Bitcoin experienced its first losing month in 2023 as May drew to a close. Despite several attempts, the asset failed to breach the resistance levels at $27,500. This was followed by a Monday surge to $28,500 following the US government’s debt ceiling deal, but the joy was short-lived as it fell under $27,500 by Wednesday. Bitcoin plummeted by over $1,000 in hours, and even though it recovered a few hundred dollars, its daily status remains in the red. Closing May with a 7% decline, its market cap receded to $520 billion, and its dominance over the alts is down to 46.1%. Other cryptocurrencies, such as Ethereum and Binance Coin, have also suffered minor daily losses, except for Litecoin, which has jumped almost $4 and trades above $90. ADA is down by over 3% and sits at $0.36. GRT has added the most value from the top 36 digital assets (5%) and stands close to $0.15. However, the cumulative market cap of all crypto assets has seen another $10 billion gone daily, down by almost $40 billion in the past two days to $1.130 trillion.
Sources:
– CryptoPotato: https://cryptopotato.com/ripple-xrp-soars-5-daily-bitcoin-btc-loses-28k-market-watch/
– CryptoPotato: https://cryptopotato.com/crypto-markets-turn-red-as-bitcoin-dumps-by-1k-market-watch/
– TradingView: https://www.tradingview.com/ideas/cryptocurrency/
This news was first seen here: Bitcoin Closed First Red Month in 2023 Following a 7% Decline in May (Market Watch) on 2023-06-01 04:49:58
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