Cryptocurrency Market Turns Red as Bitcoin, Ethereum, Solana Prices Dip Before Halving
The cryptocurrency market kicked off Friday on a bearish note, as major digital assets Bitcoin, Ethereum, and Solana experienced significant declines in morning trading.
Bitcoin, the leading cryptocurrency, saw a drop of over 4% in the last 24 hours, with its price hovering around $63,400. This decline has sparked concerns among investors about potential volatility as the market anticipates the upcoming Bitcoin halving event.
On the other hand, investment management firm AllianceBernstein remains optimistic about Bitcoin’s future, predicting it to reach $90,000 by the end of 2024. This bullish forecast has injected positive sentiments into the market, despite the current downturn.
Ethereum, the second-largest cryptocurrency, also faced a dip of nearly 6%, with its price around $3,320. Investors are closely monitoring the Securities and Exchange Commission (SEC) for approval on spot Ethereum exchange-traded funds (ETFs), which could potentially impact Ethereum’s price movement.
In a related development, the SEC has initiated an investigation into the Ethereum Foundation, raising concerns about the regulatory classification of Ethereum as a security. This probe has added to the overall uncertainty surrounding the cryptocurrency market.
Solana, another popular digital asset, witnessed an 8% decline, with its price struggling around $171. The network is grappling with congestion issues exacerbated by the high demand for meme coins, leading to a decline in the prices of notable Solana meme tokens like BONK, Dogwifhat (WIF), and Slerf (SLERF).
Industry experts, including Coinbase Asia-Pacific Managing Director John O’Loghlen and SEC Chair Gary Gensler, have provided market analysis and insights on these developments. However, it is essential to note that their views are for informational purposes only and should not be considered as financial or investment advice.
As the cryptocurrency market continues to navigate through these challenges, investors are advised to exercise caution and stay informed about the latest developments to make well-informed decisions. Stay tuned to The Daily Guardian for more updates on the evolving cryptocurrency landscape.