Asian crypto markets were in the red on Monday morning as Bitcoin dipped below the US$26,000 resistance level. Ether has fallen to the US$16,000 mark after Ethereum founder Vitalik Buterin’s X account was hacked. Other top 10 volatile cryptocurrencies posted losses. Solana’s SOL led the losers with a 24-hour slide of more than 6%. Bankruptcy crypto exchange FTX recently got the green light to liquidate US$3.4 billion worth of crypto holdings, adding to selling pressure in the market. U.S. stock futures rose after Wall Street posted a weekly loss on Friday. Investors will now look to the release of more US inflation data later in the week for clues on future interest rate policy.
The latest FTX news saddens the crypto market.
As of 07:50 AM in Hong Kong, Bitcoin is down 0.25% to US$25,831.97 in the last 24 hours. It lost 0.53% during the week CoinMarketCap Data. The world’s leading cryptocurrency briefly traded above US$26,000 last Friday. But it soon lost that support level and remained stuck around US$25,900 over the weekend.
Ether, the native token of the Ethereum blockchain, fell 1.12% to US$1,616.79, and is down 1.18% over the past seven days.
Ethereum founder Vitalik Buterin’s account on X, formerly Twitter, was hacked on Sunday; Losses A total of US$691,000 for some of Buterin’s followers, according to blockchain researcher ZachXBT. The hackers posted links to a non-fraudulent token (NFT) project on Buterin’s Twitter page, advising users to link their crypto wallets before withdrawing the funds.
Buterin’s father in A Twitter On Sunday, the boy was hacked and restoring his X account. The suspected fraudulent post has now been removed from the account. Buterin himself did not comment on the abduction.
All other top 10 unstable non-coin cryptocurrencies have posted losses in the last 24 hours. Solana led the losers, down 6.17% to US$18.25 for a weekly loss of 6.80%.
Sunday, The Wall Street Journal Report He predicted a September pause in the US Federal Reserve’s interest rate hike cycle. The report “may make many investors rethink their assessment – not only for crypto, but for risk assets in general,” said Justin d’Anetan, head of Asia-Pacific business development at Belgium-based crypto market maker Keyrock.
The market is facing downward pressure from the recent FTX news. The fallen cryptocurrency exchange is likely to receive approval to start liquidating crypto holdings on September 13, blockchain analysts Well Warning said in a tweet on Saturday.
later Filing for bankruptcy In November 2022, the exchange will still hold Estimate US $ 3.4 billion worth of crypto assets. Loss component Plan It is set up for the company to sell up to US$100 million worth of crypto assets every week, which can be extended to US$200 million in some cases.
Crypto analysts suggest that the news may weigh on the market after the gains made at the beginning of the summer. Blockchain research firm IntoTheBlock He tweeted. Although Sunday is positive news Visa and capacity Point ETH ETFFTX’s $3 billion liquidity could be a determinant of market activity.
Selling pressure from FTX will keep altcoins Bitcoin lower for the rest of the year, Markus Thielen, head of research and strategy at digital asset services platform Matrixport, said on Sunday. LinkedIn post.
Selling FTX’s crypto holdings could hit Solana particularly hard, said Rachael Lucas, a crypto technical analyst at Australia-based crypto exchange BTC Markets. The token “is a significant portion of these assets worth an estimated $685 million. This looming incident has heightened the sense of skepticism among SOL investors.
Meanwhile, Bitcoin is on the verge of a “death cross” – the token’s short-term, 50-day simple moving average (SMA) moves below the long-term, 200-day SMA. That could signal a slide in Bitcoin prices, Lucas said.
As of 09:50 am in Hong Kong, Bitcoin’s 50-day SMA sits at US$27,658.19, with its 200-day SMA at US$27,608.57. Following Bitcoin’s previous death cross on January 14, 2022, the token’s price dropped more than 10% in seven days.
“The looming question on the minds of market participants is will Bitcoin chart a similar course in response to this weak technical pattern, or has the market already priced in this event?” Lucas said.
“This uncertainty has been exacerbated by the recent release of US inflation figures,” she added.
Total crypto market capitalization dropped 0.74% to $1.04 trillion in the last 24 hours. Transaction volume rose 50.61% to US$20.25 billion.
