Bitcoin (BTC) and Ethereum (ETH), two of the most popular cryptocurrencies, dipped below the $27,000 and $1,800 marks, respectively, on Friday. The latest slump is largely being attributed to the ongoing US debt ceiling discussions. Other popular altcoins — including the likes of Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — landed in the reds across the board. Mask Network (MASK) emerged to be the top gainer, with a 24-hour jump of over 5 percent. Lido DAO (LDO) became the top loser, with a 24-hour dip of over 8 percent.
The global crypto market cap stood at $1.12 trillion at the time of writing, registering a 24-hour dip of 1.46 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $26,832.03, registering a 24-hour loss of 1.78 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.25 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,799.29, marking a 24-hour dip of 1.27 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.56 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 1.11 percent, as per CoinMarketCap data, currently priced at $0.07363. As per WazirX, Dogecoin price in India stood at Rs 6.47.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 1.34 percent. At the time of writing, it was trading at $92.34. LTC price in India stood at Rs 8,100.
Ripple (XRP) Price Today
XRP price stood at $0.4674, seeing a 24-hour gain of 4.50 percent. As per WazirX, Ripple price stood at Rs 40.75.
Solana (SOL) Price Today
Solana price stood at $20.33, marking a 24-hour loss of 3.10 percent. As per WazirX, SOL price in India stood at Rs 1,800.10.
Top Crypto Gainers Today (May 19)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Mask Network (MASK)
24-hour loss: 5.14 percent
24-hour loss: 4.07 percent
Render Token (RNDR)
24-hour loss: 2.83 percent
24-hour loss: 1.22 percent
Gemini Dollar (GUSD)
24-hour loss: 0.25 percent
Top Crypto Losers Today (May 19)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Lido DAO (LDO)
24-hour loss: 8.46 prcent
24-hour loss: 6.50 percent
Axie Infinity (AXS)
24-hour loss: 5.65 percent
24-hour loss: 5.22 percent
24-hour loss: 4.85 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin’s price has undergone a reversal, dropping from its recent peak of $27,400 to the $26,700 level. This decline can be attributed to investor concerns surrounding ongoing debt ceiling discussions in Washington, DC, and regulatory developments. Over the past three days, Bitcoin has experienced a downward trajectory, resulting in an 8 percent decline in value month-to-date. Despite this recent dip, it’s worth noting that Bitcoin has still seen a remarkable 61 percent increase in value since the beginning of the year, underscoring its long-term growth potential and resilience. Similarly, Ethereum, the second-largest cryptocurrency, has followed Bitcoin’s performance closely, with a decline of over 1 percent in the last 24 hours. Ethereum has experienced downward movement in three out of the past five days, leading to a 5 percent decline in value month-to-date and an overall decrease of 62 percent.”
WazirX Vice President Rajagopal Menon said, “In the face of market uncertainties impacting the prices of bitcoin and ether, traders maintain a positive stance, buoyed by the emergence of more defined regional crypto regulations. On WazirX, Cocos-BCX (COCOS) and iExecRLC (RLC) have been the top gainers in the last 24 hours.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin struggled to break the $27,500 level, leading to a sharp decline to $26,500. Bearish candlestick patterns were seen in the four-hour time frame, indicating seller dominance. Technical indicators such as RSI and MACD signalled a bear market. Bitcoin has fallen below the 50-day moving average and is now acting as strong resistance at $26,850. A break above $26,500 could lead to the $26,000 target support, while a break above $26,500 could trigger upside momentum towards the $27,100 resistance levels and potentially $27,490. Monitoring the $26,500 level is key for further price movement.”
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market is feeling the heat from the regulatory concerns in the US and the debate around the debt ceiling. Crypto heavyweights like BTC and ETH were seen in red at the time of writing and their value dipped by 1.89 percent and 1.32 percent, respectively. The markets are expected to remain choppy due to uncertain macroeconomic factors.”
CoinDCX Research Team told ABP Live, “The BTC options expiry on Friday is crucial for Bitcoin’s price, given concerns about regulations and the US debt ceiling. Bears in the Bitcoin market may take advantage of this uncertain climate. The outcome of the expiry will determine Bitcoin’s short-term performance, with potential effects on its price. Meanwhile, Bitcoin’s mining difficulty level skyrockets to a record high, accompanied by a surge in hash rate to 350 TH/s. This indicates the strengthening security and resilience of the Bitcoin network, bolstered by a greater number of miners contributing their computational power to validate transactions and uphold the decentralized nature of the blockchain.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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