By now the US markets are closed for the weekend. For us, it’s high time to take a look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. Then we see how FED Chairman Powell’s speech caused these declines. Next, we analyze how many fake trades are taking place on the crypto exchanges. Finally, we analyze Uniswap (UNI). What is the UNI price expectation in the long run?
We begin, of course, with the live Bitcoin (BTC) price and the prices of the top 25 crypto.
Live Bitcoin (BTC) price and prices top 25 crypto drop sharply
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 20,709.42. ($ 20.653,53). This is 4.18% lower than during our crypto update last night.
The prices of the other coins in the top 25 crypto are also falling sharply. We are currently only seeing red numbers. At -8.96%, the loss is currently the greatest for Lido Staked Ether (STETH). On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day and thus also throughout the weekend.
Crypto and other financial markets in low mood due to speech FED Chairman Powell
During the Jackson Hole meeting, all kinds of banking specialists get together to talk about economic developments. Today FED Chairman Powell gave his speech and he did not have good news for the financial markets.
As is well known, inflation in America is currently well above the desired 2%. FED Chairman Powell indicated that the FED will work to bring inflation down to 2%. He also indicated that they will act forcefully and “hurt the economy somewhat. He cited further interest rate hikes and intervention in the labor market as conditions. The financial markets were shocked by the news. On the crypto market, the numbers of the top 25 crypto went into the red and the market capitalization dropped rapidly by almost $50 million.
The U.S. stock market also recorded losses alone, which rose to nearly 5% at large companies such as Alphabet (Google’s parent company).
More bad news: shocking figures on fake Bitcoin trades
On top of the thump delivered by Fed Chairman Powell came more shocking news. namely, new research on BTC trades shows that more than 50% of Bitcoin trades are fake.
Forbes investigated 157 crypto exchanges. The study found that more than 50% of Bitcoin trade transactions consisted of so-called “wash trades. In these, it appears that transactions are taking place, but in fact the trader is not at risk and does not change his position. These wash trades are done to suggest increasing popularity of a crypto, which may lead to more buyers. Now that wash trading appears to be so widespread, the question is whether this air isn’t in the entire crypto market. You can study the entire Forbes investigation into fake trading here.
Back in 2019, researchers determined that a lot of fake BTC trading was taking place. At the time, their arrows were mainly focused on Coinmarketcap.com. As much as 95% of the transactions recorded by this site were said to be fake. The site, which is now owned by Binance, promised to do better. Yet this now appears to be insufficient.
One of the stumbling blocks is that there are no adequate regulations that determine when a trade can be counted as an actual trade with impact on the risk of the traders. For example, Bitcoin trading volume at 1 point in time at different research firms can range from $5 billion (Messari) to $57 billion (Nomics). This obviously creates instability and uncertainty and thus retreating traders.
Crypto investors beware: will Uniswap (UNI) offer great returns in the long run?
Researchers at Grayscale took a closer look at the current bear market. In the process, Uniswap (UNI) also came under the magnifying glass. The researchers concluded that there are 3 advantages of Uniswap (UNI) that can bring investors great returns in the long run. These are:
the decentralized organization;
the influx of investors seeking to avoid the riskier CEFI strike and liquidity pools;
the resulting increased liquidity.
Yet, at the same time, the researchers warn against setting expectations too high. They foresee that the bears will prevail for another 4 to 5 months. This could mean that the live Uniswap (UNI) price, which is currently losing as much as 9.81% at $6.330 compared to yesterday, will first fall further.
Are you curious about how profitable investing in Bitcoin (BTC) really is? We will compare Bitcoin returns with investment returns tomorrow (Saturday) and the results will amaze you!
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. “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.”