**Bitcoin Slumps as Grayscale-US Regulator Battle Weighs on Crypto Prices**
*Bitcoin’s Worst Weekly Decline Since November 2022*
Bitcoin saw a sharp decline in the early trading session on Monday, adding to its worst weekly decline since the FTX crash in November 2022. The ongoing court battle between Grayscale and US regulators has cast a shadow over the crypto market, with traders also keeping an eye on macroeconomic cues expected later in the week.
*Bitcoin Under Selling Pressure, Ethereum Holds Steady*
Bitcoin remained under pressure as it dropped even further, barely managing to hold above the $26,000 level. Meanwhile, Ethereum saw a modest gain of about half-a-per cent, steadying above the $1,675 mark. The price action in altcoins was mixed, adding to the overall uncertainty in the market.
*Factors Affecting Bitcoin’s Price*
According to Edul Patel, Co-Founder & CEO at Mudrex, Bitcoin’s current price level of around $26,000 can be attributed to widespread token selling by traders, triggered by various factors such as lack of clarity in the Grayscale versus US SEC case for a Bitcoin ETF, SpaceX’s write-down of the value of their Bitcoin reserves, and China’s Evergrande group filing for bankruptcy.
*Altcoin Movement*
While Ethereum maintained its position above $1,600, over the past 24 hours, altcoins Ripple, Litecoin, and Stellar each saw a growth in value by more than 3 per cent.
*Mixed Trading in the Crypto Market*
Other top crypto tokens saw mixed trading on Monday, with Litecoin surging more than 3 per cent and XRP posting similar gains. On the flip side, Solana and Shiba Inu shed 2 per cent each, while Dogecoin was down by a per cent.
*Global Crypto Market Cap and Trading Volumes*
The global cryptocurrency market cap remained flat, slightly increasing to the $1.06 trillion-mark, with trading volumes dropping almost 9 per cent to $22.04 billion in the last 24 hours.
**Tech View by Giottus Crypto Platform**
Cardano (ADA), trading at $0.27, is attempting to reverse its decline from last week and is showing signs of a potential bullish reversal. It managed to regain some of its losses over the weekend and is attempting a breakout from a descending wedge. The token could see a rally if it breaks the key resistance level of $0.30 (its 50-day EMA), with a strong support zone at $0.23.
*Major Levels*:
Support: $0.25, $0.23
Resistance: $0.30, $0.32
*Disclaimer*: The views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the mentioned assets.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
