The top cryptocurrency, Bitcoin, has been unable to maintain a price level above the $16,900 support level, which has now transformed into a significant resistance level. While this is happening, Ethereum, the second-most valued cryptocurrency, has also broken through a crucial support level, which was $1,240. An upward channel has also been extended.
Because of this, BTC and ETH prices are anticipated to go toward the negative side of the market.
Early trading on December 8 was choppy across the major cryptocurrencies, and the total value of the global cryptocurrency market was down 1.87 percent from the previous day, coming in at $839.72 billion. In the last twenty-four hours, the total volume of the cryptocurrency market increased by 2.40 percent, reaching $36.85 billion.
Let’s take a look at the top 24-hour gainers and losers among alternative cryptocurrencies.
Top Altcoin Gainers and Losers
Nexo (NEXO), EOS (EOS), and Synthetix (SNX) are three of the top 100 coins that have gained value in the last 24 hours. NEXO’s price has risen nearly 3.50% to $0.6675; EOS’s price has risen more than 2% to $0.9795; SNX’s price has risen nearly 2.6%.
Axie Infinity (AXS), ImmutableX (IMX), and Dash (DASH) are three of the top 100 coins that have lost value in the last 24 hours. Whereas AXS price has lost about 8.5% to trade at $8.15, IMX is down nearly 8% to trade at $0.4375. At the same time, the DASH price is down over 8% to trade at $43.75.
Celsius Customers to Get $44M in Crypto From Bankruptcy
The funds are composed of various cryptocurrencies that were formerly kept in earn accounts but have since been transferred to a custody account on Celsius. A cryptocurrency lending platform known as Celsius is required by an order from a federal judge to return approximately $44 million worth of cryptocurrency to users of the Celsius custody program.
According to Bloomberg, on December 7 at a hearing, United States Bankruptcy Judge Martin Glenn orally delivered the instruction, saying:
“I want this case to move forward. I want creditors to recover as much as they possibly can as soon as they possibly can.”
According to a story that was published by Bloomberg on December 5, Celsius is planning to liquidate $18 million worth of stablecoins that are stored in these accounts in order to finance its restructuring. Glenn is scheduled to discuss the issue of fund ownership on December 12.
Celsius has said that consumers who put monies into its earn accounts relinquished ownership of those assets when they agreed to the terms of service for the firm.
Focus on Unemployment Claims in the United States
Later on today, the attention of investors will continue to be directed on the unemployment claims data from the United States, which is scheduled to be released during the US session. The number of people who submitted their applications for unemployment benefits dropped to 225,000 in the week that ended November 26. According to a data published by the Labor Department on December 1st, there were 241,000 applications, which represents a decrease of 16,000. The weekly fluctuations have been cancelled out as a result of a 1,750 point increase in the average number of claims over the last four weeks, which is at 227,000.
The number of people filing first claims for unemployment insurance in the United States decreased to 225K from an expected 235K for the week. This is a hint that initial claims for unemployment insurance in the United States are higher than expected. The number of persons that apply for unemployment benefits serves as a proxy for the amount of jobs that have been lost.
In light of these facts, it is very evident that despite the glaring economic difficulties, American workers still enjoy remarkable job security. [Citation needed]
Bitcoin’s current price is $16,825, and the 24-hour trading volume is $19 billion. The BTC/USD pair has lost nearly 1% in the last 24 hours, while CoinMarketCap currently ranks first with a live market cap of $323 billion, down from $357 billion yesterday.
Due to the strength of the US dollar, the BTC/USD pair has broken below the $16,900 support level, which is now acting as resistance. BTC could fall to the next support level of $16,500 or even $16,000 in this scenario.
A bullish breakout above $16,900, on the other hand, could expose the BTC price to $17,200 or $17,350.
The current price of Ethereum is $1,229, with a $5 billion 24-hour trading volume. Ethereum has lost nearly 2% in the last 24 hours, and CoinMarketCap currently ranks second, with a live market cap of $150 billion.
On the 4-hour chart, Ethereum has broken through the upward channel that had been supporting the coin at $1,238. Closing candles below this level indicate the possibility of a downtrend continuation.
On the downside, Ethereum’s immediate support is around $1,200, and it can fall as low as $1,180 or $1,150. On the plus side, Ethereum’s resistance remains between $1,240 and $1,280.
Compiled by Coinbold