{"id":147,"date":"2022-01-23T10:26:07","date_gmt":"2022-01-23T10:26:07","guid":{"rendered":"https:\/\/solanacrypto.news\/2022\/01\/23\/bitcoin-price-plunges-to-35300-ether-solana-memecoins-too-suffer-in-cryptocurrency-crash\/"},"modified":"2022-01-23T10:26:07","modified_gmt":"2022-01-23T10:26:07","slug":"bitcoin-price-plunges-to-35300-ether-solana-memecoins-too-suffer-in-cryptocurrency-crash","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2022\/01\/23\/bitcoin-price-plunges-to-35300-ether-solana-memecoins-too-suffer-in-cryptocurrency-crash\/","title":{"rendered":"Bitcoin price plunges to $35,300; Ether, Solana, Memecoins too suffer in cryptocurrency crash"},"content":{"rendered":"
<\/p>\n

The risk-off attitude and selling pressure across the global cryptocurrency market showed no sign of abating on Saturday, with Bitcoin price sliding 4% and Ether down some 7% in late-afternoon U.S. trading after an already brutal week. Bitcoin price, which is the largest cryptocurrency by market value, traded at about $35,300. It had earlier touched $34,042.77, representing a loss of more than 50% from its all-time high last November. And it\u2019s not alone: As crypto traders reacted this week hawkish signals from the Fed as well as fresh regulatory hints by the White House and the threat of an outright ban in Russia, the declines in Ether — the second-largest token — and in newer coins have outpaced Bitcoin\u2019s fall.<\/p>\n

Over the past seven trading days, Bitcoin has shed around 20% of its value compared with nearly 30% for Ether. Solana\u2019s SOL and DeFi-play Avalanche\u2019s AVAX token have fallen nearly 38% each. And the wipeout in memecoins has been profound: Dogecoin is down 30% on the week while Shiba Inu is off 38%, according to CoinMarketCap.<\/p>\n

Crypto \u201cis a risk asset up and down,\u201d Starkiller Capital\u2019s Leigh Drogen said in a Bloomberg TV interview with Caroline Hyde. \u201cIt\u2019s even more of a risk asset now that most of the crypto market cap is Ethereum, Solana and all sorts of other stuff that is just basically technology where we\u2019re pulling forward massive assumptions of global growth into the present.\u201d<\/p>\n

A key technical to watch is the ratio of Ether to Bitcoin, according to Amy Wu Silverman of RBC Capital Markets. After trading above 0.07 for several months, Ether has dropped to the lowest level relative to Bitcoin since October. It was recently at 0.069.<\/p>\n

\u201cNow, it\u2019s officially a risk-off correction across the board,\u201d Wu Silverman wrote in a note on Saturday. \u201cThere is nowhere to hide.\u201d<\/p>\n

The next level to watch is 0.055, according to Wu Silverman. \u201cWatch the Ether-Bitcoin ratio from .055-.088,\u201d she wrote. \u201cThe .055 MUST HOLD.\u201d<\/p>\n

Ether price’s slide relative to Bitcoin also caught the eye of Noelle Acheson, head of market insights at Genesis Global Trading Inc. To her, it\u2019s a reminder that Ether is even more vulnerable to macro-driven swings of risk appetite than Bitcoin.<\/p>\n

\u201cThis reminds us that BTC is a risk asset that is getting hit in the risk-off sentiment, but that ETH is even more so (it has lost over 40% of its value over the past 30 days!),\u201d Acheson wrote in an email. \u201cIt is definitely strange to see BTC a strong outperformer today.\u201d<\/p>\n

Sign on to read the HT ePaper epaper.hindustantimes.com<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The risk-off attitude and selling pressure across the global cryptocurrency market showed no sign of abating on Saturday, with Bitcoin price sliding 4% and Ether down some 7% in late-afternoon U.S. trading after an already brutal week. Bitcoin price, which is the largest cryptocurrency by market value, traded at about $35,300. It had earlier touched […]<\/p>\n","protected":false},"author":1,"featured_media":148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=147"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/148"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}