Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies traded in the green on Monday evening, despite a prevailing bearish sentiment among crypto traders and the absence of new catalysts to drive a market rally.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +0.27% | $26,080 |
| Ethereum (CRYPTO: ETH) | +0.28% | $1,653 |
| Dogecoin (CRYPTO: DOGE) | +1.12% | $0.063 |
What Happened: A hefty sum of over $10 million was spent by the 1inch Investment Fund’s crypto wallet as it acquired a significant amount of Ether. Not long after cashing out on its dollar-cost averaging buys in the first quarter of 2023, the wallet made this substantial purchase.
Lookonchain, a blockchain analysis platform reported that the affiliated wallet associated with 1inch obtained 6,088 ETH at a price of $1,655 per unit.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| XDC Network | +7.42% | $0.05598 |
| Curve DAO | +7.23% | $0.4906 |
| Polkadot | +4% | $4.65 |
Currently, the global crypto market capitalization stands at $1.05 trillion, a 0.29% increase in the last day.
Stocks opened the final trading week of August on a positive note, as Wall Street aimed to recover from a month of losses. The Nasdaq Composite showed a solid gain of 0.84%, while the S&P 500 climbed 0.63% to start the week.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto analyst Michael Van De Poppe said the recent market collapse and liquidation cascade resulted in over $1 billion being wiped out of the markets. This is the largest cascade witnessed in the current bear cycle. Looking ahead, Van De Poppe suggests two different strategies: investment thesis and trading thesis.
Regarding the investment thesis, Van De Poppe said, “August and September aren’t the greatest period for Bitcoin, as it usually corrects. However, October-December are great periods. Not to mention the case of a potential approval of the ETF or the Futures ETF’s on Ethereum.” He also advises, “It’s currently the period to DCA and accumulate your positions and I’d be taking a weekly/monthly DCA approach on this, through which you can get a balanced position into the markets. Timing the bottom is simply impossible.”
Regarding the trading thesis, Van De Poppe explains that “the 200-Week EMA lies beneath us. It’s at $25,650 (Bitstamp) or $24,750 (Binance).”
Van De Poppe also provides specific entry strategies, saying, “Two strategies can be deployed: 1 – Sweep at $25,750 for an aggressive long entry towards the other side of the range (entry can only be taken after the sweep and when $25,750 is reclaimed). 2 – Sweep of $25,200 towards $24,700-25,000 (the 200-Week EMA on Binance) and bullish divergences on higher timeframes. That’s the golden trade and could be the start of a reversal. However, $25,750 should be reclaimed in the bounce, otherwise this trade could be invalid/stopped out.”
When is the volatility coming back on #Bitcoin?Prices have been stalling, after we've been witnessing a significant collapse and liquidation cascade. More than $1 billion has been wiped out of the markets ten days ago.
The largest cascade in this bear cycle. What's next?