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Crypto Market Update May 24th – Bitcoin Falls to $26,250

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Bitcoin and cryptocurrencies seem to be affected by selling pressure as they registered a 3.1% decrease in the last 24 hours according to data shared by CoinGecko. Bitcoin (BTC), the largest digital currency in the market, has fallen by 3.7% in the last 24 hours and registered a loss of 2% in the last week. Other virtual currencies are falling as well, but this time, Bitcoin seems to be the largest loser among the top 10. 

Bitcoin and Digital Currencies Fall

Bitcoin and other virtual currencies are registering losses this 24th of May. Bitcoin fell to $26,250 and other digital currencies such as Ethereum or XRP followed Bitcoin with losses ranging between 2% and 3.3%. 

At the moment there is no specific reason for the current downturn that the market is taking, but it seems to be one of the largest hits for Bitcoin in recent weeks. It is worth pointing out that BTC was getting closer to $30,000 just a month ago, and it seems that it is now trying to get closer to an important support level at around $26,000 and $26,300. 

It will be very important for the largest digital asset to remain above this level if it does not want to move towards the next support level at close to $25,000 or even lower at $24,000. Nevertheless, this remains to be seen as the upcoming halving event in 2024 has been attracting investors to the market. 

Among the top 10, Bitcoin registered the largest losses. It was followed by Ethereum (-3.6%), Dogecoin (DOGE) (-3.5%) and Polygon (-3.5%). Bitcoin and virtual currencies tend to be very volatile, which could soon see a change in the trend. Right now, it will be important to closely follow how Bitcoin behaves and its impact on the market.

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