Crypto Market Tumbles: Bitcoin and Ethereum Fall Amid $2.9 Billion BTC Movement and Profit-Taking

May 29, 2024
Crypto Market Tumbles: Bitcoin and Ethereum Fall Amid $2.9 Billion BTC Movement and Profit-Taking
  • The cryptocurrency market experienced a downturn on Tuesday.

  • Bitcoin dropped to $67,957 and Ethereum fell to $3,855.

  • Mt. Gox exchange wallets moved 42,829 Bitcoins worth $2.9 billion, affecting market sentiment.

  • Bitcoin faced resistance at $70,000 and saw profit-taking.

  • Ethereum's slight decline came after two weeks of upward movement.

  • US economic data could influence investor sentiment.

  • BTC dominance is decreasing, potentially benefiting altcoins.

  • Stablecoins dominated trading volume despite the market decline.

  • The global crypto market cap decreased by 0.9% to $2.55 trillion.

  • Bitcoin's market cap fell to $1.337 trillion with mixed movements across major crypto tokens.

  • Bitcoin is consolidating around $68,500 and may test support levels at $65,000 and $62,000.

  • Ethereum is approaching $4,000 with support levels at $3,225 and $3,170.

  • This volatility occurs amidst rising interest in crypto ETFs and institutional holdings, indicating a dynamic and evolving market landscape.

Summary based on 53 sources


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