Bitcoin (BTC) Drops 10%, Could Return to $17,000, According to Experts

Bitcoin (BTC) today
Daily briefing on Bitcoin, the cryptocurrency market and decentralized finance (Photo: Unsplash/Kanchanara)

a Bitcoin (BTC) Heading to close on Friday (19) with a daily drop of 10%. The cryptocurrency is approaching $20K, where it could be its next support.

a Ether (ETH)And the Crypto assets from the network smart contracts Ethereum also showed strong declines today, approaching the close of the day with a negative 13% on the day at $1,623.

According to data from CoinMarketCap, the . file Market value Of the total crypto assets down 9.53% to $1.01 trillion.

Bitcoin reduced its dominance the shop On top of Ether, Ether has slightly reduced its market dominance. The dominance of bitcoin and ether is, respectively, 39.8% and 19.7%.

for Ira Thamer Alves, Cryptocurrency ExpertInitially there will be a correction in the $20K area for us to look for support and price consolidation.

“If it loses support, we can see the price test the old bottom at $17,000,” he says.

Market size 24 hours

According to the CryptoRank website, below you can see a chart of how much volume has been traded in the cryptocurrency market, and what crypto assets have increased this metric:

‘Fear and Greed’ Indicator – How does fear feel in the market?

The “Fear and Greed” indicator, or fear and optimism, seeks to represent these sentiments that surround the market. The scale of the indicator ranges from 0 to 100 points, where the closer to zero the fear is intense, and the closer to 100 the optimism prevails:

Latest Crypto Fear & Greed Indicator

Today, the indicator has advanced 3 points, from 30 to 33. The area that the indicator points to is “Fear”. The indicator varies between the following areas: “Extreme fear”. “afraid”; “Neutral,” “optimistic,” and “extremely optimistic.”

Bitcoin (BTC) Onchain Data

According to the data analysis website of blockchainBlockchain.com, has increased the hash rate – the maximum capacity a miner can produce – per second since yesterday to 242.41 EH/s.

Today, the number of confirmed transactions on the cryptocurrency blockchain is around 271,106 – 3.43 TPS (transactions per second) – and an estimated volume of $3,401,496,079 has been transferred in those 24 hours.

There are 677,726 unique addresses active today. Check 24-hour Bitcoin futures trading volume on top cryptocurrency exchanges:

Ethereum (ETH) Onchain . Data

Currently, based on the network block explorer “etherscan.io”, the network mining difficulty is 11,711.23 TH.

The network hash rate is 902,935.24 GHz/sec, with an average rate of 12 Gwei, or $0.41, and 1,682.76 million (11.9 transactions per second).

Onchain Data for “Ethereum 2.0”

According to the Beacon Chain block explorer — a proof-of-stake consensus layer chain that will be implemented on Ethereum (ETH) after merging — the network has 416,155 active validators, 13,316,848 Ethers per “stake” and an average of 33.76 Ethers per active validator.

The most recent case of “cutting” – withdrawing Ethers from the validator as a means of penalizing malicious activity on the network – occurred 4 days ago. The checker had 34.2 ETH to his credit.

market analysis

Iara Thamir Alves, a cryptocurrency expert, commented that after the US inflation data for July released earlier this month turned out to be better than expected, investors were encouraged and both exchanges and cryptocurrencies started to rise, but the macroeconomic situation is not entirely certain. and amplifier. The pressure is still there.

“Many data, such as the release of producer inflation in Germany at 37.2% annually, in addition to the fact that the country said that it only had gas for 3 months, and Japan for the fourth consecutive month had an increase in inflation, recording the highest indicator since 2014, China, in addition to inflation , has a problem in the real estate sector, the war between Russia and Ukraine does not end, and finally the disclosure of the minutes of the meeting that clarified the goal to reduce inflation and for that the interest should increase even more “, he explains

For her, there are many indicators pointing to a global recession released this week, however, the markets have been bullish, controversial behavior as this data is supposed to scare the markets.

“Also, Bitcoin has been in a price fight zone between 20 and 25K for the past 30 days making the chart pattern suggest a reversal. Usually a breakout of the rising wedge is to the downside,” he says.

Ethereum, after a 6-week rally affected by the “consolidation” scheduled on 09/15/22, is also down 6% in the past 24 hours.

“Investors are excited about the update and a lot of them are holding profits on the transition date, which has caused the cryptocurrency to drop less than other cryptocurrencies,” he says.

In an OnChain analysis, Thamires says it can be seen that wallets holding more than a thousand bitcoins have benefited from this rally in recent days and started selling, which is a bearish sign.

“Amidst all this situation, a correction of this upward movement was already expected in my opinion, as this rally was not sustainable, given the macroeconomic impact on risk assets,” he adds.

Decentralized Finance (DeFi)

section Decentralized Finance (DeFi) Has suffered a fall in the past 24 hours. The total amount locked up in DeFi, according to Defillama, is $61.2 billion, which is a negative daily variance of 5.94%.

The protocol with the most dominance, in terms of TVL, is Maker DAO (MKR), a decentralized lending platform, with a market share of 13.35% DeFi and $8.17 billion locked in liquidity protocol. Positive daily change of 6.23% in TVL.

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disclaimer

The Money Times publishes informative articles of a journalistic nature. This publication does not constitute an investment recommendation.

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