The total market cap touched $1.09 trillion on May 13 but rose to $1.14 trillion on May 15. On Friday, it was $1.12 trillion.
“Currently, Bitcoin’s price is undergoing a reversal, dropping from its recent peak of $27,400 to the $26,700 level. This decline can be attributed to investor concerns surrounding ongoing debt ceiling discussions in Washington DC, and regulatory developments. The uncertainty surrounding these factors might have contributed to the market’s volatility and influenced the downward movement in Bitcoin’s price,” he added.
“Bears in the Bitcoin market may take advantage of this uncertain climate. The outcome of the expiry will determine Bitcoin’s short-term performance, with potential effects on its price,” they told Business Standard.
When the market is turbulent, one digital token XRP has shown impressive growth. In the last seven days, it has gained 8 per cent and was trading at $0.046.
In the coming days, the stability is the crypto market will depend upon the progress in the US debt ceiling talks, experts said.