After a day off, we look at the live Bitcoin price and the prices of the top 25 cryptocurrencies as usual. Additionally, we bring updates on NFTs and price expectations for Ethereum (ETH) and Ripple (XRP). Finally, we take a look at a horrible cryptojacking.
Of course, we will start with the live Bitcoin price and the prices of the top 25 cryptocurrencies.
Live Bitcoin Price and Top 25 Cryptocurrency Prices Drop Slightly
At the time of writing, the live Bitcoin price is trading at EUR 38,827.51 ($43,552.00). This is 0.72% lower than yesterday, but higher than during our crypto lunch the day before yesterday.
The prices of the top 25 cryptocurrencies also tend to drop slightly. We see some cryptocurrencies posting a price gain. The biggest gain at the moment is for Cosmos (ATOM) at +4.80%. The biggest drop is for Cardano (ADA), which is down 4.16% in 24 hours. On the Tradeincrypto.com site you can see all cryptocurrency prices live 24 hours a day.
Immediately we see all kinds of pundits emerge talking about a new bearish wave. We don’t think it’s that far yet. After days of strong price appreciation, a slight correction is normal. Now that the price is still higher than the day before yesterday, it seems a bit quick to talk about a trend break. Therefore, we are focusing on other developments.
The SEC is now targeting cryptocurrencies and NFTs
The SEC currently appears to be having a rough time in its lawsuit against Ripple (XRP) (more on that below), but that hasn’t stopped it from continuing to focus on cryptocurrencies. This time it is the turn of the NFT market. It was announced today that the SEC is investigating parties that bring new NFTs to market and is approaching them with requests for information. So-called fractional NFTs (NFTs that are split into different tokens, which are then sold separately) are of particular interest to the regulator.
Here too, the regulator is focused on the question of how these NFTs collect their money and whether they must comply with strict securities regulations. Legal specialists are divided on whether NFTs can be viewed as security. It is clear that the NFT should be viewed as security according to SEC Chairman Gensler.
How is the demand for Ripple (XRP) progressing and why do we expect a drop in the price of this cryptocurrency?
As we reported earlier this week, the lawsuit between Ripple (XRP) and the SEC will enter the next phase this week. Court instructions are expected this week. These will mainly concern certain means of evidence that may or may not be used and instructions on whether or not to disclose documents. Although Ripple (XRP) seems to have expected a strong case in this case with a short-term price drop.
This is because the organization behind Ripple (XRP) has released another 800 million coins. 200 million XRP https://youtu.be/6RSOPdF6k58 are intended to cover the costs of the organization. The other 600 million XRP will be transferred to exchanges. This large additional supply creates pressure on prices. Because these issuances are on schedule, the market is expected to have priced in the additional supply risk and the effect is expected to be small. Therefore, as you can see from the analysis below, a buying opportunity is anticipated up to a price of $1.06.
Live Ripple price (XRP) is trading at $0.769, which is 0.23% lower than yesterday. So there seems to be a nice comeback on the horizon.
Will Ethereum (ETH) continue to fall in the short term?
One of the cryptocurrencies that is currently recording losses is Ethereum (ETH). The live price of Ethereum (ETH) currently stands at $2,913, which is 2.37% lower than yesterday. This is notable, because this crypto seemed to pass the $3,000 resistance easily. At a price just above $3040, the market decided to take profit, causing the price to drop. The coin quickly fell below $3,000 and $2,950, also failing to break the bullish support level of $2,960. This seems to be the way down. Subsequent support levels are at $2,880 and $2,750. Breaking support levels is fueling distrust and with that, Ethereum looks set for a further correction. You can see the full analysis with graph here.
Horrific crypto theft before a Scottish court
When it comes to cryptocurrencies, emotions can run high and you should always be careful who you can trust. Scottish immigrant Thembalethu Ndlovu can weigh in on this. After 2 acquaintances asked him for help opening a crypto account, a conflict arose. They felt that Ndlovu had harmed them financially. They lured him to his apartment to find out.
Then began a terror hostage taking that lasted no less than 9 hours. Ndlovu was stripped naked and tied to a bed in his underpants. He was then beaten, kicked, assaulted and doused with boiling water. In the midst of all the misery, Ndlovu had the opportunity to ask for money. That way he could get his girlfriend to sound the alarm. When the police raided the property, his girlfriend had already paid GBP 970, but apparently that was not enough as Ndlovu was still tied to his bed. The victim is now recovering and the perpetrators are able to explain his behavior before the Scottish courts on appeal. Once again, a lesson to be especially careful when doing physical crypto business with others.
Want to stay informed of the latest price changes?
You can always follow the developments yourself with our WANT crypto analyzes or feature articles and previews on the crypto market and Bitcoin. Of course, you can also follow live prices 24 hours a day if you want to stay informed in real time. Are you also interested in other investments besides cryptocurrencies? So our weekly price forecast on Monday morning may be some reading advice. †Note: We never provide financial advice, so you may not interpret our contributions in that way. Always do your own research and make rational decisions about if, when, what and how much you want to invest in.”
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