Bitcoin has stabilized after experiencing significant volatility on Friday, fluctuating by over $1,000. It is currently trading relatively unchanged at $30,500. The altcoin market is also exhibiting reduced volatility, which is typically observed during weekends. Among the larger #crypto currencies, Solana (SOL) stands out as the highest gainer.
Bitcoin's Recent Performance:
Last week, Bitcoin witnessed a surge from $26,500 to over $31,000, marking a new multi-month high. While the bears attempted to intervene, their efforts only managed to temporarily halt BTC's price momentum. As a result, Bitcoin has been trading within a range of $30,000 to $31,000 for approximately the past seven days. However, on Friday, reports surfaced suggesting that the Securities and Exchange Commission (SEC) might reject recent applications for Bitcoin Spot ETFs submitted by prominent institutions like BlackRock and Fidelity due to the alleged lack of critical information.
Bitcoin's Reaction and Current Status:
In response to the news, #bitcoin experienced an immediate downturn, dropping from over $31,000 to a 10-day low of $29,500 on Bitstamp. Nevertheless, the bulls quickly regained control, leading to a recovery back to $30,500 on Saturday. Over the past 24 hours, Bitcoin has maintained relative stability around this level. Its market capitalization remains just below $600 billion, and it continues to dominate the altcoin market with a 50% share.
It is important to conduct thorough analysis before engaging in trading activities. Understanding the market conditions, trends, and potential risks is crucial for making informed investment decisions.
