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Selling Trading Triggered for Bitcoin as Ethereum Appears Poised to Hit Lows Below BTC

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Selling Trading Triggered for Bitcoin as Ethereum Appears Poised to Hit Lows Below BTC

Serious conflicts between the bulls and the bears seem to have surrounded the crypto space due to which the prices of many cryptocurrencies are stuck within a range. While the BTC Price fell by more than 15%, the price of Ethereum fell by more than 30%. Due to this, many now believe that the price of ETH may find new lows much sooner than the star crypto, as the correction appears to be more prominent in this token.

Typically, short-term price actions are either bullish or bearish, but long-term cryptocurrencies are usually bullish. Small price changes in the STF do not impact HTF trading. However, the monthly charts for Bitcoin and Ethereum have fallen into a downtrend and therefore market participants also need to be prepared for the worst-case scenario.

Ethereum Price it lost crucial $3,000 support a few days ago, and its failure to reclaim levels could validate the start of a new bearish period. On the other hand, the token fell more than the star cryptocurrency and the April close for BTC was within the March low, while ETH’s close was much lower comparatively. Therefore, this close confirmed the next bearish move!

As suggested in the chart above, the price of ETH is closely tracking the rise in BTC prices but suffering a prolonged loss. Bitcoin’s trading set has worsened now, but Ethereum is even worse as the correction phase is further advanced in this pair. The price of ETH is falling at a faster rate than Bitcoin. Therefore, if BTC price drops below $60,000 as predicted in our previous composition, ETH price could face extreme loss with the bottom extending below $2,000 or $1,800 as well.

Bitcoin, Ethereum and all global financial markets are all interconnected, and a price change tends to impact one of them. Therefore, the current trade setup indicates that Ethereum price will likely bottom before Bitcoin. But after reaching lows near $2,000, the price of ETH is poised to rise beyond $6,000 and find new highs somewhere in 2025.

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We are the editorial team of Altcoin Updates, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on Altcoin Updates, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens

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Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens

Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.

Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.

In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.

On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.

The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.

“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.

Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.

The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.

“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.

That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.

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How systematic approaches reduce investor risk

AltcoinUpdates Staff

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How systematic approaches reduce investor risk

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

July 24, 2024, 5:30 p.m.

Updated July 24, 2024, 5:35 p.m.

(Benjamin Cheng/Unsplash)

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India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report

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Amitoj Singh

“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”

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Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets

AltcoinUpdates Staff

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Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets

Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.

Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.

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