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Crypto Markets See Red as Bitcoin (BTC) Plunges in $12 Billion Purge

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Bitcoin market capitalization has just been blitzed by $12 billion as it failed to hold support and fell back below $8,000. This has led to a market wide rout of $25 billion as altcoins start to bleed again.

Bitcoin Below $8k

For the past day or so Bitcoin has remained around $8,500. A couple of hours ago that support zone failed and BTC plunged to $7,980 in an 8 percent slide. The candle stack up has started to look ominous and the close below $8,200 yesterday could lead to a wider scale market rout. The recent lower high and today’s lower low could be the beginnings of the big correction everyone has been expecting.

Day trader ‘Jonny Moe’ has noticed that the move has taken BTC back to the 30 day simple moving average;

Continuing on the theme of moving averages, ‘CryptoFibonacci’ sees them still being a big part of the support zones that Bitcoin could see this month and possibly beyond, depending on how deep the correction runs;

“$BTC Daily moving average chart. Still one of my more favorite charts. All the moving averages are still providing support, but as said a while back, price would come back to retest. We are heading there now. Volatility is UP. Big price swings coming.”

Fellow trader ‘Credible Crypto’ has posted a number of corrective patters for multiple crypto assets, adding; “The running flat could very well be playing out, sending us up for that final leg to 9.2k+ BEFORE we come down to the 6.5k and 7.2k levels that I am interested in buying. If we take back 8.6k, I am bullish to 9.2k+.”

A pullback has been expected and always happens after markets go parabolic so there should be no concern. That is unless Bitcoin prices fall way below $6k which at the moment appears unlikely. It could be that the 30 percent pullback figure comes into play, and a correction of this magnitude from Bitcoin’s recent high would drop it to $6,300.

Altcoins Offloaded

Asian traders are offloading altcoins at the moment with Ethereum sliding 8 percent below $250, XRP dropping 9 percent to $0.41, Bitcoin Cash getting smashed 10 percent to $395, and EOS losing out to Litecoin in a 12 percent dump below $7.

Other altcoins in double figure pain today include Cardano, Tron, Monero, IOTA, Tezos, NEO and NEM. Total market cap has shed more than $25 billion over the past 24 hours in a dump equaling last Friday’s purge of similar magnitude.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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