The cryptocurrency market digest (BTC, CFX). Overview for 24.05.2023

The BTC is balancing near 26,741 USD on Tuesday.

Yesterday, the leading cryptocurrency was feeling good and rising in value. However, the mood has changed today. But if we step back, we can see that strategically nothing is changing. The market is waiting and saving power until important news about the US national debt comes out.

Another round of debt limit negotiations between Democrats and Republicans is over. There are no results and time is running out. By 1 June, the US federal government will be left without the ability to fund its spending.

Strong support for BTC remains at 26,500 USD. If it is broken, the bears will rush towards 25,200 USD.

The cryptocurrency market capitalisation has fallen to 1.118 trillion USD. BTC’s share fell to 46.3%, while ETH’s share rose to 19.5%.

China launches its own metaverse

A state-owned metaverse has been launched in China. It is a platform for blockchain technology and applications. The metaverse aims to develop new digital technologies.

CoinDesk registers interest in CFX token

CoinDesk has recorded growing user interest in the Conflux Network token, CFX, also referred to as China’s Ethereum. CFX became popular when Hong Kong authorities allowed retail investors to conduct transactions in cryptocurrency.

Article By RoboForex.com