Crypto market bolstered by Alameda, Jack Dorsey and Elon Musk
Everything bounces after China Bitcoin mining ban causes capitulation
Nearly every cryptocurrency is up today after a rough start to the week — but it's too early to start calling bottoms.
The cryptocurrency market has bounced following a dramatic sell-off yesterday, with its total market capitalization currently up 6% on the day to $1.4 trillion. Market leaders BTC and ETH are up 7.6% and 6.1%, respectively — though, their seven-day declines total 16% and 22.2%.
Many altcoins are also seeing major bounces — including SOL, which is up more than 36% over the past 24 hours.
Market sentiment is currently quite negative amid increasing pressure from China regarding its ban on Bitcoin mining — which may see upward of 90% of all mining in the country go offline. The regulatory actions and persistent selling in the market has once again plunged participant's fear to extreme levels.
DeFi market plummets below $50 billion
The decentralized finance market has not been spared by this week's downturn, which has dropped its total value locked well below $50 billion. Hit hardest is market-leader Aave, which is down substantially over the past 24 hours in terms of TVL, according to DeFi Pulse.
Top altcoin gainers and losers: Everything bounces
- TMTG/USDT +151.69%
- CVT/USDT +47.61%
- RNT/USDK +32.66%
- SBTC/USDT -3.06%
- PMA/USDT -3.86%
- AAC/USDT -4.86%
XRP is the top-performing major altcoin on OKEx today after increasing nearly 17%, followed not far behind by DOGE. No altcoin with a market capitalization of over $1 billion has lost value over the same time period.
BTC technical analysis: Bouncing but in clear danger
The price of BTC has bounced from an area of expected buying interest but is now facing resistance at the four-hour ribbon of exponential moving averages. Failure to push through said ribbon may open the trapdoor to 26,000 USDT.
ETH technical analysis: Grinding down against BTC
The price of ETH is still struggling against BTC after falling through a descending support line — which may now act as resistance alongside the four-hour EMA ribbon. Failure to find buyers against the leading cryptocurrency may see ETH fall to 0.05 BTC.
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