On May 7, Bitcoin saw new volatility as low-liquidity weekend trading tested its trading range, pushing it up to $28,050.
According to TradingView’s data, the Bitcoin to US Dollar exchange rate dropped by almost $1,000, or 3%, in hours and 4.30% in a week. Weekend trading volatility was present for the largest cryptocurrency, but the market was stuck in a wider range for weeks.
Market players were upset with BTC/USD because it lacked the firepower to break through the $30,000 barrier or fall towards critical trend lines near $25,000.
Well-known trader Crypto Tony addressed Bitcoin as “in limbo”:
#Bitcoin really is in limbo right now and doesn't know what to do .. I am back out of a position and just waiting again for one side of this range to break to re enter
— Crypto Tony (@CryptoTony__) May 6, 2023
This is the bearish option if we break the lows, and the bullish option i shared earlier today 👑 pic.twitter.com/dgqvu15J7I
Further, he pointed out that he is waiting for a change in the current condition of BTC, adding:
Bitcoin really is in limbo right now and doesn’t know what to do .. I am back out of a position and just waiting again for one side of this range to break to re enter
Binance, the largest cryptocurrency exchange in the world, has helped the value of the new meme coin Pepe and the dogecoin rival Floki skyrocket this week by listing them as trading pairs.
Meme coins make up a sizable portion of the newly created BRC-20 tokens. Pepe Coin (PEPE) is one of the most well-known examples of this type of cryptocurrency because of its high value. Adoption and utilization of Bitcoin Taproot have shot up to 63% and 43%, respectively, because to the recent popularity of such BRC-20 joke coins.
There are fears about the market’s reaction to Blend, a peer-to-peer NFT financing platform established by Blur, an NFT marketplace catering to industry professionals.
To acquire blue-chip NFTs with a reduced initial investment, Blend enables traders to lease out their NFTs to collectors. Blur claims the platform will increase demand and liquidity by reducing the cost of purchasing well-liked NFT collections.
The possibility of fresh purchasers entering the market and borrowing funds to purchase NFTs they previously could not afford is highlighted by Carl_m101, the Twitter user who created the NFT collection Sky Scooters. Blend and its native BLUR coin has been met with skepticism due to fears of a potentially negative effect on the market.
