Cryptocurrency News

Signs of recession rise as soon as the price of bitcoin falls to $ 35K and traders ignore the decline

The cryptocurrency market faced a new wave of sales pressure in the form of bitcoin on May 28 (B T c) Price fell to $ 35,100 and traders generally showed no interest in buying the decline before the weekend.

Despite the market downturn in the past two weeks, institutional investors have for the most part Stay firm on your resolve To remain committed to cryptocurrency, but in the absence of ‘we bought the dip’ announcements, retail traders wonder if the price of bitcoin is further down.

BTC / USDT 4-Hour Chart. Source: Trading view

Although some analysts believe that bitcoin is likely to fall to $ 20,000 as the worst case scenario, BTC’s overall price trajectory Stays upward slant Still intact, with weekly trends of higher lows.

Altcoins fall along with bitcoin

Just as market uncertainty subsided before Memorial Day Weekend and the current risk-averse environment reduced the impact of important announcements such as Polygon (MATIC) integrating its dataset into Google Cloud technology .

Despite widespread market fluctuations, there were few tokens that managed to rally. Helium (HNT) rose 28% to a new all-time high of $ 23.01, after a tweet announced that the project had surpassed 45,000 active hotspots worldwide for Internet of Things (IoT) devices Provide decentralized wireless coverage.

MaidSafeCoin (MAID) also rose 20% to an intraday high of $ 0.52 launch Its v2 testnet and Zcash (Jk) Increased 5% and is now trading at $ 159.

Daily cryptocurrency market performance. Source: Coin360

The total cryptocurrency market cap is now $ 1.567 trillion and the dominance rate of bitcoin is 42.8%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and business move involves risk, you must do your own research when making decisions.