Bitcoin
Bitcoin prices continued to fall on Wednesday, extending their three-day losing streak and reversing a weekend recovery, as concerns about greater regulatory scrutiny of the cryptocurrency industry persisted, making enthusiasts cautious about buying.
The cryptocurrency sector has also been pressured by uncertainty over U.S. interest rates after some Federal Reserve officials said this week that keeping rates unchanged through 2024 was more likely.
At press time, Bitcoin is down 1.9% over the past 24 hours to around $61,500. At one point, it hit a local bottom at $60,888.
It remains comfortably within the range it has been in for the past two months, but momentum is fading after hitting an all-time high in March.
Fund flow data released earlier this week also showed that cryptocurrency investment products, especially Bitcoin, saw strong outflows for the third consecutive week as the hype of ETFs earlier this year was exhausted.
Altcoin market sees mixed trends
On the bright side, Kaspa (KAS) is the best performing project, rebounding more than 10% in the past 24 hours.
Other major altcoin projects such as THORChain (RUNE), Toncoin (TON), Cardano (ADA), Monero (XMR), Starknet (STRK), ORDI (ORDI), Cosmos (ATOM)... rose by 2-7%.
In contrast, Fetch.ai (FET), SingularityNET (AGIX), Worldcoin (WLD), Sui (SUI), Ethena (ENA), The Graph (GRT), Lido DAO (LDO), Bittensor (TAO), Wormhole (W), Immutable (IMX), Injective (INJ), Jupiter (JUP), Stacks (STX), dofwifhat (WIF), Solana (SOL), Dogecoin (DOGE)…are down 3-7% during the day.
Ethereum (ETH) fell for the third consecutive day since the beginning of the week.
The recovery momentum has stalled around $3,200. ETH is currently struggling to hold the key psychological level of $3,000.
(Personal opinion, not a recommendation)
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