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Bitcoin drops below $20K; Solana and Avalanche plunge 13%

The crypto markets are being pushed into a long winter of low performance by the heat of a probable downturn and inflationary pressure. The crypto tokens were in the red territory on Friday. 

Investor morale has been hurt by recent liquidations from riskier assets, with major crypto assets challenging critical support levels. Due to pessimistic attitudes, the most recent rebounds were short-lived and strangled in a flash. 

With the exception of stablecoins, all crypto tokens were trading lower on. 

The worldwide cryptocurrency market capitalization was $893.91 billion at the time of writing, down 7% in the previous 24 hours. Total cryptocurrency trade volumes, on the other hand, fell by over 40% to $75.92 billion.

Global Updates

Global Updates 

A dogecoin investor filed a $258 billion lawsuit against Elon Musk and his firms Tesla and SpaceX on Thursday. Dogecoin was founded as a joke but its value rose and fell as it was advocated by Musk. 

On-chain data appears to suggest that the Ethereum-based decentralized finance (DeFi) tool Inverse Finance was used to plunder more than $1.2 million worth of cryptocurrencies on Thursday morning. 

Following allegations that distressed crypto hedge fund Three Arrows Capital failed to fulfill margin calls, crypto lender BlockFi acknowledged Thursday it recently liquidated a ‘major client.’ 

The action by Celsius Network to prevent customer withdrawal is being investigated by several US states, including Texas and Alabama.


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  • Zahari Rangelov

    Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.

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