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Today’s crypto movers: Bitcoin (↓5.78%), Ethereum (↓4.46%), Filecoin (↓15.10%) and Gnosis (↑9.30%)

Posted: 19 August 2022 5:32 am
Gnosis (GNO)

The crypto market drops as investors fear more interest rate hikes will follow.

Bitcoin led most cryptocurrencies lower as it drops to a major support level of $21,000.

The overall crypto market saw prices change by -5.88% in the last 24 hours, which is a major drop compared to most trading sessions in the past two months.

Trading volume over the last 24 hours was 2% higher than the recent 7-day average, meaning the drop is driven by a small volume, thus it can be short-lived unless positions start to get forcefully liquidated at lower prices.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -5.78% over the last 24 hours.

Bitcoin drops to $21,000, which is a major support level. The current trading range stands between $21,000 and $25,000. If the price holds here, we could see another attempt higher. However, macroeconomic factors still weigh down on crypto and we could see the price drop as low as $19,000 in the coming weeks.

The second most valuable crypto, Ethereum, saw its price change by -4.46%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether dropped to $1,750, which is Ether’s major support level. If the price holds, we could see another attempt at $2,000. Otherwise, the price could drop as low as $1,500.

Today’s biggest gainers and losers

Big gains happened for Gnosis (GNO) up 9.30%. (All figures are based on the last 24 hours of trading at time of writing.)

Gnosis (GNO) is a decentralized prediction market built on Ethereum (ETH). Its users can bet on the outcome of any event. Staking GNO rewards users with OWL tokens, which pay for fees. OWL also facilitates creating and betting in prediction markets.

The price climb follows Gnosis Safe’s announcement that it will airdrop SAFE tokens. These help ensure the success of Gnosis Safe’s decentralized autonomous organization (DAO). Gnosis Safe spun off from its parent company Gnosis in July.

The largest drops were for Filecoin (FIL), down 15.10%; Shiba Inu (SHIB), which fell 12.14%; and Aave (AAVE), which was down 10.58%.

Filecoin (FIL) is a decentralized storage system aiming to “store humanity’s most important information”. Users make transactions with FIL, the blockchain’s native currency.

Shiba Inu (SHIB) is a meme coin calling itself the “Dogecoin killer”. It uses its SHIB token to transfer value through payments. SHIB’s community creates utility and an ecosystem for the token.

Aave (AAVE) is a decentralized finance (DeFi) protocol that allows people to lend and borrow crypto. It uses its token for governance and fee discounts to holders.

The recent loss follows a new Aave request for comment (ARC), which asks token holders to commit to selecting ETH’s proof-of-stake (PoS) mainnet. This commitment will close Aave deployments on any other ETH forks.

Trying to get a handle on the markets? Explore 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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