The crypto markets continue to experience a strong correction today as overall market cap slid by 9.7% to $2.58 trillion at the time of writing.

Negative gains were experienced across the board, although some more than others. The Graph (GRT) suffered the most with a massive 18.86% pull back.

However, the question on everyone’s lips at the moment seems to be ‘will Bitcoin hold the $60,000 level?’.

## Bitcoin Fighting to Hold $60,000

After another week of tumultuous crypto markets activity, the price of Bitcoin (BTC) fell again Tuesday morning to just over $59,000, recording a drawback of 9.97% in the previous 24 hours.

As the largest and most well-known cryptocurrency, the price action of Bitcoin leads the way and is often used as an indicator of general market sentiment.

While this pull back may worry some, and certainly doesn’t look good on paper to many, it is just another day in the crypto wild west. Indeed, an anonymous crypto wallet made a massive purchase of 207 Bitcoin at an average price of $62,000, which clearly demonstrates buyer confidence in some areas of the market.

## Over-Leveraged Positions

What is the cause for this market pull back? Crypto sentiment has never been so high leaving many puzzled by this latest move.

After a month of all-time highs and many commentators calling for $100k by even the end of November, this shake down may be seen as inevitable. 

Crypto derivative products like Options and Perpetual Futures are hugely popular on leading exchanges, and when crypto prices stack too heavily against the exchange, corrections on this scale often happen. Indeed, what many saw as a massive leverage correction only happened less than two weeks ago.

## Market May be Heating Up

So, is this an indication that the market is heating up and getting close to a top as more and more people jump on the crypto train? Possibly.

Personally speaking, I think we have another three to six months before we experience a significant market retracement which may last a considerable amount of time.

As mentioned previously, the Plan B model seems to be playing out perfectly with a $100k Bitcoin expected by Christmas and a possible $135,000 Bitcoin price before the end of this bull run cycle.

Overall, today’s market pull back only really affects traders and those who are using considerable risk by opening leveraged positions. To long term investors this kind of price action is just another ‘normal’ day in crypto paradise.

A Normal Day in Crypto Markets Paradise

The crypto market took another tumble today as prices fell just hours after reaching all time highs.

Bitcoin, along with many other top tier cryptos, experienced a price shock Wednesday afternoon when prices plummeted just hours after achieving all time highs.

Bitcoin hit a price high of $68,744 ([Coinmarketcap.com](https://coinmarketcap.com/)) before falling sharply to $64,050 in less than four hours. The price shock was felt across the board with other major crypto experiencing similar pain. Ethereum fell from $4,858 to $4,538 whilst current market darling Solana dropped from $247.80 to $222.33.

Many commentators were quick to blame Chinese property developer Evergrande Group and its frantic attempts to avoiding defaulting on their bond payments but on closer inspection this does not appear to be the culprit. While the domino effect that a massive debt default may cause the worldwide financial markets is certainly cause for concern, for those who are well versed to the unregulated crypto wild west Wednesday’s average 8% pull back was nothing new.

## Crypto Market Recovery Position

The real question investors are asking themselves is how well have prices recovered?

Some coins have been hit harder than others. In classic investor / trader fashion Polkadot’s much anticipated Parachain Auction launch was hit with a massive 23% fall as investors ‘sold the news’ on the day of launch. Less than 48 hours after hitting an all time high of $53.81 DOT slid to just above $41.50 on some exchanges. Prices have recovered since with DOT’s current price at around $45.

Even more worrying was OmiseGo’s (OMG) 35% fall from an all time high of $19.60 to a low of  $12.62 in little more than 15 hours. This spectacular fall from grace occurred immediately after a ‘wallet snapshot’ was conducted in order to grant OMG holders with free supplies of BOBA token. Although this kind of activity has been witnessed many times before (the XRP - Flare token air drop comes to mind) the speed and level of co-ordination in the OMG / BOBA situation is something to behold.

## The Call for Regulation

So where are we now? As I mentioned above, the overall cryptocurrency market cap only fell by 8% which in crypto terms is just a blip on the horizon. However, at time of press many tokens are continuing to fall in price and the overall market cap stands at $2.77 trillion, a drop of over $100 billion in the previous 24 hours.

While this is nothing to be afraid of, it does demonstrate how open to manipulation the cryptocurrency market is without laws to protect investors. Although the market has matured significantly in the last 12 months, if crypto truly desires promotion to the premier league of investment class it really needs to address this blatant market manipulation and the only way crypto can achieve this is through policy and regulation. Watch this space.

Crypto Market Blip – Why Is It Down Today?

What do a British music icon, a social media mega-platform and a European crown prince all have in common? The NFT market.

This week they have all confirmed they are joining the NFT juggernaut, further boosting the NFT market’s position.

As the cryptocurrency industry prepares for an autumn boom, as predicted by market analysts and industry commentators, it is widely expected that the NFT marketplace will see a further surge in interest and value.

As this week’s developments show, NFTs are a hot topic, attracting international media attention and massive price tags. However, to many they remain something of a mystery.

## What are NFTs?

Here we take a look at the fast-developing NFT market, explain some of the basics and discuss some of the high-profile entrants to NFTs announced this week.

For those of you who may not be aware, NFT stands for Non-Fungible Token which, in the simplest terms, means a unique digital certificate of authentication.

Consternation over the rapid growth of NFTs arises from the perception that people are paying astronomical sums for what are, essentially, pixel constructed pictures (to put it in very basic terms).

Well, the explanation is that NFTs are not just that.

In the ‘real’ world, you may have a physical certificate of ownership for an individual piece of art, proving you have ownership and which you would hand over with the artwork should you sell.

An NFT has a similar job, just in a different environment. An NFT is a digital token of ownership and authenticity for a digital artwork that lives in the digital sphere, making the NFT and the piece of digital art interchangeable.

## The NFT Marketplace

The NFT marketplace represents the frontier between the physical and digital worlds.

The amounts people are prepared to spend on NFTs demonstrates there are plenty who believe there is a high future value for digital art. That explains the rapid growth of the market, and the rush from celebrities, artists and international brands to get a slice of the action.

For example, veteran British DJ Paul Okenfold has announced plans to release his latest album as an NFT (digital download) on the Cardano blockchain. Every part of album Zombie Lobster is set to be tokenised, including cover art, individual tracks and sleeve notes. The move is part of a collaborative partnership with NFT specialist Starship Universe.

TikTok also joined the NFT club this week when it announced plans for a creator-led NFT collection, demonstrating the social media giant’s confidence in the burgeoning sector. TikTok Moments is a collection of videos from six of the platform’s most influential content creators and all proceeds from sales go directly to the stars and NFT designers.

## Non-Fungible Castle Conference

Even royalty are getting involved. This week the Crown Prince of the Czech Republic, William Rudolf Lobkowicz, launched his own collection of NFT works aiming to reflect historical pieces held at home.

The House of Lobkowicz traces its roots back to the 14th Century and has a reputation for retaining and preserving a wide range of works of art, from Beethoven to Canaletto. Visitors to the ‘Non-Fungible Castle Conference’ this month will be able undertake virtual tours and view some of the historical pieces alongside their digital representation.

Lobokowizc said: ‘By investing in an NFT, a patron receives ownership of a unique digital asset while directly supporting conservation efforts and other cultural activities.’

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