Bitcoin fell nearly 2% to breach the $27,000 milestone again on Wednesday, while Ethereum fell more than 2% but managed to hold $1,800-levels.

After a brief rally, Bitcoin and other major cryptocurrency tokens were back in the red on Wednesday. Concerns about the US debt ceiling are adding to the anxiety of traders all over the world, who are swinging between bullish and pessimistic feelings in the digital asset market.

After a brief rally, Bitcoin was back in the red on Wednesday, with the largest crypto asset dropping nearly 2% to hit the $27,000 level once more. Its greatest peer, Ethereum, was also down more than 2% but managed to maintain $1,800-levels. Altcoins were also highlighted in red.

“Bitcoin has maintained its trading level above $27,000 for the past few days, with the price fluctuating between $26,500 and $27,500.” Concerns about regulatory obstacles in the cryptocurrency business, as well as macroeconomic uncertainty like the US debt ceiling deadlock, may have influenced market liquidity.

“On the other hand, Ethereum’s price has been stuck below $1,920 for the past 16 days, which is especially concerning given that the most recent breakout attempt on May 6 lasted less than 24 hours,” says the report.

On Wednesday, all of the leading crypto tokens, including US dollar-pegged stablecoins, were trading lower. Litecoin fell 4%, followed by Avalanche and Solana, both of which fell 3%. Dogecoin, Shiba Inu, Polkadot, and Tron were all down 2% in early trading.

The worldwide cryptocurrency market cap was trading lower, falling to $1.13 trillion after sliding more than 1% in the previous 24 hours. However, total trading volume climbed by nearly 2% to $28.008 billion.

Leave a Reply

Your email address will not be published. Required fields are marked *