Crypto Market Selloff: Bitcoin (BTC), ETH, SOL, XRP, SHIB prices fell amid fresh signs of weakness, with a crash likely this week as post-halving consolidation continues.
The crypto market flashes fresh signs of weakness as bull and bear clash over dominance. Investors have lost nearly $150 billion in the last few days, as the crypto market cap tumbled from $2.42 trillion to $2.28 trillion. Bitcoin and altcoins failed to sustain upside momentum and continue to fall amid a lack of trading volumes in spot and derivatives markets.
Has the market trend changed as crypto struggles to overcome macroeconomic concerns? The Crypto Fear & Greed Index revealed a shift in trend and sentiments since May 6. The index dropped from 71 to 64 in three days, with technical charts looking weak.
Bitcoin price tumbled below $62,000 in US hours as traders booked profits or liquidated long positions. BTC price has dropped over 5% this week, with over 1% fall today, May 8. Trading volume has dipped further in the last 24 hours.
Bitcoin tumbled due to various reasons including hawkish remarks from Fed officials including Neel Kashkari, regulatory crackdown, upcoming options expiry, and weak patterns. The recent remarks spook the crypto market regardless of dovish comments by Fed Chair Jerome Powell and positive economic factors last week.
Max pain price for Bitcoin this expiry is $62,000, with traders bracing for a crash if BTC price falls below the level. Notably, pull bets are higher on the days following expiry, with 62,500 and 60,500 key levels to watch. Despite this, analysts remain optimistic on Bitcoin price rally this year as stagflation concern eases.
Meanwhile, the US dollar index (DXY) climbed higher for three consecutive days at 105.50, the highest level since mid-November. Traders await further comments from Fed officials for guidance on market direction and economic outlook. As per current data, the Fed is likely to cut interest rates in September.
Moreover, the US 10-year Treasury yield (US10Y) jumped today
to 4.481%. As Bitcoin moves opposite to DXY and Treasury yields, the rise in
numbers indicates pressure still growing on Bitcoin.
Bitcoin is still under consolidation and needs to break above $63,700 in short-term for recovery and $70,000 for rally, ending the crypto market selloff. BTC dominance is currently at 53.4%.
Coinglass data shows more than $400 million were liquidated across the crypto market in the last few days. Of these, $330 million long positions were liquidated and nearly $70 million short positions were liquidated.
In the last 24 hours, over 65K traders were liquidated and the largest single liquidation order happened on crypto exchange OKX as someone swapped ETH to USD valued at $3.86 million.
Ethereum (ETH) prices tumbled below $3,000, triggering a
weak trading and selloff in altcoins. Solana (SOL), BNB, XRP, Dogecoin (DOGE)
and Shiba Inu (SHIB) prices fell 2-6% in the last 24 hours.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
A whale created a new wallet on May 16 and withdrew 1,870.68 ETH (worth $5.7 million) from the Gemini cryptocurrency exchange to buy 6 million ONDO tokens at an average price of 0, 95 USD.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
Fantom (FTM), a once famous layer-1 blockchain, is receiving attention again ahead of an important upgrade called Sonic.
On the evening of May 17, the Fantom Foundation posted an important governance proposal, announcing to the community a new project called Sonic Network (S). Sonic Network is a new layer-1 blockchain developed by Fantom on the new Sonic technology platform, replacing Fantom's old Opera version.
https://x.com/FantomFDN/status/1791517798205907116
Once the Sonic Network is deployed, FTM holders will be able to redeem tokens 1:1 for the Sonic network currency called S. Those who do not want to redeem can still continue to hold FTM. However, the Fantom Foundation encourages users to migrate to the new network as all the attention and development effort of the project will be transferred here.
The rest of the proposal retains the changes that were mentioned in the Sonic upgrade announcement at the beginning of the year.
Both Fantom's FTM and TVL token prices have increased more than 30% in the last 7 days, the clearest signal that money is being poured back into the project.
Specifically, while the FTM price increased from 0.64 USD to 0.84 USD, the value locked (TVL) of Fantom increased to 200 million USD on May 16, before decreasing to 129 million USD at the time of writing. This is the highest TVL level that Fantom has achieved since July 2023, when the Multichain hack occurred, causing heavy damage to the ecosystem.
Top Picks
