The Wild World of Cryptocurrencies

The wild world of cryptocurrencies has once again captivated the financial landscape as Bitcoin careens through turbulent waters.

The wild world of cryptocurrencies has once again captivated the financial landscape as Bitcoin careens through turbulent waters. This week, the fabled digital gold slipped through its once-steady support levels, casting a shadow of uncertainty over investors and enthusiasts alike.

Now, the bleak outlook for the market is continuing to batter both Ethereum and XRP. As Bitcoin (BTC) slipped through another support level on Thursday, setting the stage for a potential decline to $85,000, the crypto market showed signs of fatigue.

Bitcoin price dropped to a low of $86,050 early on Thursday before recovering to trade around $88,500 by 07:00 (GMT). The crypto behemoth now faces an immediate support level at $87,000, and a further breakdown could open the door for a slide to the next bearish target at $85,000.

Relative Strength Index (RSI) on the 4-hour chart is currently hovering below oversold levels, suggesting that there might be room for a potential rebound.

Ethereum price, after testing the critical threshold of $2,359, is currently engaging in a struggle to stay above the February low of $2,125. A breach of this support could open up the path for a continuation of the bearish trend.

On the other hand, XRP price is battling to maintain its position above the $2.29 level. A breakdown below this mark could lead to a decline towards the next support zone in the $2.00-$1.90 range.

The crypto market is known for its volatility, and recent price movements have sparked discussion among analysts and investors. As the crypto behemoth slides through another support level, paving the way for a potential decline to $85,000, the crypto market shows signs of fatigue.

Bitcoin price dropped to a low of $86,050 early on Thursday, setting the stage for a potential decline to $85,000. A recent report by Arcane Research provides a bleak outlook for the market, attributing the downturn to macroeconomic headwinds.

The crypto behemoth is now facing an immediate support level at $87,000, and a further breakdown could open the door for a slide to the next bearish target at $85,000. On the other hand, if Bitcoin manages to stay above $87,000 and show signs of strength, it could pave the way for a potential recovery towards the next resistance at $90,000.

Relative Strength Index (RSI) on the 4-hour chart is currently hovering below oversold levels, suggesting that there might be room for a potential rebound. However, considering the broader market trend and the technical indicators, it’s still too early to say that a bullish reversal is imminent.

Ethereum price, after testing the critical threshold of $2,359, is currently engaging in a struggle to stay above the February low of $2,125. A breach of this support could open up the path for a continuation of the bearish trend, setting the stage for a potential slide to the next bearish target at $2,000.

On the other hand, if bulls manage to defend the $2,359 resistance, it could pave the stage for a push towards the next resistance at $2,500. Relative Strength Index (RSI) on the 4-hour chart is now testing the neutral 50 level, with the price showing signs of stabilization.

However, the broader technical indicators suggest that bears are still in control, and any attempts by bulls to push for a sustained rally could be met with selling pressure from bears.

Followings the recent price drop, crypto exchange giant Coinbase has announced that it will be slashing its annual expense to "at least $500 million." The firm is also planning to lay off 20% of its workforce.

In a statement, Coinbase CEO Brian Armstrong said that the exchange is "planning to reduce our annualized operating expenses by at least $500 million and will decrease our total headcount by approximately 20% from peak in 2022."

Coinbase had previously announced a hiring freeze in January and also slashed its real estate footprint. The exchange is planning to complete the majority of the role reductions in early 2024.

Coinbase’s stock price has been battered in recent months due to a downturn in the crypto market and increased competition in the industry. The exchange’s stock is currently down more than 60% from its all-time high, which was reached in 2021.

Coinbase is one of the largest cryptocurrency exchanges in the world. The exchange offers a wide range of services, including spot trading, derivatives trading, and institutional services. Coinbase is also a major player in the decentralized finance