The crypto market has been highly volatile lately, with Bitcoin’s price dropping below $26,000. FTX, a major crypto exchange, considering liquidating $3.3 billion worth of crypto assets has caused shockwaves in the industry. This has made investors cautious, resulting in increased selling and price fluctuations. In this article, we will explore insights from experts and examine winners and losers in the past 24 hours.
Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, warns about the impact of FTX’s liquidation on market sentiment. The fear of a big sell-off has made investors more cautious, leading to increased selling. Chaturvedi emphasizes the importance of careful decision-making during these uncertain times.
Sathvik Vishwanath, CEO and co-founder of Unocoin, closely analyzes Bitcoin’s price movement and market indicators. As Bitcoin dips, Vishwanath studies the market dynamics to identify potential support and resistance levels. Edul Patel, co-founder and CEO of Mudrex, also emphasizes the significance of these levels in navigating market volatility.
In the past 24 hours, the top five gainers in the crypto market were Stellar, Render, Injective, UNUS SED LEO, and Monero. Stellar (XLM) was the biggest gainer, jumping over 3%. On the other hand, Pepe, ApeCoin, Arbitrum, Gala, and Sui experienced losses, with Pepe (PEPE) suffering the biggest decline, plummeting around 8%.
Popular altcoins like Ethereum, Dogecoin, Ripple, Litecoin, and Solana also saw losses alongside Bitcoin. Ethereum’s price is currently at $1,608.83, with a 24-hour loss of 1.29%. Litecoin has seen a 2.41% loss, trading at $61.25, while Dogecoin dipped by 2.83%, priced at $0.06118. These altcoins’ performances contribute to overall market volatility.
Key figures in the crypto industry have shared their perspectives on the current market situation. Shivam Thakral, CEO of BuyUCoin, discusses the stagnant market and reflects on the potential impact of FTX’s asset liquidation. Rajagopal Menon, VP at WazirX, emphasizes the influence of G20 leaders’ focus on transparency and its relation to FTX’s potential sell-off.
Specific cryptos have also felt the impact of market volatility. Solana experienced a 24-hour loss of 4.32%, with a price of $18.35. Ripple’s price dipped by 1.07%, settling at $0.4961. These movements highlight the market intricacies and the influence of external factors on their performance.
As the crypto market deals with volatility driven by FTX’s potential liquidation, investors are proceeding cautiously. The uncertain market sentiment and potential selling pressure affect Bitcoin and altcoins. Investors must closely monitor support and resistance levels identified by experts to make informed decisions. While winners like Stellar gain, losers like Pepe experience significant dips. The overall market dynamics are influenced by various factors, and investors must remain vigilant as the crypto rollercoaster continues.
Disclaimer: The information in this article is based on available facts at the time of writing. Crypto investments carry risks, and readers should conduct their own research and consult financial advisors before making any investment decisions.
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