Bitcoin has been experiencing a series of dramatic price declines. Ethereum and other major altcoins have also faced significant value drops. Approximately $700 million was liquidated in one day amidst this sell-off pressure. This article delves into the recent cryptocurrency market turmoil, specifically focusing on Bitcoin’s potential price movements and critical support levels. Bitcoin Faces
Solana price is down today after this week’s sharp crypto market sell-off stands as the primary culprit in SOL’s price correction.
Data shows users on social media platforms have been calling to sell Bitcoin after its latest crash, a signal that contrarian traders may be waiting for. Bitcoin Sentiment On Social Media Has Turned Quite Bearish According to data from the analytics firm Santiment, social media is showing historic levels of FUD amid the market drawdown. The indicator of interest here is the “Social Volume,” which basically tells us about the degree of discussion around a given topic or term that users on the major social media platforms are currently participating in. This metric works by going through posts/threads/messages on these platforms to look for mentions of the keyword. The indicator then counts up the number of posts that contain at least one such mention. Related Reading: Bitcoin Traders Sink Into ‘Fear’ As Price Crashes Below $58,000 The reason the Social Volume doesn’t simply count up the mentions themselves is that mentions alone don’t contain any information about if the trend is being followed across social media as a whole. Sometimes, for example, mentions can be high for a topic, but most of them could be limited to niche circles (that is, inside a few posts). The Social Volume naturally wouldn’t spike in this case, but it would when users across the platforms are making posts about the term. Now, what the analytics firm has done here is that it has applied terms related to sentiment to Social Volume, to differentiate between discussions related to positive and negative sentiments. Here is the chart shared by Santiment that shows how the Social Volume for negative and positive sentiments has changed alongside the recent Bitcoin volatility: To discern the sentiment, the analytics firm has chosen terms such as buy, bottom, and bullish in the case of positive sentiment, and sell, top, and bearish for negative sentiment. From the graph, it’s visible that the Social Volume for the latter type of keywords has observed a huge spike alongside the plunge in the Bitcoin price. This would imply that a large amount of bearish posts have popped up on social media. The indicator has also spiked for terms pertaining to positive sentiment, but clearly, the scale has been lesser than the one for bearish terms. In fact, the latest ratio between sell and buy calls has actually been the largest observed in the year so far. Thus, it would appear that social media users as a whole are feeling FUD towards Bitcoin. This may actually be a positive development for the cryptocurrency, however, as its price has historically been more likely to move in the opposite direction to what the crowd expects. Related Reading: Why Did Bitcoin Plunge Under $58,000? On-Chain Data Says This As is apparent in the chart, buying calls had spiked on a few occasions following price plunges in the past month, but this optimism had only led to a continued decline for the asset. With the latest crash, sentiment appears to have finally flipped, with Bitcoin traders starting to give up. “For bold traders, this is a window that some may wish to be a true contrarian and buy into the crowd’s anger and frustration,” notes Santiment. BTC Price Bitcoin had briefly slipped under the $54,000 level during the plunge, but the asset appears to have bounced back to $55,400 since then. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Macro guru and Real Vision CEO Raoul Pal says that the total crypto market cap is primed to skyrocket to a staggering $100 trillion. In a new interview on the Blockworks Macro YouTube channel, the former Goldman Sachs executive says that if the digital assets industry continues on with the same rate of growth, its The post Total Crypto Market Cap Primed To Explode by Over 44x to $100,000,000,000,000, Says Raoul Pal – Here’s Why appeared first on The Daily Hodl .
After acquiring the IP from Yuga Labs, Faraway is bringing HV-MTL and Legends of the Mara into other games—starting with this one.
Solana was at the strong support level of $124, and was eyeing $160. However, SOL continued to see a decline.
A widely followed crypto analyst says that he’s identified when Bitcoin (BTC) could reach its cycle high if history were to repeat itself. In a new strategy session, crypto trader Rekt Capital tells his 481,200 followers on the social media platform X that the top crypto asset by market cap tends to peak 518-546 days The post Here’s When Bitcoin Could Reach Its Cycle Peak if History Repeats Itself, According to Crypto Analyst appeared first on The Daily Hodl .
The UK High Court froze Craig Wright's assets to help Peter McCormack. Wright's claim to be Satoshi Nakamoto was dismissed by the court. Continue Reading: UK High Court Freezes Craig Wright’s Assets to Assist Peter McCormack
The cryptocurrency market continues to evolve, posing challenges in data monitoring and metric analysis. Altcoins, in particular, have shown increasing complexity in metrics influencing their price movements. Recently, Pendle has seen a substantial decrease in its Total Value Locked (TVL), sparking concerns in the crypto community. Pendle’s TVL sees a steep decline; here’s what it
Following a huge collapse this week, Arbitrum moved out of a two-week consolidation phase and continued to break down daily. It has lost a key support level and is now rolling back to its launch price level. So far, ARB has seen a notable reduction over the past 72 hours