Crypto Crash Live Update- Bitcoin Top Cryptocurrency Prices Market Cap Latest News
The worldwide crypto markets are still gloomy, owing to widespread “severe fear.” The worldwide crypto market cap was $1.28 trillion at the time of writing, down from $1.31 trillion on Monday. Bitcoin’s price has dropped below $30,000 once more.
The global cryptocurrency market volume fell 11.39 per cent to $77.44 billion in the last 24 hours. The overall volume in Defi was $7.66 billion, accounting for 9.89 per cent of the entire 24-hour volume in the crypto market. The 24-hour volume of stable coins was $67.5 billion, accounting for 87.16 per cent of the total crypto market volume.
Bitcoin’s price has plummeted below $30,000 to $29,844, a 1.74 per cent loss in the last 24 hours.
Meanwhile, Bitcoin’s supremacy as the most valuable cryptocurrency remains around 44.2 per cent. In the week, the price of Bitcoin has dropped by 4.7 per cent.
Long way to go
Analysts believe there is still a long way to go before the present crash is fully recovered.
“The $30k mark for BTC is a psychologically significant level. According to Darshan Bathija, CEO of Vault, “the crypto Anxiety & Greed indicator, which assesses market sentiment, was still in high gear.”
“While BTC’s pricing suggests that a rally or early recovery is still a long way off, data from glass node shows that addresses containing at least 0.01 BTC have surpassed the 10 million thresholds for the first time. While we already know that institutions made substantial BTC bets last year, this indicator shows that retail investors are still positive on the cryptocurrency,” he noted.
Bitcoin is projected to find support at $24,000, according to analysts at WazirX Trade Desk.
“For the previous few days, Bitcoin has been drifting somewhat sideways. The markets have been dominated by buyers in this period, with much bigger volumes compared to last weeks, as market sentiment has risen to double digits. The BTC chart moves horizontally within a triangle formation on an hourly time frame. The next level of support for Bitcoin is likely to be $24,000, according to WazirX Trade Desk.
Investors will take a long time to return to the crypto markets, according to Edul Patel, co-founder and CEO of Mudrex.
“BTC’s initial obstacle at $33,000 could halt the price’s upward trend. Even if this rally is tiny in a gloomy market, it has relieved investors. Given the recent increase in volatility, investors may be returning to the market sooner than expected,” Patel added.
Top Cryptocurrency Prices
Meanwhile, several of the most popular cryptocurrencies have been trading in the red for the past 24 hours. Look at this:
ETH (Ethereum): In the previous 24 hours, the price of Ethereum has dropped 1.27 per cent to $2043. The price of ETH has fallen 13.57 per cent in the last seven days. It is the second most valuable crypto asset by market capitalisation.
Binance (BNB): In the previous 24 hours, the price of Binance currency has dropped by 2% to $300. The price of BNB has fallen by 5.7 per cent in the last week. In terms of market capitalisation, it is now the fifth-largest cryptocurrency.
XRP: In the last 24 hours, the XRP coin price has dropped 1.44 per cent to $0.4291. The price of XRP has fallen 16.93 per cent in the last seven days. It is currently the 6th most valuable crypto asset by market capitalisation.
Solana (SOL): Recently, the price of SOL grew by 0.04 per cent to $55.61. The price of SOL has dropped 16.57 per cent in the last week. In terms of the market, it is now the eighth-largest cryptocurrency.
Cardano (ADA): Cardano’s price has declined 1.64 per cent in the last 24 hours to $0.5619. In the previous week, the price of ADA has dropped by over 10%. It is now the seventh-largest cryptocurrency by market capitalisation.
The price of Dogecoin (DOGE), a popular meme coin, has plummeted by 0.9 per cent in the last 24 hours. In terms of market capitalisation, DOGE is presently placed 10th. DOGE was trading at $0.08905 at the time of this publication.
In the previous 24 hours, Polkadot (DOT) and Avalanche (AVAX) prices have fallen by 4.13 and 2.26 per cent, respectively. On CoinMarketCap, DOT and AVAX are now rated 11th and 12th, respectively.
About Bitcoin
Bitcoin is a decentralised digital currency that may be transferred from one person to another using the bitcoin network. Bitcoin transactions are cryptographically confirmed by network nodes and recorded in a blockchain, which is a public distributed ledger. The cryptocurrency was founded in 2008 by an unknown person or group of people using Satoshi Nakamoto’s name. The currency was put into use once its implementation was released as open-source software in 2009.
The mining process results in the creation of bitcoins. They are exchangeable for a variety of currencies, commodities, and services.
Bitcoin has been chastised for its usage in unlawful transactions, the high quantity of electricity (and thus carbon impact) required for mining, price volatility, and exchange theft. Certain investors and economists have labelled it a speculative bubble at various times. Others have utilised it as an investment, even though various regulatory bodies have issued bitcoin investor alerts.
At least eight Nobel Laureates in Economic Sciences, including Robert Shiller, Joseph Stiglitz, and Richard Thaler, have classified Bitcoin as an economic bubble. Journalists, economists, investors, and the Estonian central bank all believe bitcoin is a Ponzi scheme.
In a white paper published on October 31, 2008, the term bitcoin was defined. It is formed by combining the words bit and coin. There is no universal capitalisation convention for bitcoin; some publications use bitcoin, capitalised, to refer to the technology and network, and bitcoin, lowercase, refers to the unit of account. Lowercase bitcoin is recommended in all circumstances by the Wall Street Journal, The Chronicle of Higher Education, and the Oxford English Dictionary.
Bitcoin is used by a few local and national governments, with two countries, El Salvador and the Central African Republic, accepting it as legal tender.
Design
Units and divisibility
The bitcoin is the bitcoin system’s unit of account. BTC and XBT are the currency codes used to represent bitcoin. The Unicode character for it is. Bitcoin may be divided into eight decimal places. The millibitcoin (mBTC), which is equivalent to 1000 bitcoin, and the satoshi (sat), which is the minor feasible division and called in honour of bitcoin’s creator, represent 1100000000 (one hundred millionths) bitcoin, are the units for lesser amounts of bitcoin. One mBTC is 100,000 satoshis.
Blockchain
Bitcoin transactions are recorded on the blockchain, which is a public ledger. It’s constructed as a chain of blocks, with each block containing a cryptographic hash of the previous block until the chain’s genesis block[c]. Payer X delivers Y bitcoins to payee Z transactions that are broadcast to this network utilising widely available software programmes.
Nodes in the network can validate transactions, add them to their own copy of the ledger, and then broadcast these ledger additions to other nodes. Each network node stores its own copy of the blockchain to achieve independent ownership verification. A new batch of accepted transactions, known as a block, is formed, added to the blockchain, and instantly disseminated to all nodes at different intervals every 10 minutes, without any central oversight.
This enables bitcoin software to determine when a bitcoin was spent, which is necessary to avoid double-spending. A traditional ledger records the transfers of actual bills or promissory notes outside it. In contrast, bitcoins may only be considered to exist in the form of unspent transaction outputs on the blockchain.
A blockchain explorer can look at individual blocks, public addresses, and transactions inside blocks.
Transactions
A Forth-like programming language is used to define transactions. One or more inputs and one or more outputs make up a transaction. When users transmit bitcoins, they create an output that lists each address and the amount of bitcoin being sent to that address. Each input must relate to a previous unspent output in the blockchain to avoid duplicate spending.
In a cash transaction, using several inputs corresponds to using multiple coins. Users can transmit bitcoins to numerous recipients in one transaction since transactions can have multiple outputs. The sum of inputs can exceed the planned sum of payments, just like in a cash transaction. An additional output is employed in this scenario, returning the change to the payer. The transaction fee consists of any input satoshis that are not accounted for in the transaction outputs.
Even though transaction fees are optional, miners can choose which transactions to execute and give more priority to those that pay larger fees. Miners can select transactions based on the fee paid about their storage size rather than the cost paid in dollars. These charges are usually expressed in satoshis per byte (sat/b) units. The amount of inputs and outputs utilised to produce a transaction determines the transaction’s size.
The original size limit for blocks on the blockchain was 32 megabytes. Satoshi Nakamoto introduced the one-megabyte block size restriction in 2010. The one-megabyte block size limit eventually caused issues with transaction processing, including increased transaction fees and delayed transaction processing. According to Andreas Antonopoulos, Lightning Network is a potential scalability solution and a second-layer routing network.
Ownership
Bitcoin addresses are associated with bitcoins on the blockchain. Picking a random valid private key and computing the accompanying bitcoin address is all it takes to create a bitcoin address. This calculation can be completed in a fraction of a second.
Computing the private key of a given bitcoin address, on the other hand, is essentially impossible. Users can share or make public a bitcoin address without compromising the private key associated with it. Furthermore, the number of valid private keys is so large that it’s quite unlikely that someone will compute a key-pair that’s already in use and has money. Brute force cannot be used to compromise a private key since there are so many legitimate ones.
To spend bitcoins, the owner must know the right private key and digitally sign the transaction. The network uses the public key to verify the signature; the secret key is never released.
If the private key is lost, the bitcoin network will reject any other proof of ownership, rendering the coins useless and effectively lost. For example, in 2013, one user claimed to have unintentionally thrown a hard disc with his private key, resulting in the loss of 7,500 bitcoins, valued at $7.5 million at the time. About 20% of all bitcoins are thought to have been lost, with almost $20 billion in markets worth at July 2018 prices.
The private key must be kept secret to preserve bitcoin security. If a third party obtains the private key through a data breach, the third party can use it to steal any bitcoins linked with it. Around 980,000 bitcoins were stolen from cryptocurrency exchanges as of December 2017.
As of March 16, 2018, 0.5 per cent of bitcoin wallets owned 87% of all bitcoins ever mined in terms of ownership.
Supply
The remainder of the network allows the successful miner who discovers the new block to keep all transaction fees from transactions they put in the block and a predefined reward of freshly minted bitcoins.
This reward is presently 6.25 newly minted bitcoins every block as of May 11, 2020. A unique transaction called a coinbase is included in the block to claim this payment, with the miner as the payee. This transaction is responsible for the creation of all bitcoins in existence. According to the bitcoin protocol, for every 210,000 blocks, the reward for contributing a block is cut by half (approximately every four years). The incentive will eventually round down to zero, and the 21 million bitcoin maximum will be reached around 2140; the record keeping will then be compensated only through transaction fees.
Decentralisation
- Bitcoin is decentralised because it lacks a centralised authority.
- The decentralised bitcoin ledger and the network has no central storage.
- The ledger is open to the public; anyone with a computer can access it.
- A network of equally privileged miners maintains the ledger; there is no single administrator.
- Anyone can start mining.
- The ledger’s additions are kept up through competition. Until a new block is published to the ledger, it is uncertain which miner will create it.
- Bitcoins are distributed decentralised. They are given out as a token of appreciation for creating a new block.
- Anyone can create a new bitcoin address without seeking authority (the bitcoin equivalent of a bank account).
- Anyone can transmit a transaction to the network; it is only verified by the network.
Researchers, on the other hand, have noticed a “trend toward centralisation.” Although bitcoin can be moved directly from one user to another, in practice, middlemen are frequently used. Bitcoin miners join large mining pools to more equitably distribute their earnings. Because miners confirm network transactions, network decentralisation necessitates that no single miner or mining pool achieves 51 per cent of hashing power, which would allow them to double-spend coins, prohibit certain transactions from being verified, and prevent other miners from receiving money.
Only six mining pools owned 75% of total bitcoin hashing power in 2013. Ghash.io, a mining pool, achieved 51 per cent hashing power in 2014, causing considerable concerns about the network’s security. The pool has voluntarily set a hashing power cap of 39.99 per cent and asked other pools to do the same for the network’s good. Around 2017, China was responsible for more than 70% of hashing power and 90% of transactions.
According to researchers, other components of the ecosystem, including client software maintenance, online wallets, and simplified payment verification (SPV) clients, are also “dominated by a tiny collection of businesses,” according to researchers.
Privacy and fungibility
Because bitcoin is pseudonymous, monies are linked to bitcoin addresses rather than real-world individuals. The owners of bitcoin addresses are not revealed, but all transactions on the blockchain are open to the world.
Additionally, “idioms of use” (for example, transactions that spend coins from multiple inputs signal that the inputs may have a common owner) and matching public transaction data with known information on the owners of specific addresses can be used to link transactions to individuals and corporations. Additionally, bitcoin exchanges that sell bitcoins for traditional currencies may be required by law to collect personal information. To increase financial privacy, each transaction can be issued a unique bitcoin address.
Fungibility is defined as treating all bitcoins as equal in wallets and other applications. According to academics, each bitcoin’s history is logged and publicly visible on the blockchain ledger. Some users may refuse to accept bitcoins from problematic transactions, putting bitcoin’s fungibility at risk. Mt. Gox, for example, suspended the accounts of anyone who deposited bitcoins that had recently been stolen in 2012.
Wallets
A wallet stores the information needed to transact bitcoins. While wallets are sometimes portrayed as a place to retain or store bitcoins, bitcoins are inextricably linked to the blockchain transaction record due to the architecture of the system. A wallet is a device that “stores the digital credentials for your bitcoin holdings” and allows you to access (and spend) them. Glossary Bitcoin uses public-key cryptography, creating two cryptographic keys, one public and the other private. In essence, a wallet is a collection of these keys.
Why is Cryptocurrency Rising in Popularity?
The Crypto Craze
In 2011, after a few years of undisputed dominance, Bitcoin ceased to be the only cryptocurrency when other alternative currencies (such as Namecoin and Litecoin) began to emerge. As more websites began to take cryptocurrency, the format’s popularity skyrocketed.
Celebrities such as Elon Musk, Gwenyth Paltrow, and Bill Gates began endorsing the system, which became a viable alternative to traditional lending during times of crisis, such as the epidemic. It can also help you diversify your investment portfolio.
In January 2021, there were approximately 4,000 different cryptocurrencies available. Many of them are still unknown compared to Bitcoin. They are primarily purchased by backers and investors due to the small trading volume.
The Future of Cryptocurrency
Many investors and speculators were looking for cryptocurrencies in 2013 when a single Bitcoin was worth a thousand dollars. The price dropped due to high demand. Since then, the price has fluctuated, but Bitcoin will cost about $45,000 in 2021.
While some see it as the future of money, others are concerned about the environmental impact of cryptocurrency mining. Because of these concerns, several companies, such as Tesla, have ceased taking Bitcoin. But in general, many investors are excited by the opportunity to trade in a non-government regulated space.
However, many investors are interested in trading in a non-government-controlled environment.
Everything points to crypto being a very profitable investment in the future. According to some analysts, Bitcoin might be worth $300,000 in the coming years.
The New Money?
Cryptocurrencies appear to be the future business for young professionals and investors. Although many consumers acquire a few units to keep and hope for future growth, active investors are focused on purchasing and selling cryptocurrency to maximise their profit and revenue.
However, much like any new business, it’s not a good idea to get into the cryptocurrency world without a plan and strategy. Experts warn that, with so many cryptocurrency options available, some may vanish from the market in a few years, never repaying investors.
But, who knows, with excellent preparation and technique, you might be lucky enough to see your investment rise, as Bitcoin did. Or, better yet, crypto will entirely replace traditional money in a few years, and you will be a pioneer in this brave new world.
This is why the cryptocurrency is becoming increasingly popular.
Bitcoin price forecast: One reason why the market may soon recover from the $30,000 level
Bitcoin’s price has dropped below $30,000 during the current crypto market crash. BTC has already surpassed the $30,000 milestone, trading at $30,117 as of this writing.
The dip in bitcoin price is part of a larger trend in the crypto market, which has been exacerbated by the Terra (UST and LUNA) crisis.
However, researchers have identified one indicator that suggests BTC may recover from its present low point. They argue that the number of people who own at least one BTC has reached an all-time high, signalling that BTC may recover from its current lows even while the overall “extreme concern” in crypto markets persists. Bitcoin has remained constant at roughly $30,000. On the other side, market sentiment has plummeted to an all-time low of 8 on the Fear and Greed Index. Meanwhile, the number of addresses holding one or more BTC has reached an all-time high, indicating that markets may recover from this low point…,” WazirX Trade Desk wrote in a note today.
“BTC has broken below the long-formed ascending channel pattern on the weekly chart. The next resistance for BTC is likely to be $40,000, with $24,000 as immediate support,” it noted.
“According to Darshan Bathija, co-founder and CEO of Vauld, “there were a few signals of confidence in the BTC markets.” According to statistics from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, levels around $29,500 were a favourable support zone, with around 366.430 BTC held by roughly 481.910 addresses. Attempts to lower the price could be countered by buying from these investors who may be looking to boost their profits.”
“In addition, since May 9, the number of addresses holding between 1 and 10 BTC has climbed from 689,000 to 694,000, demonstrating confidence in the cryptocurrency’s recovery,” he added.
Investors may take some time to return after crash
After seeing a big drop last week, Edul Patel, CEO of Mudrex, believes investors will take some time to return to the market.
“Despite stabilising over the weekend, Bitcoin dropped again to US$29,000 on Monday.” “Only if BTC continues to trade above its support between US$27,000 and US$30,000 levels can the bearish trend be reversed,” Patel said.
He also stated that short-term buyers would remain active in the market because BTC does not appear to be oversold.
“On Monday, cryptocurrencies and other equity markets were down due to rising inflation and supply chain difficulties. After last week’s big drop, it appears that investors will need some time to return to the market. Patel predicted that the next two weeks would be crucial for the entire crypto ecosystem,” Patel predicted.
Impact of the crypto crash: Coinbase has been forced to hold down hiring and review personnel due to the ‘scary’ market slump.
Coinbase has reportedly put on hold plans to expand its personnel this year due to the ongoing crypto market collapse. On Tuesday, May 17, 2022, the company announced that it will slow hiring to “ensure we’re best positioned to flourish during and after the present market slowdown.”
“We aimed to treble the company’s size heading into this year,” Coinbase declared in an official blog post. We believe it is prudent to halt hiring and reassess our personnel needs against our highest-priority business goals in light of current market conditions.”
Coinbase, one of the largest cryptocurrency exchanges globally, has stated that the present lag will push it to be more meticulous in its priority.
Coinbase, on the other hand, claims to be prepared for any market scenario.
“We understand that this is a perplexing moment and that market downturns can be frightening. “However, as we stated at last week’s Town Hall, we plan for all market scenarios, and we are already putting some of those plans into action,” according to the blog.
Coinbase also just announced ambitions to hire 1000 people in India.
While traditional markets are also collapsing worldwide, the global crypto market valuation has dropped to $1.31 trillion. The last few days of the crypto market crisis have already wiped off billions of dollars in crypto investor funds.
Why are crypto markets falling? Here’s what experts have to say
The cryptocurrency markets are in chaos. Due to central banks raising interest rates, liquidity has dried up, and trading activity in cryptos has decreased, as have their prices. Consider the following: Bitcoin’s year-to-date gain has dropped by 40%, while Ethereum has fallen by 50%. Bitcoin is currently priced at $28,954, down from nearly $68,000 at its peak.
Here’s what experts have to say about why crypto markets are falling:
“Because there is no inherent, intrinsic manner of evaluating the true worth or value of a cryptocurrency, cryptos have been valued based on transient demand and supply for many months. People were buying without knowing or understanding what was going on. In conclusion, this was primarily due to massive liquidity sloshing across the globe. Many asset classes have benefited from increased liquidity, including the crypto sector.
As a result, they reasoned, why not invest and profit? When this is withdrawn at a time when interest rates are high, you realise you don’t have much cash to invest in assets. There is currently a lot of pressure to sell. That is why the cryptocurrency market has crashed. So it’s a phenomenon of perceived demand and supply for crypto as a valuable asset,” said former Finance Secretary Subhash Chandra Garg.
Amit Gupta, the founder and CEO of Fintrekk Capital, believes that the crypto market fall is a global phenomenon. “The shift to cryptocurrency is a global phenomenon. Trading activity in cryptos has decreased as liquidity has dried up due to central banks raising rates and the dollar index rising. Traders (speculators) are booking losses since volumes have dried up. Coinbase, a crypto exchange platform based in the United States, recently reported a dramatic drop in retail crypto trading volumes, despite the fact that institutional volumes remained consistent, “Gupta explained.
According to Nischal Shetty, co-founder and CEO of crypto exchange WazirX, the fundamental causes of the current meltdown are macroeconomic problems and weak global cues, which also push stock markets down globally.
“The huge drop in cryptocurrency prices is a global phenomenon. It is mostly due to macroeconomic changes such as rising inflation, the Federal Reserve hiking interest rates, the Russia-Ukraine conflict, etc. It’s also worth noting that the crypto and regular financial markets are experiencing a correction. It implies that the crypto markets are maturing – crypto, like traditional markets, has a bear and bull run, and we are currently in a negative phase,” Shetty explained.
“In India, we have seen a sentiment of buying the fall as buyers have somewhat led the market,” Shetty continued. Since April, this pattern has been repeated, with buyers dominating 75 per cent of trade sessions. The buying behaviour demonstrates that investor confidence in the market is high even at current levels.”
edited and proofread by nikita sharma
