Bitcoin and Ethereum witnessed a dip on Wednesday, amidst warnings from analysts that more declines could be in the offing.
Over the past 24 hours, Bitcoin’s value has declined by 2.2%, dropping beneath the US$27,000 mark to stand at US$26,695.
Ethereum, the second biggest cryptocurrency by market capitalization trailing Bitcoin, also saw a 1.78% decrease to US$1,818.
Craig Erlam, a leading market analyst at Oanda, commented: “The trend in recent weeks has been unfavourable for Bitcoin, suggesting that we may face additional declines.”
Bitcoin was approaching US$30,000 a month ago. However, over the recent weeks, it has pulled back due to uncertainties and disturbances in international financial markets, with regional US banks like First Republic folding.
“Nonetheless, the slight decline seems trivial when compared to the significant gains since the beginning of the year. The next crucial technical threshold is set at US$25,000,” Erlam further stated.
In the altcoin market, Solana decreased by 1.8% to US$19.46, Litecoin dropped 6.2% to US$86.07, and Polkadot depreciated by 1.5% to US$5.30.
