Bitcoin Falls Amid Network Congestion
By Laxmikant Khanvilkar
Largest virtual digital asset (VDA) – the Bitcoin continues to suffer losses as meme coin mania clogged the network and has forced Binance to suspend withdrawals over the weekend.
Bitcoin (BTC) is witnessing unprecedented event with Ordinal or BRC-20 meme coins led congestion, which is hurting prices.
Bitcoin and Ether prices are down since the start of this week. They have extended losses today as well.
Bitcoin is quoting down 3.5% at $27,600 level, while Ether has lost 1.97% to $1,844.
There’s a shift in preference as well. With BTC adding close to 80% year to date in value, investors are taking profits and are shifting to other altcoins and Ethereum.
A crypto market analyst calls bitcoin’s travails of the past two days “growing pains,” and says the largest crypto by market cap “will be fine in the long run.”
The global crypto market cap further declined by 3.18% to is $1.14 tn, over the last 24-hours.
The total crypto market volume increased 57.97% to $45.47 bn. The total volume in DeFi is currently $3.73 bn, 8.20% of the total crypto market volume. The volume of all stablecoins is now $41.10 bn, which is 90.41% of the total crypto market volume. Bitcoin’s dominance is currently 46.93%, a decrease of 0.13% over the day.
Analyst has pointed to the crypto being still in its formative years, and understandably so is a subject to the same headwinds that have afflicted other early-stage technologies throughout history.
Wednesday’s release of the May Consumer Price Index (CPI) for a sense of the U.S. central bank’s next privacy move.
Meanwhile, Binance has once again resumed bitcoin (BTC) withdrawals after a second pause.
Elsewhere, Crypto exchange Bittrex has filed for bankruptcy in the U.S. state of Delaware on Monday, months after announcing it would wind down operations in the country and weeks after being sued by the Securities and Exchange Commission (SEC).
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