Bitcoin and Ether, the two giants of the cryptocurrency world, are currently experiencing a downward trend. Bitcoin started the Asia trading week with a 1.3% decrease, settling at $26,779, while ether saw a more modest decline of 0.8% to $1,806.
Over the past month, bitcoin has primarily been in consolidation mode, gradually drifting lower while managing to preserve its overall value. In the span of 30 days, it has only dropped by 2%, providing investors with a much-needed respite from the wild price swings witnessed in the previous year.
According to Joe DiPasquale, CEO of BitBull Capital, the current correction in bitcoin’s price is expected and beneficial for the market. He suggests that the ideal scenario would be for Bitcoin to consolidate between $27,000 and $25,000 before attempting to retest the $30,000 mark in the near future. Although a rally may not be imminent, the price action aligns with expectations, showcasing consolidation amidst bearish sentiment.
In other news, Tornado Cash’s TORN token is making a recovery following an unfortunate incident involving vote fraud within the protocol’s DAO over the weekend. The attack, which was not a result of an exploit or hack, involved an attacker introducing a seemingly harmless proposal that, unbeknownst to others, contained malicious code enabling them to manipulate all governance votes.
Consequently, the TORN token experienced a significant drop of 40% from $5.76 to $3.59. However, it is now steadily rebounding and currently trading at $4.66. To address this issue, the Tornado Cash community is actively working on proposing solutions to reverse the unauthorized code changes. Additionally, they are considering the creation of a new contract that would distribute airdropped tokens to existing holders, aiming to compensate them for the inconvenience caused.
As the cryptocurrency market evolves and matures, it is important to stay informed about the latest developments and trends. While Bitcoin and Ether may currently be facing challenges, the overall resilience of the market and the proactive efforts of communities like Tornado Cash demonstrate the ongoing commitment to innovation and security within the cryptocurrency ecosystem.
Source: https://bitcoinworld.co.in/first-mover-asia-will-bitcoin-soon-begin-a-retest-of-30k/