The crypto market is still mostly moving sideways, although we have some exceptions today. A new dose fear, uncertainty and doubt (FUD) about a major crypto exchange seems to be changing this. For now, the total market capitalization is hovering around $847 billion.
Bitcoin drops below $16,800
Bitcoin (BTC) did not go above $16,875 last night before falling back to $16,800. At the time of writing, bitcoin seems to be struggling to hold on to this and drops to $16,780, with the price down 0.2%. Although some analysts expect an outbreak soon, the whales are still waiting.
Global Recession Implications for Bitcoin –
The rising potential for a severe global economic slowdown may be a top crypto performance factor in 2023. Our bias is that #Bitcoin is more likely to come out ahead in most scenarios, but if the inverted yield curve is an indication… pic.twitter.com/RswIXEXf7n— Mike McGlone (@mikemcglone11) January 5, 2023
Ethereum back to $1,250
Ethereum (ETH), like Bitcoin, is also still stuck in the same range. The ether price briefly rose to $1,255 last night, but is back up to $1,250 this morning, the same price as 24 hours ago.
#ENS partnered with @Coinbase to make https://t.co/TvyFnwufKp usernames available on Coinbase IOS and android mobile apps. Now 103 million app users can now link https://t.co/TvyFnwufKp usernames to their mobile wallets 🧵
— ens.eth (@ensdomains) January 5, 2023
XRP, MATIC, DOGE in red
Binance coin (BNB) is also currently stable, but ripple (XRP) is down 1.8% to $0.335. Polygon (MATIC) is already down 2.7% today and is trading around $0.778 this morning. In fact, Dogecoin (DOGE) is losing 3.1% of its value and is currently dropping below USD 0.071.
Cardano one of the few rates in the plus
Yet we have an exception: cardano (ADA) is one of the few rates that turns green today. The ADA price made a nice jump last night and broke through $0.27. However, the resistance around $0.275 is still too great, but the price is currently trying to find a footing around $0.272. This means that ADA is up 2.5% today.
📈 #Cardano is enjoying a mini surge at this hour, and addresses holding between 1M to 100M $ADA may be a main validator to watch for a price breakout. After dumping 568.4M coins the final 2 months of 2022, they have added back 217.2M $ADA to start 2023. https://t.co/4aVmr641Lh pic.twitter.com/6mSVYKYfpY
— Santiment (@santimentfeed) January 6, 2023
Tron takes a beating from Justin Sun and Huobi fiasco
In the top 100, tron (TRX) is taking the hardest hit today. Tron took a big dive last night, but the TRX price is still holding above $0.05. Yet TRX is already down 7.6% in the past 24 hours.
That seems to be tied to issues with Huobi and rumors about Justin Sun. More on this later on Crypto Insiders.
Hmm…. Huobi allegedly having some internal employee issues and #TRX started to nuke…
Not a great day for good old Justin… (who knows, he might be the one cashing out lol) pic.twitter.com/aMUrzOx2Qr
— Devchart 👨🏻💻 (@devchart) January 6, 2023
Bonk meme coin drops hard again
Finally, we have the new one meme coin bonk (BONK). We already warned yesterday that these types of extremely volatile crypto can often fall just as quickly as they have risen. Yesterday the BONK price was still 100% up compared to 24 hours earlier and even 4650% up compared to a week earlier.
Today BONK is already 50% down and only 2000% up compared to a week ago. Bonk drops from 134th position to 234th position.
Based on data from a community dashboard, $BONK has had more transactions over the last three days than Ethereum had over the same period of time.
That’s the power of Solana. pic.twitter.com/j9frZCazwJ
— Bang! (@bonk_inu) January 6, 2023
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