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Crypto erases positive start to week


31 May 2023 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

Cryptocurrency market capitalisation fell 1.8% over the last 24 hours to $1.136 trillion. After failing to build on Wednesday's gains, the cryptocurrency market came under pressure during the Asian session on Wednesday morning as sellers moved into defensive assets. Bitcoin plunged to $27K, losing more than 2.7% since the start of the day and erasing all of Sunday's gains. Technically, the selling intensified after the pair failed to break above the 50-day moving average, which turned from support to resistance in May. Market participants should now brace for another test of local support around $26K.

According to CoinShares, investments in crypto funds fell by $39 million last week, the sixth consecutive week of outflows. Bitcoin investments were down $12 million, and Ethereum investments were down $6 million.

Weekly trading volumes remain low, at 58% of this year's average, which also mirrors the broader crypto market, with trading volumes at just 38% of this year's average, CoinShares noted.

Bitcoin plunged to $27K, losing more than 2.7% since the start of the day and erasing all of Sunday's gains

New background

According to Dune Analytics, the number of Bitcoin Ordinals-based tokens issued on the network has surpassed 10 million. Approximately 200,000 tokens are being issued daily, including NFTs. US presidential candidate Robert Kennedy Jr. reiterated his support for Bitcoin and said that the SEC should not have people who oppose cryptocurrencies.

Crypto exchange BKEX said it had suspended customer withdrawals while a police investigation into possible money laundering by several users is underway. Major stablecoin issuer Tether announced plans to invest in mining capacity in Uruguay, South America. Renowned cryptocurrency analyst Michaël van de Poppe believes that Litecoin is gearing up for a "pre-halving rally" that will begin in early August.

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