Bitcoin, Ethereum, Dogecoin Trade Lower, But 'August Will Be Great' If Bitcoin Holds On To This Key Level
Portfolio Pulse from Khyathi Dalal
Cryptocurrency markets are trading lower following a $230 million hack on Indian crypto exchange WazirX. Bitcoin, Ethereum, and Dogecoin are among the notable cryptocurrencies experiencing declines. Key metrics show a decrease in large transaction volumes and daily active addresses, while exchange netflows have risen significantly. Analysts have mixed predictions for Bitcoin's short-term performance, with some seeing potential for a bullish August if Bitcoin holds above $62,750, while others predict a bearish retest.
July 18, 2024 | 8:23 pm
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NEGATIVE IMPACT
Bitcoin is trading lower following a $230 million hack on WazirX. Analysts have mixed predictions for its short-term performance, with some seeing potential for a bullish August if it holds above $62,750, while others predict a bearish retest.
The hack on WazirX has created negative sentiment in the market, leading to a decline in Bitcoin's price. The mixed predictions from analysts add uncertainty to its short-term performance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin is experiencing a significant decline, trading 3.9% lower following the WazirX hack. The broader negative sentiment in the cryptocurrency market is impacting its price.
The negative sentiment in the cryptocurrency market following the WazirX hack is leading to a significant decline in Dogecoin's price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ethereum is trading lower amid a broader decline in the cryptocurrency market following the WazirX hack. The decrease in large transaction volumes and daily active addresses also contributes to the negative sentiment.
The overall negative sentiment in the cryptocurrency market, driven by the WazirX hack, is affecting Ethereum's price. Additionally, key metrics showing a decrease in transaction volumes and active addresses contribute to the decline.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Render is among the top losers, trading 9.6% lower amid the broader cryptocurrency market decline following the WazirX hack.
The broader negative sentiment in the cryptocurrency market following the WazirX hack is significantly impacting Render's price.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Shiba Inu is experiencing a sharp decline, trading 9.5% lower following the WazirX hack. The broader negative sentiment in the cryptocurrency market is impacting its price.
The negative sentiment in the cryptocurrency market following the WazirX hack is leading to a sharp decline in Shiba Inu's price.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Solana is trading slightly lower, down 0.18%, amid the broader cryptocurrency market decline following the WazirX hack.
The broader negative sentiment in the cryptocurrency market following the WazirX hack is slightly impacting Solana's price.
CONFIDENCE 65
IMPORTANCE 40
RELEVANCE 50