Bitcoin could not withstand pressure from sellers

Bitcoin could not withstand pressure from sellers

Asian and European stock indexes went back down on Tuesday, May 24.

The technology sector faced a capital outflow, which returned to the US currency. The dollar index strengthened to 102 points, the highest since winter 2017.

There is an inverse correlation between Bitcoin and the dollar, so the strengthening of the latter could not but provoke a weakening of BTC.

The largest digital currency has once again fallen below $30,000. At the moment of publication of this review it was trading around $29,323. Ether (ETH) and Binance Coin (BNB) rolled back to $1979 and $324 respectively, losing more than 3% in value.

Cardano (ADA), Solana (SOL) and Avalanche (AVAX) suffered the biggest losses among the leading Altcoins. These coins fell 6% to $0.518, $49.63 and $29.45. The capitalization of digital currencies fell to $1.263 trillion.

Galaxy Digital CEO Mike Novogratz estimates that the market has not yet bottomed out. Altcoins face a deeper decline. And the billionaire does not rule out that their value could collapse by 70%.

We are entering a prolonged bear phase, which is reminiscent of the 2018-2019 environment.

On Twitter, Novogratz posted a post late last week urging maximum caution. Traders should analyze all possible risks in detail before ramping up their investments in Cryptocurrencies.

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Written by Renat
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