Bitcoin continues to retreat amid weak trader activity

by in Cryptocurrency News


Bitcoin (BTC) kicks off the new week with a deeper dive than many analysts previously expected. They predicted that the cryptocurrency would be able to stay in the $ 60,000 area, but now it is safe to say that this psychological mark has transformed into a zone of strong resistance.

Before the start of the North American session, BTC fell to $ 57,505. Over the past few days, bitcoin capitalization fell by more than 13% to $ 1.084 trillion.

All leading altcoins are traded in the red zone. Ether (ETH) and Binance Coin (BNB) lost 2.8% and 1.5% overnight and fell to $ 4200 and $ 573, respectively. Solana (SOL), XRP, and Cardano (ADA) all pulled back to $ 222.6, $ 1.05, and $ 1.81. The value of all digital currencies fell to $ 2.582 trillion on November 22.

The fall in bitcoin and other coins is observed against the backdrop of a weakening of transactional activity. According to BitinfoCharts, the average daily number of transactions on the BTC blockchain fell from 335,259 to 222,817.

Trending: Cardano-based DEX Ardana Teams up With Near Protocol

Observers do not expect big moves in the market this week. Most likely, due to the approaching Thanksgiving Day in the United States next Thursday, the activity of the players will remain low.

Another important event will be the statement by the head of the White House, Joe Biden, about who should take the post of chairman of the Federal Reserve. There are two candidates Jerome Powell (current head of the regulator) and Lael Brainard.

However, one should not expect a significant reaction from investors, as both candidates adhere to reasonable crypto regulation.