Ethereum fell roughly 2% to plummet below the $1,600-mark as Bitcoin struggled to retain gains and remained below $26,000-levels.

On Wednesday morning, Bitcoin and other cryptocurrency tokens were suffering as traders became alarmed by the prospect of selling pressure from the bankrupt exchange FTX. Market players were considering the prospect that FTX would obtain a bankruptcy court order authorising the sale of assets from its $3.4 billion in cryptocurrency holdings when the market started to decline.

In a joint policy paper on cryptocurrencies, the IMF and FSB cautioned governments against adopting broad bans to reduce the dangers posed by the industry and suggested targeted limitations and prudent monetary policy instead. Targeted limits could be useful, especially for emerging economies.

In spite of a slight increase, the largest cryptocurrency token, which is Bitcoin, was battling to hold gains as it remained below $26,000 levels. Ethereum, its biggest peer, lost approximately 2% of its value and slipped under $1,600. The morning’s price movement in the altcoins was still negative.

For the first time in nearly three months, Bitcoin briefly lost support at $25,000 in the past 24 hours. The price of Ethereum has also fallen beyond its support level of $1,600 and is at around $1,550.

Even though Wednesday’s anticipated FTX unlocking is still a major factor in Soalana’s sell-off, the asset is already down about 50% from its most recent peak in July. The US Producer Price Index (PPI) data, the US retail sales data, and the US CPI data due out tomorrow are a few of the events that investors are anticipated to closely observe.

All major cryptocurrency coins were trading down on Tuesday, with a few outliers. XRP fell by more than 3%, while Polkadot fell by more than 2%. Among the other significant laggards were Polygon, Litecoin, Shiba Inu, and BNB. Dogecoin was one of the gainers, gaining roughly 1%.

The market capitalization of all cryptocurrencies was trading noticeably lower, dropping to the $1.03 trillion mark after sliding about 1% in the previous day. Nevertheless, the overall trade volume increased by up to 65% to $35.17 billion.

On Friday, Bitcoin reclaimed $25,800 levels by rising modestly. Ethereum followed suit but was unable to breach the $1,650 threshold.

After touching its six-month lows on Thursday, Bitcoin was having trouble holding onto its gains. As the rise quickly faded, some fund buying in the cryptocurrency market added to the pessimistic feelings. Before this weekend’s G-20 conference in New Delhi, all eyes will be on macroeconomic developments and crypto legislation.

On Friday, the largest cryptocurrency token gained slightly to reclaim $25,800 levels, causing Bitcoin to nudge up a little bit. Ethereum, its biggest rival, also climbed along similar lines but was unable to surpass $1,650. The smaller counterparts’ altcoin price movements remained positive.

As it makes another effort to cross the $26,000 resistance level, Bitcoin is currently trading over the $25,600 mark. It hasn’t been able to get enough traction to cross the $26,000 and $26,200 milestones, though. This pattern is consistent with historical data, which reveals that over the past six years, the price of Bitcoin has consistently decreased in September.

Over the previous week, Ethereum has fluctuated between a small trading range of $1,600 and $1,700. The US SEC has received an application from asset management companies Ark Invest and 21Shares for the development of a fund called Ark 21Shares Ethereum ETF. If approved, this would be the country’s first-ever effort to introduce a spot Ethereum ETF.

The majority of the biggest crypto tokens were trading marginally higher on Thursday, with a few outliers, while selling in bigger peers weighed on the markets. Toncoin gained 4%, while Tron gained roughly 2% among the gainers. Solana lost 2%, Dogecoin and Cardano lost roughly 1% each, and Solana lost 3% overall.

The market capitalization of all cryptocurrencies was trading nearly constant at $1.04 trillion, having decreased marginally during the previous day. The total trading volume did, however, increase by more than 10% to $26.72 billion.

For another day, albeit a very brief one, BTC’s price stayed inside a constrained range. Around the time when word surfaced that Cathie Wood’s ARK Invest, a big tech investor, had applied for a spot Ethereum ETF in the US, there was a small dump and pump.

Additionally, Google’s ad services will now permit NFT game developers to advertise their games that use in-game digital asset exchanges as long as they do not include any gambling-related components, marking one of the most significant modifications to product policy in recent memory. Google had approved the listing of these games on the Play Store in July of this year.

On Wednesday, the cryptocurrency market was trading higher, with Bitcoin (BTC) up 1.23% to $30,476 and Ethereum trading above $1,850.

In the meantime, BTC volume over the previous 24 hours increased by 66.55%, reaching almost $14.59 billion.

The price of bitcoin has been ranging above $30,000 with a brief surge earlier today towards $31,000 and a subsequent swift fall. BTC will probably try to retake the level once more. The ultimate goal will be to break through crucial resistance at $32,400 before a persistent rise is achievable.

The 50-day simple moving average ($1,841) is currently being defended by the bulls, but Ether is also encountering resistance at the 20-day exponential moving average ($1,871). This tussle between buyers and sellers points to a lack of obvious market momentum.

On Monday, the prices of other popular crypto tokens increased as well. Up to 9% gains were seen in BNB, Polygon, Solana, and Litecoin. The market capitalization of all cryptocurrencies was up, trading at roughly $1.19 trillion, up 1.45% in the previous day.

DeFi’s 24-hour volume is 2.14 billion, or 6.62%, of the overall volume of the crypto market. Currently, the combined volume of stablecoins is $30.02 billion, accounting for 93.04% of the 24-hour volume of the entire crypto market.

The largest cryptocurrency in the world by market cap, Bitcoin, was valued at over $593 billion. According to CoinMarketCap, the market share of Bitcoin is currently 49.88%, a decline of 0.11% from the previous day.

Given the double top pattern and the 50-day exponential moving average, it is evident from an analysis of the 4-hour time frame that Bitcoin is hitting severe resistance near the $30,500 level.

With Bitcoin breaching a significant resistance level of $16,750, the cryptocurrency market as a whole is exhibiting a significant downturn. Similar to Bitcoin, Ethereum, the second-ranking cryptocurrency, has experienced a sharp increase of 3% to $1,250.

Despite the fact that the global crypto market value increased 0.54% to $809.35 billion the previous day, major cryptocurrencies were trading in the bullish early on January 4. Over the previous 24 hours, the total crypto market volume increased by 12.75% to $26.64 billion.

DeFi’s total volume is $1.92 billion, accounting for 7.20% of the overall 24-hour volume in the crypto market. The total volume of all stable currencies is currently $24.85 billion, accounting for 93.30% of the crypto market’s total 24-hour volume.

Bitcoin Price

The current bitcoin price is $16,857, with $15 billion in trading volume in the last 24 hours. Bitcoin has broken through a major resistance level of $16,785 and is now heading north toward the next resistance level of $16,950.

Bitcoin has formed a bullish engulfing candle on the 4-hour timeframe, indicating the possibility of a strong uptrend continuation. A break above $16,950 could take Bitcoin to the $17,250 level.

Ethereum Price

The current price of Ethereum is $1,247, with a 24-hour trading volume of $4.8 billion. Ethereum has gained 2.5% and has found immediate support at the $1,235 level.

On the upside, ETH’s immediate resistance remains at $1,260, and a bullish breakout could expose the price to $1,280 or $1,300.

While support is still around $1,235, a break below this level may allow for more selling until $1,205.