Meanwhile, the first trading week of the year in the Americas has also ended. We look at the live Bitcoin price and the prices of the top 25 crypto. We look at the damage from the crypto crash and the bottom for the Bitcoin price.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto currencies.
Live Bitcoin price and prices top 25 crypto continue to fall
At the time of writing, the live Bitcoin price is quoting EUR 36,823.55 ($41,678.64). This is 3.57% lower than when the US markets closed last night.
The prices of the top 25 crypto are also falling sharply again. With a gain of 2.74%, ChainLink (LINK) is the exception that confirms the rule. The biggest loss is for Terra (LUNA), which loses 11.78%. On the site of Tradeincrypto.com you can follow live crypto prices 24 hours a day, including the whole weekend.
What is the damage from the Bitcoin crash?
Since Wednesday, we have seen a hefty crash that has gripped the market. The damage to investors is significant. In the past 24 hours alone, $530 million worth of Bitcoin was liquidated. This means that 135,301 traders saw their positions disappear, with the biggest loss being to a trader on Bybit. He or she lost $5 million in Ethereum (ETH) as collateral.
This puts the loss at $332 million, where 87% of long positions were hit. If we put these figures in relation to the November price high, we see that the currency has now fallen 38% in value.
Crash causes damage to other crypto as well
Due to all the liquidations of portfolios, large amounts of crypto are entering the market. This so-called crypto snowball provides opportunities, but also leaves its mark. We see this, for example, with Ethereum (ETH). It has already lost 14.36% since last Wednesday.
It is striking that the impact of the losses seems to remain smaller this time. Where in previous crashes we saw crypto currencies drop in value by up to 35% the loss is now around 13%. This leads to strong technical factors, as we see with Ethereum (ETH) for example. Despite the loss, the current price of Ethereum (ETH), which is $3,187.41, is still around the 200-day moving average.
Where is the price floor for Bitcoin?
Analysts are naturally wondering where the price floor for Bitcoin lies. Two camps are emerging. On the one hand, we see a pessimistic view. These analysts, including Peter Schiff and InTheMoneyStocks CFO Gareth Soloway see that the Bitcoin price is forming what is known as a head-shoulder pattern. The “neck” of this pattern is at $42,000. If this is broken and Bitcoin shoots below it, a massive price drop is lurking. Next support levels are then only seen at $30,000.00 and $15,000.00.
Other reputable names, such as Robert Kiyosaki and Mike Novogratz (as we saw yesterday) don’t see it going that far and expect the time to step in and get the dip to come closer and closer. The question, of course, is who to believe.
Elliott Wave Analysis of Bitcoin offers some air
Going off of the Elliott Wave Analysis for the BTC, we see that the more positive view of the market appears to be the most realistic at this time. Based on these analyses, the near-term bottom appears to be around $36,000, which is fairly in line with Mike Novogratz’s thoughts. We also saw earlier that many institutional investors placed large buy orders between $36,000.00 and $38,000.00. The expectation is that a substantial bullish correction will follow after that. How long this will last, however, remains to be seen; the results are too unclear for this. You can see this in the video analysis below.
On the other hand, as you could see, there is also a chance that the correction wave will continue after all (although due to the buy orders it seems more theoretical). So it is hoping for the best, but preparing for the worst and expecting a lot of price movement (volatility). So it remains advisable to look at how to invest in an uncertain market.
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly price forecast might be a reading tip.
Note: We never give financial advice, so our contributions should not be interpreted as such. Always do your own research and decide rationally if, when, what and how much you want to invest in.