News 
Coin Information 
About us 
Bitcoin has dropped below the $27,000 mark for a second consecutive day, reaching its lowest level since late March. Despite positive employment and price data, as well as recent banking crises, investors remain cautious and are awaiting a significant price catalyst.
Bitcoin has been trading within the $25,000 to $30,000 range this spring, and analysts believe it will continue to be range-bound without a compelling reason to push higher or lower.
Katie Talati, Head of Research at blockchain asset management firm Arca, stated in an interview with CoinDesk TV that the market's reaction to macro data has not had a significant impact in recent weeks.
She believes that many feel that the macro moves have already been priced in, and the recent market activity is more specific to the digital asset space.
Ether, the second-largest cryptocurrency by market value, has also been experiencing a period of limited movement in recent weeks, despite the successful Ethereum Shanghai upgrade in early April.
The Pepecoin-inspired meme mania has been subsiding just a week after reaching a $1.8 billion market cap. According to data from crypto intelligence firm Nansen, "smart money" wallets have reduced their PEPE holdings by $3 million in the past 24 hours.
In the meantime, other major cryptocurrencies have predominantly experienced losses, with the CoinDesk Market Index, a measure of the overall crypto market's performance, down 2.4%.
Alex McDougall, CEO of Stablecorp, shared in a CoinDesk TV interview that Bitcoin is taking a slight pause in May as investors reflect on a wave of positive jobs and price data.
He added that the decoupling from the risk-on tech stock narrative is intriguing, and in times when numerous competing narratives are at play, the market can swiftly shift between them.
McDougall also noted concerns about the congestion on the Bitcoin network caused by meme-driven activity and its ability to handle increased volume generated by NFT-like Ordinals.
He mentioned that liquidity remains an issue the crypto industry needs to address, but he remains optimistic about Bitcoin's future.
Comment 0