Bitcoin price has single-handedly crashed the entire crypto market as it tumbled below a crucial support level. As of this writing, BTC is still yet to find a stable support level and hatch a recovery plan. Altcoins, including Ethereum and Ripple, are already working on bouncing back.
Successful completion of the Merge has paved the way for Ethereum’s 18% dominance. Interestingly, Ethereum, XRP and Cardano, among other altcoins, are showing signs of weakness in their price trends. Analysts believe it is the end of altcoin season and the beginning of Bitcoin’s dominance yet again.
Binance Coin (BNB) price is preparing for an eventful week. Currently, the ASIA PAC and European sessions are starting accompanied by slow and slim volume, with Japan closed due to heavy typhoons and the UK closed for the funeral of Queen Elisabeth. This gives traders a chance to start preparing for the trading week as at least five major central banks are set to hike their policy rate and make statements on how they see their rate policy evolving in the coming months. Expect to see more hawkish tones and hikes, squeezing the liquidity further out of cryptocurrencies, with BNB price collapsing once again as a byproduct on the back of this.