Crypto Price Today: Bitcoin falls below $26,000; XRP, Shiba Inu shed over 2%
Meanwhile, the global cryptocurrency market cap was trading lower, around $1.05 trillion, falling 0.41% in the last 24 hours.
«Bitcoin has been trading around the $26000 threshold over the weekend. However, the price of Bitcoin and market sentiments have been improving after there was positive commentary from JPMorgan analysts who said that Bitcoin’s downtrend could be ending,» said Edul Patel, CEO and co-founder of Mudrex.
«They believe the declining open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange suggests the long liquidation is over. The weekend also saw criticism from crypto Twitter following the U.S. Treasury Department’s new proposal on handling digital asset taxes,» Edul added.
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View Details»On Monday, the market cap of Bitcoin, the world's largest cryptocurrency, was around $504 billion. Bitcoin's dominance is currently 48.29%, according to CoinMarketCap. Meanwhile, BTC volume stood at approximately $8 billion, rising 35% in the last 24 hours.
«All eyes are now on the BTC's $25,100 support level, as a dip below could trigger further market decline. This apprehension is amplified by the substantial drop in altcoin values, heightening fears of a broader market correction,» said Rahul Jain, Web3 Growth Manager, BNS.
Tech view by ZebPay Trade Desk
Bitcoin has maintained a quiet trading pattern over the weekend, leaving investors uncertain about the upcoming direction of its price
