CEC Capital cryptocurrency consultant Laurent Xsis suggested that BTC could fall below $26k over the weekend. The expert is sure that fundamental factors do not hold the coin, and the increase in BTC reserves at lower levels resembles a short-term game. Oanda analyst Ed Moya believes that Bitcoin will continue to be subject to further decline until the US sees clarity on regulation.
ETH has also declined this week. The price of the coin dropped from $2 thousand to $1.7 thousand. The deterioration of the mood in BTC was caused by a drop in prices for some memcoins, in particular for PEPE, which has declined by more than 60% over the past week. Recall that the token debuted in April of this year and quickly grew to an estimate of more than $ 1 billion. Now the amount has been reduced to about $560 million.
DOGE and Shiba Inu SHIB coins fell in price by 11%. Altcoins did not stand aside and lost 20% in the value of Aptos (APT), and Filecoin (FIL) and Aribitrum (ARB) 17%.
Yuwei Yang, chief economist at Bitcoin mining company BTCM, said that the hype around coin memes often provokes a market collapse. This situation was observed 2 years ago with DOGE and SHIB. This week, the lost profit syndrome (FOMO) subsided, which caused changes in the coin market-meme.