After a volatile weekend, both Bitcoin and altcoins continue to face downward pressure, with Bitcoin retreating to the $64,000 level after its initial bounce on Monday.
Ethereum is struggling to maintain momentum.
Ethereum (ETH), the second-largest cryptocurrency, is hovering just above $3,100, showing signs of struggling to maintain gains made after Saturday's panic selling in the market. Despite rising 4% in the past 24 hours, ETH remains around 4% lower after briefly reaching around $3,300 on Monday morning, driven by unconfirmed reports of the approval of a Hong Kong-based spot Bitcoin and Ether ETF. I'm doing it.
Bitcoin and altcoins face downward pressure again
Bitcoin (BTC) is also experiencing renewed downward pressure, falling slightly to $64,200 over the past 24 hours after nearly reaching $67,000 on Monday morning. The broader CoinDesk 20 index reflects a 0.68% increase over the same period.
Solana (SOL) sees a major reversal of its overnight gains, falling to around $140 from an early morning high of $155 on Monday and $175 it reached on Friday.
Geopolitical tensions influence market sentiment
Cryptocurrency markets plunged over the weekend as geopolitical tensions rose, with the price of Bitcoin falling to the $61,000 range and the price of Ethereum falling below $3,000 following Iran's bombing of Israel. Despite the initial chaos, some stability returned over the weekend.
Market reaction and outlook
Trading firm QCP Capital notes that historically it has been profitable to buy dips during major geopolitical conflicts. B2C2 head of trading Ed Goh reported continued buying of BTC, especially during the weekend downturn, and there was a noticeable bias towards altcoin buying.
As the Bitcoin halving event approaches on April 19, traders anticipate a potential short-term “news sell” reaction before and after the event.
Altcoins show mixed performance.
Despite setbacks in the broader market, some altcoins continued to post significant gains on Monday. Ondo Finance (ONDO) rose 15% over the past 24 hours, while Render's RNDR and The Graph (GRT) rose 12% and 9%, respectively.
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