After a volatile weekend, both Bitcoin and Altcoins are facing downward pressure. The market initially surged to $64,000 on Monday but has since retreated.
Ether, the second-largest cryptocurrency, is struggling to maintain momentum as it hovers just above $3,100. It has risen by 4% in the past 24 hours but is still down 4% from its recent peak of $3,300. Rumors of Hong Kong-based spot Bitcoin ETF approvals may have fueled the initial surge.
Bitcoin is also experiencing renewed downward pressure, falling modestly from nearly $67,000 to $64,200 in the last 24 hours. The wider CoinDesk 20 index has only seen a 0.68% increase during this time period.
Solana (SOL) has seen a major reversal in its overnight gains, dropping from $155 to $140 during the day on Monday.
Geopolitical tensions have also played a role in market sentiment, with the crypto market dropping over the weekend as concerns escalated. Bitcoin dropped to the $61,000 range and Ether fell below $3,000 as tensions rose with Iran’s bombing campaign on Israel. However, stability has returned to the market over the weekend.
According to Trading House QCP Capital, it has historically been profitable to purchase dips during major geopolitical wars. Ed Goh, Head of Trading at B2C2, reports that BTC is consistently bought, especially during weekends when the market dips, with a bias towards altcoins.
As the halving event for Bitcoin approaches on April 19, traders are expecting a potential short-term “sell the news” reaction before and after the event.
Despite setbacks in the overall market, some altcoins are still seeing significant gains. ONDO Finance (ONDO) has increased by 15% in the last 24 hours, while Render’s RNDR and The Graph (GRT) have seen gains of 12% and 9%, respectively.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Please do your own research before making any investment decisions.
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