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Bitcoin and Ethereum slump, but the worst may be yet to come

Published May 24, 2023 09:12

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Bitcoin and Ethereum slump, but the worst may be yet to come

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Proactive Investors - Bitcoin and Ethereum both lost ground on Wednesday as analysts warned that “there may be further pain to come.”

Bitcoin has slumped 2.2% in the last 24 hours, slipping below US$27,000 to US$26,695.

Ethereum, the second largest digital currency by market cap behind Bitcoin, also shed 1.78% to US$1,818.

Craig Erlam, senior market analyst at Oanda, said: “The trend of recent weeks has been against it (Bitcoin) and may suggest there’s further pain to come.”

A month ago, Bitcoin was pushing US$30,000, but over the last couple of weeks has retreated on the back of uncertainty and unrest in the global financial markets, as US regional banks, including First Republic, go under.

“That said, it still pales to insignificance compared with the gains we’ve seen since the start of the year. The next key technical level below remains US$25,000,” Erlam added.

Among some altcoins, Solana was down 1.8% to US$19.46, Litecoin shed 6.2% to US$86.07 and Polkadot lost 1.5% to US$5.30.

Read more on Proactive Investors UK

Bitcoin and Ethereum slump, but the worst may be yet to come

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