Cryptocurrency markets opened Friday covered in red. Several coins, including Bitcoin, Ethereum, and Solana, fell in morning trading. This could be a sign of increased volatility ahead of Bitcoin's halving, as traders try to determine whether they have priced in this event correctly. And as Bitcoin progresses, other markets generally follow suit.
According to CoinGecko, the price of Bitcoin (BTC), the most valuable cryptocurrency by market capitalization, has fallen by more than 4% in the past 24 hours, and its current price is around $63,400.
Bitcoin, which is calming down after hitting multiple all-time highs in recent weeks, is rapidly approaching its halving, leaving investors wondering if the price will fall after the event or if it will rise to new all-time highs. I'm anxiously watching and wondering if that's the case. expensive.
On Thursday, global investment firm AllianceBernstein predicted that Bitcoin will reach $90,000 by the end of 2024. Adding to the bullish mood in the market is the surge in activity surrounding a Bitcoin ETF that was approved earlier this year.
“ETFs currently represent $4 billion to $5 billion in average daily BTC spot market trading volume,” said Coinbase Asia Pacific Managing Director John O’Loren. Decryption Late Thursday. “So [ETFs] 15-20% of all centralized exchanges worldwide. ”
Ethereum, on the other hand, has fallen about 6% in the past 24 hours, and its current price is around $3,320. While investors wait to see if the U.S. Securities and Exchange Commission (SEC) will approve a spot Ethereum ETF, investment firms including BlackRock and Grayscale have filed applications with regulators.
Dampening enthusiasm for the Ethereum ETF are concerns that the SEC is on the verge of declaring ETH a security, and the Ethereum Foundation recently said that the Ethereum ETF is being investigated by unnamed “national authorities.” revealed. luck The SEC is actually investigating the foundation.
“For any of these crypto tokens, the facts and circumstances of whether retail investors expect to benefit from the efforts of others are important,” said SEC Chairman Gary Gensler. bloomberg tv Early this month. “I have a filing in front of me. I'm not going to comment.”
Solana has been in the news lately for a surge in meme coin trading activity, but it has fallen further today. It has fallen 8% in the past 24 hours, and its current price is around $171, just days after breaking above the $200 mark for the first time in history. than 2 years.
The network has been struggling with congestion issues due to demand for meme coins in recent weeks, but at least for now there may be some relief as the frenzy dies down. Prices of notable Solana meme coins are falling, with BONK down 9% on the day, Dogwifat (WIF) down about 6%, and SLERF plunging nearly 25%.
Edited by Andrew Hayward
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
