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Bitcoin Price At $18,000 Calls For An Altcoin Crash? Mark These Days For Discounted Buy Orders!

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The post Bitcoin Price At $18,000 Calls For An Altcoin Crash? Mark These Days For Discounted Buy Orders! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The marketers from the crypto industry are in a dilemma over their plan of action. As digital assets from the business have been falling off from thresholds and have been nearing multi-year lows. The star crypto Bitcoin for instance at the time of publication has dropped 9.78% over the previous day to $19,030.51

On the other hand, Ethereum has lost its crucial support at $1,000 and is presently changing hands at $990.23. That said, the dominance of altcoins is depleting in contrast to that of Bitcoin. With losses accounting for double-digits, altcoiners are now fearing a massive altcoin crash. Which is reasonable for justifiable reasons such as FED’s possible 75 BPS rate hike.

Where Is The Top Altcoin Ethereum Heading?

  ETH price has lost its hold at its crucial support at one grand. The blue-chip altcoin at the time of press is changing hands at $990.23. While the fall from the threshold was not much of a surprise for veterans. However, it surely has brought in some volumes. That said, the price of ETH is down an astonishing ~72% from the annual top seen on the 3rd of April 2022. 

Successively, a continuity in bearish trends over the weekend could land the price a $930. A reversal in trend seems too far-fetched from the current scenario. As ETH would need to chug up above $1,300 to validate a bullish thesis. But a spike in volumes could help Ethereum reclaim the $1,000 price tag. 

The on-chain metrics are in-line with the price projections of the prominent altcoin. According to Glass Node Alerts, Ethereum’s exchange inflow volume (7D MA) has reached a 1-year high of 30,709,073 ETH. Moreover, the mean transaction volume (7D MA) has reached a yearly high of 8.803 ETH. Meanwhile, ETH percent address in profit (7D MA) has hit a 23-month low of 51.67%

These Days Are Crucial For Altcoins!

  The total market capitalisation of altcoins has dropped to $501,001,022,269. A number of altcoins are now down close to double-digit percents over the previous day. And over 90% of altcoins are below their ATH by a greater margin. The dominance of altcoins in comparison to Bitcoin has moved south. While that of the latter has risen to ~47.49%, despite it being below the ATH from 2017.

Conversely, BitMEX co-founder Arthur in his blog cites that he believes the liquidity in the business will worsen in the second half of 2022. He also believes that FED’s possible 75 BPS rate hike could seize investors from investing in risky assets. The entrepreneur expects the market to witness extreme turbulence between June 30th and July 5th. Which is when the balance sheet of FED would start shrinking. 

Wrapping up, with bleak signs of optimism and soaring fear. Which now counts at “6”, to the all-time-low at “5” on the fear and greed index. The volumes from retailers would continue to remain bland. Consequently, the altcoins could further move southwards owing to the influencing factors. 

Celsius Pays Off Over $120M On Its Bitcoin Backed Loan, Lowers Liquidation Price To $4,967

Besieged crypto-centric firm Celsius has continued to repay loans owed to various lenders as it charts a way forward to recovery. Since it announced that it was pausing all withdrawals, swaps, and transfers between accounts citing “extreme market conditions,” the firm has been forced to double down on its repayment figures to avoid being forcibly::Listen

Goldman Sachs Reportedly Keen To Raise $2 Billion To Purchase Celsius Assets

Besieged crypto-centric firm Celsius has continued to repay loans owed to various lenders as it charts a way forward to recovery. Since it announced that it was pausing all withdrawals, swaps, and transfers between accounts citing “extreme market conditions,” the firm has been forced to double down on its repayment figures to avoid being forcibly liquidated.

The transactions which have been tracked to vault #25977 that is linked to Celsius show that the firm repaid a $50 million Bitcoin loan on Monday lowering its BTC liquidation price to $8,839 before paying another $64 million dropping the liquidation price further to $4.9k. Although the firm has paid up other loans, albeit, in smaller chunks, these are the largest single repayments done by the firm since June 13. Previously, the firm had moved $77 million (in stablecoins) into the wallet they use to pay down their debt positions days after sending 67,000 ETH to FTX.

As of writing, Celsius’ vault now has 23,962 WBTC ($1.8B) collateral and an outstanding loan of $82 million. However, following the repayments, its collateralization ratio has risen by 577.81% which means less risk to its lenders.

As ZyCrypto reported, Celsius has been working around a recovery plan since it halted activities for its 1.7 million users on June 13. In a blog dated June 30 the firm assured its customers that it would be “taking important steps to preserve and protect assets and explore options available.”

These options include pursuing strategic transactions as well as a restructuring of our liabilities, among other avenues,” wrote Celsius.

According to a Sunday report by Israeli news outlet Calcalist, Celsius also laid off some 150 employees including some from Israel in an attempt to cut down on its spending.

A petition to call for a shareholders’ meeting aimed at finding the best recovery plan for Celsius depositors and shareholders has also been proposed. According to Simon Dixon, CEO of BnkToTheFuture and one of the biggest individual shareholders in Celsius, the firm should prioritize depositors in its recovery plans since “non-depositors & non-shareholders will only give predatory offers.”

That said, whereas Celsius’s financial health is at a critical level, its strategic financial moves have been a spectacle to watch and could be the true measure of the entire blockchain industry breaking out of this crypto winter.

Bitcoin Price At $18,000 Calls For An Altcoin Crash? Mark These Days For Discounted Buy Orders!

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