Yesterday, news of a tightened ban in China caused the cryptocorrency market to take another hit. It was already the third blow to the prices this month and the umpteenth from China in recent years.
However, it seems that China wants to act harder than ever against crypto and that may lead to a large group of traders being locked out from now on. Yesterday’s news created just as much fear in the market and prices plummeted just as hard.
Despite this, prices may hold up better than expected from such news and the market appears to be fear, uncertainty & doubt (FUD) to shake it off again. Total market cap dropped to $1.90 trillion yesterday, rebounded overnight to $2.01 trillion and is hovering around $1.98 trillion this morning.
Bitcoin
Bitcoin (BTC) appeared to be on the brink of recapture $45,000 just yesterday morning, but then the news came out and the price plummeted all the way to $41,000, a loss of nearly 9%. That is a less deep dip than the price made earlier this week. Despite this, the recovery of recent days was wiped out and bitcoin remains in a downtrend for now.
However, bitcoin recovered to $43,000 by midnight and the price appears to be consolidating there. This morning, however, the price plunged again to $41,750, but then bounced back to $43,000.
So it doesn’t look very stable yet and whether bitcoin can hold on to this $ 43,000 now remains to be seen. A retest of the $50,000 now seems to be just as far away, if bitcoin doesn’t sink further at all. Despite this, it remains positive in the long term, the big whales slurp up the dip right away:
This shouldn’t come as a surprise, I already hinted it this morning.😉
The 3rd largest #Bitcoin whale wallet bought the dip again today. 290 #BTC added at $42.8k for a total of $12.4M USD.
this #whale had bought 4,267 BTC this month since the drop from $52k.@DanielJoe916😎 https://t.co/ZUhu3HKCou pic.twitter.com/QfRf2DU7mo
— venture founder (@venturefounder) September 25, 2021
altcoins
Ethereum (ETH) is still following bitcoin, but fell more sharply yesterday. The ether price plummeted from $3,100 to $2,750, a loss of 11.3%. Then, ether recovered fairly quickly back to USD 2,900 and then climbed steadily towards USD 3,000. However, the resistance there was still a bit too high and ETH gradually fell back to USD 2,900 overnight. This morning, ether also took a significant bounce, dropping to $2,800 and straight back to $2,950.
Of the largest crypto on the market, cardano (ADA) stands out the best. ADA initially fell along with the above two cryptos, dropping from $2.32 to $2.05. The price then immediately bounced up to $2.27. ADA then also recovered faster and even briefly reached $2.39 this morning. After that, the price also made a small dip, but at the time of writing it still stands at $2.34. As a result, ADA is one of the only prices today that is in the plus compared to 24 hours ago.
Just outside the top 10, we see two cryptos also turning quite green, namely those of terra (LUNA) and cosmos (ATOM). ATOM is 8% in the plus and LUNA even 13%. If we look a little further, we come across tezos (XTZ) and harmony (ONE) that are even 18% and 25% respectively in the plus. The fastest gainer on the market this morning is celer network (CELR). The CELR price stormed into the top 100 last night after a 40% rise and then established a new one all time high (ATH) from $0.185
On the other hand, a few prices are noticeably deeper in the red than the rest of the market, mainly Chinese projects. Filecoin (FIL) was unable to recover yesterday and is currently making a dip again, which means that the price is 12% in the negative. Huobi token (HT) and okb (OKB), tokens from Chinese cryptocurrency exchanges Huobi and OKEx, are both more than 20% in the red.