Retail bulls go big on longs as BTC slides below $40K
Crypto market keeps losing ground as more Bored Apes stolen
As funds continue to rotate to alternate L1s and L2s, the price of ETH is struggling.
The wider cryptocurrency market is still giving ground after another decline of more than 2.5% over the past 24 hours — during which time BTC and ETH fell by more than 2% and 3%, respectively. Major altcoins SOL, LUNA and AVAX have also all pulled back by more than 2%.
NFT Snapshot: More Bored Apes stolen
Another owner of Bored Ape Yacht Club nonfungible tokens was hacked. According to the affected individual, the loss includes eight BAYC tokens, seven mutant variants of the popular NFT collection, and one Clonex.
Some blockchain sleuths on Twitter are positing that the loss stemmed from interacting with a fraudulent smart contract posing as an NFT exchange — a reminder to always conduct your own due diligence before making approvals with Web 3.0 wallets.
Top altcoin gainers and losers: SOS reverses, leads market
- SOS/USDT +30.79%
- CTXC/USDT +25.26%
- BORING/USDT +15.67%
- BHP/USDT -6.76%
- THG/USDT -7.46%
- MOF/USDT -10.67%
OpenDAO’s SOS token has reversed course today and is currently the top-performing altcoin on OKEx today — per the exchange’s default time settings.
BTC technical analysis: Showing weakness
The price of BTC failed to find support around 48,000 USDT — which could potentially turn into resistance in confluence with the four-hour ribbon of exponential moving averages. Buyers will be hoping to find the bulls step in around 44,000 USDT, should it fall back into its old descending wedge.
ETH technical analysis: Finding no buyers against BTC
ETH continues to grind lower against BTC and is being driven down by the four-hour EMA ribbon. ETHBTC is in desperate need of finding buyers lest it fall to significantly lower levels — something that may not happen if traders continue to rotate funds to alternate layer-ones and layer-twos.
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