Crypto

Crypto Market Analysis

Crypto Market Analysis | 29 May 2024 

Crypto Market Analysis

After falling below 67.5k USD, BTC recovered pretty quickly to regain the 68k USD mark as BTC continues to trade in the tight range it has formed.

The selling pressure on BTC seems to come from the transfer of around 140k BTC worth more than 9 billion dollars from the now defunct Mt Gox exchange to an unknown address. Mt Gox, the biggest Bitcoin exchange back in 2014 is set to return Bitcoin holdings to its creditors by 31st October 2024. Since the buying price of these crypto lies around 700 dollars, the investors sitting at around 100x gains are expected to sell some of their holdings on receiving the Bitcoin back.

With now deemed as a meme stock, GameStop rose 25% yesterday in the US, and several meme coins including DOGE, SHIB, and FLOKI also rallied with FLOKI hitting an all-time high. FLOKI had previously hit this level back in 2021 but had crashed more than 90% post that, which shows that meme coins are definitely going through a super cycle currently.

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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