Mooners and Shakers: Bitcoin fights to hold $40k as fear grips market again
Link copied to
As we swerve all over the road and into the weekend, Bitcoin, the most dominant crypto by market share, is yet again following the most dominant exchanges – the US stock markets.
And currently, they’re up and down and all over the shop, reacting and overreacting to the same news topics (Russia/Ukraine, Fed, inflation) that have been spooking investors all week. Get used to it, I guess.
At the time of writing, Bitcoin has managed to recover the US$40k level after dipping to about US$39,700 upon a bloody opening of trad-market trading in New York. A few more hours will tell if it that longterm level of support can hold into the weekend.
Some unreliable weekend trading activity will ensue, and then what? Maybe crypto needs another major bullish catalyst or two. Joe Biden’s “executive order” on crypto is set to hit next week – maybe that’ll spur the market one way or another?
Wouldn’t count on it. It sounds like it’s merely a mandate for various government agencies to “study” cryptocurrencies and produce a report three to six months later. Let’s hope some solid crypto-industry players help them with their homework.
— CryptoWhale → (@CryptoWhale) February 17, 2022
How ’bout a quick check on the leading crypto market sentiment indicator? It’s been pretty neutral just lately, but yep… there we go – we’re back in pencil-snapping, fingernail-chewing territory once again.
If Bitcoin can’t hold its $40k line in the sand, or maybe the US$39.5k level City Index analyst Tony Sycamore mentioned to Stockhead yesterday, then we could be seeing our old buddy “Extreme Fear” pretty soon.
And the bold, blood-on-streets-buying traders will be loving that catch-up.
With the overall crypto market cap down about 4% over the past 24 hours, here’s the state of play in the top 10 by market cap right now – according to CoinGecko data.
Aside from stablecoins (naturally) everything’s being hit pretty hard in the top 10 right now, but particularly layer 1 protocols Terra (LUNA) and Avalanche (AVAX). Both those coins are faring a bit better than most others on the weekly timeframe, however.
Sweeping a market-cap range of about US$19.4 billion to about US$962 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• NEO (NEO), (market cap: US$1.86 billion) +7%
• Humans.ai (HEART), (mc: US$1.26b) +2.5%
• Klaytn (KLAY), (mc: US$3.35b) +1%
(Okay, so not actually a lot of pumpage here at the moment.)
• Decentraland (MANA), (market cap: US$4.5 billion) -11%
• Kadena (KDA), (mc: US$1.17b) -9%
• Aave (AAVE), (mc: US$1.99b) -9%
• Enjin (ENJ), (mc: US$1.57b) -8.5%
• Arweave (AR), (mc: US$1.45b) -8.5%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Baby Doge Coin (BABYDOGE), (market cap: US$663m) +26%
• Dia (DIA), (mc: US$72.5m) +26%
• LORDS (LORDS), (mc: US$27m) +19%
• Alpaca Finance (ALPACA), (mc: US$71.4m) +18%
• Astar (ASTR), (mc: US$223m) +12%
• PlotX (PLOT), (market cap: US$10.8 million) -30%
• Crabada (CRA), (mc: US$110m) -19%
• Venus (XVS), (mc: US$132m) -17.5%
• Feg Token (FEG), (mc: US$181m) -17%
• Vader Protocol (VADER), (mc: US$136m) -16%
— PROFIT BLUE (@profit8lue) February 17, 2022
ETH dipped 8% today bcuz of this
— Tim Connors 🎒 101 (@itstimconnors) February 18, 2022
Yeah, things are a bit shaky at the moment. But let’s sign-off with a hopium hit from the co-founder of hedge fund Three Arrows Capital, shall we? Have a good weekend.
90% of my bottom signal list that I wrote down before is now hit
— Zhu Su 🔺🌕 (@zhusu) February 18, 2022