Bitcoin Begins Week below US$26,000
TEHRAN (Tasnim) – There was red ink across the crypto market Monday in Asia as Bitcoin shrunk below the resistance level of US$26,000.
Ether also fell to near the US$16,000 mark after a hack on the X account of Ethereum founder Vitalik Buterin.
Other top 10 non-stablecoin cryptocurrencies logged losses. Solana’s SOL led the losers with a 24-hour slide of over 6%. Bankrupt crypto exchange FTX could soon get the greenlight to liquidate its US$3.4 billion in crypto holdings, adding to selling pressure in the market.
US stock futures traded higher after Wall Street logged weekly losses Friday. Investors now look ahead to the release of more US inflation data later in the week for clues on upcoming interest rate policy.
Bitcoin dipped 0.25% in the last 24 hours to US$25,831.97 as of 07:50 a.m. in Hong Kong. It lost 0.53% for the week, according to CoinMarketCap data. The world’s leading cryptocurrency briefly traded above US$26,000 last Friday. But it soon lost that support level and remained range bound over the weekend at around US$25,900, yahoo.com reported.
Ether, the Ethereum blockchain’s native token, fell 1.12% to US$1,616.79, and dropped 1.18% over the past seven days.