The cryptocurrency market digest (BTC, SUI). Overview for 31.05.2023

The BTC on Wednesday is balancing around 27,148 USD.

While the technical trading picture of the BTC is favourable for a price increase, investors are clearly not ready to buy. This is probably due to the high correlation of the BTC with the S&P 500 index and Nasdaq indices. Markets are focused: today the House of Representatives will vote on the issue of raising the country’s public debt limits. The framework agreement has long been reached, but as long as the project is fully approved, surprises are possible.

The strong position of the US dollar is also hindering the growth of the BTC.

The support level of 26,500 USD remains in place, but it is no longer as strong as before. The next support level below it is 23,800 USD. To return to the 30,000 USD attack, the cryptocurrency needs to rise above 28,900 USD.

The capitalisation of the cryptocurrency market has dropped to 1.137 trillion USD. The share of BTC has fallen to 46.3%, while the share of ETH remains at 19.7%.

Bybit ceases operations in Canada

The Bybit cryptocurrency exchange is shutting down operations in Canada due to the sector regulations becoming too complicated. All open trades will be closed by 30 September. Earlier, Binance also announced leaving Canada.

Investors are waiting for tokens to be unblocked

Two major tokens will be unlocked this week. This will happen on the Optimism and Sui crypto networks. Today 387 million coins worth 590 million USD will be released on the Ethereum Layer 2 Optimism network. The tokens are to be split between the main participants and investors. On 3 June, there will be an unlock on the Sui Layer 1 blockchain. Here, 61 million tokens worth 62 million USD will be released. This will increase the current supply of the coin by 13%.