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After losing the $4,450-$4,500 area during the recent market downturn, Ethereum (ETH) is attempting to hold a crucial level as support. Some analysts suggest that the leading altcoin is poised to bounce soon as crypto treasury companies continue to bet on the cryptocurrency. Related Reading: Bitcoin Stuck In Neutral While Markets Roar â Analyst Explains Why Ethereum Eyes Rebound Amid $4,100 Retest On Monday, Ethereumâs price dropped around 7% during the largest liquidation event of the year so far. Notably, the crypto market saw more than $1.7 billion in leveraged positions liquidated over the past 24 hours, according to CoinGlass data. ETH led the losses with nearly $500 million in liquidations, followed by Bitcoinâs $284 million. This dragged the King of Altcoinâs price to the crucial $4,100 support for the first time since August, hitting a one-month low of $4,077. Daan Crypto Trades highlighted that todayâs event was the largest nominal Ethereum liquidation since 2021, when the cryptocurrencyâs price dropped around 45% in a single day. However, various market watchers noted that the price decline was relatively tame compared to previous liquidations of this scale. As the second-largest cryptocurrency dropped to the $4,100 support, some analysts suggested that Ethereum is gearing up for a rebound. Merlijn The Trader affirmed that ETH is âfollowing the blueprintâ to a five-digit target. Per the trader, the cryptocurrency rallied to its previous all-time high (ATH) of $4,800 after breaking out of a multi-year bullish pattern. Following its breakout from an Adam and Eve formation in 2021, the leading altcoin retested the level as support and consolidated around this area for three months before the next leg up. This time, Ethereum displays a new textbook setup with a multi-year descending triangle formation, which was broken out of last month and is currently being retested as support. According to the market watcher, ETH could see a 2021-like breakout toward the $10,000 barrier. Nonetheless, Ted Pillows asserted that the altcoin must hold the $4,100 area as support for a short-term bounce. âIf this level is lost, Ethereum will drop towards the $3,700-$3,800 level,â the analyst warned. BitMine Holds 2% Of ETH Supply Despite the market downturn, corporations continue to bet on the second-largest cryptocurrency for their Digital Asset Treasury (DAT) strategies. BitMine, the second-largest crypto treasury, revealed that it has increased its ETH holdings to nearly 2.5 million tokens over the past week, as part of its goal to hold 5% of Ethereumâs total supply. BitMine now owns over 2% of the supply with 2,416,054 ETH, solidifying its position as the largest ETH Treasury in the world. According to the Monday announcement, the company now holds $11.4 billion in assets, including the 2.4 million ETH tokens, 192 Bitcoin (BTC), $175 million stake in Eightco Holdings for its âMoonshotâ initiative, and unencumbered cash of $345 million. Additionally, the company is the 24th most traded stock in the US, with an average daily volume of $3.5 billion, according to 5-day average data from Fundstrat. Related Reading: Solana Faces Deadly Selling Pressure After 312,233 SOL Deposit Into Coinbase â Hereâs The Value BitMineâs chairman, Thomas âTomâ Lee, stated that the company continues âto believe Ethereum is one of the biggest macro trades over the next 10-15 years,â adding that âWall Street and AI moving onto the blockchain should lead to a greater transformation of todayâs financial system. And the majority of this is taking place on Ethereum.â As of this writing, ETH is trading at $4,145, an 8% decline in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin Fear & Greed Index Signals âFearâ As Price Falls To $112,000
Data shows the Bitcoin Fear & Greed Index has slipped back into the fear territory following the crash in the cryptocurrencyâs price. Bitcoin Fear & Greed Index Suggests Investors Now Fearful The âFear & Greed Indexâ refers to an indicator created by Alternative that tells us about the average sentiment present among traders in the Bitcoin and wider cryptocurrency markets. Related Reading: Bitcoin Falls Below $113,000, But This Indicator Says Itâs Time To Buy The index uses the data of the following five factors to determine the investor mentality: volatility, trading volume, market cap dominance, social media sentiment, and Google Trends. It then represents the calculated sentiment as a score lying between zero and hundred. All values above 53 correspond to a net sentiment of greed, while those under 47 imply the presence of fear in the market. A value between these two thresholds naturally corresponds to a neutral mentality. Now, here is how the sentiment among Bitcoin traders is currently like, according to the Fear & Greed Index: As is visible above, the index has a value of 45 at the moment, indicating that the investors are fearful, although only to a slight degree. The fear value is a new shift for the market, with this being the first time since September 7th that the metric has dipped into the zone. The worsening of sentiment is a result of the bearish price action that Bitcoin and other digital assets have faced recently, with prices across the sector observing a particularly sharp drop during the last 24 hours. The turn to fear, however, may actually not be a bad sign for the market, if the past is anything to go by. Historically, BTC and company have tended to move in the direction that goes contrary to the expectations of the crowd. The probability of such an opposite move occurring generally only goes up the more sure the traders become of a direction. On the Fear & Greed Index, there are two regions where this likelihood becomes the strongest: extreme fear (below 25) and extreme greed (above 75). The former is where major bottoms have occurred in the past, while the latter has facilitated top formations. While the investor sentiment is currently far from turning into extreme fear, the fact that investors are no longer greedy could still be a positive for the bull runâs hopes. It only remains to be seen, though, how things would play out for Bitcoin and other cryptocurrencies. Related Reading: Dogecoin Ready To Bark Again? Analyst Sees Path To $0.45 In some other news, the latest market crash induced a large amount of liquidations in the derivatives market, but speculators havenât become discouraged by the squeeze, as CryptoQuant community analyst Maartunn has explained in an X post. As displayed in the above chart, the Open Interest plummeted alongside the Bitcoin price plunge, but it has already made some recovery with a jump of $1 billion (2.63%). BTC Price Bitcoin has come down to the $12,600 level following its latest plummet. Featured image from Dall-E, Alternative.me, charts from TradingView.com
Bitcoin Fear & Greed Index Signals âFearâ As Price Falls To $112,000
Data shows the Bitcoin Fear & Greed Index has slipped back into the fear territory following the crash in the cryptocurrencyâs price. Bitcoin Fear & Greed Index Suggests Investors Now Fearful The âFear & Greed Indexâ refers to an indicator created by Alternative that tells us about the average sentiment present among traders in the Bitcoin and wider cryptocurrency markets. Related Reading: Bitcoin Falls Below $113,000, But This Indicator Says Itâs Time To Buy The index uses the data of the following five factors to determine the investor mentality: volatility, trading volume, market cap dominance, social media sentiment, and Google Trends. It then represents the calculated sentiment as a score lying between zero and hundred. All values above 53 correspond to a net sentiment of greed, while those under 47 imply the presence of fear in the market. A value between these two thresholds naturally corresponds to a neutral mentality. Now, here is how the sentiment among Bitcoin traders is currently like, according to the Fear & Greed Index: As is visible above, the index has a value of 45 at the moment, indicating that the investors are fearful, although only to a slight degree. The fear value is a new shift for the market, with this being the first time since September 7th that the metric has dipped into the zone. The worsening of sentiment is a result of the bearish price action that Bitcoin and other digital assets have faced recently, with prices across the sector observing a particularly sharp drop during the last 24 hours. The turn to fear, however, may actually not be a bad sign for the market, if the past is anything to go by. Historically, BTC and company have tended to move in the direction that goes contrary to the expectations of the crowd. The probability of such an opposite move occurring generally only goes up the more sure the traders become of a direction. On the Fear & Greed Index, there are two regions where this likelihood becomes the strongest: extreme fear (below 25) and extreme greed (above 75). The former is where major bottoms have occurred in the past, while the latter has facilitated top formations. While the investor sentiment is currently far from turning into extreme fear, the fact that investors are no longer greedy could still be a positive for the bull runâs hopes. It only remains to be seen, though, how things would play out for Bitcoin and other cryptocurrencies. Related Reading: Dogecoin Ready To Bark Again? Analyst Sees Path To $0.45 In some other news, the latest market crash induced a large amount of liquidations in the derivatives market, but speculators havenât become discouraged by the squeeze, as CryptoQuant community analyst Maartunn has explained in an X post. As displayed in the above chart, the Open Interest plummeted alongside the Bitcoin price plunge, but it has already made some recovery with a jump of $1 billion (2.63%). BTC Price Bitcoin has come down to the $12,600 level following its latest plummet. Featured image from Dall-E, Alternative.me, charts from TradingView.com