At the time of writing this article, the king of cryptocurrencies is being traded at $29,065. The low volatility continues. However, recent developments in the past few days suggest that investors are closely anticipating something big. Especially CZ’s targeting of USDT and the imbalance in the stablecoin liquidity pool are concerning.
Current Status of Cryptocurrencies
The volume in the past 24 hours is around $19 billion, and the market interest continues to remain weak. Bitcoin‘s market dominance is at 48.6%. The price of Bitcoin has remained almost stable in the past 7 days, with the $29,000 level being maintained despite occasional drops. However, many experts believe that closing below $29,500 could push the price down to the $28,300 and $27,500 range. Such a drop would not be surprising for investors.
On the other hand, the FUD surrounding Tether continues. Today, Adam Cochran reported a serious issue with Huobi’s reserves. According to him, Justin Sun is trading with customer assets, and yet customer balances are not fully in place. Sun, one of the most controversial figures in the crypto world, responded to all on-chain evidence and claims with a single post labeled “4,” which means FUD, defending that the allegations are not true.
If the Huobi exchange is really in trouble, it could quickly go bankrupt after a strong bank run following the spread of these recent allegations. It is advisable for investors to be cautious in this regard.
Bitcoin and Altcoins: Current Analysis
Huobi and Tether are putting pressure on the market. On the other hand, Genesis has been given a deadline of August 16 for payment plans. The ongoing investigation allegations against DCG also rightly worry investors. ETH is once again below $1,835 and continues the week with a 2.47% loss. Until the negative developments affecting the overall market sentiment are resolved, it seems unlikely that altcoin investors will have much to smile about.
XRP Coin price eroded by 10% on a weekly basis following the decision of the Terra judge. DOGE, on the other hand, dropped by 5% after Musk announced that he has no plans for cryptocurrencies. Musk emphasized that they will never release a crypto token, especially.
ADA Coin lost critical support at $0.3 and is eyeing the $0.26 support level.
