The cryptocurrency industry was thrown into chaos last week after the collapse of multiple leading banks in the United States. The closure and take-over of Silvergate Capital, Silicon Valley Bank, and Signature Bank, all of which were once considered crypto-friendly, caused panic within the banking sector as depositors withdrew billions of funds from the aforementioned banks, plummeting their share prices.
The industry was already reeling from the crash of $32 billion FTX last year, which sent prices of cryptocurrencies to new lows. However, while the present situation has renewed concerns about the role of cryptocurrency in the financial sector, an expert report has suggested that cryptocurrency had no significant part to play in the collapse of the banks, though it will have repercussions in the industry.
The report suggested the collapses were primarily due to the banks being far too focused on one industry and weak regulations due to the deregulation of banking over the past few years.
The situation has left the industry extremely volatile as its global market cap has been back and forth from a low of $912 billion to $1.13 trillion and a downward correction to $1.08 trillion. Altcoins Litecoin (LTC) and Avalanche (AVAX) had depleted in prices, while meme token Big Eyes Coin (BIG) continued to impress investors with its presale.
Litecoin – Post Rally Trading Sessions Open With Negative Outlook
After posting a 7-day high of $88.10 following the US bank closures, Litecoin’s (LTC) price has reversed to a downward movement by 1.57% in daily trading caused by heavy resistance by bears. Now indicating a weekly decline of 4.59%, Litecoin was trading at $79.76 at the time of writing.
According to experts, Litecoin’s next major resistance sits near the $82 level and a clear move above the $88 level could pump LTC to trade around the $92 level or even $100.
Similarly, on the downside, if Litecoin breaks below the $72 support, the price could accelerate lower toward the $65 level in the near term.
Avalanche – Drastic Price Drop Calls for Crisis Aversion
Avalanche’s (AVAX) price has been on a consistent decline as it dipped by a further 5.65% in the last 24 hours to trade at $15.84 after three days of trading dominated by bulls as it registered a 7-day high of $17.89.
There has been resistance by both bulls and bears as far as Avalanche is concerned as it hovers around the $15.7 support level. However, experts indicate that Avalanche may dip further and could trade around the $14 mark.
Big Eyes Coin – 5000% ROI for a Spin + 300% ROI Using Vault PIN
Big Eyes Coin (BIG) is one of the latest meme tokens in the cryptocurrency market. The project is built on the Ethereum network with self-propagating Non-Fungible Tokens (NFTs) that offer its holders access to more content and events.
The project launched its Initial Coin Offer (ICO) in August last year and plans to go live after 15 stages of presale and reach a target of $50 million presale tokens. Now in stage 12, Big Eyes Coin has accumulated $31.67 million in presale tokens and has become the most successful presale in recent times.
Big Eyes Coin, which is a community-owned ERC-20 token, in its biggest giveaway yet high returns generating offer by launching the vault PIN ‘300’ which buyers simply have to enter for a minimum purchase of $100 or more worth of BIG presale tokens or Big Eyes Coin Loot Boxes which will secure the buyer an extra 300% in Big Eyes Coin Loot Boxes.
Big Eyes Coin Loot Boxes are similar to mystery boxes that offer a maximum return of 5000% per loot box. It features the Saver Tin, Cute Box, Kitty Vault, Super Saiyan Box, and Excali-Paw Master Chest, each carrying a maximum ROI of $500, $5000, $25,000, $100,000, and $1,000,000 worth of BIG tokens, respectively. The results are always random and investors will always get their money back if a loot box does not spin in their favour.
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