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The cryptocurrency market appears to be in the hands of the bears, with traders selling their digital assets. The majority of the market has been locked in a sideways channel for the past two weeks, and the Filecoin price has followed suit. The bearish pennant formation is rapidly running out of road, indicating that a major move is imminent.

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Bitcoin price fell more than 3% to roughly $36,250 on Friday, following a cryptic tweet from Elon Musk implying a possible split with the largest cryptocurrency, the latest post from the billionaire to sway the price of the token. Ethereum, Binance Coin, Cardano, and even DOGE all took a hit as a result of the drop. In the last 24 hours, the cryptocurrency market cap fell more than $128 billion. It’s unclear whether this cryptic tweet means that Tesla has already unloaded or will offload bitcoin in the near future.

Indeed Filecoin is a survivor! FIL Massive Rally!

After a significant drop from it’s all-time high of $238, Filecoin is stabilising. At roughly 0300 UTC, the FIL/USD achieved an intraday high of $102.109, up more than 37% on a 24-hour adjusted period. Profit-taking attitude caused a significant fall later in the day, although the pair maintained its 24-hour gains by hovering above 17%. Bitcoin and Ether Filecoin’s main competitors, were down more than 6% and 7%, respectively, as of 0945 UTC.

Filecoin, it appears, drew traders because of its perceived undervaluation in comparison to other prominent digital assets. Traders looking for a short-term hedge against the crypto market’s drop thanks to Musk’s leadership were able to do so. Strong volume surges on both the FIL/USD and FIL/BTC charts indicated a revival in interest in the trading instruments.

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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