Bitcoin returned to its lowest level since the end of March, although it has gained 60% so far this year. In the rest of the market, there are widespread falls of up to 2% led by Polygon (MATIC) and Solana (SOL).
The cryptocurrencies they cannot raise their heads this Monday, April 24. Bitcoin and Ethereum, the two main digital currencies in the market, have lost more than 1% in the last 24 hours and have fallen to US$24,400 and US$1,800, respectively. The falls of the last week caused both tokens to have erased the gains achieved after the ethereum shanghai update. Bitcoin returned to its lowest level since the end of March, although it has gained 60% so far this year. In the rest of the market, there are widespread falls of up to 2% led by Polygon (MATIC) and Solana (SOL).
In this framework, analysts expect the corrective movement to continue this week and do not see the falls as a bad sign. “A healthy retest of the support zone between $25,000 and $27,000 is a positive sign for a continued move higher. As long as bitcoin manages to stay above, worst case, $2,000, we can expect more bullish action.”, has indicated Joe DiPasquale, CEO of the crypto asset manager BitBull Capital.
For his part, Javier Molina, eToro’s senior market analyst at Bolsamanía, stated that, from a technical point of view, “US$31,000 represents a very relevant wall in the short term.” “Prices have not been able to overcome that zone and the existing divergences at the level of certain indicators open a normal correction scenario up to $26,500-27,000,” he adds.
“That is the first of the supports that, if it gives way, will cause prices to go looking for US$25,000 dollars. That is the last of the references that we consider valid to maintain the bullish structure. Losing the $25,000 would open up a very different scenario.”, sentence.
Regulations stress the market
Regulation once again plays a leading role in the market. The passage of the European MiCA law is in stark contrast to the belligerent stance of the Securities and Exchange Commission (SEC), which continues to increase pressure on companies in the cryptocurrency sector. And it doesn’t look like it’s going to change in the future.
“We are in the midst of a regulatory onslaught on cryptocurrency,” said John Reed Stark, former director of the SEC’s Office of Internet Regulation. According to this expert, the SEC “is not going to sit idly by, especially when investors are in danger.” “Investors may not like the rules, but like seatbelt laws, sometimes investors need to protect themselves,” he added, while acknowledging that Coinbase could be next. objective of the Commission.
In this sense, Brian Armstrong, CEO of Coinbase, assured that from the ‘exchange’ they are not only prepared for a “long” legal battle with the regulator, but they are also studying moving their headquarters outside the United States due to the lack of regulatory clarity. in the first economy of the world. “We are a business. Like any business, we have a budget and we have to decide where to allocate it. And that means what products we want to build, but it also means what countries we want to invest it in in any given year,” he said last week.
Source: Ambito
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