$300 Million liquidated as Bitcoin, Ethereum Dumps Over 6%
The crypto industry has shed 6.8% of its value within the last 48 hours, with over $300 million positions liquidated in the bloodbath.
Bitcoin’s price lost 6.6% of its value during the last 48 hours, trading for as low as $20,042 during this time frame. Over the last seven days, Bitcoin has shed roughly 4% of its value. The asset is currently trading at over 70% away from its all-time high.
According to Coinglass data, the total Bitcoin liquidations in the last 48 hours stand at $83 million.
Meanwhile, Bitcoin’s market cap has also crashed by 50% from the nearly $900 billion recorded at the beginning of this year to the current figure of $387 billion.
Ethereum Sheds Over 11% in 48 Hours
Ethereum experienced a much significant drop as its value fell by 11.7% to trade below $1,500 for the first time in weeks. The decline meant that gains made from the merge anticipation in recent weeks have been wiped off the market.
Over the last seven days, Ethereum has shed over 7% of its value and it is trading at almost 70% away from its ATH.
The red candle also liquidated over $135 million positions in Ethereum.
Altcoins in Red
Other major cryptocurrencies also experienced sharp declines, with several traders losing millions.
Ripple-backed XRP fell by 5.6%, liquidating $2.66 million, while Solana dropped by 9.9%, liquidating $6.81 million.
Additionally, the 11.5% drop in Ethereum Classic value has led to over $16 million in liquidation. The total crypto liquidation in the last 48 hours is now around $317 million.
Apart from that, the crypto market has seen its market cap drop to around $1.02 trillion as roughly $70 billion has been wiped off the space.
The Federal Reserve Connection
The recent market decline can be tied to the statements of Federal Reserve Chair Jerome Powell that the US economy should prepare for more pain.
According to Chairman Powell, the federal bank is committed to containing the rising inflation by introducing more stringent policies to the economy.
Several market analysts have interpreted this to mean that the authorities could hike the interest rate again during its September meeting.
Ethereum Price May Go Below $1,000
In a recent tweet, T3 Trading Group’s Scott Redler believes that Ethereum, the second-largest cryptocurrency, could be on track to plunge below the $1,000 level. According to Redler, such a bearish scenario will play out if the S&P 500 index retests June lows. Image by tradingview.com
On Aug. 14, the price of the second-largest cryptocurrency peaked at $2,031 on the Binance exchange. The upward move was attributed to the growing excitement surrounding the upcoming merge upgrade. However, Ethereum’s impressive rally quickly came to a grinding half, with the Bitcoin competitor retracing virtually all of its recent gains. Redler claims that the second-largest cryptocurrency took a bearish turn after it broke the ascending channel around the $1,815 level.
After bulls failed to take advantage of another bounce opportunity that was presented earlier this week, a bear flag formation appeared on the chart, and it resolved lower. As reported by U.Today, Redler tweeted that the Ethereum price would be able to touch the $2,100 level in early August. In early June, he correctly predicted that the price of the second-largest cryptocurrency would plunge below the $1,400 level. At press time, the price of Ethereum is changing hands at $1,490 on the Binance exchange after slipping to an intraday low of $1,475. The cryptocurrency remains under strong bearish pressure despite the fact that the merge upgrade is expected to take place in just a few weeks from now. As reported by U.Today, billionaire Mark Cuban recently said that he was “super bullish” on Ethereum ahead of its transition to proof-of-stake because its energy consumption will be reduced dramatically.
Solana Price Faces Bearish Momentum, SOL dumping to $28
Solana price witnessed a strong bearish pull as major market coins also depreciated significantly on their charts. The altcoin fell by 6% over the last 24 hours. In the past week, Solana lost 14% of its market value.
The bulls were trying to defend the coin at their nearest support level, however, the coin met with a sell-off over the past 24 hours. Over the last few days, Solana was trading sideways above its support level of $34. The recent depreciation on the chart caused SOL to fall below its immediate support level.
If Solana price continues to move on the same price trajectory, a fall below its present price level will be inevitable. The technical outlook for the coin pointed towards bearishness.
Selling strength shot up over the last 48 hours as buyers lost confidence. A move below the $31 price mark will cause SOL to revisit the $28 price level. The global cryptocurrency market cap today is at $1.01 Trillion, with a 3.5% negative change in the last 48 hours. (SOLUSD on TradingView)
SOL was trading for $31 at the time of writing. The coin just lost the support of the $34 level and was eyeing the next support level.
The closest support line for the coin stood at $28. Overhead resistance for the coin stood at $37. In case the coin manages to revisit the $34 level, a move above that price level could be expected.
In case Solana price is unable to remain at its present level, a move below the $28 price mark can be expected over the immediate trading sessions.
The amount of SOL traded over the last session declined which indicated low demand levels and increased selling strength. Technical Analysis Solana registered a fall in the buying strength on the four-hour chart. Source: SOLUSD on TradingView
SOL depicted a fall in buying strength at the time of writing. The technical indicator pointed towards increased selling strength.
The Relative Strength Index was below the 20-mark which meant that sellers outnumbered buyers at the time of writing.
Due to lower demand, Solana was undervalued on the four-hour chart. Solana price was below the 20-SMA line and that meant sellers were driving the price momentum in the market. Solana flashed sell signal on the four-hour chart. Source: SOLUSD on TradingView
SOL had depicted a sell signal on their four-hour chart. Technical indicators pointed towards incoming bearishness over the next trading sessions.
Moving Average Convergence Divergence indicates the price momentum and the chance of reversal.
Vita Inu (VINU): New Meme Coin and its Up 80% in Last 48 Hours?
One of the top-performing meme currencies of the week, Vita Inu (VINU), is hogging the headlines.
• Vita Inu meme coin is up by almost 200%
• Coin’s price spikes by 3.13% as of this writing
• Vita Inu nearing the overbought zone
Since the beginning of August, the value of the Vita Inu meme has skyrocketed by almost 200%, and this seems to be the track it’s treading in the future.
Meme coins have recently risen to the summit of the list of top 10 market values, competing with mainstream cryptocurrencies. Meme coins are influenced by common jokes, puns, and sarcasm on social media.
To increase trade and transactions in the crypto realm, mainstream crypto has developed a specialized technology. Meme currencies are tokens that are community-driven and community-oriented and lack fundamentals.
They promote a lighthearted style of expression that Millennials and members of Generation Z may identify with.
According to CoinMarketCap, Vita Inu has spiked by 80% in the last 24 hours. VINU is currently trading at $0.00000002134.
Meanwhile, the popularity of Vita Inu has skyrocketed recently despite the fact that it was scraped from the top 10 cryptos. However, purchasers are wary about VINU despite the recent sharp increase.
Experts, however, say that this particular impulse wave is over-stretched, indicating that things moved along a little too quickly and that a price correction is now to be anticipated.
After losing a key support level of a symmetrical triangle, Vita Inu has already reversed course and is currently moving toward the 0.618 Fibonacci support zone. VINU Nearing Overbought Zone.
In any case, Vita Inu’s (VINU) next support level is at $0.0000000199 if the decline persists. A significant re-accumulation region has been found that experts anticipate the system should consider entering if this level of support is lost.
It is important to note that the Vita Inu (VINU) meme coin’s daily relative strength index today reached 74.13, indicating that it is relatively overbought.
As a result of such a muscular pump, analysts advise investors to be cautious and risk-averse.
Vita Inu is a tokenized meme coin with a high Transactions per second (TPS) and smart contracts that are based around dogs.
The token’s guiding principles include having fun, meeting new people, and learning about day-to-day technical advancements. However, all of these will be available inside a vibrant and contagious ecology.
276 Million SHIB Burned within the last 24 Hours
As reported by Shibburn, a tracking platform focused on transactions that reduce the current circulating supply of the Shiba Inu canine token, within the last 24 hours, the SHIB army has managed to burn more than a quarter of a billion SHIB. Another big lump of SHIB gets burned
The overall amount of Shiba sent to dead-end wallets in the past day and night comprises 276,280,888 tokens in 22 transactions.
Besides, close to the same amount of meme coins was burned in a single transfer by a mysterious wallet — a total of 160,549,026 SHIB.
Burns are performed by the SHIB army on a daily basis in order to reduce the amount of Shiba Inu tokens circulating on the market at the moment. Burning implies sending tokens to “inferno” wallets, from which they cannot be withdrawn or spent, basically getting locked there and pushed out of circulation, so a coin becomes more scarce. The SHIB army burns its coins in hope that when the coin becomes scarce, its price will spring up the chart.
Compared to Friday, the burn rate has gone up by over 25% by now. Overall, a total of 410,378,568,111,971 SHIB tokens have been burned from the circulating supply. But there are still 558,186,954,742,224 SHIB in circulation out there and it will take a long time for the SHIB army to reduce it significantly.
This new platform has burned nearly 300 million SHIB
A new SHIB spin-off build on the Binance Smart Chain (BNB Chain) that trades on the PancakeSwap decentralized exchange, SHIBABAE, is also taking part in burning Shiba Inu.
In a recent tweet, a Twitter account related to it, @SHIBABAEtoken, announced that more than two weeks ago they burned 139 million SHIB, and just recently they removed another 160 million canine tokens, sending them to unspendable wallets.