Altcoins
Altcoin Interest Fades Despite Bitcoin’s Determination
There are no clear catalysts to explain the recent cryptocurrency market crash Bitcointo stay above $65,000, sending digital assets into a sea of red. The cryptocurrency market valuation fell 3.5% to $2.36 trillion. Meme coins like Shiba have lost more than a tenth of their value, making it the hardest-hit cryptocurrency among the top 20 by market capitalization.
Market indicators show a recent increase in liquidity, indicating that Bitcoin may find strong support at $64.5k. According to Coinglass statistics, a drop below this level led to the liquidation of leveraged long bets worth approximately $464 million. This suggests that a liquidity shift to the sell side has occurred, eliminating the majority of highly leveraged long positions and initiating several pending buy orders, allowing them to enter a sizable position with minimal slippage. This narrative could help Bitcoin form a bottom.
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Data from Farside Investors shows that Bitcoin spot outflows ETFs have occurred on five of the last six trading days. The amount of altseason mentions on cryptocurrency social media is displayed by Santiment’s Social Volume data for the social topic “altseason”. As traders become greedy and their interest in cryptocurrencies increases, a spike in this indicator during rallies often indicates local highs.
Social volume has shown some decline since the most recent peak in March. This drop suggests that fear of missing out (FOMO) has subsided significantly, and fear of the crowd is what drove the price of Bitcoin to its lowest point locally.
If Bitcoin manages to break above the $71,1,000 resistance level and turn it into a support level, this negative prognosis could be completely invalidated. In response, Bitcoin could challenge the $73.8K record and set a new one at $80K
The ETFs are expected to begin trading by July 2, following the SEC-cleared spot ET 19b-4 from ETF issuers on May 23 and provided feedback on their S-1s last week.
While the SEC’s decision to provide issuer comments on the ETH ETF S-1 spot registration statements had a favorable effect, Ethereum failed to see any significant price increases on Tuesday and as of this writing is traded at $3,449. After plummeting to around $3,361, ETH price recorded a breakout and returned to the $3,500 region. As of this writing, however, prices have reversed.