Read top crypto market events on Bitcoin, Ethereum, Ripple, and Altcoins.
BTC to USD, slid by 4.90% on Sunday. Following on from a 0.82% decline on Saturday, Bitcoin ended the week up by 15.79% to $38,200.0. It was a mixed start to the day. Bitcoin rose to an early morning intraday high $41,399 before hitting reverse.
Falling short of the first major resistance level at $41,478, Bitcoin slid to a late intraday low $35,260.0. The sell-off saw Bitcoin fall through the first major support level at $38,779 and the second major support level at $37,390.
A Well-known international macro investor, Dan Tapiero has said that ethereum is set for an increase as a lot of investors have shifted focus to it. He contributed the change to the amount of stimulus has been poured into the different economies of the world, which he said has transformed the landscape financially.
He told Nathaniel Whittemore of The Breakdown that "...amount of over $30 trillion of stimulus was put into the world economy. That’s one and half the size of the US economy injected in the world so I don’t think we even understand yet what the ramifications are.” And one of the ramifications according to him, could be that ethereum starts receiving more attention from investors.
A sign of this, he said, is the Northern Trust’s plan to custody crypto assets, including Bitcoin and Ethereum.
Ripple(XRP)'s investors have asked the court not to change their lawsuit against the company ripple to protect the investors.
The new lawsuit which was filed in a Rhode Island court is asking them to change its case against Ripple to remove the claim that "the XPR owned by Petitioners constitute securities."
The investors are arguing that "Instead of protecting investors and sharing information to help investors make informed decisions, as required by the mission statement, the Respondent knowingly and intentionally caused multi-billion-dollar losses to innocent investors who have purchased, exchanged, received and/or acquired the Digital Asset XRP, including the named Petitioners, and all others similarly situated."
Over $2.4 billion worth of cryptocurrencies including Bitcoin, ethereum, litecoin, ripple, etc have been liquidated in a single day on various exchanges. It previously hit an all-time high at $42,000 on the 8th of January but saw a huge number of people selling out after it dropped to its lowest that week at $33,447.
Other altcoins like ethereum plunged to $1,010 from its all-time high at $1,448. Long position holders are in the majority of the sellers with a sale of $2.16 billion approximated at 88.42% while short position holders liquidated just $282.63 million. The highest volume of the sale was Binance followed by Huobi, Bybit, and then BitMex.
In conclusion, although there was a major correction that affected all the cryptocurrencies, it has not affected the crypto market so largely as it has bounced back somewhat from it's dip. Now may be the time to buy into the market. We may soon see the cryptocurrencies rising to new highs soon.
