TOTAL - Can Crypto Markets CRASH MORE ?
Hi Traders and Investors
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
If you're interested in the TOTAL Cryptocurrency market cap , here's my view:
The world has been in turmoil lately, and unsurprisingly the crypto markets experience volatility . As we find ourselves in the midst of a bear market , you can potentially try to explain some of the price action by taking a look at these triggers :
Global economic strain : The cryptocurrency markets are reflecting the downturn in global financial markets. The US equity markets traded low on Tuesday. Inflation remains at ATH
Bitcoin liquidating : The top cryptocurrency by market cap has once again fallen below $20,000. BTC weekly RSI hit an all-time low a few weeks back and hasn’t recovered much since. The Bitcoin charts show price action underneath the 200-week Moving Average (MA) for the second week in a row.
Crypto TOTAL sell-off: While the global crypto market cap and top coin prices are falling, the market clearly shows a crypto sell-off by traders. The overall sentiment is clearly bearish .
1% TDS in India: A new tax rule announced by India government will mandate the deduction of 1% TDS on every crypto purchase.
Genesis faces unprecedented losses: Crypto lending firm Genesis is reportedly facing potential losses worth hundreds of millions of dollars due to exposure to over-leveraged hedge fund Three Arrows Capital Babel Finance, a Hong Kong-based crypto lender, according to a CoinDesk report.
Hedge Funds shorting USDT: Reports suggest that various hedge funds are betting against Tether (USDT), which is currently the largest stablecoins . There are are concerned about the stable coin’s backing and systematic risks. According to ConiDesk, the short positions on USDT are worth hundreds of millions of dollars. Concerns over USDT’s systematic risks have increased since the TerraUST implosion last month.
In other related news:
👉 The SEC government officials are investigating the Luna Terra case. Hacktivist group Anonymous has vowed to bring Do Kown's crimes to light, founder of LUNAUSDT .
👉 FTX CEO Sam Bankman has also said that many crypto exchanges are "secretly bankrupt".
👉 Earlier in June, the Celsius Network , a cryptocurrency bank , began to halt withdrawals by its nearly 2 million depositors because of what it called “extreme market conditions.” Since then, securities regulators in at least five states have launched investigations into the bank’s operations.
👉 Three Arrows Capital ( crypto-focused hedge fund ) has been ordered by a court in the British Virgin Islands to liquidate. This is following its failure to repay creditors as the value of bitcoin and other cryptocurrencies declined. The liquidation order comes after a high-profile notice of default: On Monday, crypto broker Voyager Digital announced that Three Arrows Capital had not made the required payments on a loan worth more than $665 million, paid partly in bitcoin .
👉 One of the largest global NFT marketplace OpenSea has reported a data breach
👉Coinbase Selling Geo-Location Data - one of the largest crypto exchanges Coinbase is reportedly selling geolocation data to the U.S. Immigrations and Customs Enforcement agency (ICE). The shared data allegedly include details of crypto users, including their “historical geo-tracking data” and transaction history, according to a CoinDesk report.
Does this seem like the market is bullish ?
In other markets :
⁕ Ethereum is testing crucial support zone and struggling to stay above resistance zone USD 1,100
⁕ XRPUSD ( native crypto of Ripple ) lost mid-cycle rally gains, support zone .29c
⁕ Bitcoin is facing a formidable resistance zone at 20K
⁕ LINKUSDT facing short term selloff and high supply zones
⁕ SOLUSDT losing key demand zone
⁕ ADAUSDT / Cardano could dive towards the USD 0. 40 support zone
_________________
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We thank you for your support !
CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
If you're interested in the TOTAL Cryptocurrency market cap , here's my view:
The world has been in turmoil lately, and unsurprisingly the crypto markets experience volatility . As we find ourselves in the midst of a bear market , you can potentially try to explain some of the price action by taking a look at these triggers :
Global economic strain : The cryptocurrency markets are reflecting the downturn in global financial markets. The US equity markets traded low on Tuesday. Inflation remains at ATH
Bitcoin liquidating : The top cryptocurrency by market cap has once again fallen below $20,000. BTC weekly RSI hit an all-time low a few weeks back and hasn’t recovered much since. The Bitcoin charts show price action underneath the 200-week Moving Average (MA) for the second week in a row.
Crypto TOTAL sell-off: While the global crypto market cap and top coin prices are falling, the market clearly shows a crypto sell-off by traders. The overall sentiment is clearly bearish .
1% TDS in India: A new tax rule announced by India government will mandate the deduction of 1% TDS on every crypto purchase.
Genesis faces unprecedented losses: Crypto lending firm Genesis is reportedly facing potential losses worth hundreds of millions of dollars due to exposure to over-leveraged hedge fund Three Arrows Capital Babel Finance, a Hong Kong-based crypto lender, according to a CoinDesk report.
Hedge Funds shorting USDT: Reports suggest that various hedge funds are betting against Tether (USDT), which is currently the largest stablecoins . There are are concerned about the stable coin’s backing and systematic risks. According to ConiDesk, the short positions on USDT are worth hundreds of millions of dollars. Concerns over USDT’s systematic risks have increased since the TerraUST implosion last month.
In other related news:
👉 The SEC government officials are investigating the Luna Terra case. Hacktivist group Anonymous has vowed to bring Do Kown's crimes to light, founder of LUNAUSDT .
👉 FTX CEO Sam Bankman has also said that many crypto exchanges are "secretly bankrupt".
👉 Earlier in June, the Celsius Network , a cryptocurrency bank , began to halt withdrawals by its nearly 2 million depositors because of what it called “extreme market conditions.” Since then, securities regulators in at least five states have launched investigations into the bank’s operations.
👉 Three Arrows Capital ( crypto-focused hedge fund ) has been ordered by a court in the British Virgin Islands to liquidate. This is following its failure to repay creditors as the value of bitcoin and other cryptocurrencies declined. The liquidation order comes after a high-profile notice of default: On Monday, crypto broker Voyager Digital announced that Three Arrows Capital had not made the required payments on a loan worth more than $665 million, paid partly in bitcoin .
👉 One of the largest global NFT marketplace OpenSea has reported a data breach
👉Coinbase Selling Geo-Location Data - one of the largest crypto exchanges Coinbase is reportedly selling geolocation data to the U.S. Immigrations and Customs Enforcement agency (ICE). The shared data allegedly include details of crypto users, including their “historical geo-tracking data” and transaction history, according to a CoinDesk report.
Does this seem like the market is bullish ?
In other markets :
⁕ Ethereum is testing crucial support zone and struggling to stay above resistance zone USD 1,100
⁕ XRPUSD ( native crypto of Ripple ) lost mid-cycle rally gains, support zone .29c
⁕ Bitcoin is facing a formidable resistance zone at 20K
⁕ LINKUSDT facing short term selloff and high supply zones
⁕ SOLUSDT losing key demand zone
⁕ ADAUSDT / Cardano could dive towards the USD 0. 40 support zone
_________________
👀 Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎
👍Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
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