Skip to main content

WHY ETHERIUM IS FALLING?

Image
By Chief

A Massive Sell-off has taken place in Crypto Market



Altcoins are down big today with some trading more than 30% lower, but the drops in giants like Bitcoin and Etherium are staggering.

There are a couple of things to look at in short-term trading. One is that liquidations are accelerating as investors with leveraged bets that crypto prices would rise are liquidated from those positions. According to coinglass.com, $1.14 billion in crypto positions have been liquidated in the last 24 hours and $416 million of that batch came in just the last four hours.


3 MONTHS AGO (OCT. 11) - $4,868

ONE WEEK AGO (JAN. 13) - $3,410

TOMMORROW (JAN. 22) - $2,300

This is happening across the industry, but Ethereum is being hit hardest with $113 million in liquidations in the last four hours.

Being the second day of the market failure, Ethereum (ETH) steps down sinking deeper and deeper, Upon the first market crash of the year 2022, around January 1st week, ETH dropped down below the much expected stable support point of $3,600. As many analysts depict the primary reasons for the first market crash is upon the Federal Reserve’s critical decisions upon the soon to come out new crypto and digital currency report.

Resons Behind The Fall: 

Many factors together account for such desperate failures

On the contrary, many depict that ETH has many faults of its own being critical factors for such destructive performance for the past few days. Accordingly, the co-founder of ETH, Vitalik Buterin, recently stated that one of the major back pulling factors for the ETH is the high gas price for the transactions. The transaction costs approximately accounts to about $40 or at times more than that. 

Investors are fleeing riskier assets from tech stocks to cryptocurrencies as the Federal Reserve weighs whether to launch a U.S. digital currency

The most recent price plunge comes as the Federal Reserve is taking its own steps, weighing whether to launch a U.S. digital currency, akin to electronic cash that would be backed by the central bank. On Thursday, the Fed released a long-awaited report exploring its options. For months, crypto experts, economists and lawmakers alike have been eager for any insight into the Fed’s closely held thinking.




Comments

Post a Comment

Popular posts from this blog

The IRS will not tax unsold cryptocurrency tokens, which is a huge relief for cryptocurrency traders and miners.

By
 Crypto staking and mining enthusiasts can finally exhale a sigh of relief, as the IRS has decided not to tax unrealized gains from crypto staking or mining digital assets. This is a huge relief because many crypto supporters have been speaking out against these proposed taxes over the last few months. Blockworks' Casey Wagner was the first to report on this storey. She claims that a Nashville couple will receive a tax refund for unsold Tezos tokens staked on the blockchain network. This clarifies how cryptocurrencies that have been staked are taxed. According to people familiar with the situation, the IRS has offered the couple a refund for earned but unredeemed rewards. According to a legal complaint filed on May 26, 2021, Joshua and Jessica Jerrett requested a refund of $3,293 in income tax paid in 2019 for the receipt of 8,876 Tezos tokens in May 2021 with the US District Court for the Middle District of Tennessee. In addition, the couple requested a $500 increase in tax credit...
Post a Comment
Read more

DogeCoin (DOGE) Overtakes Terra (Luna) As The World's 10th Largest Cryptocurrency

By
In terms of market capitalization, Dogecoin (DOGE) has surpassed Terra (LUNA) to become the tenth largest cryptocurrency. The switch follows the accompanying drama in the Terra ecosystem, which has seen the price of the LUNA tank plummet in recent days. LUNA has dropped 28.16 percent in the previous week and is now trading at more than 50% below its all-time high set in December. The battle for supremacy between DOGE and LUNA continues to heat up. According to CryptoRank, Dogecoin has surpassed Terra (LUNA) in market capitalization once again. DOGE has a market cap of roughly $18.22 billion, while LUNA has a market worth of around $18.20 billion. Market participants, on the other hand, are pointing out that the switch was caused by a panic selloff in the LUNA market, not by a boom in DOGE. In the last seven days, the price of DOGE has increased by 1.04 percent. In the same time period, however, LUNA has dropped 28.16 percent. According to Krypto Tribe tracker Santiment, the depletion h...
Post a Comment
Read more

Solana (SOL) Price Prediction: Will the Price of Solana (SOL) Break $120 Next?

By
  On Saturday, the price of Solana (SOL) appears to be exhausted near the higher levels. As accumulation increases near the demand zone, buyers stayed committed to the coin for about $88.0. The price pushed near $115.0 due to the unwavering strong sentiment. After testing two-week highs, the price of Solana (SOL) halted. If SOL breaks through $120 in the near term, expect more gains. At $145.0, the price is still trading below the 200 DMA. The price of SOL is still under pressure around two-week highs. On the daily chart, the formation of "Doji" candlesticks on Thursday following the bulls' rejection near the higher levels indicates that investors are not ready to give up on the coin easily. In a retaliatory action, the price tested the same level once more. This is a critical trading level, and acceptance above $120 is required for traders to maintain upside momentum. Source: Trading View The momentum oscillator Daily Relative Strength Index (RS...
Post a Comment
Read more