Crypto Market Tumbles: Bitcoin and Ethereum Fall Amid $2.9 Billion BTC Movement and Profit-Taking
May 28, 2024The 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
Get a daily email with more Crypto stories
Sources
Yahoo Finance • May 28, 2024
Bitcoin ETFs Now Hold 1 Million BTC in Custody, Worth $70.5 BillionInternational Business Times • May 28, 2024
Bitcoin ETFs Collectively Hold '1 Nakamoto' Worth Over $69.1 BillionEconomic Times • May 28, 2024
Cryptocurrency Price on May 28: Bitcoin below $68,000; Ethereum, Toncoin decline up to 2%Cointelegraph • May 28, 2024
Grayscale’s Ethereum ETF could bleed $110M daily in first month: Kaiko