Name Symbol Market Market Cap ($) Algorithm
Solana SOLUSD Crypto 8,793,369,920 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  -0.190 -0.80% 23.64 23.63 23.64
High Price Low Price Open Price Prev. Close 52 Week Range
24.20 23.53 23.97 23.83 8.00 - 143.57
Exchange Last Trade Size Trade Price Currency
GDAX 09:38:45 0.223000 23.64 USD
Price x Volume Volume Base Symbol Related Pairs
10,088,189.82 421,544.66 SOL SOLEUR SOLGBP SOLBTC

Crypto Market Hasn’t Bottomed Yet, Analyst Says – More Pain Ahead?

15/09/2022 11:40am


Notable crypto market analyst Willy Woo has just issued an appraisal on Bitcoin’s performance in the coming months or maybe year. His analysis shows that the coin has not bottomed out yet. On Twitter, he said: “In terms of max pain, the market has not felt the same pain as prior bottoms. We can see this in the blue line (supply in profit by @glassnode). We have only reached 52% of coins being underwater so far. Prior bottoms were 61%, 64%, 57%,” Woo said on his recent tweet detailing his analysis.” Crypto Market And Its Correlation With Stocks Bitcoin is highly associated with the S&P 500 Index which fell after the US Federal Reserve’s CPI announcement earlier this week. The announcement highlighted the highest annual inflation rate, which was 8.3 percent. Related Reading: Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge Have we bottomed? In terms of max pain, the market has not felt the same pain as prior bottoms. We can see this in the blue line (supply in profit by @glassnode). We have only reached 52% of coins being underwater so far. Prior bottoms were 61%, 64%, 57%. — Willy Woo (@woonomic) September 14, 2022 This is greater than the anticipated rate of 8% for the crypto market. This tragedy has instilled the market with fear and despair. However, the market turmoil that traders and investors are experiencing is not the end of it. The central bank enacted policies that boosted the economy with fresh cash early on in the global health crisis. This is referred to as quantitative easing. With inflation soaring, the Fed is reportedly mulling a 1 percent interest rate increase. As was the case in June, this price increase will have a negative impact on the entire crypto market. Following the Fed’s decision to raise interest rates, both the stock and cryptocurrency markets experienced a string of liquidations. Chart: Glassnode This sell-off was precipitated by fears of an impending recession and the increase indicated. And this may occur again as the Federal Reserve pursues quantitative tightening strategies to further tackle the persistent inflation problem. The Small Percentage Matters In Crypto Another 1% rise might send the larger financial market crashing. As Woo stated, history does not have to repeat itself. However, it is possible that it has already begun in one way or another. Related Reading: Uniswap (UNI) Price Struggles To Overcome $6.8 Resistance The analyst previously stated that the current low is only at 52 percent, compared to 60+ percent in recent history. If this is the current bottom, then investor and trader mood is likely to be strong. As of this writing, the S&P 500 was trading at $3,946. If the correlation between Bitcoin and the S&P 500 Index remains, any price movement, favorable or negative, will have an impact on both the broader stock and crypto markets. Would you say that 52% is the absolute minimum? Time will tell whether or not the Feds raise interest rates. If the Federal Reserve decides to hike interest rates, that will be the absolute low point for the currency. BTC total market cap at $385 billion on the daily chart | Source: Featured image from Medium, Chart:

1 Year Solana Chart

1 Year Solana Chart

1 Month Solana Chart

1 Month Solana Chart
Your Recent History
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20230208 09:38:47