We hate to say we told you so. In yesterday’s Market Watch we were discussing the possibility of a Bitcoin correction due to take place sometime soon. And it looks like soon is now.
Bitcoin had been on a charge for 36 days - according to the Relative Strength Index - and many were nervously awaiting the moment Bitcoin’s luck would change. Well that day is today. Just 24 hours earlier Bitcoin had been flirting with $19,500 but soon after midday yesterday Bitcoin’s price began trickling down.
Then at 3:30 UTC, it fell off a cliff, losing $500 in a matter of minutes. In three hours it had lost $1,000. What happened? A few things. The first was an uptick in activity to exchanges. Several whales - those holding more than 10,000BTC - appeared to be moving sizeable amounts of currency onto exchanges.
All Exchanges Inflow Mean increased a few hours ago.
It indicates that whales, relatively speaking, deposited $BTC to exchanges.
But long-term on-chain indicators say the buying pressure prevails. I still think we can break 20k in a few days.
Historically, such movements tended to be a signal that were about to exit their positions. Indeed, the chart supplied by Ki Young Ju, the CEO of on-chain analytics firm Crypto Quant shows inflows peaking just as the plunge began.
Others have suggested the re-opening of beleaguered exchange OKEx, which holds some $13 billion worth of Bitcoin, was partly to blame. However, the exchange wasn’t due open for another five hours, so there’s less of a strong signal there, but it could signal further losses later today.
And others put it down to the natural order of things.
This sell off was expected. Shouldn’t drop below $16,000 and so you can expect some healthy sideways trading for the coming weeks. $20k requires a lot of consolidation to get enough momentum to maintain a break above. https://t.co/9DuMyZTl27
Regardless, if you were buying at the top of the market, your Bitcoin holdings are worth 7.8% less than they did yesterday. If you’d been buying Ethereum, you’d be 13.5% poorer. In fact, all of the top 20 cryptocurrencies by market cap have turned red, with XRP taking 20% losses - but is still up 80% for the week.
The price of XRP, the third-largest cryptocurrency by market cap, today fell by 18.64%, according to data from CoinMarketCap.
After hitting daily highs of $0.71 at 15:19 UTC, the price of XRP fell sharply at about 20:00 from $0.66 to lows of $0.59. The current price of XRP is $0.62 and its market capitalization is $28 billion.
However, the dip follows a huge market rally; XRP is still up by 112% in the past week. XRP started rising last Friday. Then, its price was just $0.31.
XRP is far from t...
All in all, it was a bruising day for crypto-watchers, just as America was getting ready for Thanksgiving. Bah Humbug.
Nasdaq breaks records thanks to Tesla
Over on Wall Street, while yesterday was the Dow Jones Industrial Average’s record-breaking day, overnight the Nasdaq responded with a rally of its own.
Tesla led the charge, taking it to record highs in early trading. Its market capitalisation is now north of $500 billion. That valuation puts Elon Musk’s electric car company inside the top 10 most valuable companies, according to Asset Dash. Fun fact, Bitcoin slipped three places after yesterday’s market plunge.
Tesla now in the top 10 most valuable companies. IMAGE: Asset Dash
The Dow pulled back from its record day yesterday as investors moved money away from companies still being battered by COVID and back into the relative safety of Nasdaq’s tech stocks.
This was reflected in a forecast from Goldman Sachs that said it had downgraded America’s Q4 and Q1 2021 forecasts as the country continues to see record-breaking numbers of new cases.
American markets are closed today for Thanksgiving, which will be a relief for some and frustrating for others keen for this market wave to never end.
Vice President JD Vance is set to headline the world's biggest Bitcoin conference, one year after President Donald Trump spoke at the event.
Bitcoin 2025's organizers announced the news Friday, noting that it would be the first time a vice president has ever headlined a crypto event to make public support of Bitcoin. A source familiar with the vice president's schedule confirmed to Decrypt that he will speak at the conference.
Last year, President Trump spoke at July's Bitcoin 2024 conference i...
Wellgistics Health, a publicly traded healthcare infrastructure firm, plans to accept payments in XRP and will add Ripple Labs’ token to its corporate treasury—aligning the business with a growing list of publicly traded companies that have embraced digital assets in the U.S.
Tampa-based Wellgistics plans to adopt XRP for payments infrastructure that will connect manufacturers directly to pharmacies, the company said Thursday in a statement. The firm's blockchain-powered platform, which is stil...
Bitcoin is coming to the drive-thru.
American fast food chain Steak ‘n Shake said Thursday it will begin accepting the world’s largest crypto at all of its U.S. locations starting May 16, giving its more than 100 million customers the option to pay for milkshakes and burgers in BTC.
“The movement is just beginning,” the company posted on X.
Unlike high-margin retailers, fast food chains run on thin margins and high volume, making Steak ‘n Shake’s Bitcoin rollout a real-world stress test for the...
