Crypto sell-off continues as Solana stalls
Regulation and COVID fears spur on crypto market sell-off
BAT is the only major altcoin bucking the overall market downtrend.
The cryptocurrency market is undergoing a significant correction to end the work week, with its total capitalization down more than 6.5% over the past 24 hours. The prices of market leaders BTC and ETH are down by more than 7% and 8.5%, respectively, as most altcoins see double-digit percentage declines. The only altcoin of note seeing gains today is BAT, which is up nearly 14%.
As we will discuss in this weekend’s edition of News of the Week, regulation has once again taken center stage this week — and may be partly responsible for the price declines in the cryptocurrency market.
We’ve already seen BTC trade at a discount in India earlier this week after the country put a bill potentially banning all non-government-issued cryptocurrencies on the docket for parliamentary discussion. At the same time, South Korea is looking to revisit its 2017 ban on initial coin offerings, while considering a substantial tax on cryptocurrencies. Additionally, former U.S. Secretary of State Hillary Clinton did not mince words in another interview this week, in which she claimed cryptocurrencies may be used to undermine U.S. dollar.
Making matters worse for the cryptocurrency market are the traditional markets. The SPX is down more than 2% as fears surrounding a new strain of the coronavirus is spooking the market.
NFT Snapshot: Axie Infinity land sells for 550 ETH
A plot of land in leading GameFi title Axie Infinity sold for a record 550 ETH — around $2.4 million at the time of the sale — earlier this week. The land is highly valued for being at the center of the map. The seller of the prized plot goes by ArcaChemist, and the buyer’s username is currently “wen land.”
Investing in Axie Infinity land has proven valuable in 2021. In February, nine plots sold for more than 888 ETH — with prices more than doubling. Of course, this might come as no surprise, given the dramatic surge in popularity experienced by the game throughout the year.
Top altcoin gainers and losers: BAT bucks market downturn
- ETM/USDT +205.20%
- PEOPLE/USDT +149.98%
- GLM/USDT +40.13%
- LET/USDT -41.93%
- ANW/USDT -47.88%
- APIX/USDT -54.17%
Random altcoins with relatively low market capitalizations are seeing dramatic price increases on OKEx today, per the exchange’s default time settings. However, as mentioned previously, the top-performing altcoin of subjective significance is BAT.
BTC technical analysis: 20-week EMA being tested
The price of BTC is currently testing a key area of interest — the confluence of potential support located near the 20-week exponential moving average and a key Fibonacci retracement level — as we expected in previous editions of Crypto Market Daily.
The last time BTCUSDT tested the 20-week EMA, it cut straight through it. Failure to find buyers in the immediate future could lead to a similar result.
ETH technical analysis: Attempting breakout against BTC
ETH is running into trouble while attempting to break out of a long-running consolidation pattern against BTC. It has run into some resistance at the top of the pattern, but there may be support underneath around the 20-week EMA.
Not an OKEx trader? Sign up and claim your new joiner bonus.
Subscribe to the OKEx Insights podcast, Send It!