‘Absolute Disaster’—Serious Crypto Price Crash Warning Issued After Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Luna, And Avalanche Go Into Free Fall

18 April 2022

in XRP

Reading Time: 4 mins read

Bitcoin, ethereum and other major cryptocurrencies have fallen sharply, plunging the bitcoin price back under the closely-watched $40,000 per bitcoin level.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the crypto price roller coaster

The bitcoin price has bounced around $40,000 for most of 2022 as the bulls and the bears battle it out for control of the market. Meanwhile, the ethereum price has dropped under $3,000 per ether for the first time since mid-March.

The combined crypto market has lost almost $400 billion since early April, as top ten cryptocurrencies including Binance’s BNB, Ripple’s XRP, solana, cardano, luna and avalanche struggle—with analysts warning a “disaster in the financial markets” could push bitcoin under $30,000.

Want to stay ahead of the market and understand the latest crypto news? Sign up now for the free CryptoCodex—A daily newsletter for crypto investors and the crypto-curious

The bitcoin price has failed to break out this year, weighing on the wider crypto market and holding … [+] back other top ten coins ethereum, BNB, XRP, solana, cardano, luna and avalanche.

SOPA Images/LightRocket via Getty Images

“The signal for a break of the mild upward trend would be a consolidation below the $38,000 per bitcoin levels,” Alex Kuptsikevich, FxPro senior market analyst, wrote in emailed comments. “If the bulls capitulate, the first cryptocurrency could be pushed into the $32,o00 to $35,000 range without much resistance.”

The bitcoin and crypto sell-off comes as U.S. stock market futures declined ahead of the Monday’s opening after a long holiday weekend, with investors bracing for a week of major first-quarter earnings reports and speeches by Federal Reserve policy-makers.

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

Last week, March’s consumer price index reading showed an 8.5% increase from a year ago, the fastest annual gain since December 1981. Fed officials have promised to do whatever it takes to bring inflation under control, however, Goldman Sachs analysts have warned the Fed will struggle to cool inflation without causing a U.S. recession, putting the odds of the economy contracting at around 35% over the next two years.

[crypto-donation-box]

“We are increasingly concerned about a summer of turbulence and volatility,” Eric Robertsen, chief strategist at Standard Chartered, wrote in a note first reported by Bloomberg.

“A consolidation scenario below $30,000 would require an absolute disaster in the financial markets,” added Kuptsikevich.

MORE FROM FORBESRace To $1 Trillion: Crypto Price Data Reveals When Bitcoin, Ethereum, BNB, XRP, Cardano And Others Could Hit The MilestoneBy Billy Bambrough

The bitcoin price is now down by more than 30% from this time last year, dragging on ethereum, BNB, … [+] XRP, solana, cardano, luna and avalanche.

Coinbase

Last week, Arthur Hayes, the co-founder of crypto exchange BitMEX, revealed he fears the price of bitcoin and ethereum could fall much further in coming months. Hayes expects the bitcoin price to crash to $30,000 over the next two months, with the ethereum price falling as low as $2,500 per ether.

“Bitcoin and ethereum will bottom well before the Fed acts and U-turns its policy from tight to loose,” he wrote in a blog post, adding he’s betting on a bitcoin and ethereum price “crash” by June.

Credit: Source link