Major cryptocurrency prices plunged on Wednesday because bears continue to push them lower. The top 10 most-traded cryptocurrencies dropped by up to 25% within the last 24 hours, with the exception of US dollar-pegged coins.
Bitcoin fell 8 percent, Ethereum fell 21% Binance Coin (XRP), Cardano and Cardano also dropped in double figures. Analysts believe that the selloff occurred at a greater volume than usual, which could mean that this trend will continue for some time.“The bears are currently pushing down the markets. This wasn’t a panic selling session. However, the momentum in the markets is very bearish. BTC is looking at the $33,000 threshold. ETH lost $2,000 and created a panic among altcoins. This volatility can also be expected and continued throughout the week,” stated Edul Patel, CEO and cofounder of Mudrex.
The pressure on selling, however, wasn’t just in the crypto market. Equities around the world were also being under pressure. The primary reason was the US’s unexpectedly high inflation, which drove yields up and the US dollar higher.
According to Tuesday’s Labor Department report, the US consumer price index jumped 0.9% in May. This was above market expectations and the largest gain in six months since June 2008.
Analysts think the Grayscale unlockings will come along with Taproot up.
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The curve is a stable coin decentralized exchange. It uses AMM’s as a liquidity provider and manager. It was established in January 2020. The exchange has seen phenomenal growth since then. Curve, which uses CRV to its native token, introduced a decentralized autonomous company (DAO), in August 2018.
The DAO is built upon an Ethereum-based tool, Arag.
After reaching $1.057, the CRV gained almost 174% and reached $2.9. The asset encountered stiff resistance around the $3 mark which led to another drop. The asset recovered from the previous lows but did not fall below them again and moved up from $1.216 to reach $2.099. CRV remained at $2. After this, it made a Shooting Star’ (bearish-patterned) pattern and saw another correction.
At $1.35 the asset is at strong support. The asset can support the support level and we can expect some relief rally. If the price drops below the support level, the prices could fall to $1.057.