Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
The cryptocurrency market cap has fallen 1.6% over the past 24 hours to $1.10 trillion, back to the levels from which the market rebounded almost two weeks ago. At the same time, bitcoin is down 2%, Ethereum is down 2.2%, and the top altcoins are losing between 0.5% (Solana) and 3% (Cardano). Polygon (+0.8% in 24 hours) and Tron (+10% in 7 days) beat the headwinds.
The price of Bitcoin dipped below $26K at the start of trading on Thursday, a level it has been consistently above since March 17th. Bitcoin enjoyed a strong rally in March and April amid fears over the safety of funds held by regional US banks. As this issue has faded from the headlines, cryptocurrencies have reversed into a correction.
On the technical analysis front, the $25K level is seen as a critical stop on the way down, with little support found on the journey to that level.
Ethereum has rolled back to the lower end of the last two months' range at $1777. A further move lower opens the door to $1700.
News background
The popular ChatGPT predicted that Bitcoin's 2024 halving would be the catalyst for a "massive bull run", explaining that the value of the limited resource is increasing with unchanged or rising demand.
The International Organisation of Securities Commissions (IOSCO) said that cryptocurrencies should be treated similarly to stocks and bonds because of their similarities.
Reuters reports that cryptocurrency exchange Binance failed to keep separate corporate and customer balance sheets in 2020 and 2021, violating US financial regulations. Binance has denied the information.
Elon Musk urged people "don't bet too much" on Dogecoin and not put all their money into the asset, yet he still said that DOGE is his favourite coin.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: Is BTC sell-off over?
Bitcoin price declined over 6% this week until Friday as the escalation of the conflict between Iran and Israel added fuel to this sell-off. The decline was also supported by falling institutional demand for ETFs, which recorded outflows of more than $280 million this week.
Three reasons why Solana could see a double-digit decline
Solana price appears to have found some support on Friday, recovering slightly from the sharp sell-off registered earlier this week. However, on-chain metrics and technical indicators show increasing chances of a further decline in prices, suggesting that the rebound could be short-lived.
Tron network revenue exceeds Bitcoin, Ethereum and Solana in Q3
The Tron network (TRX) generated the highest revenue in the third quarter since its inception, outperforming leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin finds support around $60,000
Bitcoin is hovering around its key support level; a sustained close below this threshold could signal further declines. On the other hand, Ethereum and Ripple have closed below their critical support levels, indicating further downsides.
Bitcoin: Is BTC sell-off over?
Bitcoin price declined over 6% this week until Friday as the escalation of the conflict between Iran and Israel added fuel to this sell-off. The decline was also supported by falling institutional demand for ETFs. BTC bulls seem to be holding strong at a critical support level.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.