Bitcoin, the leading cryptocurrency, failed to hold the $16,900 support level, which has now become a key resistance. Ethereum, the second most valuable cryptocurrency, also broke through the key support level of $1,240, which was extended by an ascending channel.
Given this, BTC and ETH are likely to trade bearish.
Major cryptocurrencies traded mixed on December 8 as the global cryptocurrency market capitalization fell 1.87 percent to $839.72 billion on the previous day. Over the past 24 hours, the total volume of the cryptocurrency market increased by 2.40 percent to $36.85 billion.
Let’s take a look at the top gainers and losers of the altcoins over the past 24 hours.
Top Altcoin Gainers and Losers
Nexo (NEXO), EOS (EOS) and Synthetix (SNX) are three of the top 100 coins that have gained in value in the last 24 hours. NEXO rose about 3.50% to $0.6675; EOS price rose more than 2% to $0.9795; The price of SNX increased by about 2.6%.
Axie Infinity (AXS), ImmutableX (IMX) and Dash (DASH) are three of the top 100 coins that lost value in the last 24 hours. AXS lost nearly 8.5% to $8.15, and IMX traded down nearly 8% to $0.4375. At the same time, the price of DASH fell more than 8% to $43.75.
Celsi customers will receive $44 million in cryptocurrency from bankruptcy
The funds consist of cryptocurrency that was previously held in escrow accounts, but has since been transferred to a custodial account on Celsius. A federal judge has ordered users of cryptocurrency lending platform Celsius’ escrow program to return $44 million worth of cryptocurrency.
Bloomberg reports that United States Bankruptcy Judge Martin Glenn orally ordered during a Dec. 7 hearing:
“I want this case to go forward. I want the creditors to recover as soon as possible.”
According to a Dec. 5 Bloomberg report, Celsius intends to sell $18 million of stablecoins held in these accounts to fund its reorganization, while Glenn is set to settle the fund ownership issue on Dec. 12.
Celsius claimed that users who deposited funds into earning accounts gave up ownership of the funds when they agreed to the company’s terms of service.
Unemployment claims are in the spotlight in the US
Later today, investors will focus on the US jobless claims that will emerge during the US session. In the week ending on November 26, the number of applicants for unemployment benefits fell to 225,000. The Labor Department reported 241,000 claims on Dec. 1, down 16,000 from a week earlier. Average claims rose 1,750 to 227,000 over the four-week period, reversing the weekly change.
Initial jobless claims fell to 225K from 235K expected for the week – signs of higher-than-expected initial claims for unemployment insurance in the US. The number of people claiming unemployment benefits is a surrogate measure of job losses.
In light of these findings, it is clear that despite the obvious economic weaknesses, American workers still enjoy exceptional job security.
Bitcoin Price
The current price of Bitcoin is $16,825, and the 24-hour trading volume is $19 billion. The BTC/USD pair has lost nearly 1% in the last 24 hours, while CoinMarketCap is currently on top with a live market cap of $323 billion, up from $357 billion yesterday.
Due to the strength of the USD, the BTC/USD pair has now broken below the $16,900 support level, which is now acting as resistance. BTC could fall to $16,500 and even the next support level of $16,000 in this scenario.
On the other hand, a rally above $16,900 could take the BTC price to $17,200 or $17,350.
Ethereum Price
The current price of Ethereum is $1,229 with a 24-hour trading volume of $5 billion. Ethereum has lost nearly 2% over the past 24 hours, and CoinMarketCap currently ranks second with a live market cap of $150 billion.
On the 4-hour chart, Ethereum broke the upper channel supporting the coin at $1,238. Closing candles below this level indicates the possibility of continuation of the downtrend.
On the downside, Ethereum’s immediate support is around $1,200, and it could drop as low as $1,180 or $1,150. On the positive side, Ethereum’s resistance remains between $1,240 and $1,280.
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