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  • Bitcoin price breaks below $20K amid crypto selloff

    Bitcoin price breaks below $20K amid crypto selloff

    • Bitcoin price fell below $20,000 for the first time since November 2022.
    • The top crypto asset by market cap dumped amid broader selloff for cryptocurrencies, largely fueled by negative news.
    • Among other news, the New York Attorney General has sued KuCoin over offering of unregistered securities, with Ethereum named as one of the securities.

    Bitcoin price has dropped nearly 10% in the past 24 hours amid negative cryptocurrency news that could yet catalyse further losses.

    As the Bitcoin price chart below shows, the value of the leading cryptocurrency by market fell to lows of $19,569 on cryptocurrency exchange Bitstamp. 

    Bitcoin price fell below $20,000 to hit $19,569 on Bitstamp. Source: TradingView

    This after a selloff that began late Thursday extended into Friday morning, with the dump pushing BTC below the psychological support zone of $20,000 for the first time since November 2022 during the FTX dump.

    Why Bitcoin and crypto crashed today

    As CoinJournal reported early Friday, today’s selling pressure for cryptocurrencies comes after the New York Attorney General sued the crypto exchange Kucoin alleging it sold unregistered securities. The negative news was compounded by the fact that the lawsuit identified Ethereum as one of the securities.

    The market’s reaction saw Ethereum price plunge to lows of $1,375 and was down 9.8% at the time of writing.

    Overall selloff pressure also follows news that crypto bank Silvergate was winding down. The company’s shares plummeted nearly 50% in the aftermath, with fears of even more damage amid a Silicon Valley “bank run.”

    Another headline news likely to have fueled fresh downside for crypto was reports that the US was targeting a new tax on Bitcoin mining. Huobi Token’s flash crash and a security breach on Hedera also added to the broader market bloodbath.

    Crypto analyst Miles Deutscher highlighted this confluence of negative triggers, noting that stocks and cryptocurrencies have shed over $2 trillion in market cap over the past 24 hours. 

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  • crypto price today: Crypto Price Today: Bitcoin holds $20K; Shiba Inu & Cardano tank up to 5%

    crypto price today: Crypto Price Today: Bitcoin holds $20K; Shiba Inu & Cardano tank up to 5%

    New Delhi: Major crypto tokens slipped on Friday on some profit booking after a strong rally in the last few days.
    Bitcoin was above the $20,000 level, whereas Ethereum managed to hold $1,500. The US economy rose 2.6% in the third quarter, higher than expected growth of 2%.

    Barring the Uniswap and the US dollar-pegged Tether, all othe
    r top crypto tokens were trading lower. Cardano and Shiba Inu plunged 5% each, followed by Ethereum and Polygon, which shed 3% each.

    The global cryptocurrency market cap breached below the $1 trillion mark to $980.18 billion, after dropping more than 2% in the last 24 hours. However, the total trading volume tanked as much as 13% to $89.23 billion.

    What’s cooking in India

    Crypto staking platform UniFarm has entered into a strategic alliance with Bengaluru-based ONMETA. The partnership is aimed at empowering Indian users with Indian currency-based purchase of tokens for staking to earn passive income.

    Expert take

    Edul Patel, CEO and co-founder of Mudrex, said Shiba Inu coin has reached a significant milestone in terms of the percentage of long-term holders. Currently, it jumped to the highest value of 38%.

    “Long-term SHIB holders have grown far more since the beginning of 2022, from barely 1% to over 38% of holders,” he said. “The percentage of short-term holders remains relatively steady and midterm speculators continue to decline,” he added.

    Global Updates

    Hong Kong plans to legalize retail trading of cryptos as it looks to become a crypto hub, according to a Bloomberg report. Crypto platforms will be required to apply for a license to offer retail trading.

    Tech giant Google will be launching a cloud-based node engine for Ethereum projects. The company said its Google Cloud Blockchain Node Engine means that it will be responsible for monitoring node activity and restarting them during outages.

    Nearly 12% of all BEP-20 tokens, the standard token on the BNB chain, are tied to scams, according to recently released research from crypto risk monitoring firm Solidus Labs.

    Tech view by BuyUcoin cryptocurrency exchange

    DOGE surged 35% on Twitter deal. The most popular meme coin, DOGE, has witnessed a mega rally since Monday as Elon Musk’s Twitter deal neared finalization. Elon Musk has been a staunch supporter of DOGE and his tweets often move the prices of meme coins in a significant way.

    The jump in DOGE prices is mainly linked to the positive news circulation but lacks fundamental backing so investors should buy the coin as per their risk appetite with a long-term perspective. DOGE was originally designed as a payment mechanism and its growth will depend on real-world use cases, the experts suggested.

    (Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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