Bitcoin price: Best cryptocurrency prices today: Bitcoin hits 8%, Ethereum follows with a 21% drop

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New Delhi: Most major cryptocurrencies plunged on Wednesday as bears continue to push prices down. With the exception of coins pegged to the US dollar, the top 10 cryptocurrencies traded have fallen 25% in the past 24 hours.

Bitcoin fell 8% while Ethereum fell 21%. Binance Coin, XRP and Cardano also fell in double digits. Interestingly, the sale occurred at a relatively higher volume, which means this trend could continue for some time, analysts said.

The markets are currently being pulled down by the bears. While this is not a major panic sell session, the momentum in the markets is rather bearish. BTC is playing with the $ 33,000 level. ETH fell below the $ 2,000 mark, creating a sense of fear among altcoins. This type of volatility can be expected to continue throughout the week, said Edul Patel, CEO and co-founder of Mudrex.

The sale, however, was not only contained in the crypto market, but stocks across the world were also under pressure. The main reason for this is the more than expected rise in inflation in the United States, which has pushed yields and the US dollar higher.

The US consumer price index jumped 0.9% in June, the Labor Department said on Tuesday. It was above market expectations and the biggest gain since June 2008.

Analysts believe the upcoming grayscale unlocks paired with the Taproot upgrade will likely lead to more buying by wealthy investors and BTC whales.

ZebPay Trade DeskCurve’s trading idea is a decentralized exchange of stable coins and uses AMMs to provide and manage liquidity on the platform. It was launched in January 2020 and has now grown into one of the largest decentralized exchanges, as it has seen phenomenal growth in the latter part of 2020. In August of last year, Curve introduced a decentralized autonomous organization ( DAO), with CRV as the native token. .

The DAO is built on an Ethereum-based tool, Aragon, which connects multiple smart contracts that allow users to deposit cash. As of June 2021, 39 active pools were available for trading between stablecoins and assets on the platform.

The CRV after hitting a low of $ 1.057 jumped almost 174% to $ 2.9. The asset faced strong resistance around $ 3 and fell again. However, it did not test the previous lows and reversed $ 1,216 and started to rise and climbed to $ 2,099. After that, CRV held up to around $ 2 and made a Shooting Star pattern (bearish pattern) and witnessed another correction. The asset has strong support at $ 1.35. If he maintains the support level we can expect a rally of relief otherwise we could see a further fall and prices could slide to the next support level of $ 1.057.

(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the asset (s) mentioned.)

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