{"id":48590,"date":"2022-06-13T10:13:23","date_gmt":"2022-06-13T08:13:23","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=48590"},"modified":"2022-06-13T10:13:23","modified_gmt":"2022-06-13T08:13:23","slug":"crypto-may-day-bitcoin-sinks-below-26k","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/crypto-may-day-bitcoin-sinks-below-26k\/","title":{"rendered":"Crypto May Day; Bitcoin Sinks Below $26K"},"content":{"rendered":"
A looming hazard of a ‘crypto winter’<\/strong> hangs as Bitcoin (BTC) tumbled below $26K.<\/strong> Ethereum along with major cryptocurrencies traded in a sea of deep red.<\/strong> <\/p>\n The crypto market started the week on a topsy-turvy tone. Cryptocurrencies have tanked to a new low this year with the global market cap declining to $1.03 trillion<\/strong> from $1.10 trillion<\/strong> in a trice. It seems investors are steering away from riskier assets as rising inflation continue to spook traders. The global crypto market cap declined 5.27 per cent<\/strong> over the past 24 hours with major tokens falling worth half or even less than their all-time highs.<\/p>\n <\/p>\n <\/p>\n According to CoinMarketCap<\/a>, the world’s largest cryptocurrency, Bitcoin (BTC), spiralled down over 7.85 per cent<\/strong> in the last 24 hours to currently hover at around $25,183.<\/strong> BTC continued its sell-off after a sharp rise in US inflation<\/strong> triggered risk-off sentiment. The flagship token pared as amid a broder retreat by the cryptocurrency complex in the wake of US inflation hitting a freash 40 year high<\/strong>. In the crypto market, Bitcoin’s dominace decreased 0.53 per cent<\/strong> over the day to 47.17 per cent. <\/strong><\/p>\n Bitcoin<\/a> (BTC) is down more than 43 per cent<\/strong> so far this year (YTD), and is trading far below its record high of $69,000<\/strong> it had hit in November last year. Since 9th May, BTC trend was sideways as the digital token was trying to take support at its support zone between $30,125-$28,650.<\/strong> However, last week Bitcoin price managed to breakout below its support zone.<\/p>\n Experts believe that the next major support is near the $25,000 level.<\/strong> A downside break below the $25K support could send the price further lower. In the stated case, the price could drop towards the $23,500<\/strong> support zone in the near term. The major resistance level for Bitcoin (BTC) is at $26,200<\/strong>, $27,200<\/strong>, followed by $28,500<\/strong>.<\/p>\n <\/p>\n <\/p>\nBitcoin Plummets to 18 Months Low<\/h2>\n
How Is The Scenario For Ethereum?<\/h2>\n