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Bitcoin price and other cryptocurrencies were lower today

At the time of writing, Bitcoin price is hovering around $41,615 after rallying nearly $44,500, down 3% over the past seven days. In the last month, the cryptocurrency has lost 13% of its value. If the sell-off and fear continue to prevail, the price could continue to fall further in the short term. Staying above $40k will be crucial to any future big move.

bitcoin-price-and-other-cryptocurrencies-were-lower-today

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price appears the bearish signal

According to crypto analyst Kripto Mevsimi from CryptoQuant, the whale ratio has exceeded the 0.50 mark, historically a sign that whales are dumping in the short term. The BTC all exchanges whale ratio is an indicator that gives an estimation of how many whales are sending their coins to exchanges.

“I always carefully use this indicator. It was around 0.40-0.48 since maybe 10 days and actually selling pressure was moderate. Right now It went back above 0.50 and yesterday night I got alert going and it says 0.51 for today. So normally, we can consider this as a short-term selling however since we are in the crucial areas, we need to make sure the price stays above 40K. Price action below 40K could be fast and volatile”, he stated.

bitcoin-price-and-other-cryptocurrencies-were-lower-today[1]

Source: CryptoQuant

As the above graph shows, the whale ratio has soared many times in the past year, and whenever it has, a crash in the price of the coin has also followed shortly after. Looks like the whale ratio has once again started to move up as its value now crosses 0.50. This could indicate that BTC might move down next in the short term at least.

Santiment also made research about the increased exchange inflow to see what’s around the corner.

“Bitcoin continues hovering between $40,800 to $44,300. We’ve looked at the increased exchange inflow to see what’s around the corner. Our weekly report touches on dampened euphoria, the recent movement of BTC that hadn’t been touched for years, and more”, they said.

bitcoin-price-and-other-cryptocurrencies-were-lower-today

Source: Santiment

Meanwhile, many DeFi assets have seen network growth & address activity rises despite the recent market dip. Correlating with the China FUD, many have speculated the increase is due to those in China looking for alternative means to invest. Ether dipped below $3,000 this week, causing some traders to seek ways of cutting their losses.

In a proposal on Aave’s decentralized autonomous organization (DAO) governance forum, user “salmanblocks” called for adding Fireblocks as the first whitelister on the compliant implementation of Aave. Whitelisters would ensure that users of these permissioned lending pools comply with relevant laws depending on the user’s jurisdiction. Until now, the permissionless nature of DeFi, where lenders do not know to whom they’re lending, has been a key blocker for corporate legal teams.

And also, Aave has been one of many DeFi projects seeing major increased activity and network growth, according to Santiment research.

bitcoin-price-and-other-cryptocurrencies-were-lower-today

Source: Santiment

Most of the altcoin market today is red.  The overall cryptocurrency market cap now stands at $1.836 trillion, and Bitcoin’s dominance rate is 42.7%.

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