Rumors swirl of SEC crypto subpoenas as bear market threatens BTC
Crypto market rallying amid Solana outage and OpenSea accusations
The wider cryptocurrency market has shrugged off Solana's temporary outage and accusations against an employee of OpenSea.
The cryptocurrency market is recovering on Wednesday off the back of a 3.8% increase in the price of BTC and a 3.6% increase in the price of ETH. The market leaders' solid gains have helped drive the global cryptocurrency market capitalization up 3.1%.
Topping headlines yesterday and into today was the temporary cessation of the Solana blockchain's block production. The Ethereum competitor ultimately was forced "to coordinate a restart of the network" — drawing claims from many in the cryptocurrency community that Solana is too centralized.
The price of SOL wasn't terribly affected by the network outage. The native coin of Solana is down by less than 3% over the past 24 hours.
NFT Snapshot: OpenSea head of product accused of insider trading
Causing a lot of buzz in the nonfungible token space today are accusations that leading NFT marketplace OpenSea's head of product, Nate Chastain, has engaged in problematic trading practices related to his position at the platform. Specifically, one Twitter user asked OpenSea why Chastain apparently "has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his [CryptoPunk] punk on it?"
OpenSea has announced, via its official blog, that it is investigating the incident — which it calls "incredibly disappointing."
As of the time of this writing, Chastain has not publicly addressed the claims. OKEx Insights reached out to Chastain for comment and will update if one is received.
Top altcoin gainers and losers: HBAR and FTM shine, COMP drops
- HBAR/USDT +18.98%
- FTM/USDT +18.23%
- BABYDOGE/USDT +15.48%
- WNCG/USDT -7.73%
- COVER/USDT -16.58%
- VELO/USDT -32.05%
On the opposite end of the spectrum, COMP is the worst-performing large-cap altcoin after dropping nearly 6%.
BTC technical analysis: Bias flips bullish
The price of BTC has recovered to reenter the wide area of resistance, inside which it traded for an extended period of time over recent weeks. Bulls are likely taking this as a positive sign — especially with the four-hour ribbon of exponential moving averages potentially providing support from underneath.
Essentially, the bias has shifted bullish — and buyers may potentially start piling in sooner rather than later.
ETH technical analysis: Inside a descending triangle
The price of ETH is in something of a descending triangle against BTC — a formation that tends to skew bearish. Falling through the bottom of the triangle could open the door to 0.067 BTC.
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