There is some turmoil going on in the crypto world. Market analyst Gareth Soloway shares his thoughts on the current state of the crypto market. Meanwhile, Terra Classic team member Tobias Andersen is warning of an 80 percent drop for the altcoin.
Bitcoin is stuck in a range, the fate of XRP is in the balance
According to Gareth Soloway, Bitcoin price action has been a bit lackluster lately. Because, the cryptocurrency is hovering between $ 27,000 and $ 30,500. This range-bound behavior is reminiscent of a bear market rally. The analyst says a significant move above $30,500 is required to change the current market outlook.
On the other hand, XRP remains a difficult investment due to the ongoing legal battle around it. cryptocoin.com As you follow, crypto exchanges Kraken and Coinbase have removed the token from their platforms. Gareth advises caution with XRP. He also states that he has no clear advantage or high probability of one way or another.
How is the meme-coin wave affecting the altcoin market?
The recent excitement about meme coins like Pepe Coin has raised eyebrows in the crypto community. Gareth warns against chasing these coins. He likens these altcoin projects to a “hot potato” game where investors hope someone else will pay more than them. The analyst argues that the surge in speculation regarding these coins is a warning sign of the market bubble. He also believes it could signal that a more substantial decline is imminent in the overall market.
Gareth Soloway also touches on the issue of government regulation, which he believes is on hold until central bank digital currencies (CBDCs) are released. It questions the future importance of stablecoins like Tether (USDT) and USD Coin (USDC) once CBDCs come into effect. It also discusses how this change will affect the cryptocurrency market.
This altcoin price has an 80% risk of falling!
Tobias Andersen, a senior software developer and former Terra Classic team member, expressed concern in a recent tweet about the possibility of LUNC revisiting an all-time low of $0.00001675 (ATL). Andersen says that if the selling pressure on Bitcoin (BTC) continues and BTC falls to the $22,500 price range, the altcoin price will drop further.
BTC fake outs are so fucking predictable. Its just sad all other coins have to pay the price of these silly whale games 😂
— Tobias Andersen (@ZaradarBH) May 10, 2023
Crypto market frauds and their effects
Known as “Zaradar” on Twitter, Andersen warns against crypto market frauds that occur when an asset accidentally signals a price breakout, causing rapid price reversals. He emphasizes that such events can hurt traders and negatively affect market sentiment. The developer also states that these fake exits will have a detrimental effect on other assets.
Selling pressure on Bitcoin raises concerns
Meanwhile, the massive selling pressure witnessed in the Bitcoin market has added to the prevailing pessimism. Crypto analytics firm Material Indicators reported that a significant transfer of 9,800 BTC was made from an anonymous wallet. This led to speculation of a “possible government seizure” or “whale dumping”. The origin of the transaction is unknown. However, experts speculate that this is a routine transfer between two major exchanges or businesses.
#BTC sell pressure has been undeniable this week, but a zoomed out 6 month view of order book and order flow data on #FireCharts 2.0 (beta) reveals key resistance and support levels and shows that technical support at the 200 Week Moving Average is getting insulated by bid… pic.twitter.com/fYH44i5UAF
— Material Indicators (@MI_Algos) May 10, 2023
