What’s the latest on the cryptocurrency market? What’s the latest on the Bitcoin Price Today? Bitcoin is now down below $28000, while Ether has seen its highest price since December 2017. Among the reasons for the recent upswing in the cryptocurrency price are Elon Musk’s announcement to accept bitcoin as payment, as well as news that Tesla will soon begin accepting the cryptocurrency. A few other notable news items today include BNY Mellon forming a unit and Morgan Stanley weighing a possible investment in crypto.
Cryptocurrency Price Today
The crypto market has been in turmoil for a while, losing around $2 trillion in value. This loss has been most acute in stable coins, as the recent meltdown of Terra resulted in a depegging of its UST coin. This was followed by the demise of the LUNA token, whose price plummeted more than 99% in one day.
After bouncing back and forth in the last week, Bitcoin has fallen significantly and has now reached a price of just under $31,000, or about 50% below its all-time high near $69,000. Ethereum and Solana, the second-largest crypto, have also fallen sharply in recent days. These two coins have fallen a total of 10% in the past seven days.
Bitcoin Price Today
The Bitcoin price fell under the $28,000 level on May 26, setting the stage for further bearishness. As a result, sentiment in the crypto market swung to ‘extreme fear.’ The price briefly fell below the psychological $29,000 support level, but rebounded quickly to test psychological resistance. Bitcoin’s 7% drop last week has cut annual gains to just 54%.
While there may be room for more decline, current market conditions suggest more upside. As Bitcoin’s supply fell below $28,000, on-chain metrics have predicted past bottoms. These metrics can provide guidance as to the potential direction of the next trend reversal. As a result, long-term investors should remain bullish until the US Federal Reserve announces its next move. However, it is not likely until the next quarter that crypto markets will resume their ascent.
Ether Price Today
As the bitcoin price continues its downward trajectory, a few factors are likely to drive its prices. The Chinese government has imposed new regulations on energy-intensive mining and has ordered financial institutions to stop doing business with cryptocurrency firms. While bitcoin has fallen almost half from its all-time high of nearly $64,000 in mid-April, other cryptocurrencies have also fallen in the process. Listed below are a few factors to watch this week.
Terra’s downfall has hurt investor sentiment. Though global stock markets have been soaring, the crypto markets have not shown any signs of recovery. Terra’s collapse has not only hurt the price of bitcoin but also its coin Solana. Moreover, the price of ether has fallen by nine percent in the last 24 hours. At the time of writing this text, the global cryptocurrency market was down 4.46 percent. It was at $ 1.19 trillion as of this writing.
CoinDesk Bitcoin Price Index
The Cryptocurrency market continues to experience volatility, as the CoinDesk Bitcoin Price Index fell below $28000 on Friday. The reversal comes just as a crucial barrier to ether’s long-term price trajectory has been reached, a key hurdle that should be overcome before it is breached. A sustained rise in trading volume will likely encourage more buying activity.
While bitcoin and other cryptocurrencies have risen sharply in recent months, a recent dip in geopolitical tensions in Ukraine and a confusing message from the Federal Reserve are the main reasons for the price drop. Nevertheless, the news could be a sign of a broader trend in the market. While many economists and traders are predicting that bitcoin will end the year at a lower price, the recent drop in price has boosted the underlying demand for bitcoin.