Bitcoin, Ethereum, Dogecoin Weak As FTX Fallout Fears Deepen – But This Trader Sees ‘Gigantic Opportunity’ To Hide Crypto – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Bitcoin and Ethereum was in the red Wednesday night as the global cryptocurrency market cap fell 1% to $835.4 billion at 8:18 PM EST.
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| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -0.5% | 2.4% | $16,722.85 |
| Ethereum ETH/USD | -2.45% | 6.75% | $1,224.51 |
| Dogecoin DOGE/USD | -0.1% | 11.7% | $0.09 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| The Trust Wallet token (TWT) | +4.25% | $2.10 |
| Aptos (APT) | 2.9% | $4.52 |
| Decided (DCR) | +4.8% | $20.43 |
See also: Five Best Robinhood Crypto Alternatives
What happened: Major coins were seen trading lower at the time of writing, on a day when risk assets, such as stocks, ended in negative territory.
The S&P 500 and Nasdaq ended Wednesday 0.8% and 1.5% lower, respectively. Technology-heavy Nasdaq was weighed down by muted earnings figures.
Meanwhile, cryptocurrencies are still struggling FTX and Alameda shock that has led to a domino effect.
On Wednesday, the lending arm was created Genesis Global Trading said it temporarily stopped accepting redemptions and making new loans. It has $2.8 billion in total active loans at the end of the third quarter of 2022.
“FTX contagion remains the main focus of the crypto overview,” noted Edward Moyaa senior market analyst at OANDA.
“Bitcoin and Ethereum are lower on the day as contagion fears remain high and as the broader markets drag down after a round of hawkish Fed speech and mixed signals on the US consumer,” Moya said in a note, seen by Benzinga.
Santiment tweeted that while there have been discussions of a scenario involving traders fleeing exchanges “in droves” following the collapse of FTX and the Gemini withdrawal halt.
“Top assets are still circulating at normal speed, indicating that these fears may be overblown,” the market intelligence platform said.
CryptoQuant analyst YES Maartunn said in a note that in the current year, 24% of Bitcoin is trading below the realized price. The analyst said the realized price is the average purchase price of all Bitcoin.
“The dip below the average price is decreasing,” Maartunn said. According to the analyst, in 2012 60% of Bitcoin traded below the realized price, while in 2015 and 2019 these figures were 41% and 30% respectively.
Cryptocurrency trader Michael van de Poppe said on the current scenario prevalent in the markets. “It feels weird to say, but it’s such a gigantic opportunity to be able to gather [crypto] at these levels.”
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