With the recent plunges in Bitcoin and Ethereum prices, Coinbase has made it a point to review their cryptocurrency prices. Despite Coinbase’s efforts to make the process as transparent as possible, the prices of many coins have been falling lately. The most recent examples include Binance Chain, which dropped below $318 in the last 24 hours, and XRP, which fell below $0.4175. The upcoming list of Coinbase assets will help cryptocurrency investors track these trends.
Bitcoin has fallen below $30,000
After briefly rising above the $31,000 mark on Monday, Bitcoin has plunged below the $30,000 mark this week. The drop has knocked $40 billion off the cryptocurrency market. While bitcoin has been trading in a tight range since mid-May, the cryptocurrency market has suffered a steep drop in the past 24 hours. Bitcoin was trading at $28,810 per coin at the time of writing, down 5% in a day. Other top-ten coins have also experienced double-digit percent losses.
Bitcoin has dropped more than 50 percent since its peak last November. The plunge followed an eight-week losing streak. The collapse of cryptocurrency-pegged currency TerraUSD also dragged down the market. Bitcoin has also been moving in lockstep with equities, which have been experiencing a rough year amid fears of rising interest rates, surging inflation, and a slowing economy. During that time, the S&P 500 fell 2%, while the tech-heavy Nasdaq composite fell nearly 23%.
Ethereum’s price has fallen below $2,200 in January
During the recent crypto market crash, Ethereum’s value has plunged below $2,200. It fell to its lowest level since July 2021 on Jan. 24. According to Pantera Capital’s Joey Krug, this is likely the bottom. It is important to remember that cryptocurrency values are very volatile. When you are investing in crypto, make sure to invest only what you can afford to lose. And, as always, have a long-term strategy when deciding on which coins to invest in.
Although Ethereum is facing a bear market at the moment, the overall price of the crypto-currency has climbed more than fivefold in the past year. The recent plunge in the price of Etheruem is a sign that the market is about to hit a technical resistance level. Experts believe that a fall below $2,100 will stop the bull run and push the digital token into a sell-off phase.
Binance Chain coin’s price has fallen below $318 in the last 24 hours
The US Securities and Exchange Commission has launched a probe into the Binance chain, a native token of the company. The hourly chart for BNB has broken below the triangle pattern. Immediate support is expected near the $221 level. Further, the price of the cryptocurrency has fallen below $318 in the past 24 hours. There is no clear signal as to why it has fallen so far.
BNB was originally launched as an Ethereum-based token and has since transitioned to its own blockchain. It pays for transactions on the Binance exchange and is the native currency of the Binance chain. It is the fifth-largest cryptocurrency by market cap, and it provides utility to smaller digital assets. As a result, BNB’s price has fallen below $318 in the last 24 hours.
XRP coin’s price has fallen below $0.4175 in the last 24 hours
XRP’s price has plunged below $0.4175 in the past 24 hours due to the recent Bitsamp lawsuit. According to Coinlib, XRP has lost 51 percent of its value since the beginning of the year, and has lost about 90 percent since reaching its all-time high. Ripple‘s price decline is a major blow to the cryptocurrency, especially as recent positive news has surrounded it. Recently, Ripple has added tools for developers and released a music platform.
XRP has been prone to sell-offs since rejections have happened, and if this continues, the coin could break through the support level and crash. However, it has not been so bad in the past few days. With continued pressure from sellers, the price of XRP could crash below $0.4175 in the coming hours. Until now, however, it has been unable to break through the $0.85 resistance level.
USD Coin (USDC) is a stablecoin
USDC is a fiat-collateralized stablecoin created by Circle and Coinbase. Its value is pegged to one US dollar and is backed by a currency of equivalent value. Coinbase and Circle work together to develop network protocols and price-stable crypto assets. USDC was launched in October 2018. Circle was founded in 2013 by Jeremy Allaire and Sean Neville.
A stablecoin provides investors with a safe haven. USDC is easy to collateralize and does not experience sharp price fluctuations. Many decentralized lending platforms issue over-collateralized loans. Stable assets reduce the risk of a loan default. With USDC on Coinbase, you can rest assured that your money will always be in the right hands. And when the time comes, it’s easy to transfer money and receive it.
XRP coin’s price is based on a global marketplace of supply and demand
The XRP coin’s price is determined by the supply and demand of the coin on the market. This market allows users to buy and sell the coin, and it functions similarly to any other currency. The price of XRP is determined by supply and demand, which can change quickly. In early 2022, the XRP coin was priced at $0.84 per token. In contrast, Bitcoin and Ethereum were each trading for over $5,000 at that time.
The XRP ledger uses distributed ledger technology to enable the transfer of tokens representing any unit of value. The protocol is open and anyone can access it without prior approval. As such, XRP is open for integration with other systems. The XRP ledger is maintained by many independent participants, or “XRP Community”, across the globe. Every transaction is subject to the agreement of a majority of independent validator nodes. This consensus serves as the final irreversible settlement for each transaction.