Today’s crypto movers: Bitcoin (↓2.85%), Ethereum (↓3.81%), EOS (↓11.16%) and Celsius (↑15.58%)

Posted: 18 August 2022 5:28 am
News
Celsius (CEL)

The crypto market retreats as the Fed signals more rate hikes.

Bitcoin led most cryptocurrencies lower with a pullback to its previous support zone of $23,000.

The overall crypto market saw prices change by -4.08% in the last 24 hours, meaning the sell-off in riskier assets continues.

Trading volume over the last 24 hours was 4% higher than the recent 7-day average, which shows crypto positions being either closed or forcefully liquidated.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -2.85% over the last 24 hours.

Bitcoin continued its drop after it failed to push past $25,000. Its current support lies at $23,000 and $21,000.

The second most valuable crypto, Ethereum, saw its price change by -3.81%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether trades between $1,750 and $2,000. But a strong catalyst is needed to push the price beyond these levels.

Today’s biggest gainers and losers

Big gains happened for Celsius (CEL) up 15.58%; Chiliz (CHZ), which rose 5.61%; and Ethereum Classic (ETC) which was up 0.49%. (All figures are based on the last 24 hours of trading at time of writing.)

Celsius (CEL) provided crypto banking and financial services to users. It’s going through bankruptcy proceedings and facing fraud charges. The recent gain follows a court ruling that Celsius can sell its newly mined Bitcoin.

Chiliz (CHZ) operates Socios, a blockchain-based entertainment and sports platform. With CHZ tokens, users can buy fan tokens for sports clubs and vote on jersey design, team match-ups and other team decisions. The price climb follows Binance listing 3 new Socios fan tokens: JUV, ACM and INTER.

Ethereum Classic (ETC) is a legacy chain created by forking Ethereum (ETH) after its major 2016 hack. It preserves the original ETH blockchain without countering its past decentralized autonomous organization (DAO) hack.

The largest drops were for EOS (EOS), down 11.16%; Aave (AAVE), which fell 8.2%; and Solana (SOL), which was down 7.18%.

EOS (EOS) is a platform that allows developers to build decentralized apps (dApps). It prioritizes ease of use, enterprise flexibility and compliance, consumer security and scalability.

Aave (AAVE) The price drop follows a debacle over AAVE’s wallet screening process. It blocked wallet addresses per US Treasury sanctions on Tornado Cash, resulting in some people losing access to the platform. The price drop follows a debacle over AAVE’s wallet screening process. It blocked wallet addresses per US Treasury sanctions on Tornado Cash, resulting in some people losing access to the platform.

Solana (SOL) improves scalability by combining proof-of-history (PoH) with proof-of-stake (PoS) consensus. Its design facilitates the creation of dApps.

Trying to get a handle on the markets? Cut through the noise with our overview of the best cryptos to buy right now, explore some strategies for how to trade crypto or see if there's a better platform for you with our guide to the best crypto exchanges.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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