Bitcoin, Ethereum, Dogecoin Fall: Analyst Says ‘More Blood Yet To Come’ As Genesis Crisis Adds To Crypto Carnage – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
The two largest cryptocurrencies, Bitcoin BTC/USD and Ethereum ETH/USD, declined on Monday evening as the global cryptocurrency market cap shrunk by 1.91% to $788.67 billion at 8:45 p.m. EST.
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What Happened: Investors were frayed following news that cryptocurrency exchange Genesis‘ warned about filing for bankruptcy.
Dogecoin DOGE/USD slid 1.80% in the last 24 hours, trading at $0.07498, according to CoinMarketCap.
U.S. stocks traded mostly lower, with the Nasdaq Composite Index dropping more than 100 points. The Dow Jones Index fell over 70 points.
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Bonds issued by Coinbase Global COIN and MicroStrategy MSTR have slumped as investors’ confidence crashed in the wake of the FTX collapse. According to data from Finra-Morningstar, Coinbase’s bond 203 dropped 15% to 50 cents. MSTR took a similar beating as the price dropped to a record 72.5 cents.
This comes as Cathie Wood’s Ark Invest bought 1.3 million shares of Coinbase worth $56 million just this month.
Crypto analyst PlanB compared three different dates: the price of BTC in November 2020 was $16,000, in November 2021 was $64,000 and in November 2022 was again to $16,000.
“So Bitcoin can 4x in a year and /4 in the year after,” the analyst tweeted, adding that there are no “high returns without high volatility.”
Pseudonymous crypto analyst Capo said, “more blood yet to come” and predicted that BTC will hover around the $12,000 to $14,000 range, ETH to $600 and $650, Cardano ADA/USD between $0.16 to $0.20, and Litecoin LTC/USD somewhere between $29 to $32.