Bitcoin falls to $62,588 as bears return
ISLAMABAD: The cryptocurrency market turned bearish on Tuesday amid geopolitical tensions, with the market capitalization losing 5.7 percent to reach $2.39 trillion.
As of 1305 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, fell to $62,588 with a decrease of 5.1 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $1.234 trillion with this decrease. Bitcoin has been 11.4 percent down in the past seven days.
Following Hong Kong’s approval of spot ETFs, Bitcoin surged to $66,500 before stabilizing around $62,000 amidst escalating tensions between Iran and Israel. Despite consolidation, there’s noticeable buying activity at lower levels, suggesting potential sideways movement until Bitcoin gains sufficient momentum. Key support rests at $60,775, while resistance is at $66,900.
Earlier on Monday, Hong Kong approved the launch of several exchange-traded funds (ETFs) that will track the spot prices of Bitcoin (BTC) and Ethereum (ETH). The news helped BTC recover from its crash on April 14, when it dipped from above $70,000 to $61,000 due to the escalation of conflict between Iran and Israel. China Asset Management’s Hong Kong division announced that it has secured the green light from the Hong Kong Securities and Futures Commission (SFC) to provide retail asset management services focused on these new spot crypto ETFs. The firm is partnering with OSL and BOCI International to introduce these products to the market.
Following suit, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, fell by 4.3 percent to reach $3,066. With this decrease in price, the market capitalization of ETH has reached $368.2 billion. ETH has shed 15.6 percent of its value during the last seven days.
On the other hand, Binance Coin (BNB) price went down by 6.3 percent to reach $535. The market capitalization of BNB has reached $82.3 billion with this decrease. BNB has shed 8 percent of its value during the last seven days.
Similarly, Solana price crashed by 12.8 percent to reach $130. With this decrease in price, its market capitalization has fallen to $58.4 billion. SOL has shed 25.3 percent of its value during the last seven days.
In the same way, the price of Ripple (XRP) decreased by 4.3 percent to reach $0.485. The market capitalization of XRP stands at $26.8 billion with this increase. XRP has shed 22.2 percent of its value during the last seven days.
