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Crypto update: price BTC & crypto drops, concern over EU rules, SHIB + MATIC

Meanwhile, the US markets have closed again. We look at the live Bitcoin price and the prices of the top 25 crypto. Then we see what new crypto legislation the EU wants to introduce. Then we analyze the expected prices for Shiba Inu (SHIB) and Polygon (MATIC).

Of course, we start with the live Bitcoin price and the prices of the top 25 crypto.

Live Bitcoin price and prices top 25 crypto are falling fast

At the time of writing, the live Bitcoin price is quoting EUR 17,769.34 ($18,762.64). This is 7.48% lower than during our crypto update yesterday.

In addition, we see that the prices of the crypto top 25 are also falling rapidly. Apart from the stable coins, we only see red numbers. The heaviest loss is currently for Polygon (MATIC), which is trading at -11.04%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.

European union wants to stop crypto cowboys with new legislation

Tonight, the European Union reached a preliminary agreement on a European crypto legislation. This so-called Markets in Cryptoassets (MICA) aims to introduce one set of regulations for the entire European Union. The preliminary agreement has far-reaching implications for the industry. We list the main points of the preliminary agreement:

Legislative oversight will be vested in the European Securities and Markets Authority (ESMA).
There will be regulations for offering crypto to the public;
There will also be a register of unlicensed crypto providers to combat money laundering;
In addition, crypto providers will be required to disclose the energy consumption of each coin they offer, as well as the environmental impact;
There will also be specific regulations for NFTs (with a temporary exclusion for NFTs with a fixed price) and measures to ensure that the identity of the parties to each transaction is known.

Incidentally, it may be quite some time before these regulations are ready. First, there will be a series of votes to approve these regulations, after which work can begin on filling them out.

These indicators are important for crypto investors in Shiba Inu (SHIB)

One of the crypto that is experiencing a hefty loss today is Shiba Inu (SHIB). The live Shiba Inu (SHIB) price is currently $0.00001007. This is down 2.52% from yesterday. This puts the currency on the verge of a breakout.

The two indicators that determine whether that breakout is bearish or bullish are the moving average over the 21-day and 8-day moving averages. You can see this in the video analysis below.

If the price shoots below these moving averages, the chances are legion for a sharp sell-off that could push the price down tens of percent.

However, if the price closes above $0.00001223 the bearish pattern has been broken and, in the best case scenario, the price could rise to $0.000017 which would result in a price increase of about 60%.

Polygon (MATIC) price under pressure, bears lurking

The trend for Polygon (MATIC) has been bearish for the past few months. The bullish breakout that began 10 days ago did not prove strong enough to break the long-term bear trend. This was due in part to a lack of buyers and the correlation with Bitcoin which, as we saw, is also moving bullish again.

The live Polygon (MATIC) price amounts to $0.4597 thus returns to the bearish pattern. Based on technical analysis, a price drop to $0.3194 is thus to be expected. A bullish trend reversal will only occur if the MATIC price can remain structurally above $0.45. However, the potential price increase is then initially limited to the psychological point of $ 0.50. After that, resistance levels at $ 0.50 await. After that, resistance awaits at $ 0.58 and $ 0.63.

So for this crypto too, it is decisive what happens in the Japanese market to estimate the developments for next weekend.

By the way, we see that the moving average for many crypto is an important indicator for the upcoming price movements. Our colleagues at Tradeincrypto.com are happy to explain what you need to know about moving averages.

Want to stay up to date with the latest price movements?

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.”