- All major coins are nursing losses on Wednesday.
- Quadriga FUD is gaining traction.
Cryptocurrency market is in red on Wednesday. All major digital assets - except for Binance Coin - are nursing losses from 1% to 10%. The total capitalization of all digital assets in circulation dropped to $111.4B from $113.5B on Tuesday.
There are no clear reasons that might explain the sudden decline; however, the FUD around Canadian cryptocurrency exchange Quadriga seems to be gaining traction in mass media and social channels.
The Indian authorities confirmed the death of Quadriga’s CEO. The ailing company claims that he was the only one who had the key to the cold wallet with C$180M ($137.13M) in cryptocurrencies.
The creditors of the company - including 115,000 users that lost their money - filed a lawsuit. However, Halifax judge Michael Wood put the suit on hold for 30 days.
Market overview
Bitcoin (BTC) is changing hands at $3,371, down 1/6% since the beginning of Wednesday. The largest digital asset came close to critical short-term support around $3,350. A sustainable move lower will open up the way towards $3,200 and 2018 low at $3,127.
Ripple’s XRP is hovering above $0.29 handle, down about 2% on a day-over-day basis. This is the second largest coin with the current market value of $12B. XRP/USD has reached a critical support zone, strengthened by the lower boundary of the daily Bollinger Band. If it is cleared, the decline may be extended towards $0.2832 (January 28 low).
Ethereum (ETH) is changing hands at $102.50, down 4%since this time on Tuesday. The coin may be on the verge of a broader collapse if $102.00 handle gives way. The next barrier is created by psychological $100.00, which is followed by 2018 low at $82.02
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.