Benzinga - Major coins tumbled on Sunday following the temporary halt in Bitcoin withdrawals by cryptocurrency exchange Binance.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -1.73% | $28,578 |
| Ethereum (CRYPTO: ETH) | -1.77% | $1,882 |
| Dogecoin (CRYPTO: DOGE) | -0.44% | $0.076 |
What Happened: Over the weekend, Bitcoin remained subdued while the Crypto Twitterverse was electrified with anxiety. Several users expressed concern over high transaction fees and a glut of unprocessed transactions, which some saw as an assault on Bitcoin.
At the time of writing, the global crypto market capitalization stood at $1.18 trillion, a decrease of 1.48% over the last day.
Friday turned out to be a great day for U.S. stocks as a surge in regional bank shares and an impressive earnings report from Apple Inc (NASDAQ:AAPL) propelled the market forward. The S&P 500 saw a significant increase of 1.85%, while the Nasdaq Composite rose 2.25% to new heights.
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Analyst Notes: “Bitcoin plunged after an impressive jobs report pushed back Fed rate cut bets. Bitcoin was able to quickly recover those losses and is trading comfortably below the $30,000 level. Today's price action for Bitcoin is very constructive for the bullish case as it appears to be holding onto gains despite a massive rebound with the regional banks. Regulatory clarity didn't significantly improve, but efforts are being made and that should be positive for cryptos long-term. A bill is being proposed to give the New York Department of Financial Services more crypto authority,” said Edward Moya, senior market analyst at OANDA.
Crypto trader Michael Van De Poppe sees the apex crypto dropping back to $28,400 levels. He also suggests that during choppy market conditions, trading PEPE may be more favorable than BTC.
According to Van De Poppe, the key to upper momentum lies in reclaiming $29,200. While $28,400 presents a good mid-range option, he is not interested in it for the time being.
And we fell right through it for #Bitcoin.Unfortunate, back to $28,400.
Choppy areas, through which trading $PEPE makes more sense than $BTC at this point.
Reclaim $29.2K is needed for upper momentum, $28.4K is a good one, but not interested mid-range. pic.twitter.com/IWRE20ya7t
— Michaël van de Poppe (@CryptoMichNL) May 6, 2023
Santiment’s latest data reveals that Ethereum has reached 20,000 active deposits, marking a significant milestone since November 2021. This surge in activity can be attributed to traders moving their profits from Pepe (PEPE) — a meme coin that has been garnering a lot of attention lately — to ETH.
"Exchange addresses interacting on the network is now at its highest level since November 2021. As expected, ETH is showing decoupling signs and on the cusp of breaking $2,000 once again."
In a recent video update, acclaimed crypto analyst Jason Pizzino appears bullish on the future of Bitcoin.
Pizzino highlights that both Bitcoin and the stock market have shown resilience against negative economic news. Despite looming threats of a recession and banking collapses, Bitcoin has managed to maintain its strong momentum.
"For nearly two months, Bitcoin has been trading over $25,000. With all of the bad news that we have seen in the markets, nothing is swaying Bitcoin from hitting $30,000, $40,000, maybe even $50,000 this year," he said.
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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