Bitcoin and Ethereum fall below key support levels, offsetting yesterday's gains

www.proactiveinvestors.co.uk

Bitcoin and Ethereum offset yesterday's gains, tumbling back below key support levels as the tech-heavy Nasdaq slipped to its lowest level in a month. The largest coin by market cap, Bitcoin, fell 4.29% to US$38,740, while Ethereum lost 4% to US$2,874.

Timeline of Bitcoin, Ethereum


Bitcoin and Ethereum recover ground as global tech indices remain flat - Proactive Investors

Bitcoin and Ethereum recovered some ground, with most other cryptos languishing as the Nasdaq remained flat despite “pretty decent quarterly earnings” from Meta. The largest coin by market cap gained 2.38% to US$39,390 to offset some of yesterday's losses, although it is still trading below its key support level of US$40,000.


Bitcoin and Ethereum make gains in what is another mixed day for crypto market - Proactive Investors

Bitcoin and Ethereum both added to gains after their midweek recovery, although it has been a mixed bag for the crypto market with many coins in the red, despite more positive sentiment in stock markets. The largest coin by market cap climbed back above the US$40,000 mark overnight but was unable to trade above its key support level for any sustained period, gaining only 0.32% to US$39,508 over the past 24 hours.


Bitcoin and Ethereum continue to languish as crypto bears prevail - Proactive Investors

Bitcoin and Ethereum were trading largely sideways on Tuesday morning after sinking to lows over the weekend. After sinking below US$38K on Saturday, the largest cryptocurrency by market value continued to languish below its key support level of US$40,000, giving up 0.6% to US$38,615 over the past 24 hours.

BitcoinBTC$29244.740000
EthereumETH$1962.040000

Bored Ape creators crash Ethereum's blockchain after NFT sale - Proactive Investors

Yuga Labs, the company behind the Bored Ape Yacht Club non-fungible tokens (NFT), caused the Ethereum network to crash temporarily after a sale of metaverse plots of land overwhelmed the blockchain. Some 55,000 plots were sold for an upcoming multiplayer metaverse game called Otherside, with each plot sold at £4,500 or 305ApeCoin, a currency created by the company.


Bitcoin and Ethereum decline as eyes turn to US Fed rate decision - Proactive Investors

Cryptocurrencies looked set for consecutive red days, as surging inflation and Russia's invasion of Ukraine continued to shake investor confidence and steer them away from riskier assets toward safe havens. In the US, all eyes turned to the Federal Reserve's Wednesday decision on interest rates, which analysts expect to be increased by 0.5 percentage points and therefore make borrowing for consumers harder by further squeezing budgets.


Bitcoin and Ethereum sink just like wider markets - Proactive Investors

Bitcoin and Ethereum fell on Friday, mirroring global markets, following the decisions of the UK and US to hike interest rates again and the Bank of England's expectation that inflation may rise as high as 10% by the year end as a recession looms. Bitcoin fell 7.9% to US$36,446, a similar loss to that of Thursday's, while its biggest rival by market value, Ethereum, eased 6.3% lower to US$2,745.


Bitcoin and Ethereum sink further to 50% of all-time highs - Proactive Investors

Cryptocurrencies were set for their fifth consecutive red day as digital currencies continued to follow in the footsteps of wider markets, especially riskier ones such as technology assets. Bitcoin declined 3.6% to US$33,536 but was slightly outpaced in its fall by its closest rival by market value, Ethereum, which eased 4.2% lower to US$2,451.


Market instability hits bitcoin, while Meta launches NFT support and Gucci accepts crypto - Proactive Investors

eToro's market analyst and crypto expert Simon Peters gives us his weekly crypto and blockchain update, this week focusing on the decline in value of the cryptoasset market. Before we get into Peters' assessment, analyst Josh Gilbert put bitcoin's decline into perspective saying, "Bitcoin had been quite resilient so far in 2022, given the current state of the macro environment - but is now feeling the full effect of the market correction.


Where next for Bitcoin after the recent slump? - Proactive Investors

Bitcoin so far this year has failed to live up to its status as ‘digital gold', let alone as a safe haven during times of economic uncertainty, and has briefly dipped below US$30,000 for the first time in nearly a year. Currently, the largest coin by market cap is trading at US$32,000, but analysts fear that the coin could continue to plunge further amid the backdrop of global uncertainty.


Bitcoin and Ethereum fall to lowest points in over a year as TerraUSD becomes unpegged - Proactive Investors

Cryptocurrencies took another hammering, with TerraUSD's collapse yesterday causing an “industry-based panic”. Bitcoin nosedived another 14%, changing hands at US$27,039, its lowest level since the end of 2020.

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