Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Despite Optimism Fed Could Soon Pivot
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Following a high of $27,466.53 on Thursday, BTC/USD dropped to an intraday low of $26,415.10 earlier today.
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Bitcoin (BTC) dropped below the $27,000 mark on Friday, ahead of a panel discussion which will include Fed Chair Jerome Powell.
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Biggest Movers: XRP Extends Bull Run, Jumping 5% on Thursday
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Biggest Movers: XRP Extends Bull Run, Jumping 5% on Thursday
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Xrp rose for a fifth straight session on Thursday, as the token moved close to a two-week high. The rise comes as cryptocurrencies rebounded from recent losses, with the global market cap up 1.38% as of writing. Cardano also surged, hitting an 11-day peak.
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Biggest Movers: DOGE, XRP Hit 1-Week Highs, Despite Wednesday’s Crypto Red Wave
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Tether to buy Bitcoin based on monthly net profits
Tether said that Bitcoin’s decentralized nature and its long-term store of value made it an obvious choice for the stablecoin issuer.
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Bitcoin is showing no signs of slowing down the number of daily confirmed transactions, with 631,677 transactions processed on May 14 alone.
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Bitcoin has been breaking records in 2023, with its hashrate and difficulty reaching new all-time highs. But it hasn’t been all smooth sailing for the cryptocurrency.
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Most altcoins were also sitting quietly during the weekend, perhaps due to the lower trading volumes. However, the landscape has changed now for several. Ethereum, Binance Coin, Ripple, Cardano, Dogecoin, Solana, and MATIC are all slightly in the green on a daily scale.
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It was less than a week ago when bitcoin skyrocketed to a multi-day high of $28,400 after the US CPI numbers for April came out. However, that pump was short-lived and was followed by a severe rejection that drove the asset down by $1,500.
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On Saturday, XRP resumed the downward trend, falling 1.44% to end the day at $0.42440.
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Over the past five days, the XRP price has been trading sideways with no strong commitment from buyers or sellers.
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Bitcoin Core developers are considering getting rid of BRC-20 transactions, a type of smart contract that enables the creation and management of tokens on the Bitcoin network.
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Bitcoin experienced a roller coaster ride on Wednesday, with the price of the cryptocurrency fluctuating wildly over the course of the day.
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Bitcoin Rises, Then Drops Below $27,000, and Then Rises Again After CPI Report
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Bitcoin SV, Kava, Terra Classic, Bitcoin Cash, and Sui are the top five gainers on a 24-hour basis. They are trading at $40.51 (up 29.23%), $0.88 (up 13.26%), $0.000099 (up 12.97%), $119.85 (up 7.94%), and $1.19 (up 6.87%), respectively.
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Based on the weekly chart, Solana has slipped by 5.15% while Polka Dot has declined by 17.22%.
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Shiba Inu's value has declined by 9.61% in the last seven days whereas Polygon is down 9.79%.
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