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bitcoin etf: cryptocurrency price today: Bitcoin slips below psychological level of $60,000. Etherium, Solana and others fall up to 9%. Here’s why
Bitcoin (BTC) has slipped below the psychological $60,000 level and was trading at $58,754.21 around 12:30 pm, down 3.5% from the previous day. BTC’s fall has negatively impacted several altcoins including Etherium (ETH), BNB, Solana, XRP, Toncoin, DogecoinCardano, Tron, Avalanche and Shiba Inu which dropped as much as 9%. Altcoins trading in the green included Tether and USDC. BTC’s decline is attributed to the potential $9 billion refund in a crash cryptocurrency exchange BTC to Mt. Gox.
Agreeing with this view, Shivam Thakral, CEO of BuyUcoin, said that the Mt. Gox redemption was a major factor. It triggered selling pressure in the market, he said, adding that the recent dumping of Bitcoin by the German and US governments also increased the pressure. An unknown whale sold $810 million worth of Bitcoin in 3 minutes in the last 24 hours, further contributing to the price decline, Thakral informed.
Bitcoin has fallen below the psychological support at $60,000 due to selling pressure from Bitcoin miners, said Vikram Subburaj, CEO of Giottus Crypto Platform. On the 4-hour chart, Bitcoin has been in a downtrend with high trading volumes, he said, adding that the RSI has fallen below 30, indicating that the asset is now in oversold territory. “Bitcoin needs to defend its 200-day EMA at $58,300 to arrest further decline, otherwise $57,000 levels will have to be tested,” Subburaj said.
Source: CoinMarketCap
BTC has fallen to a fresh 3-month low before a mini recovery to just below $60,000 USD while BTC’s local low is $56,700. Anything lower would take us to a 5-month low in BTC prices and if not recovered again, $60,000 could act as resistance, a note from CoinSwitch Markets Desk said.
On the other hand, asset management firm Bitwise has amended its S-1 filing, with the US SEC expected to give final approvals on the ETH ETF as early as July. However, this news has failed to stop ETH from bleeding, as it fell by more than 3% yesterday, the note further stated.
According to this view, if the downtrend continues, altcoins will likely underperform Bitcoin.
Bitcoin has been trading with high volatility over the past week.
The recent decline towards the $60,000 level reflects the inherent volatility of the cryptocurrency market, highlighting the battle between bulls and bears, said Avinash Shekhar, co-founder and CEO of Pi42. “It’s a classic case of weekend pump turned Tuesday crash! Despite Bitcoin’s struggles, it’s encouraging to see some altcoins, especially XRP, holding up,” this analyst said.
XRP’s recent performance is largely due to favorable legal developments, highlighting the impact that regulatory clarity can have on specific cryptocurrencies.
As the market experiences these fluctuations, it is essential to stay informed and adapt to this dynamic environment.
However, investors remain excited about a possible ETH spot and the Solana ETF, Pi42 CEO said.
(Disclaimer: Recommendations, advice, opinions and views provided by experts are personal. They do not represent the views of The Economic Times)
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