The crypto market fell on Wednesday just after the rate hike in the US and again yesterday after the rate hike in Europe. It already fell on the fear that was rising rapidly while other financial markets also turned red.
This morning the crypto market takes an even heavier blow. Many prices are currently plummeting by about 3% to 5% on top of yesterday’s drop. Total market capitalization is currently down 3.7% to $860 billion.
📈 Market Overview#BTC price trades below $18K
The Top-10 are traded in red zone: $DOGE -1.26%, $MATIC -1.2%, $ADA -1%.
Market cap: $896B (-1.04%) $BTC dominance: 37.47% (-0.42%)
Fear & Greed Index: 29 (Fear)Full Report👉https://t.co/0NjNgCaZ9O pic.twitter.com/QS9lozOlpS
— CryptoRank Platform (@CryptoRank_io) December 16, 2022
Bitcoin back to $17,000
Bitcoin (BTC) found support around $17,400 yesterday but is losing traction this morning. The BTC price falls to $17,000 at the time of writing and even dips below it on some exchanges. This puts the BTC price down 3.8% today.
Fear about macroeconomic conditions in combination with fear about miners and exchanges are causing a lot of selling pressure. Still, not everything looks bad for bitcoin, as analyst Will Clemente points out:
77% of Bitcoin hasn’t moved in at least 6 months
66% of supply hasn’t moved in at least 1 year
26% of supply hasn’t moved in at least 5 years
13% of supply hasn’t moved in at least 10 yearsAbsolute scarcity + Some coins lost forever + Relentless believers that aren’t selling pic.twitter.com/14tGH3DbVj
— Will Clemente (@WClementeIII) December 15, 2022
Ethereum back to $1,200
Ethereum (ETH) is taking another harder hit than bitcoin. The ETH price peaked at $1,350 this week and is currently falling all the way back to $1,210. This means that the ether price is more than 5.8% down today.
We Will Not Comply – Ethereum Community, probably
After peaking in November at ~80%, ETH’s OFAC compliance has fallen to 70% through the coordinated efforts of all participants.
🧵
1/4 pic.twitter.com/eb58jE6Aaa— Kunal Goel (@kunalgoel) December 15, 2022
Dogecoin hardest faller crypto top 10
The rest of the crypto top 10 also turns red, although that is less deep than ethereum for most rates. Polkadot (DOT) is ‘only’ down 1.6% today, but ripple (XRP) is already down 4%.
Cardano (ADA) and polygon (MATIC) are even 4.9% in the minus and binance coin (BNB) 5%. However, Dogecoin (DOGE), like ETH, is down as much as 5.8% and drops to $0.825.
Algorand hardest faller crypto top 100, BSV in the plus
The rest of the top 100 is also generally deep red. At the top we find litecoin (LTC), iota (MIOTA) and ethereumpow (ETHW) with a decline of 7.5%. Tokenize exchange (TKX) and synthetix (SNX) are already 8% down.
Fantom (FTM) is down 8.6% to USD 0.217. Trust wallet (TWT) is down 9% and is currently trading below $2. However, Algorand (ALGO) is the biggest loser out of the top 100 today, falling 9% towards $0.2.
Still, we have one exception today. The controversial bitcoin sv (BSV) is currently little affected by the market and is still up 4.5%.
⚡️Trending Searches by @CoinGecko
December 16, 2022$TSUKA $MATIC $OP $MAGIC $TON $APT $OKT $FTM $GMX $SOS pic.twitter.com/i8wIIliP06— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) December 16, 2022
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