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Top Coins Test Key Support Levels as Crypto Market Capitalization Drops 8.6%

According to CoinMarketCap, the entire market capitalization of cryptocurrencies dropped 8.6% last week to $1.16 trillion, reverting to consolidation levels from early April.

In the last seven days, Bitcoin has dropped 8.2% to $27.4K, although it is now stabilizing around levels from the second part of March. The market has lost its prior impetus for growth and is now evaluating the strength of the medium-term upswing using the 50-day moving average, which is at $27K. A break below this would raise doubts about the durability of the bull market, and a consolidation below $26.6K would signal the beginning of a more severe downturn.While other major cryptocurrencies in the top 10 dropped between 5.7% (BNB) and 16.2% (Solana), Ethereum shed 11.7% to $1850, nearing a challenge of its 50-day around $1800.

Technically speaking, the decline in cryptocurrency prices has eliminated the accumulating overbought circumstances, which is positive for prospective purchasers. However, given the heightened likelihood of a severe collapse, short-term traders would be advised to keep a watch on the near term.

Bitcoin News

A bipartisan cryptocurrency measure is what the US Congress is looking for. The Block claims that a measure may be written by the end of May.

The Ethereum market supply has decreased by more over 100,000 ETH following The Merge upgrade, according to ultrasound.money. After switching to PoS, the network saw a 0.15% annual deflation.

Due to the recent failure of Silvergate Bank, Silicon Valley Bank, and Signature Bank as well as regulatory pressure, Metropolitan Commercial Bank, one of the top 10 most effective banks in the US in 2022, has informed the SEC of its departure from cryptocurrency-related activity.

After investing $95 million in the collapsed FTX bitcoin exchange, the Canadian Teachers' Pension Fund of Ontario (OTPP) withdrew from cryptocurrency investments.

The possibility to purchase Bitcoin using the online interface of the Telegram client has been implemented by wallet developers. Until recently, a text bot in the messenger was the only way to access the function.

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