Markets
bitcoin etf: Cryptocurrency Price Today: Bitcoin drops below the psychological $60,000 mark. Etherium, Solana, others fall up to 9%. Here’s why
Bitcoin (BTC) has fallen below the psychological $60,000 mark and was trading at $58,754.21 as of 12:30 pm EST, down 3.5% from the previous day. BTC’s decline has had an adverse impact on several altcoins, including Etherium (ETH), BNB, Solana, XRP, Toncoin, DogecoinCardano, Tron, Avalanche and Shiba Inu all fell by as much as 9%. Altcoins trading in the green included Tether and USDC. BTC’s decline is being attributed to the potential $9 billion repayment collapse cryptocurrency exchange BTC for Mt. Gox.
Agreeing with this view, Shivam Thakral, CEO of BuyUcoin, said that the Mt. Gox refund was a major contributor. It triggered selling pressure in the market, he said, adding that the recent Bitcoin offloading by the German and US governments also added to the pressure. An unknown whale sold $810 million worth of Bitcoin in 3 minutes in the last 24 hours, further contributing to the price drop, Thakral reported.
Bitcoin has fallen below the psychological support at $60,000 due to selling pressure from Bitcoin miners, said Vikram Subburaj, CEO of Giottus Crypto Platform. On the 4-hour chart, Bitcoin is in a downtrend with high trading volumes, he said, adding that the RSI has fallen below 30, indicating that the asset is now in oversold territory. “Bitcoin has to defend its 200-day EMA at $58,300 to arrest further decline, otherwise the $57,000 levels will need to be tested,” Subburaj said.
Source: CoinMarketCap
BTC fell to a new three-month low before a mini recovery back to just under $60,000, while BTC’s local low is at $56,700. Anything lower would take us to a 5-month low in BTC prices and if it is not recovered again, $60,000 could act as a resistance, said a note from CoinSwitch Markets Desk.
On the other hand, asset management firm Bitwise amended its S-1 filing, with the US SEC expected to give final approvals on the ETH ETF as early as July. However, this news failed to stop ETH from bleeding as it fell over 3% yesterday, the note said.
In his opinion, altcoins are likely to underperform Bitcoin if the downtrend continues.
Bitcoin has been trading with high volatility over the past week.
The recent drop towards the $60,000 level reflects the inherent volatility of the cryptocurrency market, showcasing the battle between bulls and bears, said Avinash Shekhar, co-founder and CEO of Pi42. “It’s a classic case of a weekend pump turned into a Tuesday dump! Despite Bitcoin’s struggles, it’s encouraging to see certain altcoins, particularly XRP, remaining resilient,” the analyst said.
XRP’s recent performance is largely driven by favorable legal developments, highlighting the impact that regulatory clarity can have on specific cryptocurrencies.
As the market navigates these fluctuations, it underscores the importance of staying informed and adaptable in this dynamic environment.
However, investors remain excited about a potential spot ETF of ETH and Solana, Pi42 CEO said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
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