Overnight Crypto Dip: Bitcoin Lags as Market Adjusts to $1.19 Trillion

Bitcoin stalls at $28,000 as the market outperforms it

Overnight, the cryptocurrency market fell 1.4% to $1.19 trillion. Bitcoin once again lagged the market, dropping 1.6% to $28K. To $1890, Ethereum dropped little over 1%. This Bitcoin phenomenon may be related to its success during the bank capital flight incident in March. Now that the money is neatly stashed away somewhere else, Bitcoin is "resting."

The latest decline in the price of bitcoin has shown that the trading range from the previous two weeks is still in place. The first cryptocurrency encounters no substantial barriers on its descent to prices around $27K. The worsening decline may be impacted by unfavorable market sentiment in conventional financial markets.

According to firm founder Michael Saylor, MicroStrategy also purchased 1,045 bitcoins for around $29.3 million at an average price of $28,016 per BTC. At an average price of $29,803, MicroStrategy currently owns 140,000 BTCs worth $4.17 billion.

The correlation score between bitcoin and gold has reportedly risen to 50%, according to Kaiko. BTC's reliance on the US stock market has decreased to 20% in the meanwhile.

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Gold-linked coins now have a capitalization of more than $1 billion. The market is dominated by two companies, PAX Gold and Tether Gold, who together represent 99% of the gold tokenization.

The crypto whales, who hold more than 10,000 ETH, are allegedly getting ready to sell and have already begun putting money into exchange wallets. When a cryptocurrency reaches a value of $2,000 or more, a coin reset is likely to occur.

The fifth-largest bank by assets in Switzerland, PostFinance, has said that it would provide its 2.5 million clients with "a full range of cryptocurrency services."

Contrary to Americans, the majority of individuals in Latin America think cryptocurrencies will eventually be accepted as legal cash, according to Morning Consult.