WEAK TRADE HAMPERS BITCOIN’S CLIMB ABOVE $30K

Fri 27 May 2022:

On Friday, Bitcoin was failing to break beyond $30,000 as weak trade continues in the cryptocurrency sector, which has seen nearly $1 trillion disappear in recent weeks.

Bitcoin, the world’s biggest crypto by market cap, was trading at $29,260 at 9.17 a.m. EDT (1317GMT) for a daily gain of 3.7%.

The world’s largest altcoin, Ethereum, also was below the key resistance level of $2,000, as it was trading at $1,810 at the time for a 3.9% daily increase.

The total value of the crypto market stood at $1.22 trillion at the moment.

The crypto market saw almost half of its value evaporate in the past six weeks, as its total loss stood at $970 billion, from the figure of $2.19 trillion recorded on April 4.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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