**Bitcoin Drops and Crypto Market Mixed**
Bitcoin experienced a drop early on Monday, with other major cryptocurrencies trading in a mixed manner. This decline for Bitcoin marked its worst weekly performance since the crash on FTX in November 2022. The ongoing legal battle between Grayscale and US regulators had a significant impact on crypto prices, while traders also remained watchful for macroeconomic cues set to be released later in the week.
**Bitcoin and Ethereum Performance**
Bitcoin continued to face selling pressure as the largest crypto token dropped further, although it managed to hold above the $26,000-level. At the same time, Ethereum, Bitcoin’s largest peer, saw a gain of half-a-percent, holding above the $1,675-mark. The performance of altcoins remained mixed during this period.
Edul Patel, Co-Founder & CEO at Mudrex, explained that Bitcoin’s current price of around $26,000 could be attributed to various factors, including widespread token selling by traders stemming from triggers such as uncertainty in the Grayscale versus US SEC case for a Bitcoin ETF, SpaceX devaluing their Bitcoin reserves, and China’s Evergrande group filing for bankruptcy.
Meanwhile, Ethereum maintained its position above $1,600, with altcoins Ripple, Litecoin, and Stellar each experiencing a growth in value by more than 3 percent over the past 24 hours.
**Crypto Market Movements**
Other top cryptocurrency tokens also exhibited mixed trading on Monday. Gainers included Litecoin, which surged more than 3 percent, as well as XRP, Tron, and Toncoin, which each gained as much as 2 percent. On the flip side, Solana, Shiba Inu, and Dogecoin experienced losses of 2 percent, 2 percent, and 1 percent, respectively.
The global cryptocurrency market cap remained relatively flat, inching up less than half a percent to reach the $1.06 trillion mark, while total trading volumes dropped almost 9 percent to $22.04 billion.
**Tech View by Giottus Crypto Platform**
Cardano (ADA), currently trading at $0.27, is attempting to reverse its decline from the previous week and is showing potential for a breakout from a descending wedge. Positive divergence in its RSI levels within the falling wedge pattern suggests the possibility of a bullish reversal leading to an upside breakout.
The token may see a rally if it manages to break the key resistance level of $0.30 (its 50-day EMA), while $0.23 is likely to serve as a strong support zone.
**Conclusion**
These views and recommendations are of the analysts’ own and do not represent those of Business Today. It is advised to consult a financial adviser before taking any position in the mentioned assets.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin