Bitcoin declined 0.15 per cent to $25,811 in 24 hours, bringing its weekly losses to 0.56 per cent
Bitcoin was trading below $26,000 on Monday, while Ether and all other leading non-stablecoin crypto currencies posted losses. The market is also under pressure after news that the failed FTX crypto exchange may soon liquidate its $3.4 billion in crypto holdings.
Bitcoin declined 0.15 per cent to $25,811 in 24 hours, bringing its weekly losses to 0.56 per cent, as per CoinMarketCap data.
Currently, Bitcoin’s price is trading without a clear direction amidst cautious market sentiment. Bitcoin, which leads the entire crypto market, will be affected by various technical factors in the absence of news and legal decisions related to the crypto currency market in the coming week, Rania Gule, market analyst at XS.com told Forkast.
I believe that the crucial support level of $24,995 will determine whether Bitcoin’s price goes up or down. A clear and strong break below this level would send Bitcoin toward the very important support level at $24,000, which would suggest a clear bearish trend reversal. In the worst-case scenario, the selling momentum in this case could push the price lower to nearly $21,915, which is around the mid-March level, Gule added.
Ether dropped 0.78 per cent to $1,611 during the past 24 hours, and declined 1.63 per cent during the past seven days.
The crypto market is also facing downward pressure from the latest FTX news. The failed crypto currency exchange is likely to receive approval on September 13 to start liquidating its crypto holdings, as per a tweet from blockchain analysts Whale Alert. After filing for insolvency in November 2022, the exchange still holds an estimated $3.4 billion worth of crypto assets.
John Stefanidis, chief executive of Balthazar DAO, said, the recent drop in value of altcoins could be attributed to the expected authorisation of the liquidation of assets held by FTX. With a portfolio spanning billions in crypto currency assets, a potential liquidation could considerably affect market values, notably impacting Solana, Aptos, Dogecoin, Matic, TON, and XRP.
Toncoin was the biggest loser, dropping 3.38 per cent to $1.70 during the last 24 hours, and declining 9.96 per cent in the past seven days.
Ripple’s XRP was the second largest loser, declining 2.91 per cent to $0.4857 on the day and 3.54 per cent on the week. The U.S. SEC submitted a filing last Friday to push the court to appeal its ruling on the agency’s lawsuit against Ripple Labs. The Securities and Exchange Commission requested the court to review its earlier ruling by Judge Analisa Torres that posed “knotty legal problems,” as per the filing.
