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.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.