The total value of the crypto market has decreased by about $130 billion in the past 24 hours, from $3.45 trillion to $3.32 trillion. Bitcoin’s price fell by 3% to $105,000, while altcoins such as XRP, Solana, and Dogecoin saw a decline of 4% to 9%.
2. New restrictions on crypto by China
China has imposed new restrictions on cryptocurrencies, which has added pressure to the market. These measures have increased investor anxiety and a selling trend.
3. Lack of investment in Bitcoin ETF
There was no new investment in the Invesco Bitcoin ETF on May 31, which is a sign of declining interest from institutional investors. This situation could lead to liquidity problems in the market and pressure on prices.
4. XRP Price Drop
XRP price has seen a 4.62% decline, which is a result of the uncertainty created by the SEC’s silence on the Ripple case.
---
📈 Positive news:
1. Positive developments regarding crypto in Pakistan
Pakistan has recently established the “Pakistan Crypto Council”, which aims to promote blockchain technology and digital assets in the country. This move may create new opportunities for the crypto market in Pakistan.
2. Improvement in Bitcoin technical indicators
Bitcoin’s Relative Strength Index (RSI) has reached 62, which is a sign of a positive trend in the market. In addition, Bitcoin’s 50-day moving average has crossed the 200-day moving average, which is called the “golden cross” and is generally considered a bullish sign in the market.
---
🔍 Summary:
Although the market is currently facing negative trends, there are some positive indicators that suggest a brighter future. Investors should remain cautious, keep an eye on the latest market news, and make their investment decisions wisely.
