News

Bitcoin and Ethereum Prices Test Support as Crypto Market Rebounds

After yesterday’s bull run, where Bitcoin and Ethereum saw substantial price growth, today’s markets are testing support levels. Trading volume for BTC and ETH is also down by an average of 30% in the past 24 hours, signaling that cryptocurrencies are taking a break this Thursday. Let’s look at relevant crypto and global news affecting markets today.

Key Points:

  • Crypto markets test newfound support after significant bullish momentum earlier in the week.
  • A report from Yahoo Finance uncovers that Core Scientific might be filing for bankruptcy soon as it can’t afford to pay its debt payments for October and November.
  • Google is taking the initiative to help Ethereum developers by launching a cloud-based node engine that will service Ethereum projects and allow developers access to a “fully-managed” node hosting service.
  • The global crypto market cap is down 0.75%, again below the $1 trillion mark. We will likely see additional bullish momentum next week if current support holds.

Crypto Market Update

One of the most significant news for Bitcoin today is a report from Yahoo Finance highlighting that Core Scientific, the company behind the world’s largest bitcoin mining operation, will not make debt payments due in October and November.

According to the report, Core is “exploring alternatives to its capital structure and is working with financial and legal advisers but noted it might have to file for bankruptcy.”

If Core Scientific filed for bankruptcy, this would effectively wipe out stockholders and cause them to lose their investments in the company altogether.

Part of Core’s lack of funds is the unpaid bill from one of its largest clients, Celsius, the same Celsius that went bankrupt a few months ago. Core asks the court to force Celsius to pay its bill or terminate the contract.

In response, Core Scientific’s stock went down by over 70% today, signaling that investors are losing hope in the company.

In other, more positive news, a report from Decrypt highlights that Google launched a cloud engine for Ethereum developers and wants to become a key infrastructure provider for Web3.

Related Post

Google’s cloud-based node engine will service Ethereum projects and provide developers with an easily-accessible “fully managed service.” This means customers won’t have to hire teams to maintain or monitor their nodes since Google will partake in monitoring and restarting the nodes if any of them go offline.

Seeing Google, one of the most influential tech companies in the industry, take the initiative, and have an active role in blockchain is a highly bullish sign for Ethereum and the crypto market as a whole.

It’s clear that blockchain’s potential is immense, and the more tech giants support the industry, the faster progress can be made in creating next-generation blockchain apps and seeing significant bullish momentum for the market.

Today’s price action is slightly bearish as the global crypto market tests newfound support levels. The global cryptocurrency market cap is down 0.75%, currently at $994 billion. Bitcoin is trading at $20k, while Ethereum is at $1,500.

If current support levels can hold, we will likely see additional bullish momentum next week, with Ethereum taking the lead like it did last week.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: leowolfert/123RF // Image Effects by Colorcinch

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Ripple (XRP) Confirms Launch of RLUSD On Ethereum, ETH Tokens Eye Major Recovery

Crypto solutions provider Ripple (XRP) recently announced that it has launched its new stablecoin, RLUSD,…

5 hours ago

Influencer Support Catapults BlockDAG To A $52.5M Presale, Outperforming Shiba Inu And BNB Chain

While Shiba Inu intrigues the market with optimistic price forecasts and BNB Chain debuts its…

5 hours ago

DOT Drops Below $6 As Google Search “AI” Reaches 5-Year Peak! What’s In Store For Fetch.ai and Raboo?

The top crypto coins are in a fix on how to deal with Bitcoin's decline,…

12 hours ago

Bitcoin Eyes $70K Amid Market Shifts, Solana Faces 45-Day Low, Furrever Token’s Adorable Gains – Can It Keep Up?

As the cryptocurrency market experiences significant fluctuations, three notable digital assets—Bitcoin, Solana, and Furrever Token—are…

13 hours ago

DEGEN Ranks No.2 In Memecoin Metrics Despite Notable Value Decline

DEGEN has recently achieved an impressive ranking, securing the #2 spot across various on-chain metrics…

14 hours ago

Address 0x846…f82D7 Realizes $2.25 Million Profit From $RNDR Amid Growing Holder Base

Address 0x846...f82D7 is suspected to have successfully cleared its 640,000 $RNDR coins acquired five months…

14 hours ago