Why Are Ethereum and Altcoins Falling?

Ethereum dropped 2.3% today, trading at $4,300. It lost 6.2% over the week. The Ethereum Foundation’s deposit of 10,000 ETH ($42.7 million) to Kraken sparked the decline. Additionally, whale sell-offs and shifting investor sentiment pressured the market. However, the fear and greed index shows neutral sentiment. This did not shield ETH and other altcoins from the downturn.

World Liberty Financial (WLFI) also faced a sharp decline. Despite Trump family backing, WLFI fell 50% from its peak. Today, it dropped 8% to $0.2238. Token unlocks triggered investor sell-offs. Meanwhile, WLFI’s market cap stands at $5.54 billion. This reflects broader market pressure.

PythNetwork (PYTH) also saw a downturn. After nearly 100% gains in a day, PYTH fell 3.84% today. Mixed technical signals and profit-taking drove the decline. Still, PYTH remains up 37% weekly. Finally, Bonk (BONK) meme coin lost 1% today. A wallet linked to Galaxy Digital transferred 510 billion BONK to an exchange, increasing sell-off pressure.

How FOMC and Economic Data Impact the Market

The crypto market fluctuates with U.S. economic data releases this week. The JOLTS report comes today, followed by unemployment claims tomorrow and non-farm payrolls on Friday. These reports will influence Fed interest rate decisions. Moreover, $242 million in crypto positions were liquidated, affecting 107,700 investors.

Ethereum long positions saw $43 million in liquidations, followed by Bitcoin at $21.73 million.The market shows mixed trends. Bitcoin and XRP rise, while ETH, WLFI, and PYTH decline. This divergence stems from varying investor sentiments. Ultimately, volatility increases ahead of the FOMC meeting. Investors focus on economic data and Fed outcomes. 

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The post Crypto Crash: Why Ethereum, WLFI, PYTH, BONK Plummeted? appeared first on Coin Engineer.

Key Intraday Levels for Bitcoin

The BTC/USD pair has gained 1.23% in the last 24 hours and is currently trading at $96,839. Bitcoin (BTC) lost the $98,331 support and continued its decline after a retest. To resume its upward movement, BTC needs to reclaim $98,331 as resistance. The support levels are at $94,886 and $92,053.

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Ethereum (ETH): The ETH/USDT pair has increased by 0.66% in the last 24 hours and is currently trading at $2,726. The resistance levels for ETH are $2,724, followed by $2,877. The support levels are at $2,532 and $2,366.

Sei (SEI): The SEI/USDT pair has gained 8.96% in the last 24 hours and is currently trading at $0.2441. The resistance levels for SEI are $0.2492, followed by $0.2933. Support zones are at $0.2151, with further downside support at $0.1883.

Hedera (HBAR): The HBAR/USDT pair has risen by 6.66% in the last 24 hours and is currently trading at $0.22330. The resistance levels for HBAR are $0.22682, followed by $0.24793. The support zones are $0.21369, with deeper support at $0.19361.

Pyth Network (PYTH): The PYTH/USDT pair has gained 5.44% in the last 24 hours and is currently trading at $0.2160. The resistance levels for PYTH are $0.2192, followed by $0.2549. Support zones are at $0.1995, with deeper support at $0.1784.

Trending Coins

Over the past 24 hours, the most trending coins in the crypto market are MEOW (MEOW), Story (IP), and Berachain (BERA). The top gainers include AI Rig Complex (ARC), Story (IP), and DeepBook (DEEP). The biggest losers are PancakeSwap (CAKE), Dog (Bitcoin) (DOG), and AB (AB).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map, the most notable liquidation level on the upside is $98,186, with $26.12 million in liquidations. On the downside, the key level to watch is $96,278, with $22.61 million in liquidations.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post The Latest on Bitcoin and Cryptocurrencies: 20 February appeared first on Coin Engineer.