Bitcoin, Ether Suffer Worst Week Since July 2024
Summary
- Bitcoin and Ether posted their worst weekly returns since July 2024, underscoring continued weakened investor sentiment.
- Ether approached the key support level of $1,420, and a break below it could send the token below $900, a level seen during the 2022 bear market.
- The decline was driven by a shift of capital into large AI-related IPOs and a drop in spot cryptocurrency trading volume.
Forecast Trend Report by Period
Bitcoin and Ether posted their worst weekly returns since July 2024 as sentiment in the cryptocurrency market continued to deteriorate.
CoinDesk reported on June 5 that Bitcoin had fallen about 14.5% this week and was trading near $62,500. Ether dropped more than 17% over the same period.
Ether was also nearing a key support level at $1,420. If that level gives way, CoinDesk said, the token could fall below $900, a level last seen during the 2022 bear market.
The decline has been attributed to a shift of capital into initial public offerings of large artificial intelligence-related companies and weakening spot-market trading volume. CryptoQuant, an on-chain analytics firm, said spot cryptocurrency trading volume fell to $679 billion in April, the lowest since October 2023.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
