Bitcoin and altcoins are exhibiting very volatile movements while trying to overcome the downward wave that started over the weekend.
At this point, while BTC is trying to hold on above $64,000 and Ethereum, the largest altcoin, is trying to hold on above $3,000, an analyst argued that the downward trend for ETH may continue.
Speaking to Coindesk, Singapore-based Presto senior analyst Jun-young Heo first evaluated the current situation of the cryptocurrency market.
Drawing attention to the tension between Iran and Israel, the analyst said, “Unexpectedly high US treasury yields, stronger dollar, tension and geopolitical risks in the Middle East put pressure on cryptocurrency markets.” said.
Stating that apart from the selling pressure due to negativities, the decrease in expectations for ETFs also negatively affected the Ethereum price, the analyst said that other catalysts were needed for the rise.
“It will take some time or other catalysts rather than the usual events to get going again.”
*This is not investment advice.