The BTC exchange rate dropped to 25,737 USD on Wednesday. Over the past week, the flagship cryptocurrency has lost 6.26%, with bearish trends in the last 24 hours contributing to most of the impact.
Support for BTC is at the level of 25,150 USD. This mark is gaining importance as sellers become more active. The next potential target for bears could be 23,300 USD, a level that could cause significant stress in the market.
The cryptocurrency market currently lacks compelling fundamental reasons to halt the sell-off, and buyer participation is minimal.
The total cryptocurrency market capitalisation has dropped to 1.04 trillion USD. The share of BTC decreased to 48.3%, while the ETH share has risen to 18.9%.
Yuga Labs launches new NFTs
The developers of Yuga Labs digital studio have introduced a series of Bitcoin NFT-based decryptions named TwelveFold. The studio is expected to release a new Moon Puzzle every week. The user who first solves the puzzle will be rewarded 0.12 BTC. The correct answer must be provided in satoshis.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Justin Sun holds his cryptocurrency on an exchange
Justin Sun, the founder of the TRON project, has revealed to his social media followers that he stores his BTC holdings on the Huobi exchange, where he is one of the early users. Market rumours suggest that Sun might be the actual owner of this exchange.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
- PBoC kept the interest rate unchanged. The US stock indices rise despite rising manufacturing inflation May 15, 2024
- Meme-stock mania: Will GameStop, AMC stocks surge even higher? May 15, 2024
- Euro climbs to five-week high ahead of US CPI data May 15, 2024
- Australia will release its annual budget today. Rising inflation expectations hurt US stock indices May 14, 2024
- JPY declines again May 14, 2024
- Trade of the Week: CHINAH to extend lead as Asia’s winner? May 13, 2024
- The German index has hit an all-time high. China sees rising consumer inflation May 13, 2024
- Brent crude oil faces downward pressure amid demand uncertainties May 13, 2024
- COT Metals Charts: Speculator bets led by Platinum & Copper May 11, 2024
- COT Bonds Charts: Speculator bets led by Fed Funds & Ultra 10-Year Bonds May 11, 2024