Bitcoin investors have been thrown into a state of turmoil after the leading cryptocurrency experienced a 10% drop last week. Renowned Bitcoin analyst Crypto Rand increased Twitter to allay investor concerns, suggesting that the $27,800 resistance zone was a natural place for a pullback after Bitcoin’s significant rise this year. He further stated that there should only be a real concern if Bitcoin fails to hold the $24,000 to $25,000 support zone.
How Have Altcoins Been Affected by the BTC Price Crash?
As the value of Bitcoin fluctuates, the altcoin market has also been affected. Crypto Rand outlined two possible scenarios for altcoins: either they remain stable as Bitcoin and dominance (DOM) move together, or they suffer as DOM consolidates as Bitcoin’s value falls. Investors are closely watching the relationship between Bitcoin and altcoins for signs of exhaustion.
Ethereum’s Outlook: A Potential Opportunity?
Crypto Rand also shared his thoughts on Ethereum (ETH), stating that he would consider buying the cryptocurrency if the value dropped to around $1,500. He believes the market is currently in Phase B, with the latest high before a downtrend to “spring” begins. However, he also said there is work to be done to negate the bearish outlook, particularly on the Ethereum chart.
Interestingly, this week is packed with major financial events, including a major week for earnings reports, jobs data release on Thursday and CORE PCE data on Friday. These events could potentially affect the cryptocurrency market.
Related: Crypto Markets On Edge: Top 6 Events To Watch This Week – Coinpedia Fintech News
Coinbase is leaving the US
In other crypto news, Coinbase has suggested it may be possible to leave the United States due to increased clarity on crypto regulation in European countries. Last month, the US Securities and Exchange Commission (SEC) sent a Wells notice to Coinbase regarding alleged securities violations. SEC Chairman Gary Gensler was recently questioned about Ethereum’s classification as a security or commodity, but was unable to provide a clear answer, further complicating the situation.
Related: Will Binance Exchange Join Coinbase In Its Lawsuit Against SEC – Coinpedia Fintech News
The global crypto market: Hong Kong and Russia
The Hong Kong High Court recently recognized cryptocurrencies as property for the first time, with Judge Linda Chan affirming that crypto ownership is on par with other intangible assets such as stocks and shares. Meanwhile, Russia’s central bank is reportedly developing a method for using cryptocurrencies in international settlements, despite the Bank of Russia’s opposition to the idea.
The volatile and information-rich world of cryptocurrency trading can be challenging for newbies and seasoned investors alike. By developing specific life practices and staying abreast of market trends, individuals can achieve success in the crypto market.
