Ether (ETH), the second-largest cryptocurrency by market capitalization, remained just above the $3,100 milestone in early afternoon US time on Monday, gaining ground since the crypto market's panicky sell-off on Saturday. The company is struggling to maintain its profits.
ETH is up 4% in the past 24 hours, but has fallen about 4% since rising to nearly $3,300 early Monday. on words Several Hong Kong-based Spot Bitcoin and Ether ETFs have been approved (though not yet confirmed).
Downward pressure has resumed on Bitcoin (BTC), which was approaching $67,000 early Monday but has fallen slightly to $64,200 over the past 24 hours.
Adding to this, Solanas (SOL) also gave up most of its overnight gains, falling from a high of $155 early Monday to around $140. This is also down from the $175 it reached on Friday.
Bitcoin, Ether and other cryptocurrencies tumbled on Saturday as Iran launched a bombing campaign against Israel, with Bitcoin falling to the $61,000 range and Ether below $3,000, although the sector remained weak for the second half of the weekend. regained some footing.
Singapore-based digital asset trading firm QCP Capital said in a note to investors that, historically, push buying due to the outbreak of major geopolitical conflicts has been a profitable trade.
Ed Goh, head of trading at liquidity provider B2C2, said his firm has seen consistent buying in BTC, especially during the weekend sell-off. “57% of our flow goes to the buy side,” Goh said. He also added that altcoin activity remains high and there is a bias towards altcoin purchases.
Bitcoin's halving event is approaching on April 19th, and this has some traders worried. Predict It can trigger a short-term “news-selling” response around the event.
Despite the setbacks, some altcoins continued their strong gains on Monday, with Ondo Finance (ONDO) up 15% in the past 24 hours, Lender RNDR up 12%, and The Graph (GRT) rose 9%.
