– Bitcoin price is attempting to defend the $26,500 support.
– BTC miners seem to be offsetting their losses or paying off their bills to keep their systems running.
– NASDAQ, on the other hand, seemed unbothered by the macroeconomic conditions adding 2.46%, led by Nvidia’s 24% rise.
The concerns regarding
Bitcoin price recovery are spreading in the crypto market.Beyond impacting the price of other cryptocurrencies, the bearishness is also reaching miners.The worries surrounding the US debt ceiling are being felt but not reflected in the stock market.
Bitcoin price declines while TradFi booms
Bitcoin price is still in the sub $26,000 levels after observing a 3% decline over the last 24 hours.This has resulted in miners selling their reserves in order to either prevent further losses or to continue to power their systems.
In the span of 24 hours, these miners sold nearly 1,000 BTC worth close to $27 million.
Bitcoin miner reserve
At the moment, the US debt ceiling is being hailed as a major reason for the pushback on recovery in the crypto’s price.While the Biden administration and Republicans continue to talk and find common ground, the market suffers from the fear of default.However, on May 25, this fear seemed to have dissipated as the stock market improved.
Seemingly unaffected by the adverse macroeconomic conditions, the NASDAQ 100 shot up by 2.46%, hitting a 13-month high of 13,938.This rise was led by Nvidia (NVDA), whose stock prices rose by nearly 24.37%, trading at $379.80.
NVDA 1-day chart
NVDA added nearly $200 billion to its market cap during the intra-day trading hours, which raised eyebrows everywhere.
To put this into perspective, the total gain by NVDA on May 25 is four times the amount left in US Treasury’s cash balance of around $49 billion.
Seeing this stellar rise, Crypto Twitter is questioning why Bitcoin did not find the liquidity to benefit from such an increase.
This was explained by analyst CrediBULL Crypto that the liquidity exists in the market as observed in the case of NVDA.And it would not be difficult for the biggest cryptocurrency in the world to find it either, given the crypto space is still small in comparison.
However, the market still needs stimulation from institutional investors and whales since retail investors still operate with fear and caution, pulling back at the first sign of trouble.Besides, Bitcoin whales, for a long while, have been observed as a trigger for a bull cycle.
This was evident back during the 2017 Bitcoin cycle as well when these whales pushed the BTC price to its then-cycle top.The whale activity at the moment is at a two and half year low.The last time it was at this point was back in December 2020, and a rise in the same could prove fruitful for Bitcoin price.
Bitcoin whale activity
Read more –
How whale activity fuels Bitcoin cycles: a 2017 vs.2023 comparison
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.
FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.
FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Even at current levels, Fantom price is still at risk of tanking 20% as FTM offers no upside potential
Fantom (FTM) price is at risk of imploding after bears have been able to break a substantial support this week.Bulls have vacated the premises and are not expected to pop up any time soon.
More Cryptocurrencies News
Top 5 Chinese cryptocurrencies to buy after Hong Kong welcomes crypto
Hong Kong’s recent stride in regulating cryptocurrencies sets a precedent for other countries that are either ignoring the asset class altogether or delaying its regulation.
More Cryptocurrencies News
Binance Coin price action alerts traders that a slide below $300 is forthcoming
Binance Coin (BNB) price is feeling some negative pressure from the Reuters report that came out earlier this week.It revealed that Binance Exchange has been breaching US financial rules by mixing up company money with client deposits.
More Binance Coin News
Polygon price stuck in pennant as MATIC heads for an upside breakout to $0.96
Polygon (MATIC) price is currently trading sideways with great respect for the pennant formation that has been present since the beginning of May.With several attempts to the upside for a breakout and some minor dips to the downside, the final result looks to favor the bulls.
More Polygon News
Bitcoin: BTC unchanged, but bullish recovery is still on the cards
Bitcoin price outlook on the weekly chart has not changed much.BTC is still trying to find a stable support level for a recovery rally, but things could get worse if sellers overwhelm the next accumulation zone.
Read full analysis.
