Meanwhile, the US financial markets have closed again. We look at the live Bitcoin price and the prices of the top 25 crypto. Then we ask how long the crypto crash will last. We also look at updates on Ethereum (ETH), Cardano (ADA) and PolkaDot (DOT).
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 drop
At the time of writing, the live Bitcoin price is quoting EUR 26,930.89 ($28,359.80). This is 2.05% lower than during our crypto update last night.
The prices of the top 25 crypto continue to fall as well. We only see a small gain for some stable coins. The biggest loss is currently with -41.28% for TerraUSD (UST), the stable coin of Terra (LUNA). It is followed by Shiba Inu (SHIB) with -10.56%. On the site of Tradeincrypto.com you can follow all live crypto prices 24 hours a day.
When will the crypto crash stop?
Despite the fact that we are also seeing crypto record negative prices today the crash seems to be a little less severe than yesterday. Could this be the first sign that the crypto crash will stop? According to the experts and analysts we don’t have to count on it (yet).
Raoul Pal waits for the Fed to end crypto crisis
As far as macro investor Raoul Pal can see, the price of Bitcoin and other crypto will not rise again until the Fed stops raising interest rates. In an interview with Cointelegraph, he explains why he sees it this way.
He also expects that this will not be the case until after the summer. There will then, according to him, be a new rally of various investments that are now falling. Besides crypto, he mentions especially bonds and perhaps technology stocks. You can see the entire interview, in which he also mentions various key quotes, here.
Analysts expect crypto ice age for 2022
Analysts at Seeking Alpha are even more critical. They see support levels at $25,000.00 and $20,000.00. They expect Bitcoin to hit these support levels. They even expect a panic sell-off that will push the price below that $20,000 level. After that, they do expect recovery and a new bull rally. They set the Bitcoin price target for the end of this year at $30,000.
Even with that, the suffering does not seem to be definitely over. To speak of a bull market again, they estimate that the Bitcoin price needs to rise to $45,000.
Cardano (ADA) top executive Charles Hoskinson also sees a cold crypto summer
Cardano (ADA) founder and top executive also expects bears to continue to dominate the market in the coming months. In an extended YouTube session, he shares his take on events and the future of crypto. You can watch the entire video here.
He draws comparisons to the large price swings of Bitcoin and crypto in the past and important events in crypto history. He also discusses the influence of the increasing number of institutional investors. All in all, he concludes that the crypto market will need time to prove trust and credibility again. Also, according to him, the global money system needs to calm down again. He therefore foresees a bearish market that could last for weeks to months.
Crypto bears on the way for Ethereum, and PolkaDot (DOT), chance(s) for Cardano (ADA)
Now this outlook of a cryptowinter in the summer does not make us happy, but the analyses threaten to confirm the icy outlook at least in the short term for 2 well-known crypto currencies.
Ethereum (ETH) at crucial support level, but that doesn’t generate interest
Ethereum (ETH) is also, of course, experiencing sharp price declines due to the crypto crash. The live Ethereum (ETH) price is $1,912.44. This is a drop of 7.22% from yesterday. With this, the second largest crypto seems to be heading towards the support level of $1,700. This was long seen by investors as the extreme bottom before the price would start rising again.
However, various analyses show that there seems to be absolutely no interest among buyers to buy Ethereum. In fact, if we look at options markets such as the Huobi options market, we see no signs to expect a trend reversal from the downtrend. Experts therefore fear that the Ethereum price will fall below the support level of $1,700. A further wave of selling is then obvious.
Polkadot (DOT) also suffers from lack of interest
If we analyze the price of the PolkaDot (DOT) we see that there is interest in the options markets. The status of the coin is ‘oversold’ so again in a normal market we would expect a rising price.
In this market everything is different and it shows. Both the MFI and RSI index are not moving and that too indicates lack of interest. Moreover, it seems that the crypto sell-off could last into or even after the weekend. Again, experts advocate ignoring the bull signals. Indeed, they take into account that the price could fall below $5. The live PolkaDot (DOT) price is $8.34 (4.68% lower than yesterday), so alertness is also called for here.
Crypto analyses offer opportunity(s) for Cardano (ADA)
The crypto crisis pushed the Cardano (ADA) price down to around $0.30. This hit the lowest level since February 2021. The good news is that interest did show here. The value of the currency recovered and found support around the $0.40 level. This is the 88.6% Fibonacci retracement level.
With that, the price of Cardano (ADA) seems to be developing in accordance with the technical analyses. There is room, based on those analyses, for a recovery to the 50% Fibonacci retracement level and that is at $1. Relative to the live Cardano (ADA) price of $0.46 (10% lower than yesterday), there would be a nice opportunity there.
Still, we are cautious. The market has shown that it does not care much for technical analysis. With experts predicting that the wave of selling will continue for the foreseeable future, there is no reason to think that Cardano (ADA) will avoid this wave.
So despite all the negativity, there is plenty to experience in crypto. We will of course continue to report on all events.
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.”