Cryptos today: Bitcoin drops below $30k with new risk-off and threatens to close 10th week in the red; Solana retreats 12%

Bitcoin (BTC) started the week on a high, but now threatens to renew its longest streak of losses in history with the 10th consecutive week of decline, retreating again below $ 30,000 on Thursday morning (2). At 7am, the cryptocurrency was trading at $29,930, down 5.6% over the last 24 hours. Second largest on the market, Ethereum (ETH) was at $1,819 at the same time, down 6.3%.

BTC was already showing weakness yesterday when it failed to break the $32K barrier just after a positive weekend. Analysts, therefore, were not taken by surprise with today’s weak result, amid another risk reduction movement by market agents.

How far will cryptocurrencies go? What’s the best way to buy them? We have prepared a free class with step by step. Click here to watch and receive InfoMoney’s cryptocurrency newsletter

“Bitcoin price action today is not entirely surprising,” Joe DiPasquale, CEO of cryptocurrency fund manager BitBull, wrote to CoinDesk. “Not only is it facing pressure from traditional markets, it is also struggling to break out of the $31K-$32K resistance zone, resulting in a breakout of the range set over the weekend.”

Resistance is a graphical analysis term referring to a price or price zone that tends to generate high demand for the sale of an asset – in this case, investors seem to have considered the $32K and $32K points to be good prices to liquidate positions.

Bitcoin’s fall still reflects yesterday’s negative result in the American stock market. Major stock indices tumbled, with the Nasdaq 100 and S&P 500 closing down 0.7%. According to experts, investors have renewed their concerns about high inflation and the prospect of a global recession. As a result, gold and the US 10-year Treasury yield rose.

Given this scenario, analysts are starting to project another negative month for BTC, especially after closing the month of May in the red. “Going forward, Bitcoin will need to see significant buying activity and a major shift in sentiment to have any hope of a quick reversal,” wrote DiPasquale.

According to graphic analysis expert Vinícius Terranova, Bitcoin’s movement this week indicates a pattern normally associated with tops or failed recovery attempts. “We’re not done with the week yet, and she might recover, but the way the world is, I think it’s pretty difficult,” he explains.

  • Watch on Crypto+: What happens when a crypto dies? And projection for Bitcoin

According to CoinDesk chart analyst Damanick Dantes, Bitcoin may find support initially at $27,500 and then at $25,000. On the other hand, he points out, the cryptocurrency is about a week away from registering a sign of bearish exhaustion, which last occurred on June 7, 2021 and on January 10 of this year, both moments that preceded a more prolonged recovery. .

“Still, a weekly close above $30K is needed to confirm a short-term bullish signal. If further declines occur from here, secondary support is seen at $17,673.”

Contrary to resistance, support is a technical analysis term that indicates a price zone that attracts demand to buy a certain asset.

As usual, altcoins take the worst amid Bitcoin’s further slump, with Solana (SOL) down 12% after a network crash yesterday afternoon.

Check out the performance of the main cryptocurrencies at 7:07 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 29,930.67 -5.6%
Ethereum (ETH) US$ 1,819.20 -6.3%
Binance Coin (BNB) US$ 303.16 -5.2%
Cardano (ADA) US$ 0.577360 -6.5%
XRP (XRP) US$0UUS$0.396562 -5.4%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Evmos (EVMOS) $3.49 +9.7%
Waves (WAVES) $9.57 +8.2%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Arweave (AR) US$ 13.00 -12.6%
BitDAO (BIT) US$ 0.665740 -12.2%
Synthetic (SNX) $2.83 -12.2%
Solana (SOL) US$ 39.80 -12%
Kusama (KSM) $72.95 -11.6%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 24.90 -3.3%
Hashdex BTCN (BITH11) BRL 34.71 -2.9%
Hashdex Ethereum (ETHE11) BRL 25.70 -5.2%
Hashdex DeFi (DEFI11) BRL 22.56 -4.51%
Hashdex Smart Contract Platform FI (WEB311) BRL 22.79 -5.74%
QR Bitcoin (QBTC11) BRL 9.16 -3.17%
QR Ether (QETH11) BRL 6.38 -4.49%
QR DeFi (QDFI11) BRL 4.00 -2.91%

See the main news from the crypto market this Thursday (2):

Solana suffers new bug and is down for more than 4 hours

Solana crashed again on Wednesday, brought down for more than four hours by a bug in the way the blockchain processes a type of transaction that developers say is designed for offline network use cases.

Validators, which process transactions on the blockchain, started restarting the network only after deactivating this type of transaction, Solana Labs head of communications Austin Federa told CoinDesk. The functionality will remain disabled until the developers identify and fix the issue.

In addition to being responsible for the network shutdown momentarily, the bug could have ramifications for any offline custodian whose transactions fall into this category, possibly preventing them from moving crypto until a solution is found, the validators said.

Vortx carries out the first issue of tokenized debentures in Brazil

Vórtx QR Tokenizadora carried out the first issuance of tokenized debentures in the country yesterday, coordinated by Itaú. The company is the first regulated tokenizer in Brazil, operating within the sandbox of the Securities and Exchange Commission (CVM).

Unlike the traditional mechanism, issuance via tokens uses blockchain digital assets that guarantee the buyer the right to own the asset – in this case, to receive future payments related to the debenture acquired. Vortx tokens are issued on the Hathor Network blockchain, developed by Brazilian engineers.

In addition, Vórtx issued shares in a fund that invests in Bitcoin-backed Bank Credit Notes (CCBs).

Bitcoin Market Announces Layoff of Employees

The 2TM group announced yesterday the dismissal of employees of the Bitcoin exchange Mercado Bitcoin, citing the adverse global economic scenario.

“The change in the global financial scenario, high interest rates and inflation, has had a great impact on technology-based companies,” 2TM said in a statement, without mentioning the number of layoffs.

Information circulating on social media mentions that the company would have laid off 90 people, but 2TM does not confirm the number, limiting itself to saying that “the scenario required adjustments that go beyond reducing operating expenses, making it necessary to shut down employees as well. part of our collaborators”

The shutdowns come days after Bitso, which competes with Mercado Bitcoin for leadership in the cryptocurrency trading sector in Latin America, confirmed the layoff of 80 employees, citing the need to “rethink the skills needed to move faster in the cryptocurrency industry.” cryptocurrencies”.

How far will cryptocurrencies go? What’s the best way to buy them? We have prepared a free class with step by step. Click here to watch and receive InfoMoney’s cryptocurrency newsletter