The cryptocurrency market is exhibiting unusual dynamics today. Bitcoin is losing ground, while Ethereum shows resilience. Let's explore the key factors and news influencing the situation.
Market Volatility and Bitcoin Status
Increased market volatility was expected towards the end of the month, confirming bearish sentiment. Bitcoin lost ground, falling below $96,000. However, the broader market exhibits stability as Ethereum holds strength above $2,700.
Impact of Infini Incident on the Market
A surprising development was the news of a hacking attack on the crypto bank Infini, costing over $49.5 million. These funds were swapped to DAI and used to purchase Ethereum, increasing buying pressure on the token.
Ethereum Price Analysis
Ethereum's price is defending the ascending support that has been solid for the past five months. During the weekend, the price rose above the resistance zone and almost reached $2,772. However, the growth was short-lived, and the price fell to $2,700. The current situation suggests caution is needed for further developments.
Current market events point to a dynamic where Ethereum may continue to show resilience despite Infini's issues and sharp Bitcoin changes. However, the situation may shift, and continuous monitoring of developments is necessary.
