IITMIND: EdTech, Finance and Crypto currencies


On Wednesday, May 10, after the US CPI report came out, BTC and the whole crypto market started pumping and Bitcoin touched as much as $28,300 as per CoinMarketCap. However, just after a few hours, a piece of manipulative news about an alleged sale of 9,800 BTC by the U.S. government created panic in the market. The Bitcoin price flash crashed as a result and has seemingly not been able to recover since.

Not surprisingly, uncertainty in the Bitcoin and crypto market is currently quite high. The Dollar Index (DXY) is currently hovering above historically crucial support at 102.22 (at the time of writing this article). Another bitter blow to the crypto market on Tuesday was the news of Jump and Jane Street’s departure from the U.S. crypto market. The move by the two major market makers comes as a result of regulatory uncertainty in the US.

Also, the popularity of the recent trending BTC Ordinals' in number of transactions has also dropped from 17,000 to 6,000. UniSat’s market share has dropped from 80-90% to 50-60% currently. The US debt ceiling raising issue is another factor, if this doesn't get resolved, the US could make a default on its debt as soon as on 1st June 2023. So, it gonna interesting to see, how the global and crypto markets will react to this in the foreseeable future.

At the time of writing this article, BTC is trading at $26,400 (down by 3.35% in the last 24 hours) and has a market capitalization of $512 Billion.

>> Disclaimer Risk warning:- Cryptocurrency Investment is subject to high market risk. The information on our website is for educational purposes only. Please do your own research before investing anywhere, we will not be responsible for your investment losses.

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