Cryptocurrency market continues to struggle with bears grip on the market as market capital of total crypto assets in circulation went down by $5 billion over the weekend. Following a range bound performance in all major assets across the week, Bitcoin and other major crypto assets saw sharp fall during the weekend moving near 2-week lows as caution among investors continue to grow with each passing day. Last week was highly bearish on news based standpoint as much awaited Ethereum network upgrade got delayed owing to security issues discovered in last minute and theft of crypto assets worth nearly 3 million from Cryptopia. Investor sentiment surrounding crypto assets continue to decline with each passing day owing to a clear lack of fundamental support.
All Key Anticipated Events Of The Month Are Disappointment Till Data
Bitcoin fell below $3600 handle during the weekend and tested 2019 lows post which it has since maintained a range bound action near $3550 handle. As of writing this article, Bitcoin is trading at $3558.1 down by 4.83% on the day. Further downside move in immediate future has been prevented as crypto market found some news driven momentum following news that United Nations has partnered with IOTA for its Project Services (UNOPS) and viewed cryptocurrencies as a new frontier in the digital finance market. UN’s has collaborated with IOTA to make use of the latter’s technology which provides an open-source distributed ledger for data management in a bid to improve efficiency of UNOPS operations.
Ethereum has lost over 5.6% today and is trading at $117.34 having breached multiple critical resistance price levels over the weekend. Investors are now waiting for further updates from the core development team scheduled later today on further proceedings and details regarding network upgrade. Any indication of further long term delay in network upgrade is likely to bring the pair down near $100 critical support level. While investors continue to debate if the market has found bottom yet, crypto market is likely to continue bearish price action in immediate and near future market depending news/event-driven momentum as much anticipated debut of bakkt platform with BTC futures in the USA seems likely to be delayed further amid lack of positive response from US SEC which is most awaited event of the month so far.