Crypto Price Today: Bitcoin slips below $26,000; Ethereum holds $1,700; Shiba Inu & BNB fall 5% each

After the weekend hammering, Bitcoin and other top crypto tokens were resilient on Monday amid regulatory challenges and liquidity issues. US regulators are on a warpath, going after major crypto exchanges and declaring a handful of major altcoins securities – a scarlet letter in crypto terms.

Bitcoin continued to remain under pressure as the largest crypto token was mildly up after the weekend jitters and traded below the $26,000 mark. However, its largest peer, Ethereum, was down in red and dropped another per cent to remain below $1,750 levels. Action in the altcoin was majorly mixed.

Crypto markets observed brisk selling pressure over the weekend amid the ongoing lawsuits by the SEC against Binance and Coinbase, which has led to a mass exodus of deposits in these exchanges, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

"Amidst regulatory challenges and liquidity issues in the market, Bitcoin and Ethereum have shown some resilience. Bitcoin is trading around $25,700, continuing to hold its $25,000 psychological support as its dominance is nearing the 50 per cent mark for the first time since April 2021," he said.

Top crypto tokens were trading mixed on Monday, but the move was majorly seen on the downside. Shiba Inu and BNB were down 5 per cent, each, while Solana declined more than 4 per cent. Avalanche shed 3 per cent. Among the gainers, Polygon gained 3 per cent, while Cardano and XRP were up over a per cent, each, after weekend dents.

The global cryptocurrency market cap was trading lower, falling to the $1.05 trillion mark as it shed less than half-a-per cent in the last 24 hours. However, the total trading volumes almost halved, falling more than 49 per cent to $26.6 billion.
 

Tech View by Giottus Crypto Platform
Dogecoin (DOGE)is currently stressed after dropping below the $0.07 resistance level. It has declined by 15% on the weekly and is now trading near $0.06. DOGE has to break the 14-day moving average at $0.068, which could be a good sign for its mid-term trend and could signal a potential trend reversal.
 

Also, the 14-day RSI (28.8 per cent) indicates an oversold sentiment. These values suggest a potential consolidation in the near term if the price continues to hold the $0.055 support level. If DOGE is unable to break through the $0.07 barrier, the price may continue to fall. Especially if altcoins continue to bleed post-US SEC action.

Major Levels:
Support: $0.055, $0.050
Resistance: $0.070, $0.080

(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)