Bitcoin and Ethereum Prices Sideways, Huobi Storms 58%

Miss Charm 2023

HCMC, Vietnam
13/02/2023

Tech Investment Show 2023

Bangkok, Thailand.
16/02/2023
27/02/2023

ICBM Expo

Dubai, UAE
03/03/2023
06/03/2023
16/03/2023
06/07/2023
Crypto daily report

Top Altcoin Gainers and Losers

Apecoin (APE), UNUS SED LEO (LEO), and Token (HT) are three of the top 100 coins that have gained value in the last 24 hours. The APE price has soared by more than 15% to $2.75, the LEO price has grown by more than 8% to $4, and the HT price has increased by nearly 6.5%.

1669531426 395 Bitcoin Price and Ethereum Trade Sideways Huobi Token Storms 58
Top Altcoin Gainers and Losers – Source: Coin360 

Trust Wallet Token (TWT),  BinaryX (BNX), and Synthetix (SNX) are three of the top 100 coins that have lost value in the last 24 hours, where TWT has lost over 8% to trade at $1.95, BNX is down 4% to trade at $148. At the same time, SNX’s price is down over 4% to trade at $1.68.

Ava Labs President Says One Crypto Firm Threatens Markets More Than

Ava Labs’ president John Wu has recently stated that the collapse of a major digital asset lender would have more severe consequences for the crypto markets than the recent FTX debacle.

According to a recent interview conducted by Bloomberg, Ava Labs president John Wu cites the potential collapse of Global Capital as a greater threat to the digital asset markets than the failure of the FTX exchange.

“In my seat, I actually think Genesis is a bigger issue in terms of the capital markets of crypto than even FTX.

Genesis was the largest lender out there. They’ve done unsecure as well as collateralized lending. There’s really no one else doing that lending. Without them in the markets, all the people in the value chain, all the companies like market makers who need to borrow in order to do market making, you’re going to see liquidity get sapped out of the markets, spreads widen, no investors want to come in and you have a vicious cycle.

So, Genesis is a very important part of the crypto capital markets.”

Earlier in November, news surfaced that Genesis had temporarily blocked withdrawals due to liquidity issues following the collapse of FTX and crypto hedge fund Three Arrows Capital (3AC).

Another report from last week indicated that before Genesis froze withdrawals, it had asked investors for a $1 billion loan to cover an unexpected expense.

releases its Proof-of-Reserve

After the FTX went down, Binance CEO Changpeng Zhao (CZ) issued a rallying cry, demanding that other exchanges show their financial strength. Binance released its Proof-of-Reserve (PoR) mechanism on November 25 after most CEXs adopted his recommendations. 

The publication of a Merkle Tree Proof-of-Funds came two weeks after the exchange initially promised to do so. There has been pushback to Binance’s most recent move.

Jesse Powell, CEO, and co-founder of Kraken, stated that Binance lacked a full PoR. The entire Proof of Repossession (PoR) requires, as he tweeted, the sum of clients’ liabilities, cryptographic proof that each account was included in the sum, and signatures validating the custodian’s power over the wallets.

Other participants, Powell said, have been remiss in noting accounts with negative balances. Kraken’s Proof-of-Reserve is useful for comparing the company’s holdings to its debts.

CZ responded by emphasizing that the official statement’s reference to a third-party audit will suffice to allay Powell’s worries about the PoR. Binance’s latest move, if carried out correctly, has the potential to restore faith in centralized exchanges and cryptocurrency.

Despite these efforts, Bitcoin and other leading currencies are declining. Let’s look at Bitcoin price prediction. 

Bitcoin Price 

The current Bitcoin price is $16,558 and the 24-hour trading volume is $18 billion. During the last 24 hours, the /USD pair has dropped nearly 0.50%, while CoinMarketCap currently ranks first with a live market cap of $318 billion, down from $348 billion yesterday. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,217,818 BTC coins.

1669531426 272 Bitcoin Price and Ethereum Trade Sideways Huobi Token Storms 58
Bitcoin Price & Tokenomics – Source: coinmarketcap

On Sunday, the BTC/USD is trading choppy, with a narrow trading range of $16,300 to $16,800. In order to forecast future trends, Bitcoin must first break through the previously mentioned trading range. 

In the 4-hour timeframe, the BTC/USD pair is currently holding above the 23.6% Fibonacci retracement level of $16,400, and a breakout of this level can determine the next trading range. 

If Bitcoin breaks below the 23.6% Fib level, it will be exposed to the 38.2% Fib level of $16,275 and the 61.8% Fib level of $15,900.

1669531428 62 Bitcoin Price and Ethereum Trade Sideways Huobi Token Storms 58
Bitcoin Price Chart – Source: Tradingview

Leading technical indicators, such as the RSI and MACD, are oscillating between buying and selling ranges, indicating investor indecision. The 50-day moving average, on the other hand, is keeping the BTC supported near $16,450, indicating a high likelihood of an uptrend continuation. 

If buyers enter the market, a bullish breakout of the $16,785 level could send BTC to $17,000 in a matter of days.

Ethereum Price 

The current price of Ethereum is $1,216, with a 24-hour trading volume of $4 billion. In the last 24 hours, Ethereum has lost nearly 0.50%. CoinMarketCap currently ranks #2, with a live market cap of $148 billion. It has a circulating supply of 122,373,866 ETH coins.

1669531428 861 Bitcoin Price and Ethereum Trade Sideways Huobi Token Storms 58
Ethereum Price & Tokenomics – Source: coinmarketcap

Ethereum is trading slightly bullishly, having formed an upward channel that’s supporting it around $1,200 (psychological level). On the 4-hour chart, Ethereum is forming “higher highs and higher lows, ” signaling an increased bullish bias. 

The 50-day moving average line at $1,175 is suggesting a bullish trend, while the RSI and MACD indicators are also holding in a buying zone. 

1669531430 170 Bitcoin Price and Ethereum Trade Sideways Huobi Token Storms 58
Ethereum Price Chart – Source: Tradingview

On the upside, the major resistance level for ETH remains $1,235, and a break above this could take it to the $1,250 level. On the downside, a bearish breakout of an upward channel at $1,200 could spark selling until the $1,185 and $1,145 levels are reached.

Huobi Token Storms 58%

Huobi Token is on the rise, having surged over 58% in the last seven days and over 4% in the last 24 hours. CoinMarketCap currently ranks #39, with a live market cap of $ 1 billion. There are 153,357,694 HT coins in circulation, with a maximum supply of 500,000,000 HT coins.

On the technical front, the HT/USD pair has risen above $7 and reached the 61.8% Fibonacci retracement level. At the same time, HT has crossed above the 50-day simple moving average line at $6.75, indicating a strong bullish trend.

1669531431 88 Bitcoin Price and Ethereum Trade Sideways Huobi Token Storms 58
HT Price Chart – Source: Tradingview

The RSI and MACD, on the other hand, have entered the overbought zone, which is not a good sign for the bulls. As a result, failure to break above the $7.40 resistance level may result in a bearish correction to the $6 or $5.15 levels. 

Increased demand for HT, on the other hand, could cut through $7.40 resistance and expose price to $8.35 or $9.50 resistance levels. Let’s keep an eye on $7.40 because it’s a likely pivot point for HT.

Compiled by Coinbold

Top Gainers
NamePrice24h %
Top Losers
NamePrice24h %