Deel dit artikel
Market Wrap: Bitcoin Sinks to $11.6K as Ether’s Gas Keeps Rising
As bitcoin’s price falls, Ethereum’s fees rise.
Door Daniel Cawrey
Bitcoin traders are hitting the sell button. On Ethereum, DeFi is boosting fees again.
STORY CONTINUES BELOW
Mis geen enkel verhaal.Abonneer je vandaag nog op de Crypto Daybook Americas Nieuwsbrief. Bekijk Alle Nieuwsbrieven
- Bitcoin trading around $11,658 as of 20:00 UTC (4 p.m. ET). Slipping 2.6% over the previous 24 hours.
- Bitcoin’s 24-hour range: $11,613-$12,100
- BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
Bitcoin traded as low as $11,613 Tuesday. Traders continued selling the world’s oldest cryptocurrency after it hit a 2020 high of $12,485 on Monday. For the time being, it may struggle to break much higher from that.
Read More: Bitcoin’s Bull Run Is Slowing – Pullback Now Expected
“Too much resistance at $12,000," said over-the-counter crypto trader Alessandro Andreotti. “So it's just going to go sideways for a while.”
Katie Stockton, analyst for Fairlead Strategies, expects a weaker bitcoin market ahead. “There are signs of short-term upside exhaustion supporting continuation of today’s pullback over the next week or two,” said Stockton. Traders In the bitcoin options market don’t expect too drastic a pullback, however, as most strikes are well over $10,000.
Many traders remain bullish despite the recent price drop, seeing the decline as a bit of a respite before rising. “Last year's high was $13,852,” noted Rupert Douglas of institutional crypto broker Koine. “We are going to test that, but whether we have a significant pullback to around $10,000 first is a tough call,“ Douglas added.
First it must get over that $12,000 hurdle, and traders like Andreotti see that level as all that stands in the way of a return to bullish territory. “I believe that in the next attempt at breaking $12,000 we could have the next major support as high as $13,500,” added Andreotti.
Read More: SpaceChain Secured Transfer From International Space Station
Ethereum’s gas pain
The second-largest cryptocurrency by market capitalization, ether , was down Wednesday, trading around $398 and slipping 5.8% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Read More: $200M Staked in YAM-Inspired DeFi Protocol in Under 12 Hours
After jumping to an average all-time high of $6.68 on Aug. 13, Ethereum fees dropped briefly below $3. However, they are now rising again, currently at $3.59, according to data from aggregator Glassnode. The fees are required to make transactions on the network, including trading on decentralized exchanges, or DEXs.
Peter Chan, a trader at firm OneBit Quant, says the network’s fee costs, also known as gas, are problematic for Ethereum’s DeFi market. “Everyone in DeFi was all over the place, including us, the last couple of days due to the insane gas cost,” he said. The bearish market trend, in addition to the fees, are problematic for the ecosystem’s cryptocurrencies, Chan told CoinDesk. “DeFi coins are going downhill now.”
Read More: Blockchain Firm HOPR Releases Mixnet Hardware Node for Ethereum
Other markets
Digital assets on the CoinDesk 20 are mostly in the red Wednesday. One notable winner as of 20:00 UTC (4:00 p.m. ET):
- chainlink + 0.43%
Read More: Money Legos Turn ‘Exuberant’ as Chainlink Stripped of ‘DeFi’
Notable losers as of 20:00 UTC (4:00 p.m. ET):
Read More: Barclays’ Former Russian Bank Has Issued a Token-Collateralized Loan
Equities:
- Asia’s Nikkei 225 ended the day in the green 0.26% as Japanese export numbers for July were better than expected.
- In Europe, the FTSE 100 climbed 0.60% as British Airways owner IAG stock gained 7.6% on attempts to speed up airport quarantine rules.
- The United States’ S&P 500 slipped 0.10% as the Federal Reserve remained cautious on the economic outlook amid the coronavirus pandemic.
Read More: UK Regulator Grants License to Digital Security Exchange Archax
Commodities:
- Oil is up 0.66%. Price per barrel of West Texas Intermediate crude: $42.80.
- Gold was in the red 3% and at $1,940 as of press time.
Read More: Riot Supercharges Mining With 8,000 More Rigs as Bitcoin Price Soars
Treasurys:
- U.S. Treasury bonds were mixed Wednesday. Yields, which move in the opposite direction as price, were down most on the two-year, in the red 2.6%.
Read More: Binance-Owned WazirX Announces DeFi Project With Matic
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
What to know:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
Top Stories
