It was a tumultuous turn of the tide when prominent cryptocurrency influencer, Ben Armstrong‘s arrest occurred late Monday night, following allegations of a confrontation with a former business associate. This unexpected event, however, did not stifle the zeal of intrepid crypto enthusiasts on the hunt for the best performing digital assets. At the same time, Armstrong’s bonds of $2,600 could not obscure the sudden drop in the value of BEN tokens – also launched by Armstrong earlier this year – by over 30%.
The arrest followed Armstrong’s contested departure from BitBoy Crypto, a media company he established. The online community’s reaction has already reflected in the market, but cryptos’ volatility is nothing new to investors. Bitcoin price, in particular, is facing critical technical levels. If it breaks below the $26,000 mark, we might see a wider dip toward the $25,000 zone.
Oppositely, alternative cryptocurrencies are showing strong growth backed by substantial fundamentals and positive technical analysis. Notably, Frax Share (FXS) is maintaining its bullish trend and Meme Kombat ($MK) brings an innovative stake-to-earn model, combining artificial intelligence, blockchain technology, and internet memes. However, as FXS price looms closer to the 100-day EMA immediate resistance, traders should remain vigilant.
Undeterred by Bitcoin’s erratic behaviour, investors have been flocking to Bitcoin BSC (BTCBSC), a pre-sale token predicted to surpass its hard cap raising target significantly. With its low transaction fees and rapid completion times due to its foundation on the BNB Smart Chain, BTCBSC is fast gaining momentum among viable Bitcoin alternatives.
Moreover, the BCH price, upon retesting the 100-day EMA, hints signs of bullish momentum in Building share. The BCH price faces a resistance zone from $230 to $238.1, and successfully breaching this barrier could signal the continuation of the recent bullish trend. On the flip side, a failure to maintain the horizontal support zone of $205 to $215.8 could initiate a downward trend.
Regardless of individual digital assets’ performance, it is essential to remember that crypto investment involves substantial risk. Hence, clear risk parameters and comprehensive due diligence should always accompany investment decisions in this ever-evolving market.
Source: Cryptonews
