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Cryptocurrency: Understanding the Risks Involved

Understanding the Risks of Cryptocurrency. Image by Freepik Introduction Cryptocurrency has become increasingly popular in recent years, offering a decentralized and fast alternative to traditional currency. However, despite its many benefits, it is important to be aware of the risks involved. In this article, we will explore the various risks associated with cryptocurrency. Market Volatility: One of the main risks of cryptocurrency is its high volatility. The value of cryptocurrency can fluctuate greatly in a short period of time, making it difficult to predict and potentially leading to significant losses. Lack of Regulation: Another risk associated with cryptocurrency is the lack of regulation. The cryptocurrency market is largely unregulated, leaving investors vulnerable to fraud and scams. Additionally, the anonymity of cryptocurrency transactions can make it difficult to recover lost funds. Security Concerns: Cryptocurrency is susceptible to security risks, including hacking and ...
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Bitcoin, Ethereum, and other altcoins are falling, while WAVES is rising

  • Bitcoin's price has dropped below USD 30,000.
  • XRP traded below the USD 0.40 support as Ethereum approached USD 1,800.
  • WAVES outperforms SOL, which is down 13%.

Bitcoin price began another bearish wave after failing to break through the USD 32,000 resistance. BTC fell nearly 6% and was trading below USD 30,000. It is currently (04:33 UTC) showing bearish signs near USD 29,770 and has remained virtually unchanged in the last week.

Similarly, the majority of major altcoins reversed gains. ETH fell more than 6% and briefly fell below the USD 1,800 level. XRP has settled below the USD 0.40 support level. ADA fell below the USD 0.60 support level.

Total market capitalization

Source: tradingview.com

Bitcoin price

After breaking below USD 31,200, bitcoin price gained bearish momentum and fell below the USD 30,000 support level. The bulls are currently defending the USD 29,500 support zone. More downsides are possible if there is a clear move below USD 29,500. The next major support level remains near USD 28,500, below which the price could fall to USD 27,400.

On the upside, resistance is located near USD 30,200. The next major resistance level is around USD 30,500. A clear move above USD 30,500 may signal the start of a recovery wave.

Ethereum price

Ethereum's price has also begun a new decline below the USD 1,920 support level. It is down more than 6%, and there was also a spike below USD 1,800. It is now consolidating losses near USD 1,800, with USD 1,780 acting as immediate support. ETH is also down nearly 7% in a week. The next major support is near USD 1,750, below which a sharper drop is possible.

On the upside, an initial resistance level is near USD 1,850. The next significant resistance is near USD 1,920 (the recent breakdown zone), above which the price may begin a recovery wave.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) fell nearly 7%, with a clear move below the USD 0.60 support level. The next major support is near the USD 0.55 level, below which a drop to the USD 0.52 level is possible.

BNB is also down 6% and is currently struggling to maintain its position above USD 300. If the price falls below USD 300, the bears may test the USD 288 support zone.

Solana (SOL) fell more than 13% and fell below the USD 40 support level. The price is currently trading near the USD 38 level, below which it could fall to the USD 32 level.

DOGE lost ground after breaking through the USD 0.0880 resistance level. The price is down 5% and trading near the USD 0.0800 mark. Any further losses could push the price down to USD 0.075.

The XRP price was trading below the critical USD 0.40 support level. USD 0.365 is the next major support level. If the bears keep pushing, we could see a move towards the USD 0.35 level.

Today's market for other altcoins

Many altcoins, including DOT, AVAX, SHIB, LEO, CRO, LTC, UNI, NEAR, XLM, LINK, ETC, ATOM, ALGO, FLOW, and VET, are down more than 5%. Meanwhile, WAVES is currently the best performer among the top 100 cryptoassets in terms of market capitalization. It increased by 22% in a single day, surpassed USD 9.50, and increased its weekly gains to 73%.

Overall, the bitcoin price is indicating a bearish trend below USD 30,000. If BTC falls below USD 29,500, it may return to the USD 28,500 support zone.

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