Cryptocurrency Update: Bitcoin and Cryptocurrency Price Continues to Fall – Correlation, Criticism and Hope

US markets are now closed again. We look at the live Bitcoin price and the prices of the top 25 cryptocurrencies. These continue to fall, which is why criticism of various cryptocurrencies and the market in general increases. However, there are also investors who remain optimistic.

Of course, we will start with the live Bitcoin price and the prices of the top 25 cryptocurrencies.

Bitcoin price live and top 25 cryptocurrency prices continue to fall rapidly

At the time of writing, the live Bitcoin price is trading at EUR29,801.10 ($31,459.75). This is 8.63% lower than last night and also lower than during our Bitcoin update this afternoon.

The prices of the top 25 cryptocurrencies are also falling sharply. We see double red numbers almost everywhere. The biggest drop in the last 24 hours is now for Terra (LUNA), which has lost no less than 32.80%. Aside from stablecoins, Leo Token (LEO) keeps the most limited damage at -3.32%. On the Tradeincrypto.com site you can analyze all cryptocurrency prices live 24 hours a day.

Falling prices and criticism of cryptocurrencies form a vicious circle

Earlier today, we saw that there is strong criticism about how the CEO of Terra (LUNA) is handling the cryptocurrency crisis. Due to a sensational transaction, the TerraUSD stablecoin ((USTD) lost its link to its underlying asset. This reduces investor confidence, causing them to want to sell. These sales cause the price to drop further, giving investors critical plus ammunition Striking situation that TERRAUSD stablecoin value is no longer $1 but at time of writing only $0.866 losing 13.13%% in value in 24 hours and being anything but a stablecoin This in turn hits Terra (LUNA), making it the biggest loser of the day when we look at the top 25 cryptocurrencies.

The same situation develops with Shiba Inu (SHIB). This coin posted significant price gains by announcing a Metaverse and selling digital land in the Metaverse. However, it now seems that the sales of that digital country are disappointing and even profitable. This puts Shiba Inu (SHIB) stocks under pressure and generates negative publicity. This publicity makes investors feel more insecure, so they want to sell their investment. We also see a vicious cycle for this crypto where the price and confidence are pushed further and further down. Shiba Inu (SHIB) live price is now $0.00001518. This is a loss of 18.31% in 24 hours.

Cardano (ADA) foreman names himself crypto bear

Sometimes the vicious cycle is already cleared without negative press appearing. Cardano (ADA) CEO himself, Charles Hoskinson, was clear about the status of ‘his’ crypto from him. He himself immediately named a development of bears.

For now, that doesn’t seem too bearish as the price of Cardano (ADA) has lost key support levels and is trading at $0.635 with a 15.10% loss.

Also the crypto market as a whole in a vicious circle

Of course, we see that Bitcoin’s correlation with stock prices is being affected by the general economic malaise. What less people realize is that this will cause the well-known crypto snowball to roll again and will also drive the prices of other cryptocurrencies even lower.

This also creates negative press, like this article in The Spectator calling cryptocurrencies a pyramid scheme. Obviously, these types of statements do not increase confidence in the market. Less trust means fewer buyers and therefore more price drops.

Is Hope a Deferred Disappointment for Crypto?

Despite all the negativity, there are analysts who are hopeful that sentiment for cryptocurrencies will change quickly. Based on the current highly volatile market, they already give buy recommendations should sentiment change.

We are cautious and stick to the ‘hope is delayed disappointment’ principle. Therefore, we will not discuss these conditional opinions for 3 reasons:

  • First of all, it is never good to trade cryptocurrencies (or any other investment) based on emotion. So first we look for objective criteria that say something about a revolving trend;
  • Also, these stats are good, but unreliable as long as the market hasn’t bottomed out. New price drops or sudden increases can influence the technical analysis and alter its result. This means that today’s ‘buy advice’ can suddenly become tomorrow’s ‘sell advice’;
  • In addition, valuable investment lessons have been learned from previous volatile markets. Searching for bargains under conditions is not one of them.

That is why we continue to monitor and analyze the market based on rational factors. Will you follow us?

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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Cryptocurrency Update: Bitcoin and Cryptocurrency Price Continues to Fall – Correlation, Criticism and Hope

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