Co-founder of cryptocurrency service provider Matrixport, Daniel Yan recently shared a post on the social media platform X, predicting a forthcoming downward trend in the overall cryptocurrency market for the upcoming weekend.
He observed that prior to Ethereum (ETH) leading the short-term upturn in the overall cryptocurrency market earlier this week, Bitcoin (BTC) was valued at $67,400 and Solana (SOL) at $179. Presently, BTC has retraced to the $67,200 level and SOL to $168. This adjustment is attributed to the increase in United States interest rates and ETH gaining prominence over SOL.
Furthermore, with the extended weekend encompassing Memorial Day in the United States, it’s anticipated that market liquidity will decrease and volatility will rise, potentially leading to a short-term decline on May 31st, local time. However, following the release of the Personal Consumption Expenditures Price (PCE) inflation Index on the same day, the market is expected to rebound. This presents an opportunity to purchase at lower prices, he elaborated.
Daniel Yan mentioned that he intends to monitor the levels of BTC at $66,000, ETH at $3,450, and SOL at $160.
I will be more precise on the levels to watch:BTC 66000ETH 3450SOL 160 https://t.co/T4iErnpLpE
— Daniel Yan (@_D_Y_A_N) May 24, 2024
Crypto Market Performance Update: ETH Fluctuates After SEC Approval, BTC And SOL Prices Decline
Over the past 24 hours, the prices of BTC, ETH, and SOL cryptocurrencies experienced fluctuations, with Ethereum notably attracting attention. Following the United States Securities and Exchange Commission (SEC) approval of spot Ethereum ETFs, the price of ETH surged beyond the $3,800 level, although it failed to sustain this position. At present, ETH is trading at $3,688, reflecting a decline of over 3.71%, according to data from CoinMarketCap.
Meanwhile, BTC faced challenges in maintaining its position above $68,000. At present, BTC is predominantly trading in the red, experiencing a decline of 3.45% to $67,364. Its 24-hour range spans from $66,606 to $69,999, according to data from CoinMarketCap. Solana observed a 6.12% decrease in price over the past day, reaching $165. Its 24-hour range extends from $163 to $179, based on data from CoinMarketCap.
Recently, QCP Capital forecasted that ETH might experience short-term downward volatility following the US SEC decision regarding Ethereum investment products.
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