COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Crypto Market Retreat: dYdX Faces Dual Decline Amid ETF Concerns
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Altcoin News > Crypto Market Retreat: dYdX Faces Dual Decline Amid ETF Concerns
Altcoin News

Crypto Market Retreat: dYdX Faces Dual Decline Amid ETF Concerns

In Brief

  • dYdX price plunged by 30%, triggering a system deleveraging event.

  • Chaos spread to Yearn Finance, causing a dramatic 30% price drop in YFI.

  • dYdX implements measures to prevent future incidents, outlook remains affected.

COINTURK NEWS
COINTURK NEWS 1 year ago
Share
SHARE

Following a report by the US Securities and Exchange Commission on the potential rejection of spot Bitcoin exchange-traded funds (ETFs), the cryptocurrency market experienced a significant decline, while the altcoin dYdX (DYDX) price faced a dual setback. Concurrently, dYdX encountered a system deleveraging event triggered by significant price movement in the SUI-USD market on the dYdX V4 exchange.

Contents
System Deleveraging: Unveiling the ImpactPost-Collapse Measures and Overall OutlookPotential Price Targets: Upside ScenariosStrategic Insights for Investors

System Deleveraging: Unveiling the Impact

When the altcoin DYDX price dropped by 30% to reach a low of $2.230, a system deleveraging event occurred. The intense market crash led to liquidity shortages, forcing liquidations and pushing the system to seek profitable accounts to offset losses against those liquidated. This complex situation emerged when the SUI price was at $0.69325.

The turmoil extended to the Yearn Finance (YFI) ecosystem, where an attacker took significant long positions, causing a dramatic 30% drop in the YFI price. Liquidity challenges prevented the attacker from closing their positions, leading to substantial losses in their remaining assets.

Post-Collapse Measures and Overall Outlook

In response to the incident, dYdX took measures to prevent recurrence, including updates to risk controls. As the network recovers from the system deleveraging event, various factors influence the outlook of the DYDX price.

The altcoin DYDX price is preparing for a recovery rally, driven by buying pressure and supported by the 200 and 100-day Simple Moving Averages (SMAs) at respective levels of $2.350 and $2.687. The Relative Strength Index (RSI) and Average Directional Index (ADX) indicators highlight rising momentum and the strength of the increasing bullish trend, contributing to the bullish thesis.

Potential Price Targets: Upside Scenarios

In a bullish scenario, increasing buying pressure could push the altcoin DYDX price to surpass the $2.752 resistance, indicating a 15% climb targeting the 50-day SMA at $3.119. Further gains could lead to the recovery of the $3.410 level seen in late December, and an ambitious breakout could potentially reach the supply zone between $3.729 and $3.998.

On the downside, profit-taking actions could lead to a pullback, and the price could test the $2.35 level of 200-day support. A break and close below this level would challenge the bullish thesis and could potentially push the altcoin DYDX price below the recent low of $2.23.

Strategic Insights for Investors

As investors navigate the post-collapse landscape, adapting to technical indicators, support levels, and potential resistance zones becomes increasingly important. Monitoring the RSI, ADX, and key moving averages provides insight into the prevailing market sentiment and potential price trajectories.

In conclusion, the post-collapse journey of altcoin dYdX reveals challenges and opportunities. When combined with the potential for a recovery rally, strategic price targets, and downside assessments, it offers a comprehensive perspective for investors aiming to make informed decisions in the dynamic cryptocurrency market.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Nasdaq-Listed Nano Labs Buys $1 Billion in BNB to Strengthen Financial Flexibility

Explore How SUI Coin Captures Market Attention

Altcoin Markets Brace for Impact as Significant Token Unlocks Loom

Bitcoin’s Plunge Sparks New Altcoin Opportunities

Analyst Detects Positive Signals for Bitcoin’s Uptrend

COINTURK NEWS 5 January, 2024 - 2:48 pm 5 January, 2024 - 2:48 pm
Share This Article
Facebook Twitter
Share
Previous Article Bitcoin Analyst Arthur Hayes Predicts Significant Price Drop in March
Next Article Spain’s Central Bank Selects Partners for CBDC Trials
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Nasdaq-Listed Nano Labs Buys $1 Billion in BNB to Strengthen Financial Flexibility
Altcoin News
Visa Modernizes Operations with Stablecoin Regulations
Cryptocurrency Law
ProCap BTC Bu Büyük Bitcoin Hamlesiyle Dikkatleri Üzerine Çekiyor
Cryptocurrency News
Cardone Capital Adds Bitcoin to Real Estate Portfolio in Bold Strategic Move
Cryptocurrency News
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?