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Saturday, April 20, 2024

Bitcoin, Ethereum, Dogecoin Drop Amid Binance Congestion Chaos

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Major coins tumbled on Monday as investors grappled with the surge in demand for Pepe Coin PEPE/USD and congestion issues on Binance. Over the weekend, Binance was forced to temporarily suspend Bitcoin withdrawals, resulting in concerns among investors.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD -1.96% $27,692
Ethereum ETH/USD -0.23% $1,850
Dogecoin DOGE/USD -2.61% $0.072

What Happened: Ethererum saw a dip in value, dropping below the $1,900 mark that it had previously maintained for over a week.

At the time of writing, the global cryptocurrency market capitalization stood at $1.14 trillion, a decrease of 1.38% over the last day. 

U.S. stocks closed on a relatively flat note, as investors awaited important inflation data, particularly, the consumer price index report for April. While the S&P 500 remained mostly unchanged with a slight gain of 0.05%, the Nasdaq Composite witnessed a marginal increase of 0.18%.

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See More: Best Crypto Day Trading Strategies

Analyst Notes: “What is not helping Bitcoin is all the attention going to meme coin Pepecoin. Pepe made a run above the $1-billion market capitalization, which is ludicrous. The meme coin has collapsed, triggering massive losses for those who joined the party too late. For the global crypto market cap to make a serious run higher, these meme coins can’t be attracting this much attention,” said Edward Moya, senior market analyst at OANDA.

Crypto trader Michael Van De Poppe said Bitcoin is currently trending down and has reached a low of $27,400. 

Van De Poppe suggests that the price may dip further to $26,800, but sees potential buying opportunities in this range (especially with the consumer price index in mind). Van De Poppe also highlights the importance of waiting for a bullish divergence signal before entering a long position.

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Pseudonymous analyst Bluntz expressed concerns about ETH, stating that the current trend does not appear optimistic. 

The analyst said a clear 5-wave decline followed by a slow 3-wave recovery back up to the 0.618 fib level, where another significant selloff was observed. This pattern suggests a lower high and indicates that further declines are possible. Bluntz believes that the next possible stop for ETH could be around $1700, where the analyst plans to re-evaluate the situation.

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users



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