The Gloom of Old Altcoins

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Published: May 31, 2024, 08:28 GMT+00:00

XRP, Cardano, and Litecoin are moving downwards, sticking to their 50-day moving averages for more than a week now.

Bitcoin Steadies Below Resistance as Altcoins Struggle

The cryptocurrency market increased modestly by 0.35% in 24 hours to $2.53 trillion. Bitcoin rose by 0.7% in that time, Ethereum changed a little, and many altcoins came under slight pressure.

Bitcoin continues to hang out under the resistance of the descending corridor, where a temporary balance seems to have been found, having been here for 11 days.

Altcoins have a little more gloom. XRP, Cardano, and Litecoin are moving downwards, sticking to their 50-day moving averages for more than a week now. The market is clearly taking its time getting rid of former stars. It’s a logical process, but as applied to cryptocurrencies, it also says that we’re not yet in FOMO mode when all the names are added up.

Crypto News

Fidelity’s spot, Ethereum-ETF, has appeared on the US National Settlement Depository’s (DTCC) asset list. DTCC has so far listed similar products from VanEck, Franklin Templeton, and BlackRock.

Ethereum-ETF issuers now need S-1 document approval from the SEC to begin trading. BlackRock has filed an updated Form S-1, which disclosed information about the start-up investor. Bloomberg Erik called BlackRock’s filing a “good sign.”

Elon Musk denied Bloomberg’s publication that he is Trump’s cryptocurrency adviser. According to him, “he certainly never discussed cryptocurrencies with Trump.”

Inflows into the Ethereum-ETF will be significantly lower than those of similar Bitcoin-based funds, JPMorgan expects.

The New York Stock Exchange (NYSE) has allowed the launch of cryptocurrency trading under a regulatory framework.

Gemini Earn customers will be refunded 100% of their $2.18bn assets more than a year after the programme was closed due to the Genesis bankruptcy. The funds will be distributed in kind, that is – in the form of those cryptocurrencies that were initially blocked on the platform.

Telegram’s official cryptocurrency wallet, Wallet, announced a change to its custodial service provider and strengthened the collection of user data. Updated security rules now require additional personal information.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

About the Author

Alexander Kuptsikevichcontributor

Alexander is engaged in the analysis of the currency market, the world economy, gold and oil for more than 10 years. He gives commentaries to leading socio-political and economic magazines, gives interviews for radio and television, and publishes his own researches.