Sunday, June 16, 2024

Market Watch May 21: Bitcoin plays it bearish, $29,000 mark remains crucial.

Bitcoin once again failed to go beyond the $31,000 and after tasting $30,500, it slipped. The popular crypto found support near the $29,850 level and is struggling to hold on.

At the time of writing this article, Bitcoin has lost 3.54% in the last 24-hours and is trading at $29,150. Ethereum again slipped below the crucial $2,000 mark, having lost 3.44% in the last 24-hours. It is now changing hands, as per CoinMarketCap, at $1,953.

Altcoins also drifted into the red as Bitcoin slipped. Ripple’s XRP is the biggest loser. It is down by 4.57% in the last 24-hours. Solana lost 4.47%, and Cardano 2.56%. The altcoins have been at the receiving end due to the top two cryptocurrencies’ price crashes. Yesterday’s gains have been wiped off as Bitcoin and Ether pulled back. Bitcoin has remained flat and altcoins have underperformed.

Volatility remains very much high in stocks and crypto. The S&P 500, on Friday, fell into a bear market. It plunged more than 20% from its record high in January. Analysts, on the macroeconomic front, expect selling pressure to wane on stocks. And this could somewhat benefit the cryptos in the short term. MRB Partners says it’s premature to worry about an approaching recession until the bond market and central banks push monetary conditions into restrictive territory. But this is not expected this year. There will be a window of opportunity for equity markets to rebound with global growth conditions showing resilience.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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