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Today’s <a href="https://blockchainreporter.net/market/" rel="noopener noreferrer nofollow">market</a> session as started on a dip as the global market session dropped 3.37% as the cap dropped to $1.02T as of press time. <a href="https://blockchainreporter.net/bitcoin-price/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has also seen a substantial drop as the asset now drops below $25K. Trading at $24.9K, the asset had seen a drop of 3.4% as the trading volume currently at $15,275,444,702, had seen a 17% increase within the same period.Bitcoin’s volatility levels are also increasing as the Bollinger bands now diverge away from each other indicating rising volatility. The relative strength indicator is however moving down below its average line indicating a bearish trend on Bitcoin as the bears push for the oversold region.The MACD indicator is also moving down below its average line, giving another indication of a bearish trend on Bitcoin as the asset’s bears dominate.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/09e165b303214d4ea33236c0a6ed0cfa.png" />BTC 1-day chart | Source: <a href="https://www.tradingview.com/chart/mBPnB4WJ/?symbol&#61;BITSTAMP%3ABTCUSD" rel="noopener noreferrer nofollow">TradingVolume</a><h2 id="header-0">Altcoin analysis</h2>Other <a href="https://blockchainreporter.net/altcoins/" rel="noopener noreferrer nofollow">altcoins</a> are also having a rather bearish session as <a href="https://blockchainreporter.net/ethereum-price/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> sits on a 5%loss in valuation within a day of trading to take the asset’s price to $1642 as of press time as the weekly drop-in valuation now stands at 10%. ETH’s trading volume has seen a dramatic 49% rise within the same period as activity on the network increases.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/43c6fbf6ab31457f9b599fff8156265d.png" />ETH 1-day chart | Source: <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">CMC</a>BNB has seen a 6% drop within a day, as the asset’s weekly drop stands at 9% ahead of last week’s volatile market. <a href="https://blockchainreporter.net/ripple-price/" rel="noopener noreferrer nofollow">Ripple (XRP) </a>is also having a bad day as the asset sits on a 6% drop while Cardano (ADA) also sits on a 5.9% drop within the same period. Dogecoin (DOGE) has also seen a 3% drop within the same period as the asset now trades at $0.05989.On today’s trending list, Uniswap (UNI) is leading the way as the asset now sits on a 4.5% gain within the same period as the asset now trades at $4.4695. UNI has a circulating supply of 577,501,036.00 UNI as the <a href="https://blockchainreporter.net/glossary/trading/" rel="noopener noreferrer nofollow">trading</a> volume sits at $153M representing a 88% rise within a day.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a5134bb330b140f2b5336620ab3e6521.png" />UNI 1-day chart | Source: <a href="https://coinmarketcap.com/currencies/uniswap/" rel="noopener noreferrer nofollow">CMC</a>CAPO, the fifth trending asset, has also seen a 1.4% gain within the same period despite today’s bear session as the token now ranks at #2668. The trading volume of the asset currently sits at 3.64M. Terra Classic (LUNC) continues to dominate with mild gains as the asset now trades at $0.00009644 the weekly gain sits at 2.9%.<h2 id="header-1">Why the recent market dips, Robert Quartly, CSO at Bitrue comments</h2>According to Robert, last week and the weekend were tumultuous days for cryptocurrency markets, marked by significant declines in valuations across the board. This occurred in a risk-off environment that requires careful analysis.First, the challenges faced by Binance and Coinbase in the United States hold significant weight. Binance, commanding over 60% of the global market, and Coinbase, with a 70% market share in the USA, are major participants so what happens to them naturally affects global sentiment.Second, the status of individual cryptocurrencies has led some exchanges in specific markets to contemplate delisting some of the larger and widely followed altcoins such as ADA, SOL, and MATIC. What sets the current situation apart is the regulatory focus shifting from market-providing exchanges to scrutinizing individual altcoins: that’s a step change. In raw numbers, the affected coins have experienced bearish performances, with Cardano dropping by 24%, Solana down by 28%, and Polygon shedding 27% in the past week. Other altcoins witnessed similar declines.Amidst this uncertainty, de-risking has become a prevalent approach as stakeholders await resolution and stability. Additionally, traditional market makers are stepping back from the current environment – which, in turn, deeply influences volume and liquidity. There is a general reluctance to participate, with many adopting a wait-and-see approach. How long that will last remains unclear.Third, the broader economic landscape plays a role. Central banks are curbing supply-side inflation by cracking down on consumers’ disposable income – as seen through increased mortgage costs, credit card debts, and data indicating reduced discretionary spending. This implies a potential need for selling crypto – or not buying from retail investors in the first place.More broadly, all this is happening at a time of economic and political uncertainties around the financial system getting remaining constant or getting slightly worse. The USA has merely kicked the debt-ceiling can down the road a bit longer, and banks still face risks associated with mortgage defaults and non-performing loans due to inflation and rising interest rates.Robert has 15 years of experience in finance, government, investment banking, asset management, and strategic advisory. A former Director at Black Square International and Ex-Visiting Fellow at The London School of Economics, he has provided comments and op-eds for leading media outlets.

Bitcoin Drops Back to $24K as Markets Dip Again

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