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Crypto lunch: price BTC, crypto drops: why? Forecast, Sun exposed

The live Bitcoin price and the prices of the top 25 crypto are once again the focus of our crypto lunch update today. In addition, we look at why crypto prices are falling and analyst expectations. We also look at what ex-TRON top executive Justin Sun owes the nickname ‘crypto swindler’ to.

We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.

Live bitcoin price and quotes top 25 crypto are dropping fast

At the time of writing, the live Bitcoin price is EUR 35,579.30 ($39,091.58). This is 7.29% lower than yesterday.

The prices of the top 25 crypto are also falling fast, but in most cases not as fast as the BTC. We only see red numbers on the digital price boards. Cosmos (ATOM) is currently losing the most with -7.83%. On the site of you can analyze all live crypto prices.

Why are Bitcoin and crypto prices falling?

In percentage terms, the drop seems substantial, but de-facto the crypto market is handing back the gains after Joe Biden’s executive order on crypto was announced yesterday. There are 4 reasons for this:

Continued uncertainty about the situation in Russia and impact of sanctions on the crypto market;
The correlation with U.S. equities that are falling;
A wait-and-see attitude among investors in view of the upcoming European inflation data and the European interest rate decision expected today;
The technical analyses showing that there is currently too little support for Bitcoin to break through the $42,500 resistance. The now familiar crypto snowball is also now affecting the Altcoins.

What do analysts expect from crypto market movement?

As we saw earlier this week, Bitcoin and thus the crypto market is moving in a consolidating trend. The technical analyses show that this will remain the case for the time being. Short-term fundamental factors also show both positive and negative effects on crypto. With that, one expects especially a lot of volatility.

One of the people who has a pronounced expectation is the American entrepreneur and best-selling author Robert Kiyosaki (known for the book “Rich dad, poor dad”). Whereas he was positive about Bitcoin and crypto until before Biden’s executive order, he is not at all so now. Indeed, he expects this move to be the beginning of confiscating all private crypto currencies. This is striking, because in general the executive order was actually received enthusiastically by the crypto community and by professional investors.

Former Tron (TRX) top executive Justin Sun under heavy fire

In addition to all the perils surrounding the executive order and highly volatile prices, there is also a lot going on around the founders of major crypto currencies. Earlier this week Charles Hoskinson came under fire and now all arrows are pointed at former TRON (TRX) top man Justin Sun.

In a scathing article in The Verge, the eccentric former top executive is mercilessly roasted. For example, he allegedly engaged in market manipulation, used insider trading teams that ran insider pump-and-dump schemes, and even ran a fake crypto exchange. This was allegedly disguised by purchasing crypto exchange Poloniex.

The anonymous (former) employees also claim that he Sun ran a criminal organization whereby Poloniex would serve as his personal bank. The loot, by now, is said to be around 300 BTC.

Meanwhile, US authorities such as the SEC and FBI seem to be working together to launch a huge lawsuit against Sun. This case could have a lot of impact, as there would also be evidence of the involvement of other major crypto leaders such as Binance chief CZ. Meanwhile, the price of Tron (TRX) does not seem to be particularly affected by these revelations. At $0.0593, the live Tron (TRX) price is down 3.53% from yesterday, which is a more limited loss than many other crypto currencies. Of course, we will continue to follow this case as well.

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 Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”