Meanwhile, the US markets are also closed for the weekend. We look at the live Bitcoin price and the prices of the top 25 crypto. Then we look at why analysts think the crisis is here to stay. Finally, we look at updates on Ripple (XRP), ChainLink (LINK) and ApeCoin (APE).
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto rise
At the time of writing, the live Bitcoin price is quoting EUR 28,962.43 ($30,103.57). This is 5.24% higher than during our crypto update last night.
The prices of the top 25 crypto are also showing a strong recovery. We see apart from some stable coins and Leo Token (LEO), which loses 1.25%, only green results. The biggest gain of the day is for Shiba Inu (SHIB) with +26.92%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day, including all weekend.
Profit does not yet mean end of crypto crisis
With the gains we saw today, it is tempting to think that the crypto crisis was short but intense. We saw last night and also this afternoon that that expectation is too optimistic both in the short and long term.
New analyses confirm that picture. In fact, in addition to the market upheaval surrounding Terra (LUNA), there are more factors playing tricks on the crypto market. For example, the Terra crisis has clearly attracted the attention of regulatory authorities. We also see that the correlation with equities is still very high, leaving Bitcoin vulnerable to declines in that market. These seem to be coming now that the FED has announced that it will raise interest rates by at least 0.5% each time in 2 and 4 months. However, the main problem remains that investors do not show enough risk appetite.
Analysts are therefore taking into account further price declines. A price of $20,000 or lower and even $10,000 at the end of 2022 are possible price targets, according to them.
Bears lurk on Ripple (XRP), opportunities for crypto gamblers
One of the coins that was heavily hit by the crisis is Ripple (XRP). Also, this coin is one of the crypto that is showing a nice recovery. Indeed, the live Ripple (XPR) price is $0.4366, which is 16.55% higher than yesterday. Still, analysts warn that the bears are lurking for a chance to pull the price further down.
For example, the currency price is still below its exponential moving average over 50 days. We also see that many support levels have turned into resistance levels due to the crash.
Due to the price appreciation, the Ripple (XRP) offers opportunities to adventurous investors. For example, they still expect a strong price jump if the long-running lawsuit against the SEC is won or favorably settled. Also, in addition to the bearish signals, FX Street analysts see a number of bullish signals.
ChainLink (LINK) under fire for failing DeFi protocols
With the bizarre situation surrounding Terra (LUNA), other weaknesses in the latest crypto developments were also identified. For example, several DeFi protocols using ChainLink (LINK) suffered millions in losses.
Because ChainLink (LINK) paused its LUNA oracle at a certain point, some protocols remained listed at a higher LUNA price than the actual (spot) price at the time. Several parties saw their opportunity and took advantage. For example, there were transactions in which LUNA was contributed for crypto loans. Due to the difference between the ‘oracle price’ and the actual price, those who contributed received far too much counter value. The protocols lost millions and began to blackmail to get ChainLink to pay back their losses.
Fortunately, it soon became apparent that the failure was not due to ChainLink (LINK), but to a lack of precautions on the part of the affected DeFi developers. Investors therefore kept faith in the coin. We can see this in the live ChainLink (LINK) price which at $7,290 is 14.62% higher than yesterday.
As we saw this afternoon and in this analysis, despite the gains, we are likely heading into an exciting weekend. We also saw last night that an exciting week awaits. Of course, we will be reporting on that again starting on Monday.
Want to stay up to date with the latest stock 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.”