Crypto

Crypto Market Analysis

Crypto Market Analysis | 22 May 2024

Crypto Market Analysis

Traders continued to rotate money from BTC to ETH with hopes of an ETH ETF approval this week remaining high. While BTC is taking support around the 69k USD mark, ETH has been rallying and testing the 3800 level. For ETH to go further, 4k USD is the critical level.

With ETH and related coins rising, the total value locked in DeFi protocols also increased to 100 billion dollars, achieving this feat for the first time in two years with the leading protocols being Lido and Coinbase’s wrapped staked ETH. If the ETH ETF is approved, a new all-time high in TVL will not be a far-off dream.

On the other hand, in the recently exploited popular gaming token GALA, the hacker has returned $23 million in ETH to the founders. GALA investor DWF Labs is also said to have purchased 28 million GALA tokens to alleviate market selling pressure.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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