Crypto market rallies as BTC bounces from $53K
Crypto market falters as Art Blocks Curated hit by block-reorg
The cryptocurrency market is, once again, experiencing widespread declines as it struggles to gain any bullish momentum.
The cryptocurrency market has pulled back after a solid start to the week. Over the past 24 hours, its global market capitalization has fallen by nearly 4% to $1.96 trillion — during which time the prices of leaders BTC and ETH also declined by roughly 3% and 4%, respectively. Only Axie Infinity’s AXS stands out from the crowd after gaining roughly 5%.
NFT Snapshot: Art Blocks Curated auction hit by block-reorg
The latest auctioning of nonfungible tokens from Art Blocks Curated failed to go over smoothly after a representative confirmed on Discord that the popular NFT platform experienced a “block-reorg” — which means that transactions once confirmed on the Ethereum blockchain were replaced by a different block of transactions.
In effect, some users who paid ETH for NFTs from artist Piter Pasma’s Skulptuur collection never received their tokens.
The high-profile auction highlights one of the key flaws with the Ethereum-based NFT marketplace today — namely, that miners can all but rig the system by exploiting their positions as transaction verifiers for profit.
Top altcoin gainers and losers: WAVES and UNI lead large caps
- CFG/USDT +40.80%
- MON/USDT +29.30%
- SOC/USDT +23.98%
- ORS/USDT -8.32%
- ALV/USDT -8.95%
- LITH/USDT -9.63%
The most notable altcoin performer on OKEx today — per the exchange’s default time settings — is WAVES. The coin with a market capitalization of more than $2 billion has increased by roughly 8%. Not far behind is Uniswap’s governance token, UNI.
BTC technical analysis: Holding on for dear life
The price of BTC is still holding on for dear life above a key area of support located around 41,000 USDT. However, the four-hour EMA ribbon continues to push downward and may continue to apply pressure as a form of resistance. If buyers fail to step up in the immediate future, the leading cryptocurrency could experience further declines down well below 40,000 USDT.
ETH technical analysis: Rejected against BTC
The price of ETH against BTC found rejection at the area of key resistance mentioned yesterday. It is also in danger of turning the four-hour EMA ribbon into resistance, which could push the foremost altcoin back down to 0.067 BTC.
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