  • For the NASDAQ 100, a three-day winning streak ended, with weak economic indicators reigniting fears of an economic recession.
  • The total coin market cap slid by $20 billion to end the day at $1,009 billion.

It was a bearish Friday session for the crypto top ten. Bitcoin (BTC) gave up early gains to end the day at sub-$23,000, with Solana (SOL) and Cardano (ADA) seeing heavy losses.

US economic indicators weighed on riskier assets. In July, the services PMI slid from 52.7 to 47.0, according to prelim figures, reigniting fears of an economic recession. A PMI value below 50.0 indicates a sector contraction. Services account for more than 70% of the US economy.

The crypto news wires also weighed on bitcoin and the broader market. Investors struggled to shake off the news of Tesla Inc. (TSLA) selling off 75% of its bitcoin holding, with the latest SEC move against the crypto market also negative as the SEC v Ripple case drags on.

On Friday, the broader crypto market tracked the NASDAQ 100 into negative territory in response to the weak private sector PMIs.

The NASDAQ 100 fell by 1.87% to end the week up 3.45%, while the total crypto market cap increased by 8.36% to $1,009 billion, Monday to Friday.

NASDAQ correlation
Total Market Cap – NASDAQ – 230722 5 Min Chart

The Total Crypto Market Cap Tracks the NASDAQ into the Red

After a choppy start to the session, the total crypto market cap hit a Friday high of $1,058 billion before hitting reverse.

The reversal saw the coin market cap slide to a day low of $1,001 billion before steadying.

Having tracked the NASDAQ 100 into the red, crypto investors continued to close positions after the US closing bell.

Crypto market cap
Total Market Cap 230722 Daily Chart

Notable moves across the crypto top ten were an Ethereum return to sub-$1,600 and a BTC fall to sub-$23,000.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

SOL slid by 5.98% to lead the way down, with ADA (-3.40%) and DOGE (-3.68%) also struggling.

BNB (-1.20%), BTC (-2.02%), ETH (-2.53%), and XRP (-2.40%) saw relatively modest losses.

From the CoinMarketCap top 100, it wasn’t all doom and gloom.

Bitcoin Gold (BTG), surged by 23.33% to lead the top 100, with EOS (EOS), Kusama (KSM), and NEO (NEO) also finding strong support.

Leading the way down, however, was THORChain (RUNE), which slid by 10.81%, with Synthetix (SNX), Arweave (AR), and Lido DAO (LDO) also struggling.

Total Crypto Liquidations Eased Back from a Session High

On Saturday, 24-hour liquidations were on the rise, though the liquidation numbers over short-time horizons suggested improving market conditions.

This morning, 24-hour liquidations stood at $207 million, up from $198 million on Friday while down from $338 million on Thursday.

Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 62,274 versus 65,160 on Friday morning.

While 24-hour liquidations increased, one-hour liquidations were down from Friday.

crypto liquidations
Total Crypto Liquidations 230722

According to Coinglass, one-hour liquidations stood at $3.74 million, down from $4.10 million on Friday. Four-hour liquidations stood at $51.48 million, up from $33.04 million on Friday, aligned with the late crypto sell-off (see below).

Choppy finish
Total Market Cap 230722 Hourly Chart

Daily News Highlights

  • Ethereum co-founder Vitalik Buterin gave updates on the Ethereum network at the Annual Ethereum Community Conference.
  • The Fear & Greed Index held steady on Friday, despite the investor reaction to the Tesla news.
  • From the SEC v Ripple case, the Securities and Exchange Commission filed a request to appeal against the court ruling on the Hinman speech-related documents.
  • SEC Chair Gary Gensler targeted crypto lending shops, claiming jurisdiction.

Crypto Price Analysis July 15: COMP, KSM, QNT, NEXO, LINK

Key Insights:

  • Compound stood as one of the best performers of the day with an 11.4% rise.
  • NEXO was among the few altcoins to counter the broader market’s bullishness.
  • Bitcoin and Ethereum were observed to be trading at $20k and $1.2k, respectively.

Most of the cryptocurrencies had a positive day today as the broader market noted growth. Closing above $910 Billion, the crypto market cap reclaimed the critical level today.

The king coin remained consolidated at $20.7k, whereas the altcoin king rose to $1.2k at the time of writing.

Compound (COMP)

COMP investors had a good day today as the coin continued its rally, rising by 14.2%. This brought the altcoin to trade at $56.41. At the same time, the altcoin also recovered its June losses almost completely.

The Awesome Oscillator highlights rising bullishness on the indicator, which could help COMP completely recover the 51.44% downfall from the last month.

Kusama (KSM)

Kusama’s native token KSM followed the bulls today to rise by 10.33% in the last 24 hours, trading at $54.08 at the time of writing.

However, going forward, the rise might slow down since the converging Bollinger Bands indicate reducing volatility in the market.

Quant (QNT)

QNT noted one of the highest 24-hour rally in the crypto market today, shooting up by almost 26%. In the process, it also reclaimed $100 as support to trade at $106.94.

The rise was supported by the investors, too, as the uptick in the Chaikin Money Flow exhibited organic inflows.

Nexo (NEXO)

On the other end of the spectrum in the market today stood NEXO which remained mostly unchanged, trading at $0.6.

Despite the MACD highlighting an active bullish crossover in the case of the altcoin, NEXO isn’t making much growth due to the rising bearishness, which could make it difficult to recover the 50.8% crash it witnessed in June.

Chainlink (LINK)

LINK accompanied NEXO in going nowhere today as the altcoin moved by just 1.23%, still trading at $6.19, the same level it was at a month ago.

The Relative Strength Index (RSI) isn’t indicating any immediate bullishness either, lingering in the bearish zone under the 50.0 neutral mark.

KSM Price Prediction: Could it Retreat Further?

Key Insights:

  • Short-term sentiment on KSM is bearish, while the daily simple and exponential moving averages are giving sell signals.
  • KSM ranks 79th in the list of cryptocurrencies worldwide by market capitalization at $404 million. 
  • In January 2021, KSM rallied from $69.5 to $237.03 in the space of 52 days. 

KSM, the native token of the public pre-production environment for Polkadot, Kusama, crashed to $45.21 yesterday, despite trading at a high of $58.34 just a few days earlier on June 26. The 22% price drop was accompanied by a 5% decline in trading volume.

Kusama (KSM) is referred to as a canary network since it serves as a nearly identical copy of the Polkadot (DOT) blockchain designed to test new features before they are released. Meanwhile, KSM is the proof-of-stake (PoS) cryptocurrency that distributes rewards for validating transactions via staking. KSM an inflationary asset with an inflation rate of 10% per year.

Price Action

KSM started its journey in December 2019 $1.9359.

The coin is currently trading at $47.82 and ranks 79th in the list of cryptocurrencies worldwide by market capitalization at $404 million.

 

Kusama daily price chart
KSM 010722 Daily Price Chart

On June 30, KSM was trading below the 20 and 50 simple moving average (SMA), while the moving average convergence divergence (MACD) continued to transact in the negative zone. Support was found at $40.

In May last year, KSM rose 105% from its earlier price of $303.04 set on 24 April. The surge was attributed to a listing on the world’s largest cryptocurrency exchange, Binance. Following this, Kraken listed the token and then added support for staking with a reward of 12% annually.

Prior to this, KSM had rallied from $69.5 on January 1, 2021 to an astonishing $237.03 in the space of 52 days. The uptick continued with the cryptocurrency reaching $547.91 on March 29, 2021.

The Kusama token lost over 50% of its value shortly thereafter, dropping to $262.97 on May 23. Six parachain auctions than ran from September until October 2021 raised KSM’s price to $402.99 on September 2, with a further rally taking place on November 7 to $509.62.

 

Kusama weekly price chart
KSM 010722 Weekly Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on KSM is bearish, with 0 indicators displaying bullish signals compared to 26 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving sell signals, while the relative strength index (RSI) stands at 35.7.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

In terms of a Kusama crypto price prediction, KSM could see its price rising to $4.886 by August 2022, reaching $2.952 in January 2024 and hitting $1.643 by January 2025.

A more bullish forecast foresees KSM rising to $69.46 by January 2023, reaching $73.63 in January 2024 and hitting $92.63 by January 2025.

Crypto Market Daily Highlights – June 14 – BTC and ETH See Red

Key Insights:

  • Crypto market conditions calmed on Tuesday, with the broader market ending extended losing streaks.
  • Ethereum (ETH) bucked the trend, falling for an eighth consecutive day, with bitcoin (BTC) also seeing red.
  • The choppy session saw the total crypto market cap fall by $69 billion to a new current-year low of $858.7bn before late support kicked in.

It was a mixed session for the crypto market on Tuesday. While the broader crypto market ended an extended losing streak, the bitcoin (BTC) fell for an eighth consecutive day.

The eighth day in the red saw bitcoin fall to a new current-year low of $20,838 before a partial recovery to $22,000. Bitcoin last stood at sub-$21,000 in December 2020.

Helium (HNT) was a front runner, while Monero (XMR) and Tron (TRX) saw heavy losses.

Dip buyers delivered much-needed support ahead of the Fed’s monetary policy decision on Wednesday, which has weighed on the crypto market.

Crypto Market Cap Slides to sub-$900 Billion

Following Monday’s $130.6 billion wipeout, the total crypto market cap fell by just $3.6 billion on Tuesday.

Significantly, however, the market cap fell to a new current-year low of $858.6 billion before returning to $900 billion. Tuesday’s decline marked the eighth consecutive daily fall.

Crypto market cap falls again.
Total Market Cap Daily Chart 150622

For June alone, the total crypto market cap is currently down $379 billion, following a $380 billion tumble in May and a $375 billion slump in April.

While the crypto market found support on Tuesday, downside risks remain as the market looks ahead to the Fed monetary policy decision on Wednesday.

The markets have priced in a 50 basis point rate hike. A hike in line with expectations would leave investors to focus on the Fed’s inflation, GDP, and interest rate projections.

Investor fear of a more aggressive rate path trajectory has hit riskier assets. An upward revision to the March projections will likely further test the appetite for riskier assets.

Other market considerations include plans to roll out more stringent regulatory measures and the stability of stablecoins.

On Tuesday, TRX came under selling pressure as investors reacted to algorithmic stablecoin USDD losing its dollar peg. TRX slumped by 12.9% on Tuesday, following a 16.1% slide on Monday.

From the top ten cryptos, ADA (+3.88%), SOL (+3.46%), and XRP (+3.41%) led the way.

BNB (+0.09%) and DOGE (+2.69%) also found support.

BTC slid by a further 1.58% to lead the way down, however, with ETH ending the day with a 0.02% loss to buck the broader market trend.

From the CoinMarketCap top 100, Monero (XMR) joined TRX in the deep red, with a loss of 10.83%.

Total Crypto Liquidations Eased but Remained Elevated

Following Tuesday’s spike, total liquidations eased going into the Wednesday session.

According to Coinglass, 24-hour liquidations stood at $578 million, down from $1,070 million levels on the day prior. While down from Tuesday levels, however, 24-hour liquidation levels remained elevated.

Crypto liquidations ease.
Total Crypto Liquidations 150622

One-hour liquidations pointed to a steadying in market cap conditions, with one-hour liquidations at $7.7 million.

Crypto Daily News Highlights

  • Bank of England Governor Andrew Bailey took another swipe at the crypto market.
  • Crypto investors prep for the Fed monetary policy decision and projections.
  • Tron (TRX) took a hit in response to algorithmic stablecoin USDD losing its dollar peg.
  • Ripple general counsel Stuart Alderoty took aim at the SEC over a muddied regulatory environment.
  • BlockFi was fined $943,000 for failing to register securities in the State of Iowa.
  • While the crypto winter takes its toll on crypto platforms, Ripple Labs, Binance, and Tron announced upbeat plans.
  • CEO and co-founder of Terraform Labs Do Kwon denied cashing out $2.7 billion.

Can Bitcoin and top Altcoins Have a Bullish Week Ahead?

Key Insights:

  • Bitcoin’s price has presented signs of extending the recovery to the $35,000 mark.
  • Ethereum still presents a high BTC correlation.
  • With volatility still high, altcoins could face hurdles going forward.

After the recent flash crash, the top crypto asset found a solid support at the $29,100 price level. Bitcoin price has been coiling up around the range of $29,000 – $30,000 for quite some time.

On Monday, BTC price started on a high note, rising to as high as $31,350. While technicals point towards range formation, indicating that an up move is likely in the coming days, the larger sentiment around cryptos remains ‘Extreme Fear.’

Nonetheless, with BTC establishing a solid footing at the $30,500 mark for the short-term, investors can expect altcoins like Ethereum, Ripple, Solana, Algorand, and others to do the same.

Bitcoin price presenting bullish signs?

BTC bulls are making attempts at recovery from the under $30,000 zone. This time, a strong comeback (if at all it happens) would be a testament to the bulls’ power and could determine bitcoin’s price path going forward.

Last week saw one of the most significant price losses in the history of the cryptocurrency market as BTC almost tested the $25,000 mark. BTC’s price was up by nearly 15% from last week’s price lows.

The top coin’s price still moved in the tight price channel of $29,050 – $31,250.A strong push from bulls would be needed to fuel buying pressure in the market over the coming days.

FXempire, BTC, Crypto
BTC 1-day price chart | Source: FXEmpire

Notably, bitcoin’s RSI on a daily chart was still in the oversold zone, a recovery above the oversold mark could indicate some sustained positive momentum for the top coin.

Additionally, with Bollinger bands on BTC’s 24-hour chart looking wide open, the market participants should expect high volatility going forward.

While BTC’s recent price lows have been swept at the moment, a significant price uptick seems unlikely in the short term due to the coincidence of Monday’s high and weekly open at the $31,268 price level.

Investors and traders could be cautious of a pullback towards Monday’s low at $29,027 and contemplate going long BTC. However, if bulls can push BTC price higher and flip Monday’s high at $31,250, the same would reveal a stronger conviction amongst buyers suggesting the likelihood of a short-term rally.

In case of a near-term uptrend, Bitcoin price could first retest the range high at $32,650. Once that is cleared, the next major resistance would fall at the $34,750 level.

After the $34,750 level is breached and BTC’s price is above the psychological support at the $35,000, more volatility and pressure from bears could be expected.

Institutions running the show?

Just last week, bitcoin and the larger cryptocurrency market fell as the Terra ecosystem collapsed. Bitcoin plummeted to under $30,000; however, institutional players took advantage of the circumstance, buying into BTC at a discounted price.

According to a CoinShares report, institutions invested $300 million into exchange-traded bitcoin funds last week. The previous week recorded record weekly crypto inflows for the year 2022, while the net weekly inflows were $274 million during the last week.

Additionally, it was noted that North American investors pumped $312 million into cryptocurrency while European investors saw a $38 million net outflow last week.

FXempire, BTC, Crypto
Source: CoinShares

The head of research at CoinShares, James Butterfill, spoke about the unprecedented volume of bullish investments in bitcoin funds despite increased market volatility. He said,

“It’s the highest weekly total since October 2021, and the 19th highest since records began in 2015.”

Can altcoins gain strength?

On BTC’s renewed short-term momentum, ether’s price saw a minor 2.5% price rise over the last day. ETH’s price had finally stabilized above the $1,980 support level, and while it can retest the $2,200 resistance, the same wouldn’t be possible without BTC’s bullish moves.

FXempire, ETH, Crypto
ETH 1-day price chart | Source: FXEmpire

On the other hand, bearish momentum in BTC’s price trajectory could pull ETH back to the $1945 support.

That said, some of the top market gainers in terms of price were – KAVA, Aave, Elrond, Kusama, Litecoin, and IOTA, among a few others.

Kava (KAVA) traded at $2.58 and was up by 11.06% in the last 24-hours while Elrond (EGLD) was up by 9.68% and oscillated at $100.03. That said, Litecoin (LTC) was up by 7.11% and traded at $71.28, at the time of writing.

Alogrand’s ALGO, Ripple XRP, and Solana’s token SOL were up by 6.84%, 3%, and 4%, respectively, over the last 24-hours but still traded below key resistance marks.

Some altcoins seemed to make notable gains, but sustained gains don’t seem to be on altcoins’ cards due to high volatility.

Acala and Anchor Protocols To Collaborate and Unite Terra and Polkadot

Key Insights:

  • Acala and Anchor together intend on amplifying Terra and Polkadot’s stablecoin space.
  • The partnership will build deep liquidity pools for aUSD and UST on the Acala protocol.
  • The announcement comes two days after Anchor charted a 20% drop.

Stablecoins are one of the most critical aspects of the DeFi space, and Acala, the cross-chain DeFi protocol, intends on creating a Decentralized Finance hub for the entire Polkadot ecosystem, furthering the reach of these stablecoins with this new partnership.

Acala and Anchor

The world’s biggest lending protocol, Anchor, joined hands with Acala to invigorate the stablecoin front of the Terra and Polkadot ecosystems.

Through this partnership, both Acala and Anchor will be setting up liquidity pools for TerraUSD (UST) and Acala’s stablecoin (aUSD) on Acala.

This will act as a gateway for the UST holders to enter the Polkadot ecosystem. The platforms plan on increasing the liquidity and increasing the yield opportunities for both these stablecoins.

Furthermore, the Karura parachain will be helping in furthering Anchor’s collateral options for UST with the Liquid DOT (LDOT) token as well as Acala’s – bearing liquid staking derivatives – Liquid KSM (LKSM).

Using these tokens, users can gain access to the Anchor yield, after which, depositing them as collateral, users can borrow UST on Anchor. In doing so, they will be able to earn the ANC incentives for borrowing and can also deposit their UST to earn a stable yield.

As per the press release, a whole new group of users from ‘Dotsama’ (Polkadot and Kusama) will be introduced to the Terra ecosystem.

Anchor on the Charts

While most of all, the altcoins haven’t been faring exceedingly well over the last couple of days, Anchor has had the worst week of them all. Anchor led the dip this week by losing 32% within three days. On April 11, the price fell by 19% within a single day.

Anchor noted a 32.04% drop in price in 3 days

Recovery from this fall will take some time since the Relative Strength Index (RSI) is still in the bearish-neutral zone and will need to breach into the bullish zone before a sustainable rally can take place.

Bitcoin and ETH Face Hurdles, Why BNB Could Aim Fresh Surge

Key Insights:

  • Bitcoin is consolidating below the $44,000 resistance.
  • Ether is facing a major breakout hurdle near $3,270.
  • BNB bulls might aim a larger rally above the $456 resistance.

Bitcoin

Recently, bitcoin price saw a major decline below the $45,000 support zone. There was a clear move below the $44,000 support level and the 21 simple moving average (H1).

The price even declined below the $43,250 level and tested $42,800. It is now consolidating losses and attempting a recovery wave above the $33,250 level. On the upside, the price is facing a major hurdle near the $44,050 level.

Bitcoin

There is also a key bearish trend line forming with resistance near $44,050 on the hourly chart. A move above $44,050 could resend the price towards the $45,000 resistance. If not, it could start a fresh another decline and may possibly trade below $42,800.

Ethereum (ETH)

ETH also followed a bearish path below the $3,420 support zone. The price gained pace below the $3,300 level and the 21 simple moving average (H1).

The bears even pushed the price below $3,200. It tested the $3,150 zone and is currently attempting a recovery wave. It broke a major bearish trend line with resistance near $3,200 on the hourly chart.

Ethereum ETH

On the upside, the price is facing a key hurdle near the $3,270 level. A proper upside break above the $3,270 level could push the price towards the $3,420 resistance zone. If not, it could start a fresh another decline and may possibly trade below $3,150.

BNB

BNB formed a support base above the $350 level. The price started a steady upward wave above the $380 resistance.

The bulls were able to push the price above the $400 level and the 21-day simple moving average. However, the price seems to be facing a major barrier near the $450 and $456 resistance levels.

BNB

A clear upside break above the $456 resistance might stage a strong rally. The next key resistance might be $500, above which the bulls could aim a move towards the $550 level. If there is no upside break, the price could start a downside correction below the $420 level. The next major support is near $400.

There is also a key bullish trend line with support near $400 on the daily chart. A downside break below the trend line support could send the price towards the $365 support level.

ADA and DOT price

Cardano (ADA) traded below the $1.10 level and even dived below $1.05. It is currently consolidating above USD $1.08, with hurdles near $1.10 and $1.12.

Polkadot (DOT) is consolidating just above the $20.00 pivot level. A downside break and close below $20.00 might start a major decline.

A few trending coins are HBAR, ETC, and KSM. Out of these, ETC gained over 5% and there was a move above the $42 level.

Andreessen Horowitz Invests $70M in Ethereum Staking Platform

Key Insights:
  • A16z has used some of its ETH stash as part of the deal.
  • Lido has an 80% liquid staking market share with $10B ETH staked.
  • Ethereum staking currently yields just below 5% APY.

On March 3, venture capital juggernaut Andreessen Horowitz announced its latest big crypto investment. The firm has injected $70 million into the Lido staking platform for Ethereum.

Lido offers staking services, simplifying the process for retail crypto investors. Staking independently involves a fair bit of technical knowledge in setting up hardware and software. There is also a minimum stake of 32 ETH (around $87,500 at current prices) to become a network validator on the ETH 2.0 chain.

Additionally, staked ETH needs to be locked up for at least a year until the two Ethereum chains merge later in 2022.

Lido allows investors to stake smaller amounts without the hassle of running their own software and hardware. It takes a cut of the staking rewards in return for the services provided. Several major crypto exchanges, such as Binance and Kraken, also offer similar staking services.

 

Staking Economy Growing

Ethereum is currently still running on a proof-of-work blockchain that involves energy-intensive mining. However, it will switch to a more environmentally friendly proof-of-stake consensus mechanism this year.

Staking Ethereum has already been occurring since December 2020, when the Beacon Chain was launched. According to the network explorer, there has been 9.7 million ETH staked, worth around $26.5 billion at the time of writing.

A16z explained that Lido provides a way to earn extra yields beyond the current 4.9% APY. It issues a token called STETH representing the locked ETH that can be used on other decentralized finance platforms.

“By issuing an Ethereum-native liquid token, Lido allows you to use staked ETH as collateral within DeFi in the same way you can use ETH currently.”

Investing its own Ethereum

The firm added that it also staked a portion of a16z’s Ethereum holdings on the Beacon chain in addition to its investment.

According to TechCrunch, there is currently around $10 billion worth of Ethereum staked with Lido giving it an 80% market share of the liquid staking ecosystem. The assets are split across 76,000 individual crypto wallets, according to Lido co-founder Konstantin Lomashuk.

In addition to Ethereum, Lido also supports liquid staking for Solana (SOL), Kusama (KSM), and Terra (LUNA) blockchains and plans to launch on Polygon (MATIC) later this month.

$4.4 Million of Binance Coin & WETH Exploited on Ethereum Sidechain

In the latest reports from the Meter team, the Ethereum sidechain witnessed an unexpected occurrence on a Saturday morning which led to a severe exploit on the Meter bridge.

Although the transactions were stopped immediately upon discovery, it was already too late.

The Exploit

As per the details revealed by the Meter team, someone managed to leverage an existing vulnerability of the bridge using which the exploiter was able to mint $4.4 million worth of Binance Coin (BNB) and Wrapped Ethereum (WETH) tokens. This resulted in the bridge reserves depleting.

As soon as the team was alerted of the same transactions across the bridges were halted and within the next 30 minutes, the issue was identified. According to the Meter team:

“The issue (was identified) to be a bug introduced in the automatic wrap and wrap of native tokens like BNB and ETH extended by the Meter team. The extended code had a wrong trust assumption which allowed hacker to call the underlying ERC20 deposit function to fake an BNB or ETH transfer.”

The only networks that were actually affected by this exploit were Meter and Moonriver’s. The other remaining tokens and their reserves were declared SAFU by the team.

Furthermore, the Meter team stated that they were working on a compensation plan for the users affected by the exploit and urged all other liquidity providers for WETH and BNB to pull out their liquidity from the pools. 

The Moonriver network is actually the Kusama deployment of the Moonbeam project which won the third slot during the Parachain auctions raising well over $40 million.

Binance Coin and Ethereum

Surprisingly neither of the tokens were affected by the exploit as they were both following the broader market’s bullish cues. Within a span of 4 days, both Binance Coin and Ethereum managed to paint a rally of 18.11% and 17.83% respectively.

However, at the time of this report with Bitcoin struggling to close above $44k, both BNB and ETH too were trading in the red. Going forward, investors are hopeful for either slowed recovery or consolidation but not a price fall.

Binance Coin recovered by a staggering 18.1% in just 4 days – Source: FXEMPIRE

Encointer Platform Brings New Opportunities for Web3

Web3 appears to be the new era of the internet. However, it still faces problems like financial inclusion.

Two weeks ago, on January 9, Encointer was recently granted as a common good parachain slot in the Kusama network. Kusama network is the test network of Polkadot, in which both are aiming to expand and grow Web3 services.

Alain Brenzikofer, Founder of Encointer, said:

“Improving financial inclusion is imperative for Web3 to play a meaningful role for humanity. I am profoundly encouraged by the support from the Kusama council and KSM holders for this initiative”. 

What Is Encointer?

Encointer is a framework that uses blockchain technology that aims at two things, to provide a basic income with a local cryptocurrency and that individuals have a unique digital proof personhood(PoP).

Any community would be able to issue, distribute, and use a community cryptocurrency without using a central authority like a bank. Encointer will bring developing and emerging countries opportunities to join this new decentralized digital economy.

On the other hand, besides creating a community token, it gives people a unique identity system. During Encointer meetups, which are physical, PoP identities are given, so always each one will only have its own PoP.

Understanding Parachain Slots

First, you need to know how Kusama and Polkadot networks work. Their main chains are called “Relay Chains”, built as Layer 0’s. To have better scalability in the network, there are Parallel Chains known as “parachains” built as Layer 1’s that are connected to the main chain as you see in the picture below:

Example of Kusama/Polkadot infrastructure. Source: Polkadot network docs.

So each main chain supports a limited number of parachains. These are called parachain slots. These slots can be granted as a common good parachain as Encointer did and auction granted parachains.

The difference is that common good parachains are decided by the network’s on-chain governance system and are for specific purposes to improve or benefit the ecosystem. Auction-granted parachains are decided by a permissionless auction, where the users (generally through crowd loans) lock up their tokens bidding in the parachain they prefer.

Platforms like Encointer are helping new people to join Web3 by giving them global financial inclusion.

Kusama Rallies by 10% in 24 Hours as Broader Market Slowly Recovers

The cryptocurrency market got a breather in the past 24 hours after underperforming since the start of the year. The prices of most coins are up by more than 2% over the past few hours.

Kusama Surpasses the $260 Psychological Level

KSM, the native token of the Kusama ecosystem, has been trading below the $260 level since it reached a high above $300 earlier this month. However, it overcame this psychological level a few hours ago and is now trading above $270 per coin.

Kusama is a permissionless network that intends to become a testing ground for Polkadot-related experiments.

Kusama has modified governance parameters that promote faster network upgrades. The community members are given seven days to vote on referendums and eight days to implement any agreed-upon upgrade.

KSM has added nearly 10% to its value over the past 24 hours. There is no apparent catalyst behind this move except the broader cryptocurrency market performing excellently during that period.

The total cryptocurrency market cap is now above the $2 trillion mark again after falling below it earlier this week. Bitcoin is trading above $42k per coin while Ether currently eyes the $3,200 level after adding 4% to its value recently.

KSM Could Target the $300 High Again

KSM’s recent rally could serve as a catalyst for further gains for the cryptocurrency. The technical indicators show that KSM is still bearish as it is still some way from the high it achieved earlier this month.

KSM could break past its 50-day EMA soon. Source: FXEMPIRE

KSM is trading at $272 per coin, below its 50-day moving average of $294. The MACD line is still in the negative territory but is slowly moving higher. Meanwhile, the 14-day RSI of 50 shows that MACD is out of the oversold region.

If the rally continues, KSM could top the first major resistance level at $287 over the next few hours. In the event of an extended bullish performance, KSM could surpass its 50-day EMA and reach the resistance level at $307 before the end of the day.