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Bitcoin and Ether Fall Below Key Support Levels

Bitcoin and Ether Fall Below Key Support Levels

On Friday, Bitcoin experienced a decline, falling below the support level of $27,000. Similarly, Ether also saw a decrease, losing its hold on the $1,600 mark for the first time in a week. The top 10 non-stablecoin cryptocurrencies, excluding Bitcoin and Ether, also recorded losses over the past 24 hours. 

Among these, Solana experienced a significant drop of more than 3%. In the stock market, U.S. futures remained steady during Asia’s opening hours, following a loss of over 1.0% across all three major U.S. indexes on Thursday.

Crypto Market Closes the Day in Red

In the last 24 hours, Polygon’s Matic token experienced the largest drop among the top 10 cryptocurrencies, declining by 2.2% to $0.524. This is the lowest value for Matic since July 2022, over a year ago.

Bitcoin also saw a decrease of 1.03% in the past 24 hours, bringing its value down to $26,688, according to data from CoinMarketCap. This marks the second day that Bitcoin has remained below the $27,000 support level.

Crypto Market Closes the Day in Red

Even as Bitcoin’s price performance remains lethargic, its acceptance among institutional entities continues to rise. Prominent organizations such as Square and Japan’s Nomura Bank are among those embracing Bitcoin. 

This practice indicates that these institutions view Bitcoin as a valuable asset or an investment opportunity. Their participation not only adds to the current volume of transactions but also demonstrates faith in the future potential of Bitcoin.

Ether, the second-largest cryptocurrency globally, experienced a 1.28% decrease, bringing its value down to $1,597. Earlier today, it reached a weekly low of $1,573 after losing its hold on the $1,600 support level.

The top 10 non-stablecoin cryptocurrencies also saw losses over the past 24 hours. Among these, Solana’s SOL token was one of the most affected, dropping 3.73% to $19.54. Despite this, it still managed to achieve a weekly gain of 3.35%.

The total cryptocurrency market capitalization experienced a decrease of 0.91%, bringing it down to $1.06 trillion. However, the market volume saw an increase of 3.20%, reaching $28.54 billion, as per data from CoinMarketCap.

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