Crypto Market Faces Severe Bearish Pressure Post Recent Rally

• Bitcoin (BTC) led a bullish rally at the beginning of the week, nearly hitting a seven-week high of $28.3K.
• The global crypto market declined by 2.56% in the last 24 hours.

In a rollercoaster week for the global cryptocurrency market, Bitcoin (BTC) led a bullish rally, nearly reaching a seven-week high of $28.3K on Monday, positively influencing various digital currencies. However, the market faced a sudden downturn today, plummeting by 2.56%.

Bitcoin (BTC) Price Chart (Source: CoinMarketCap)

Bitcoin experienced a surge on Monday, approaching the $28.3K range, only to lose 2.78% in the past 24 hours, trading at $27,502. Nevertheless, it managed to maintain a 4.68% increase from the previous week. Ethereum (ETH), the second-largest cryptocurrency, mirrored the market’s volatility, dropping 4.19% in the past day to trade at $1,655. Despite this setback, it recorded a 4.08% weekly gain.

Marketwide Decline: 

The market decline wasn’t limited to Bitcoin and Ethereum, as other cryptocurrencies like Binance’s BNB, Ripple’s XRP, Solana (SOL), and more also saw declines in their values.

According to data from CoinMarketCap, Binance Coin (BNB) has experienced a decrease of over 2.08% in the past 24 hours, with its current trading price standing at $213. Meanwhile, XRP has managed to maintain a trading price in the $0.5 range, following Ripple’s partial victory in its legal battle against the SEC. However, it’s worth noting that XRP is still far from its previous high of approximately $0.9.

At the time of this writing, XRP is trading at $0.509, representing a 2.72% decrease over the course of a day. In contrast, Solana (SOL) has seen a modest increase of approximately 0.71% in the past 24 hours, with its current trading price at $24.09. Over the past week, Solana has made significant gains, climbing by an impressive 24.70%.

Amidst the market’s ups and downs, two major players in the cryptocurrency space are facing legal troubles. The former CEO of a bankrupt cryptocurrency exchange, Sam Bankman-Fried (SBF), saw the commencement of his trial on Tuesday, which included the selection of a jury.

Binance, the largest crypto exchange, is facing a lawsuit filed by California resident Nir Lahav. This class-action lawsuit alleges multiple violations of federal and California laws, citing unfair competition and an attempt to monopolize the cryptocurrency market.