Top Crypto Prices Today: Bitcoin Price Stays below $22,000! Where is the Crypto Bear Market Headed Next?

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price down 0.6% at $21,300, Ethereum price at $1615, up about 1%
2. Global crypto market cap up about 0.1% in past 24 hours, currently at about $1.02 trillion
3. Top crypto news – IMF reports increased correlation between crypto & equities, Bitcoin miners have sold 7x more BTC in Q2 than in Q1 2022, institutional crypto investors HODL on to their investments

CRYPTO MARKET TODAY AT A GLANCE

GLOBAL CRYPTO MARKET OVERVIEW

Total Crypto Market Cap | Source: Tradingview

After the overall crypto market’s fall over the weekend, it seems that it has stabilised near the long time trendline support (marked in orange). It is still marginally below the 50-day moving average (marked in cyan). It had attempted to break into the accumulation zone near $1.2 trillion but failed to sustain that momentum and eventually fell in the week after that.

And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $61.48 billion, down about 0.1% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

BTC/USD | Source: Tradingview

The case for Bitcoin price remains to be weaker than the collective broader crypto market cap, from a technical standpoint. Bitcoin price fell a little less than a percentage over the past 24 hours and hence we may see further dips going forward. This is because of the fact that BTC price is below both the 50-day moving average (marked in cyan) and the trendline support (marked in dark blue).

Bitcoin's Relative Strength Index is also pretty weak, running just below the 38 mark and hence, in line with the observation made above, we can see sustained falls happening across the board.

Additional Read: Bitcoin Price Prediction Weekly

Ethereum, thanks to the highly anticipated Ethereum Merge coming up is less than a month has managed to show some gains in the past 24 hours! While Bitcoin lost a little less than a percent, Ethereum price managed to gain a whole percent, despite the broader bearishness in the market. This is also evident from the table above which depicts Bitcoin losing out some more of its market cap dominance. But later on it fell from there, thanks to bearish pressures from the market and is about a percent in the negative.

All through this bearishness, ETH price has managed to sustain above the 50-day moving average and the trendline support as of writing this piece. Ethereum's stellar performance over the past few weeks has helped ETH price to keep some of its momentum going and helped sustain despite the broader bearishness. So if we see some positive news from the Fed, Ethereum could possibly be one of the biggest and the quickest recovery candidates amongst the biggest cryptos by market cap.

OTHER ALTCOINS

RIPPLE (XRP)

Ripple (XRP) price fell about 1.9% in the past 24-hours and is currently trading at around $0.33 - with a current market cap of $16.05 billion as of writing.

SOLANA (SOL)

SOLANA (SOL) price fell about 4.5% in the past 24-hours and is currently trading at around $34.47 - with a current market cap of $11.99 billion as of writing.

DOGECOIN  (DOGE)

Dogecoin (DOGE) price fell about 1.7% in the past 24-hours and is currently trading at around $0.067 - with a current market cap of $8.93 billion as of writing.

POLYGON (MATIC)

Polygon (MATIC) price fell about 1.8% in the past 24-hours and is currently trading at around $0.79 - with a current market cap of $6.39 billion as of writing.

ETHEREUM CLASSIC (ETC)

Ethereum Classic (ETC) price fell about 2.6% in the past 24-hours and is currently trading at around $32.6 - with a current market cap of $4.42 billion as of writing.

TOP CRYPTO NEWS TODAY

1. INSTITUTIONAL INVESTORS HODLING ON DESPITE SELLOFF

Despite a massive broader market selloff over the past week, digital asset investment products saw minor outflows of about $9 million last week, according to data from CoinShares Digital Asset Fund Flows. Bitcoin (BTC) saw a third consecutive week of outflows totalling $15 million while Ethereum (ETH) saw a near $3 million in inflows last week.

2. BITCOIN MINERS SELL NEARLY 7X MORE BTC THAN PREVIOUS QUARTER

The second quarter of 2022 was indeed a difficult one for Bitcoin miners in the public domain, with 18 of them having sold 21,342 BTC - according to a report released by crypto consultancy firm BlockBridge Consulting. According to this report, this was 660% more than what they sold in the first quarter of the year and about 150% of their total production in the April-June 2022 quarter.

3. IMF SEES INCREASED CORRELATION BETWEEN CRYPTOS & EQUITIES IN ASIA

In a recent blog post, authored by Anne-Marie Gulde-Wolf, deputy director of IMF’s Asia and Pacific Department, Nada Choueiri, the mission chief for India, and Tara Iyer, an economist in the global financial stability analysis division of the IMF’s Monetary and Financial Markets Department - the correlation between performance of the Asian equity markets and crypto assets such as Bitcoin and Ethereum has increased significantly since the beginning of Covid-19 back in 2020.

Asia’s stock markets are moving more in sync with crypto prices, highlighting the need for regulators to better safeguard financial stability. See our latest #IMFBlog for more. https://t.co/95zZ5EjnIV pic.twitter.com/zlgGNfLER2

— IMF (@IMFNews) August 22, 2022

TOP CRYPTO GAINERS TODAY

TOP CRYPTO LOSERS TODAY

Prices as of 23rd August, 2022

Additional Read: Bitcoin Price Nosedives below $22000