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Bitcoin, the leading cryptocurrency, has failed to hold above the $16,900 support level, which has now become a major resistance. While Ethereum, the second-most valuable cryptocurrency, has also breached a major support level of $1,240, extended by an upward channel.
Given this, BTC and ETH are likely to trade on the bearish side.
Major cryptocurrencies traded unevenly early on December 8, as the global crypto market capitalization fell 1.87 percent in the previous day to $839.72 billion. Over the last 24 hours, overall crypto market volume grew 2.40 percent to $36.85 billion.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top Altcoin Gainers and Losers
Nexo (NEXO), EOS (EOS), and Synthetix (SNX) are three of the top 100 coins that have gained value in the last 24 hours. NEXO’s price has risen nearly 3.50% to $0.6675; EOS’s price has risen more than 2% to $0.9795; SNX’s price has risen nearly 2.6%.
Axie Infinity (AXS), ImmutableX (IMX), and Dash (DASH) are three of the top 100 coins that have lost value in the last 24 hours. Whereas AXS price has lost about 8.5% to trade at $8.15, IMX is down nearly 8% to trade at $0.4375. At the same time, the DASH price is down over 8% to trade at $43.75.
Celsius Customers to Get $44M in Crypto From Bankruptcy
The funds consist of cryptocurrency previously housed in earn accounts but have since been moved to a custody account on Celsius. A federal judge has mandated that Celsius, a cryptocurrency lending platform, refund $44 million worth of cryptocurrency to users of its custody program.
Bloomberg reports that United States Bankruptcy Judge Martin Glenn issued the directive orally on December 7 during a hearing, saying:
“I want this case to move forward. I want creditors to recover as much as they possibly can as soon as they possibly can.”
According to a Bloomberg report from December 5, Celsius is looking to sell $18 million of stablecoins held in these accounts to fund its reorganization, with Glenn set to address the issue of fund ownership on December 12.
Celsius has argued that users who deposited funds within its earn accounts gave up ownership of the funds when they agreed to the company’s terms of service.
US Unemployment Claims in Focus
Later today, the investors’ focus will remain on the US jobless claims, which are due to come out during the US session. In the week ending November 26, the number of people applying for unemployment benefits fell to 225,000. The Labor Department reported on December 1, down 16,000 from the week before when there were 241,000 applications. The average number of claims over four weeks has gone up by 1,750 to 227,000, canceling out weekly swings.
Initial unemployment claims fell to 225K from an anticipated 235K for the week—signs of higher-than-expected initial claims for unemployment insurance in the United States. The number of people seeking unemployment benefits is a surrogate measure of job losses.
In light of these findings, it is clear that American workers still have exceptional job security despite the obvious economic weaknesses.
Bitcoin Price
Bitcoin’s current price 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 currently ranks first with a live market cap of $323 billion, down from $357 billion yesterday.
Due to the strength of the US dollar, the BTC/USD pair has broken below the $16,900 support level, which is now acting as resistance. BTC could fall to the next support level of $16,500 or even $16,000 in this scenario.
A bullish breakout above $16,900, on the other hand, could expose the BTC price to $17,200 or $17,350.
Ethereum Price
The current price of Ethereum is $1,229, with a $5 billion 24-hour trading volume. Ethereum has lost nearly 2% in the last 24 hours, and CoinMarketCap currently ranks second, with a live market cap of $150 billion.
On the 4-hour chart, Ethereum has broken through the upward channel that had been supporting the coin at $1,238. Closing candles below this level indicate the possibility of a downtrend continuation.
On the downside, Ethereum’s immediate support is around $1,200, and it can fall as low as $1,180 or $1,150. On the plus side, Ethereum’s resistance remains between $1,240 and $1,280.
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