Bitcoin and crypto market holding up amid ongoing fear of Evergrande domino effect

Bitcoin, and crypto in general, are holding up okay today – despite China’s shaky Evergrande property situation continuing to cast a shadow over global markets.

Evergrande’s shares were suspended from trading today after a missed interest payment on its US$300 billion+ debt bill. This, and a few other things, are causing macro-market unease, from which crypto is most certainly not immune.

That said, the crypto market is holding up reasonably well after it’s recent flurry of positive moves in the past few days. Usual caveat, however – at the time of writing.

The combined crypto market cap is currently down by about half a percentage point compared to this time yesterday, and sitting at US$2.2 trillion.

Bitcoin (BTC) had earlier slipped back below US$48K but, in the course of writing this update, it’s rollercoasted up again, changing hands for US$48,671.

It’s been facing strong resistance around the mid-48K zone (as seen in Lark’s tweet below)… so let’s see if it can turn it into support this time.

Meanwhile, analyst Mickrypto notes that the OG asset, which is still the barometer for most of the crypto market’s health, had fallen below its exponential moving average support line. If it fails to get back above and hold, bullish momentum will be lost. For now.

All short-term analysis, that, so if you’re a long-term Bitcoin believer, the old “zoom out and chill out” is definitely a non-financially advised option.

As for the crypto market’s go-to sentiment tracker, the Fear & Greed Index, it’s in Switzerland at the time of writing – neutral territory. If the stock market takes further dips, bringing crypto down, too, then it might be back pointing left and with a scared look in its eyes by this time tomorrow.

Meanwhile, gold bug Peter Schiff’s been listening to the St. Louis Federal Reserve Bank President James Bullard today talk up the inflation narrative in the US, which helps his tunnel-vision narrative…

And it doesn’t hurt the laser-focused Bitcoin narrative, either (not that the BTC-despising Schiff would agree).

 

Mooners and shakers: ETH, LUNA, Axie Infinity and more

Elsewhere in the market today, beginning with the most influential “altcoin” in existence – Ethereum (ETH). The no.2 crypto by market cap is down 2.4 per cent since this time yesterday currently changing hands for US$3,331.

A little dip never gets the ETH bulls too low for very long…

Moving down the top 10 list, Cardano (ADA), Solana (SOL), XRP and Polkadot (DOT) are all having a “meh” kinda day, about 3 per cent down in the past 24 hours.

Terra (LUNA), just scraping into the 1st XI, however, is partying on, practically in double-digit percentage-gain territory as other top coins can only look on with actually more of a reddish shade of envy.

The Terra protocol has been surging in recent days on the back of its successful Columbus-5 mainnet upgrade and a fast-growing ecosystem with partnerships galore.

The upgrade has reportedly brought deflationary pressure to LUNA coins, effectively introducing scarcity, while also integrating the Terra Luna ecosystem with the Cosmos (ATOM) Stargate protocol. This is an interoperability play, enabling the transfer of digital assets across multiple blockchains.

And, just to sweeten the deal further for LUNA holders, staking yield just increased, too. Erm… supposedly…

Another notable gainer further down the list is play-to-earn game Axie Infinity (AXS) which, a handful of hours ago hit another all-time high, reaching US$155.88. It’s currently changing hands for US$144.83, up 24.6% since this time yesterday, and 126% in the past week.

Some observers reckon the coin might be “overheating”, however, after yet another pump, with some charting technicals showing a possible reason to exercise caution.

Last week, the play-to-earn game announced it was distributing more than US$60 million worth of tokens to its early adopters and the launch of staking functionality.

And others well up today include: Shiba Inu (SHIB) +27.33%; Dapper Labs’ Flow (FLOW) +11.5%; UFO Gaming (UFO) +24.93%; and Polkadot launchpad Polkastarter (POLS) +17%.

Polkadot is definitely a blockchain to keep an eye on, having comparatively missed out on recent layer 1 gains from the likes of Avalanche, Solana and Cardano. It’s time may well come again, especially with its project-specific blockchains (parachains) expected to integrate into its ecosystem soon.

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