Bitcoin Price Slips Below $3,000 on Chinese Exchanges

Published

7 years ago

September 16, 2017

Regulatory uncertainty shook the crypto markets on Thursday, as traders grappled with increasingly-credible rumors that the People’s Bank of China (PBoC) will suspend trading at Chinese bitcoin exchanges. Weighed down by this tumultuous climate, the bitcoin price has fallen below $3,000 at Chinese markets.

The plunge has been both brisk and precipitous. In the past 12 hours alone, bitcoin has fallen by nearly 5,000 CNY on OKCoin–the equivalent of $738. Bitcoin is now trading at about 19,550 CNY ($2,979) at this exchange, whose $126 million BTC/CNY volume is the largest in the country.

But OKCoin is not an outlier. Every other major Chinese exchange prices bitcoin below the $3,000 mark as well. Huobi–which accounts for nearly $109 million in daily volume–has bitcoin trading at $2,983. On BTCC, which announced earlier today it will suspend trading on September 30, the bitcoin price is just $2,974. CHBTC values bitcoin at $2,973, while the lower-volume BtcTrade and ViaBTC price it at $2,990. Altogether, these six exchanges currently account for 13% of total bitcoin trading volume.

The overall bitcoin price has been weighed down by BTC/CNY, but it is still holding above $3,000–at least at the time of writing. Presently, bitcoin is valued at a global average of $3,252, which represents a daily decline of 17% and a weekly decline of 30%. The cryptocurrency market cap, which tracks the total value of all cryptocurrencies, now sits at just $112 billion after rising as high as $180 billion less than two weeks ago.

Industry observers disagree about where and when the market downturn will stall. Some, including trader WhalePanda and economist Tuur Demeester, believe a rebound is likely in the near future. Others, including Civic CEO Vinny Lingham and BitPay co-founder Tony Gallippi, predict that the bitcoin price could fall closer to the $2,500 to $2,750 range before the market turns a corner.

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

Published

4 months ago

December 29, 2023

Crispus

BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…