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Bitcoin investors have been thrown into a state of unease after the leading cryptocurrency experienced a 10% drop last week. Renowned Bitcoin analyst Crypto Rand took to Twitter to address investor concerns, suggesting that the $27,800 resistance zone was a natural place for a pullback after Bitcoin’s significant rise this year. He further stated that there should only be a real concern if Bitcoin fails to hold the $24,000 to $25,000 support zone.
How Have Altcoins Been Impacted By BTC Price Crash?
As Bitcoin’s value fluctuates, the altcoin market has been affected as well. Crypto Rand outlined two potential scenarios for altcoins: either they remain stable as Bitcoin and dominance (DOM) move together, or they suffer if DOM consolidates while Bitcoin’s value falls. Investors are closely monitoring the relationship between Bitcoin and altcoins for any signs of exhaustion.
Ethereum’s Outlook: A Potential Opportunity?
Crypto Rand also shared his thoughts on Ethereum (ETH), stating that he would consider purchasing the cryptocurrency if its value dropped to around $1,500. He believes the market is currently in phase B, with the final high before a downward trend to the “spring.” However, he also mentioned that there is work to be done to negate the bearish outlook, particularly on the Ethereum chart.
Interestingly, this week is packed with important financial events, including a significant week for earnings reports, jobs data release on Thursday, and CORE PCE data on Friday. These events could potentially impact the cryptocurrency market.
Related: Crypto Markets On Edge: Top 6 Events To Watch This Week – Coinpedia Fintech News
Coinbase To Leave The USA
In other crypto news, Coinbase has hinted at the possibility of leaving the United States due to increased clarity on crypto regulations in European countries. Last month, the US Securities and Exchange Commission (SEC) issued a Wells notice to Coinbase regarding alleged securities violations. SEC Chair Gary Gensler was recently questioned about the classification of Ethereum as a security or commodity but was unable to provide a clear answer, further complicating the situation.
Related: Will Binance Exchange Join Coinbase in its Lawsuit Against SEC – Coinpedia Fintech News
The Global Crypto Market: Hong Kong & Russia
Hong Kong‘s High Court recently recognized cryptocurrencies as property for the first time, with Justice Linda Chan confirming that crypto holdings are on par with other intangible assets such as stocks and shares. Meanwhile, Russia’s central bank is reportedly developing a method for using cryptocurrencies in international settlements, despite the Bank of Russia’s opposition to the idea.
The volatile and information-dense world of cryptocurrency trading can be challenging for newcomers and experienced investors alike. Developing specific life practices and staying informed about market trends can help individuals achieve success in the crypto market.
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