Bitcoin and Ethereum Have Further Correction Potential

Bitcoin Reaches $26,000

The market capitalization of cryptocurrencies has decreased 1.6% in the last day to $1.10 trillion, returning to the levels from which the market recovered over two weeks ago. At the same time, bitcoin is down 2%, Ethereum is down 2.2%, and the leading altcoins are losing between 0.5% (Solana) and 3% (Cardano). Polygon (+0.8% in 24 hours) and Tron (+10% in 7 days) overcame the headwinds.

At the start of trading on Thursday, the price of Bitcoin fell under $26K, a mark it has consistently exceeded since March 17th. Bitcoin saw a robust climb in March and April on worries about the safety of assets held by regional US banks. Cryptocurrencies have reverted into a correction as this problem has lost some of its media attention.

On the technical analysis front, the $25K level is seen as a critical stop on the way down, with little support found on the journey to that level.

Ethereum has rolled back to the lower end of the last two months’ range at $1777. $1700 becomes accessible with one more step down.

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The well-known ChatGPT forecast that the halving of Bitcoin in 2024 will trigger a "massive bull run," stating that the finite resource's value is growing with stable or increasing demand.

The International Organisation of Securities Commissions (IOSCO) suggested that cryptocurrencies should be regulated similarly to equities and bonds because of their similarities.

According to Reuters, cryptocurrency exchange Binance broke US financial regulations in 2020 and 2021 by failing to maintain separate corporate and customer balance sheets. The claims have been refuted by Binance.

Elon Musk urged people to "don't bet too much" and not invest all of their money in Dogecoin, but he continued to call DOGE his favorite cryptocurrency.