Despite traders’ continued optimism about fresh all-time highs, Bitcoin (BTC) plummeted to $44,000 on Wednesday. BTC/USD touched a low of $44,215 on Bitstamp overnight, according to data from Cointelegraph Markets Pro and TradingView.
The recent drop reflects a $3,800 reduction after Bitcoin was rejected at $48,000 some days ago. Thus, continuing the consolidation witnessed on Tuesday. That expected–seller pressure from that level and above continues to be considerable, with bulls currently lacking the momentum to absorb their positions.
However, for famous trader Pentoshi, this was only a temporary feature. On the day, he said that Bitcoin would remind everyone who the monarch is. Thus, the focus was on $42,000 support for a potential higher low construction.
According to Cointelegraph, if BTC/USD breaks past the $48,000 resistance level, the next stop maybe $55,000 or higher. Meanwhile, renowned trader Peter Brandt has teamed forces with the fellow trader and analyst Rekt Capital to forecast a rising wedge pattern for Bitcoin.
Ethereum
Ether is down 6-7 percent in 24-hour trade, changing hands at $3,050; however specific trading patterns point to an optimistic outlook. The open interest in CME’s ETH futures is at an all-time high of $650 million. According to Arcane analysts, the percentage share of Ether’s contribution to the open interest of the CME’s crypto futures has climbed significantly since its introduction. Thus, indicating that institutional traders are avidly building up ETH exposure at the moment.
Solana’s token rose above $60 for the first time just two days ago. The next day, amid the enthusiasm surrounding the release of the NFT collection, it quickly crossed another psychological threshold of $75. Solanart, Solana’s first fully-fledged marketplace for non-fungible tokens, houses the Degenerate Ape Academy. The entire collection was sold out in less than eight minutes, raising nearly $2.5 million.
The Terra blockchain platform’s LUNA token, which supports fiat-pegged stablecoins, achieved a new temporary high price of $26.89 this week. Terraform Labs, a South Korean firm, is developing a project funded by high-profile investors. These include Pantera Capital, Galaxy Digital, and Coinbase Ventures. Wormhole, the so-called “bridge” protocol connecting Solana and other blockchain networks such as Terra, Ethereum, and Binance Smart Chain, was launched on August 9. The initiative made it easier for tokenized assets, including non-fungible tokens, to transfer quickly across chains.
Robinhood
According to a published shareholder questionnaire, retail shareholders of the crypto-friendly trading app Robinhood want a crypto-wallet as well as a branded hat and sweatshirt.
Say, a general question crowdsourcing platform, was Robinhood’s first purchase after going public. This allowed retail shareholders to ask and upvote questions in a Reddit-style interface. Say said management would address a subset of the most frequently asked questions about Robinhood’s business and financial results during the earnings call.
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