Bitcoin has bounced off support for the second day in a row as fears of contagion from the Evergrande crisis continue to roil global markets.

The original crypto dipped to US$39,787 at 7.20am AEST, but at lunchtime had been trending higher for the last several hours.

Shortly before noon (Sydney time) BTC was changing hands for US$42,157, down 0.5 per cent from 24 hours ago.

BTC
Bitcoin trading since the weekend. (Tradingview/Stockhead)

Ethereum was changing hands for US$2,865, down 4.9 per cent from 24 hours ago, but up from a nearly seven-week low of US$2,676 the No. 2 crypto also hit at 7.19am.

“Gut feel is both Ethereum & Bitcoin have completed a corrective pullback over the past 24 hours,” City Index analyst Tony Sycamore told Stockhead in a tweet.

“A break/close above $44,500 in BTC and a break/close above $3150 for ETH would be further confirmation of this & open the way for a test of recent highs.”

But Perth-based Think Markets analyst Carl Capolingua was more bearish tweeting that he saw one more selloff to US$37,316 ahead.

Only at that point it would be time to #BTFD, he wrote – an acronym that crypto-traders use to refer to particularly aggressive dip-buying.

As for Ether, Capolingua tweeted (at 10.38am AEST) that it too could fall further. “Don’t buy too early, [US$]2401 is a real risk!”


 

Crypto market at US$1.9 trillion

Overall the crypto market was down 2.4 per cent to US$1.9 trillion, with only 11 of the top 100 coins in the green.

Coingecko

OMG Network was the biggest loser, falling 17 per cent to US$8.86, giving up most of yesterday’s gains.

Fantom, Near Protocol, Osmosis and Cosmos were the next biggest decliners, all falling around 10 per cent.

On the flip side, the social media project formerly known as BitClout was up by a third after a rebranding to Decentralised Social and receiving US$200 million from investors including Andreessen Horowitz (a16z). Coingecko currently lists the DESO token as the No. 92 crypto.

Payment platform  XDC Network and decentralised reserve currency Olympus (OHM) were both up around 14 per cent, while smart contract platforms Elrond and Avalanche had both gained about eight per cent.

 

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