The modest negativity echoed around much of the digital currency world, with 88 of the top 100 changing hands in the red
Cryptocurrencies continued to fall on Monday morning following a quiet weekend as all eyes turned to Mexico to see whether the nation will vote in favour of Bitcoin becoming legal tender.
Bitcoin eased 1.2% to US$42,276, while its closest rival by market value, Ethereum, slipped 2.2% to US$3,179.
“The BTC price is gradually moving lower, and over the short term, it is stuck in a consolidation zone of 40K to 48K,” Naeem Aslam, Avatrade chief market analyst, said.
Mexican senator Indira Kempis said at the Miami crypto conference on Thursday that the country’s federal government will suggest laws to make Bitcoin a legal currency, which would make it the most significant country to do so and likely stimulate some positive price momentum.
Aslam added: “The last week’s big event in Miami has made it clear that fundamentals are only improving, and more and more countries are ready to adopt the crypto king as a legal tender.
“What traders like to see is the price breaking above the US$50K price level as that will only bring more interest to the bitcoin price.”
Meanwhile, the modest negativity echoed around much of the digital currency world, with 88 of the top 100 changing hands in the red.
Terra, Avalanche and Near Protocol were the largest fallers amongst the leading cryptos, giving up 7.4%, 4.6% and 5.4% respectively.
Most notable to buck the trend were ApeCoin and STEPN, which advanced 2.4% and 6.1% respectively.
