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Bitcoin and crypto market seems to be giving in to market pressure today and registering losses.
BTC succumbed to market pressure
Bitcoin hit the $24,000 mark for the first time in six months just last week. However, BTC is currently trading at just around $21,700, down 4% from its value of $22,500 24 hours ago.
Based on market charts, BTC’s ongoing bearish run towards the end of last week has continued, causing a drop in price of more than 8% in the last seven days. Amid falling prices, bitcoin trading volume has taken a positive turn increasing by more than 12% to reach $31.6 billion.
Statistics from Barcharts show that BTC’s closest resistance level is at $22,600, while support is at $21,400. Currently, bitcoin is closer to support than resistance. In doing so, a more reasonable break would be under support, which could send the coin down steeper.
The ongoing price action is mainly due to the ongoing economic pressure surrounding the crypto market. For example, yesterday, there were rumors that the SEC may ban crypto staking in the US
Moreover, there are rumors that the Fed is planning a 25 bps interest rate hike to keep slashing the inflation rate. Problems with the job market are also putting pressure on BTC. Other rumors suggest The Block will reduce its staff size.
The biggest winners and losers
Even in difficult conditions, some crypto assets recorded huge gains. Coingecko analysis shows that the two biggest crypto gainers of the past 24 hours were Shikoku and ZigZag, posting 59% and 45% jumps in value, respectively. However, both coins are still trading at sub-dollar prices.
The Coingecko chart also shows that Gas and MarsDAO are the two biggest losers. The coin lost 36% and 28% in the last 24 hours. The big name among the biggest losers is the popular meme coin Floki which has lost 24% of its value and is currently trading at $0.00002.
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