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Bitcoin Price Falls, ETH Cuts Gains; Is It Time To Exit?

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VOC, Voice of Crypto, bear market

Amid the ongoing bearish blues, Bitcoin has rejected the critical resistance stacked at the $25,000 price level.

Bitcoin Price May Keep Falling

The cryptocurrency has fallen by 15% against its dollar value since August. Presently, the cryptocurrency is trading at $21,500. Moreover, BTC has also broken below support connecting a short-term upward trendline connecting June 18.

Bitcoin’s market capitalization currently stands at $410 Billion, while its dominance percent shows approximately 40.5% on the charts.

For the incoming few weeks, the price action for Bitcoin may seem to be falling. The miner’s data from CryptoQuant show an exciting decrease in the miner’s net position reserve.

The percentage in the positions of BTC held by miners has been showing signs of decline in reserves since August 08, 2022, and presently the net balance is lying in the negative zone.

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Similar to Bitcoin, the rippling effect can be seen in altcoins, which move slower in price action. The second largest cryptocurrency, Ethereum(ETH), failed near $1720, cutting gains.

ETH Struggles at $1700

While ETH is currently trading hands at $1,640 and slowly marching towards $1,700, while the chances of the coin moving down further aren’t low, the $1600 level can be seen as the nearest support.

The S&P 500 futures fell by 0.2%. Besides, some mild losses are in the register for today’s European stocks. The dollar index maintained its stance around 108.1 as the U.S. 10-year Treasury yield gained three basis points to round at 3.07%.

There is a possibility that investors have reduced their risky positions in the market. This could result from the case expecting hawkish or anti-inflation and pro-liquidity tightening statements from Powell at the conference.

Major News from Coinbase

The major cryptocurrency exchange—Coinbase—disclosed its new liquid token staking announcement. The Wrapped Ethereum Staking or cbETH will appear for ETH staking, including the accrued interest.

While the direct competitor, Lido’s stETH token, the biggest staked ether token, has been trading at a discount in tandem with the Ether’s spot price since the collapse of UST in May.

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While cbETH was trading at an 8% discount to Ether’s spot price on the day of launch. It is important to understand that neither Lido nor Coinbase’s staked ETH tokens have to be trading at 1:1 with spot ETH.

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

Jatin Sewani is crypto markets writer/reporter based in India. He is skilled in onchain as well as technical analysis. He's currently pursuing actuarial science which lets him look at things from a risk-based perspective.

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