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Bitcoin Crypto Market Daily DeFi Ethereum NFT

Crypto sell-off continues as Solana stalls

2022.01.24 Adam James

Meanwhile, debate over Twitter’s NFT verification rollout continues to divide the social media platform’s community.

The cryptocurrency market is down more than 3% over the past 24 hours, bringing its total capitalization beneath $1.69 trillion. Market leaders BTC and ETH are down by more than 2% and 5%, respectively. Solana’s SOL, meanwhile, is down by more than 14% to under $88 as the blockchain has been all but unusable for days on end amid high levels of network congestion.

The cryptocurrency market continues to sell off. Source: COIN360

Extreme fear is gripping the wider cryptocurrency market as sentiment continues to decline. However, some investors like to accumulate during prolonged periods of extreme fear — as some believe there aren’t too many “weak hands” left to be shaken out.

The cryptocurrency market continues to experience extreme fear. Source: alternative.me

NFT Snapshot: Twitter NFT verification debate continues

The rollout of NFT verification through Twitter Blue, the social media platform’s paid product, has caused debate among Twitter’s user base. By and large, users capable of verifying ownership of an NFT simply receive a hexagonal profile picture — something easily spoofed with basic photo-editing skills. Meanwhile, some share Tesla CEO Elon Musk’s opinion that Twitter should be dedicating resources to more pressing issues elsewhere. Furthermore, some critics see NFT verification as simply an attempt to sell Twitter Blue.

That said, many NFT proponents believe Twitter’s NFT verification rollout represents a positive step for the crypto sector.

Top altcoin gainers and losers: LOOKS and SOL take losses

  • ETM/USDT +28.96%
  • MEME/USDT +21.64%
  • YOU/USDT +10.88%
  • GM/USDT -15.53%
  • LOOKS/USDT -19.11%
  • VELO/USDT -23.84%

There are no altcoins with significantly large market capitalizations seeing gains on OKX today. However, LooksRare’s LOOKS and Solana’s SOL are among the worst-performing coins or tokens of any market capitalization, with the latter being down nearly 15% — per the exchange’s default time settings.

SOL is one of the worst-performing altcoins on OKX today. Source: OKX, TradingView

BTC technical analysis: Alarm sirens ringing

The price of BTC is at the mercy of sellers after collapsing through support above 40,000 USDT. Until further notice, many traders expect moving averages on the four-to-six-hour time frames to provide short-the-bounce opportunities. How low BTCUSDT may fall this week is up for debate.

OKX’s BTC/USDT 6h chart — 1/24. Source: OKX, TradingView

ETH technical analysis: Firmly bearish against BTC

ETH is struggling against BTC in a similar fashion to how the latter is struggling against USDT. ETHBTC sellers are firmly in control — something that seems unlikely to change without a catalyst for Ethereum’s native coin.

OKX’s ETH/BTC 4h chart — 1/24. Source: OKX, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.