Ether, Altcoins Remain Under Pressure Following Volatile Weekend

Over the last 24 hours, Ethereum has advanced by 4%, but since reaching almost $3,300 early Monday due to unverified reports of approval for several Bitcoin and Ethereum spot ETFs in Hong Kong, it has dropped approximately 4%.

The broader CoinDesk 20 Index is ahead 0.68% over the past 24 hours.

On Saturday, the prices of Bitcoin, Ether, and other cryptocurrencies dipped. Bitcoin fell to around $61,000, while Ether dropped below $3,000. This downturn occurred as Iran initiated a series of attacks on Israel. However, by the end of the weekend, the crypto market showed signs of recovery.

In a message to their investors based in Singapore, QCP Capital shared that historically, purchasing cryptocurrencies or other digital assets during significant geopolitical tensions has resulted in lucrative returns.

Ed Goh, the trading chief at B2C2, a liquidity provider, shared that their company has observed persistent purchasing of Bitcoin, notably during the recent weekend price drops. Approximately 57% of their transactions were in favor of buyers according to Goh’s statement. Furthermore, he mentioned that altcoin trading remains brisk and there is a prevailing inclination towards acquiring altcoins as well.

The Bitcoin halving is coming up on April 19th, and certain investors anticipate that this occurrence may cause a temporary drop in price both before and following the event due to profit-taking or selling off positions in advance of potential market volatility.