Several altcoins in the top 10 are nursing 24-hour losses that are even bigger than Bitcoin's.
Looking ahead, it seems that Bitcoin is now likely to retest lower levels after losing its momentum.
In other developments, some of the institutions that purchased crypto earlier in the year have been booking impairment charges — confirming that the value of their investments has fallen.
Visa Milestone, ETH Fees, Altcoin Update
Despite the short-term doom and gloom, there has been a little bit of bullish news around.
Visa has entered into a partnership to allow more than 50 companies to use its card program, enabling consumers to spend and convert crypto. It’s hoped this will make it easier for consumers to use digital assets at more than 70 million merchants around the world, even those that don’t accept it.
Cuy Sheffield, the company’s head of cryptocurrency, told Markets Insider:
“The merchants don't have to change anything," Cuy Sheffield, Visa's head of cryptocurrency, told Insider. "It will be the same as any other Visa transaction to them. But on the backend, the crypto assets are instantly converted into fiat.”
Crypto enthusiasts who use DeFi protocols and invest in non-fungible tokens may also be breathing a sigh of relief after Ethereum fees fell to their lowest point since March 2020, the month when a brutal flash crash took place.
According to Coin Metrics, gas prices on the blockchain have been dwindling for several weeks and started trending downward in late April. This may be linked to the number of scalability solutions that have emerged in recent months.
Bitcoin appears to have weathered today’s bearish activity far better than the altcoins in the top 10 biggest cryptocurrencies by market cap.