The modest negativity echoed across much of the digital currency world, with 88 of the first 100 changing hands in the red
Cryptocurrencies continued to slide Monday morning after a quiet weekend as all eyes turned to Mexico to see if the nation would vote to adopt Bitcoin as legal tender.
Bitcoin fell 1.2% to US$42,276, while its closest market value rival, Ethereum, slipped 2.2% to US$3,179.
“BTC price is gradually declining, and in the short term it is stuck in a 40K to 48K consolidation zone,” said Naeem Aslam, chief market analyst at Avatrade.
Mexican Senator Indira Kempis said Thursday at the Miami Crypto Conference that the country’s federal government is proposing laws to make Bitcoin legal tender, which would require the most important country to do so and would likely require a positive price dynamics.
Aslam added, “Last week’s big event in Miami made it clear that the fundamentals are only improving and more and more countries are ready to adopt the king of crypto as legal tender.
“What traders like to see is for the price to break above the US$50,000 price level, as this will only bring more interest to the bitcoin price.”
Meanwhile, modest negativity echoed across much of the digital currency world, with 88 of the top 100 hands changing into the red.
Terra, Avalanche, and Near Protocol were the biggest droppers among major cryptos, dropping 7.4%, 4.6%, and 5.4%, respectively.
ApeCoin and STEPN, which degraded 2.4% and 6.1% respectively, were the most notable to buck the trend.