Bitcoin remains stable
The market leader was able to record a small upward trend on Sunday and is now approaching the important USD 11000 mark again. At the same time the Nr.1 crypto currency offers the alternative assets an optimal starting position, so that these can recover from the strains of a turbulent week. The Altcoins accept with thanks. We take a look at the current market situation.
For weeks the BTC has been oscillating in the range between USD 10000 and USD 11000. This weekend, the situation remains unchanged. At the time of writing, the price is at 10710 USD, which corresponds to a daily increase of 0.28 %. From a bullish perspective, the next limits are now at 10800 USD and 11000 USD. On the downside, hopes on the support lines are at 10600 USD and 10400 USD.
Altcoins are recovering
The alternative assets were able to recover from the strains of the previous days on Saturday. In the top 10, Chainlink returned with a daily high of 11.14%. With this, the Oracle-Coin shoots up to rank 6 of the crypto charts. On Sunday, Ethereum managed to jump over the important 350 USD mark and Bitcoin SV placed itself in 10th place with a daily gain of 4.2%. Overall, most alternative assets are on the rise over the weekend. Accordingly, they are experiencing a conciliatory weekend after the bad news from Wall Street on Monday caused a “bloodbath”.
Due to the high correlation to the traditional markets, a look at the S&P 500 is recommended on Monday. With a good start to the week, bullish investors can hope that the BTC will again attack the trend line at USD 11000. A BTC Dominance Index of 57.8 % illustrates the dependence of the Altcoins. Independent price breakouts remain an absolute rarity, especially in downtrend phases of the Bitcoin.
KuCoin Hack causes uncertainty
The Kryptoversum remains a popular place for hackers and criminals. This time it hits the well-known Exchange KuCoin and it’s about a damage of 150 million USD, which were captured in ETH and ERC-20 tokens. On the official website the Singapore-based company confirms the hack and gives the all-clear at the same time:
“Dear KuCoin Users,
We detected some large withdrawals since September 26, 2020 at 03:05:37 (UTC+8). According to the latest internal security audit report, part of Bitcoin, ERC-20 and other tokens in KuCoin’s hot wallets were transferred out of the exchange, which contained few parts of our total assets holdings. The assets in our cold wallets are safe and unharmed, and hot wallets have been re-deployed.“
Time and again, stock exchange hacks cause uncertainty among investors.