Crypto Market Dips 1.7%, Ethereum Prepares for London Hard Fork

BTC declines 3 per cent; most major cryptocurrencies flash red
Crypto Market Dips 1.7%, Ethereum Prepares for London Hard Fork
Crypto Market Dips 1.7%, Ethereum Prepares for London Hard Fork

The global cryptocurrency market stood at $1.57 trillion, registering a 1.7 per cent decline in the 24-hour period ending 9 am IST. Trade volumes backtracked by 8 per cent across exchanges as investors wait for Bitcoin (BTC) to regain momentum towards $42,000.

BTC continued its correction for the third consecutive day, declining 3 per cent in the last 24 hours to close at $38,600. BTC support levels are currently at $38,500 and $36,500. $41,000 is the next major resistance level. During the recent relief rally by BTC, data analytics firm Glassnode reported a 30 per cent surge in the number of active BTC addresses. This period also witnessed an accumulation by whales (investors with large amounts of a cryptocurrency) with 9.2 million BTC stored in among addresses with minimum 100 BTC.

Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, has seen an impressive rally for 13 consecutive days. This extended rally comes in anticipation of the London hard fork, slated to go live tomorrow. ETH is currently trading at $2,535 with a marginal 1 per cent dip today.

Amongst the top 20 cryptocurrencies, Chainlink (LINK) and Bitcoin Cash (BCH) registered moderate gains, while the rest flashed red at day’s close. BTC continues to dominate the market share at 46.1 per cent. 

Despite losing momentum in the past few days, BTC traders are optimistic, terming this downtrend as a healthy correction as on-chain metrics signaled an accumulation phase. If BTC is able to bounce back and break the resistance zone between $40,600 and $41,000, then it is likely to see a rally towards $46,000. 

Top Gainers today:

  1. Voyager Token (VGX): 23.9%
  2. Stacks (STX): 18.8%
  3. THORChain (RUNE): 17.6%

Top Losers today:

  1. Quant (QNT): -11.4%
  2. Decred (DCR): -10.9%
  3. Siacoin (SC): -5.4%

The analysis includes the top 100 coins only as of 9 am IST.

Source: CoinMarketCap

Crypto News at a Glance:

  1. US mining company Marathon Digital has purchased more than 30,000 Bitcoin miners at a cost of $120.7 million in a move to capitalize on China's mining crackdown. Marathon Digital will likely control 12 per cent of BTC mining hash rate after this addition.
  2. According to a local news agency, South Korea is reportedly planning to shut down at least 11 mid-sized cryptocurrency exchanges due to their alleged illegal activities. 
  3. NCR Corporation, a Fortune 500 company, has announced its plans to acquire LibertyX, a retailer and Bitcoin ATM operator with over 9,000 kiosks in the US.
  4. Mobile payments platform Square has generated a gross profit of $1.14 billion according to its Q2 2021 earnings report. Bitcoin-related services drove $55 million in gross profit aided by the increase in the price of Bitcoin and growth in customer demand. 

DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.

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