The broader market has remained untypically calm for a Monday morning but more volatility is expected as the week progresses.
Bitcoin added over $2,000 since its multi-week low on Friday following the Binance hack, and currently fights to reclaim the $78,000 level.
While ETH has neared $2,300 and TRX is up by 1.7% daily, most other large- and mid-cap alts are in the red today, led by NEAR’s substantial 6% decline.
BTC Taps $78K
The primary cryptocurrency spent most of the previous week trading sideways in a relatively tight range between $82,000 and $79,000. The lower boundary managed to hold the bears off for days, while the upper was challenged a few times, until Wednesday. As markets prepared for the key FOMC meeting, BTC went close to $82,000 on a couple of occasions but ultimately failed.
Once the Federal Reserve announced that there would be no rate change this time, BTC jumped again and neared $82,000 for the third time in two days. However, another rejection followed, and the asset quickly returned to $81,000.
Then came Friday morning and the devastating Binance hack in which the exchange lost $6.3 billion. The shockwaves sent through the crypto market were immediate, and bitcoin tanked to $76,400 within minutes. Although it bounced back by $2,000 immediately, the bearish sentiment prevailed, and the asset slipped to a six-week low of $76,100 later that day, alongside most other financial markets.
It used the weekend to recover gradually and now sits just above $78,000. Its market cap is up to $1.570 trillion, while its dominance over the alts continues to be just under 60% on CMC. More volatility is anticipated later this week due to these key macro events.
NEAR Plunges Again
Ethereum has neared $2,300 once again, while BNB is above $710. XRP fights for the $1.25 support, while TRX has recovered slightly from the weekend losses.
In contrast, NEAR leads the red team today with a massive 6.3% decline to $4.13. Almost all other large- and mid-cap alts are on its team, with HYPE dipping by 1% and BCH dropping by over 2%. TAO, ENA, AAVE, AVAX, PUMP, and MORPHO have declined even harder.
Nevertheless, the total crypto market cap has remained relatively stable at $2.610 trillion on CMC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Other Articles
No Comment! Be the first one.