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Internet Computer (ICP) Tumbles 10% Daily: Is Coinbase Responsible for the Plunge?
TL;DR
Internet Computer (ICP) has dropped 10% in value today, reaching a one-week low under $3. Analysts suggest this decline may be temporary despite the significant market cap loss.
Key points
- ICP dropped 10% today
- Reached a one-week low under $3
- Market capitalization is approximately $1.6 billion
- Analysts suggest a potential bullish scenario
BTCBitcoinBNBBNBXRPXRPAPTAptosARBArbitrumICPInternet ComputerWLDWorldcoinUSDTTetherDAIDaiCOINCoinbase
ICP is the worst-performing cryptocurrency today (at least among the top 100), posting a 10% price decline.
However, certain technical indicators suggest this might be only a short-lived pullback, while multiple analysts support the bullish scenario.
ICP Heads South
Just a few hours ago, the asset’s valuation plunged to a one-week low under $3, while its market capitalization sank to approximately $1.6 billion.
ICP Price, Source: CoinGecko
It is important to note that ICP’s negative performance aligns with an overall correction sweeping through the broader crypto market. Bitcoin (BTC) slipped beneath $80,000, while popular altcoins like Worldcoin (WLD), Cronos (CRO), Arbitrum (ARB), and Aptos (APT) tumbled by 7-8% over the past day.
In the meantime, Coinbase could have also played a role in Internet Computer’s downfall. Recently, it removed six non-USD trading pairs, including ICP/USDT and ICP/GBP.
Such actions by one of the biggest cryptocurrency exchanges reduce liquidity for the affected tokens and make it harder for traders to enter or exit positions. Fewer trading options often mean lower volume and weaker investor confidence, especially amid a crypto pullback.
At the same time, one should keep in mind that if Coinbase had removed all ICP-related services, the impact would likely have been far more severe and could have triggered a much sharper price collapse.
The asset remains available on numerous well-known exchanges, including Binance, Bybit, Bitget, OKX, and more. Two months ago, the leading South Korean trading venue Upbit also hopped on the bandwagon, fueling a 16% price increase for ICP following the news.
Resurgence Comes Next?
ICP’s Relative Strength Index (RSI) signals that the price pullback may soon be replaced by a revival. The technical analysis tool runs from 0 to 100, and readings below 30 indicate that the valuation has dropped too much, too quickly, potentially setting the stage for an upside move. Conversely, anything under 70 is considered a warning of impending correction. Currently, the RSI stands at around 28.
Q&A
What caused the 10% drop in Internet Computer (ICP) price?
The article suggests that while ICP is experiencing a significant decline, certain technical indicators imply that this may be a short-lived pullback.
What is the current market capitalization of Internet Computer (ICP)?
As of the latest data, Internet Computer's market capitalization is approximately $1.6 billion.
Is Coinbase responsible for the recent decline in ICP's value?
The article raises the question of Coinbase's responsibility for the decline, but does not provide a definitive answer.
