Altcoin
Why BTC, ETH, XRP & Altcoins Are Dropping?
The crypto market today is experiencing significant turbulence, with major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) facing notable declines. This downturn has sparked widespread concern among investors, with many wondering what’s driving this bearish trend. Thus, we have listed the key factors contributing to the market’s current state, focusing on Bitcoin, Ethereum, and altcoins.
Bitcoin Miners Under Pressure Amid Declining Crypto Market Today
Bitcoin, the market leader, is also facing significant headwinds. The revenue per terahash for Bitcoin miners has dropped to a 12-month low of 4 cents, down from over 10 cents earlier in the year. This sharp decline in mining profitability is due to several factors, including the upcoming halving event, low on-chain activity, and increasing network difficulty.
The Halving event in April 2024 reduced the block reward by 50%, putting further pressure on miners. As a result, smaller mining operators are being forced to either shut down or consolidate their operations. This consolidation is likely to lead to a decrease in network decentralization, which could have long-term implications for Bitcoin price.
Also, as the crypto market declined today, FUD grew around Binance’s suspicious transfer of 75,117 BTC worth $4.69 billion. Out of this, the crypto exchange shifted 45,000 BTC to an unknown wallet, sparking speculations. However, it was then clarified that it was an internal transfer.
In addition, long liquidations in the market currently stand at $112.25 million, according to Coinglass. While this figure may not seem overly significant, it reflects the heightened market uncertainty that is contributing to the overall bearish sentiment.
The crypto market today is also reacting to profit-taking behavior. Last week, Bitcoin rallied past $65,000 amid optimism surrounding potential Federal Reserve rate cuts. However, traders have been quick to take profits, leading to the current slump.
Moreover, BTC 6-month Returns By Day chart by Velo Data shows that it tends to experience declines on Tuesdays, while Sundays often see price surges. This “buy the dip on Tuesday, sell on Sunday” pattern may be at play, further contributing to the recent price drop. Furthermore, altcoins generally mimic BTC price trend, which may have led to the latest pullback.
Ethereum’s On-Chain Activity Slumps
Ethereum, the second-largest crypto by market capitalization, has seen a notable decline in its on-chain activity. On August 21, the 7-day moving average (7DMA) of Ethereum’s daily on-chain volume dropped to $2.37 billion, marking a 9-month low. This decline in on-chain volume is significant, as it indicates a reduction in network activity, which often correlates with lower market interest and, consequently, falling prices.
Moreover, Ethereum’s transaction count hit a low of 1.06 million on August 23, coinciding with a 20% drop in ETH’s price. This sharp decline in transaction volume suggests that fewer users are engaging with the network. This further exacerbates bearish sentiment.
Adding to the negative outlook, the Ethereum Foundation recently deposited $100 million worth of ETH to Kraken as it liquidated its holdings for operational purposes. Additionally, a prominent Ethereum whale recently offloaded $24 million worth of ETH, contributing to the downward momentum.
Another critical factor is the outflow from spot Ethereum ETFs. The crypto market today is witnessing continued outflows from Ethereum ETFs, with $13.2 million being withdrawn on Monday. Notably, no new funds have seen any inflows, indicating the lack of investor confidence in Ether funds.
XRP Faces Volatility As Crypto Market Slumps Today
XRP, one of the top altcoins, is also experiencing significant volatility. The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to weigh heavily on XRP price. Currently, XRP is trading lower than the $0.60 level amid the SEC’s appeal uncertainty.
Earlier this month, Judge Analisa Torres ordered Ripple to pay a $125 million penalty, which is 94% less than what the SEC had originally demanded. While this ruling was seen as a partial victory for Ripple, the uncertainty surrounding the SEC’s appeal has kept the market on edge.
Toncoin Declines After Telegram CEO’s Arrest
Lastly, Toncoin has been facing a sustained downtrend following the arrest of Telegram CEO Pavel Durov in France. Durov is currently facing 12 criminal charges related to alleged failures in monitoring criminal activities on the Telegram platform. Moreover, the Telegram CEO’s detent until Wednesday.
The legal troubles surrounding Durov have cast a shadow over Toncoin. This led to increased selling pressure as the broader crypto market decline today. TON ecosystem’s Notcoin (NOT) also bore the brunt as NOT price now risks downfall to $0.0005.
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Litecoin whales have shaken the crypto market to its core on Saturday, embarking on a massive buying spree amid the latest ETF advancement. Renowned crypto analyst Ali Martinez revealed that these whales accumulated nearly 1 million tokens over the past two weeks. Investors are eyeing this as a highly bullish event, given that the market has also seen Canary Capital’s LTC ETF on the Depository Trust & Clearing Corporation (DTCC) recently.
Litecoin Whales Buy Heavily, Investors Bullish Amid ETF Development
According to an X post by Ali Martinez on February 22, Litecoin whales acquired 930,000 tokens in the past two weeks. This data reverberated substantial market optimism for the crypto, underscoring heightened buying pressure despite the broader market turbulence.
Notably, crypto whales are large-scale investors with considerable trading experience in the market. Their trade maneuver to accumulate coins surfaces as bullish news, underlining market confidence in the token’s potential to gain on the back of recent developments.
Canary Capital’s ETF Emerges On DTCC
The latest ETF development for the token has solidified hopes of an approval ahead. CoinGape reported that Canary’s LTC ETF appeared on the DTCC platform under the ticker LTCC this week. This saga has solidified investor bullishness as an exchange-traded product backed by the crypto may be available soon.
Also, renowned ETF analyst Eric Balchunas further anticipated that there is a 90% chance of approval in 2025. The Litecoin whale accumulations amid this bullish event have further boosted the coin’s market sentiment, indicating potential gains ahead.
LTC Price Eyes Rally?
However, despite the massive buying, LTC price tanked over 5% on Saturday, closing in at $128.13. The coin hit a bottom and peak of $123.93 and $139.86 in the past 24 hours. The weekly chart for the token also illustrated a 3% drop. This waning action primarily falls in with the broader crypto market volatility.
Nevertheless, renowned crypto trader Carl Moon took to X, revealing that a $143 price target looms for the token. As per Carl, LTC is forming a bullish flag on lower timeframes, signaling an uptrend ahead. The significant buying pressure brought by Litecoin whales further supports this bullish prediction.
Crypto market traders and investors thoroughly monitor the token, reflecting optimism amid recent ETF developments and strong whale support.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Amidst the SEC’s positive approach to XRP exchange-traded funds (ETFs), anxiety is building around the potential resolution of the Ripple lawsuit. Notably, the recent settlement of the Coinbase case has fueled community optimism about a potential dismissal of the XRP lawsuit. According to legal expert Jeremy Hogan, a settlement in the Ripple vs. SEC case is possible as early as Q2 2025.
Will XRP Lawsuit be Settled by May 2025?
As the community awaits an imminent resolution in the XRP lawsuit, advocate Jeremy Hogan shared his insights. In an X post, Hogan stated that the Ripple vs. SEC case could witness a settlement by the first half of April or early May. However, he clarified that the prediction is merely his intuition and not based on any concrete evidence.
Hogan’s comments came in response to Good Morning Crypto host Johnny Krypto’s post. Addressing Hogan, Johnny Krypto shared a thread, seeking the lawyer’s opinion on the impending conclusion of the XRP lawsuit. The message read, “Do you think the XRP case can get dropped sooner than you originally thought or does May still feel right to you gut??
Coinbase Case Closure and XRP Lawsuit Settlement
In a surprising development, the US SEC agreed to drop the prolonged Coinbase lawsuit, marking a significant milestone in the crypto space. The move also highlights the SEC’s regulatory changes that visions the establishment of the US crypto environment.
Celebrating the significant development, Coinbase CEO Brian Armstrong posted on X that the platform reached an agreement with the SEC after “years of litigation, millions of your taxpayer dollars spent, and irreparable harm done to the country.”
Meanwhile, Jeremy Hogan sees the Coinbase suit dismissal with prejudice as a strong win, as it permanently closes the case. He means that there is no room for the SEC to refile the case.
Notably, as per Hogan’s words, the SEC’s bold move suggests they’re not waiting for Commissioner Atkins’ confirmation to take decisive action on crypto regulation. This implies the SEC might make more crypto-friendly moves even before Atkins takes office, potentially indicating an imminent XRP lawsuit settlement.
SEC’s XRP ETF Acknowledgements Spark Enthusiasm
Over the last few days, the SEC has taken significant steps towards potentially approving XRP ETFs. Particularly, the SEC acknowledged XRP ETF applications submitted by multiple asset managers including Grayscale, 21Shares, CoinShares, Bitwise, and Canary Capital.
This optimistic move, coupled with the SEC’s decision to drop the Coinbase case, has sparked speculations of an early XRP lawsuit settlement. Previously, Jeremy Hogan posited that the XRP lawsuit conclusion could be possible before the SEC’s approval of an XRP ETF.
Although the SEC’s ETF nod doesn’t assure approval, it has fueled community optimism about a potential ETF launch and lawsuit dismissal. As per wider speculations, with the SEC recognizing XRP ETF applications, a lawsuit dismissal is now within reach.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Pi coin finally launched on the mainnet today, which has already led to predictions on how high the crypto could rise following the launch. Now, crypto analyst Gem Hunter has provided a bullish outlook for the coin, suggesting that it could even surpass the XRP price after it gets listed on Binance.
Pi Coin Could Surpass XRP Price After Binance Listing
Gem Hunter recently suggested that the Pi coin price could surpass the XRP price after a potential Binance listing. In an X post, the analyst noted that Pi network’s chart doesn’t look bad at all and hinted that the current price was the bottom.
The analyst further remarked that the Pi coin had recorded almost $1 billion trading volume in eight hours despite listing on only a few centralized exchanges (CEXs). Gem Hunter stated that the real fun will start when Binance and other top crypto exchanges list Pi. As such, he urged market participants to buy the dip and hold.
The analyst’s accompanying chart showed that the Pi coin price could rally to as high as $2.8 when Binance and these top exchanges potentially list the coin. A rally to this price level could put Pi above the XRP price, which is currently trading at around $2.6.
It is worth mentioning that Binance is currently running a community poll on whether it should list Pi. Most community members have voted for the top crypto exchange to list the coin. As such, there is the possibility that Binance could list the crypto at some point, which would provide some bullish momentum for its price.
The Pi network mainnet officially launched today. Consequently, the Pi coin also went live on several exchanges, including OKX, and reached an all-time high (ATH) of $2.2 before witnessing a price correction.
XRP Price Could Surge Before Then
Crypto analyst Dark Defender recently predicted that the XRP price could surge to $3 soon enough, a move which would see the crypto surpass the projected $2.8 level for Pi coin. According to the analyst, XRP will see a break towards $2.77 first and then towards $3 “within hours.”
Meanwhile, in his analysis of XRP in the 12-hour time frame, crypto analyst Egrag Crypto noted that the coin has bounced off the low edge of the ascending triangle, showing bullish momentum. The analyst stated that targeting $2.83 is the next bullish milestone for XRP.
Egrag Crypto further remarked that a bullish signal will occur when XRP closes above the $2.90 and $3.10 range with confirmation. He claimed this would turn this range into strong support for a bullish continuation and a major milestone from a structural perspective.
The XRP price is already up today thanks to bullish fundamentals such as the SEC’s acknowledgment of the XRP ETFs and Hashdex’s XRP ETF, which is set to launch in Brazil.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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