xrp crypto value

Watch This Key Level As The Price Of Bitcoin, Ethereum, BNB, Cardano, Solana, And XRP Continue To Tank

What Next For Bitcoin, Ethereum, BNB, Solana, Cardano, XRP And Terra’s Luna
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Bitcoin and cryptocurrency prices fell further after the surprise sale earlier this week.

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Bitcoin price has fallen as low as $56,500 per bitcoin on some exchanges, down nearly 5% in the past 24 hours, and bitcoin losses this time last week are down 11%. Bitcoin’s volatility has affected the price of Ethereum, Binance’s BNB, Solana, Cardano, and Ripple’s XRP — all down 4% to 8% over the past 24 hours — and erased nearly $500 billion from the cryptocurrency’s combined market capitalization. In just over seven days.

As Bitcoin, Ethereum, BNB, solana, Cardano, and Ripple’s XRP all struggle, traders are desperately looking for ground marks with the CEO of a cryptocurrency exchange naming the trillion-dollar market cap of Bitcoin as a potential support level.

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“Price action on bitcoin continues to look weak,” said Pankaj Palani, CEO of the Singapore-based delta crypto derivatives exchange, in comments via email. “We can expect more volatility in the coming sessions, but the $1 trillion market cap of bitcoin should remain a good support in the short term.”

Bitcoin bounced back above the $1 trillion mark in early October after the summer slump, as a surge in bitcoin prices pushed the broader market to an all-time high of nearly $3 trillion. Earlier this month, a surge in bitcoin prices pushed the market capitalization of bitcoin to $1.3 trillion. This week it fell to just under $1.1 trillion.

The latest volatility comes as inflation concerns spread to central bankers who are now expected to accelerate plans to raise interest rates. Earlier today, analysts at Wall Street giant JPMorgan gave their forecast for a Federal Reserve rate hike to September next year, it was reported. Bloomberg.

“[The latest bitcoin and crypto sell-off] It comes at a time when the overall background is also starting to deteriorate with high inflation,” Palani added. It would not be surprising to see central banks gradually removing some liquidity from the markets in order to cool inflation. This would put downward pressure on all risky assets including bitcoin.”

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Despite the likes of bitcoin, ethereum, BNB from Binance, Solana, Cardano, and Ripple’s XRP losing billions over the past week, many crypto market watchers remain optimistic.

“The current market correction is due to a combination of factors, such as the recent strengthening US dollar index and the recent US infrastructure bill seeking to introduce greater regulation of cryptocurrencies,” Freddy Evans, sales trader at UK digital asset broker GlobalBlock, wrote in a note. .

“However, there are still many technical indicators that indicate that this is not the end of the current bull market, so this ongoing correction may not last long.”

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