The world of cryptocurrency is always full of surprises and this week is no exception. After a week of bullish trading fueled by Ethereum’s highly-anticipated “Shapella” upgrade, the crypto market took a slight dip on Monday. Bitcoin fell over 3% to trade below $30,000, a key level that it had broken for the first time through last week since June. Meanwhile, ether, the world’s second-largest cryptocurrency by market capitalization, was down 2.6% but still held steady above the $2,000 mark it had surpassed just last week, media reports said.
Despite the recent dip, crypto investors remain optimistic as they watch for upcoming bank earnings and monitor the possibility of a coming recession. Several Fed officials are scheduled to speak this week, providing further insight into the health of the sector. However, some analysts warn that the real test for cryptocurrencies is still ahead. With economic growth expected to slow down and the possibility of a recession looming, it remains to be seen how the crypto market will perform in the coming months.
For now, crypto traders are focused on potential price corrections and selling pressures as some investors may peek to take gains from the previous week’s rally. However, some market analysts suggest that any downside potential should not be severe enough to prevent bitcoin from continuing its upward trend. As always, the crypto market remains an unpredictable and exciting world to watch.
