Bitcoin remains below $26,500; Ethereum reclaims $1,800; and Polygon gains 4%

Bitcoin climbed more than 1% but remained below $26,500, while Ethereum gained almost 2% to reclaim the $1,800 level.

Bitcoin climbed on Friday, but some altcoins fell. Crypto traders continued to monitor the debt ceiling talks in the United States. US senators indicated progress in the talks, but whether they and the Biden Administration can reach a deal remains questionable.

Bitcoin was back in the green on Friday, gaining more than a percent but remaining below the $26,500 barrier. However, its largest peer, Ethereum, increased by around 2% to reclaim the $1,800 level. During the early trade, the altcoin’s price activity was mixed.

In the last 24 hours, cryptocurrency markets have moved sideways. The minor uptick could be due to better-than-expected weekly unemployment numbers in the United States. The crypto fear and greed index has dropped by two points since yesterday, although it is still in the neutral zone at 49 points.

“In related news, OpenAI CEO Sam Altman’s crypto project Worldcoin, a decentralised open-source protocol, has raised $115 million in a Series C funding round.” When institutional investment has fallen during a bear market phase, such fundings are unusual.”

On Friday, the top crypto tokens traded in a mixed bag. Among the gainers, Polygon gained 4%, followed by Litecoin’s 3% gain. Avalanche, Dogecoin, and Shiba Inu were all up around 1%. XRP led the losers with a 1% drop, followed by Cardano, which was down 1%.

The worldwide cryptocurrency market cap was trading higher, reaching $1.11 trillion after falling as much as 3% in the previous 24 hours. However, total trading volumes increased by around 26% to $28 billion.

The dominant cryptocurrency had been holding stable, but it just fell below a critical support level of $26,500. According to CoinDCX Research Team, the uncertain macroeconomic climate has contributed to a decrease in the crypto market, which has been exacerbated by concerns about inflation, crypto regulations, and the prolonged debt ceiling deadlock.

“In a positive development, Bitcoin’s sell-side risk ratio has dropped to an all-time low.” This development suggests that investors are hesitant to sell their Bitcoins in the present price range, regardless of whether they would earn or lose.”