Hassan Maishera
TL;DR
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Bitcoin is trading below $28k for the first time in more than a week after losing more than 2% of its value over the last 24 hours.
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The poor performance comes as investors weigh the meme coins mania and the recent withdrawal haltings on Binance.
Bitcoin Slips To $27,500
Bitcoin, the world’s leading cryptocurrency by market cap, has lost more than 2% of its value over the last 24 hours.
The poor performance resulted in Bitcoin slipping below the $28k level for the first time in more than a week. At press time, BTC is trading at $27,585, down by 2.35%.
The bearish trend came as investors continued to weigh recent events in the market. The cryptocurrency market has seen a surge in meme coin mania in recent weeks, with meme coins such as PEPE taking center stage.
In addition to that, the launch of BRC-20 tokens on the Bitcoin network resulted in the blockchain’s congestion as investors rushed to take advantage of the meme coin mania on the Bitcoin network.
The network congestion saw Binance, the world’s largest crypto exchange by trading volume, halt withdrawals on the Bitcoin network twice over the weekend. Binance has since resumed withdrawals, but Bitcoin’s price is yet to fully recover.
Ether, the second-largest cryptocurrency by market cap, is also down by more than 1% today but continues to trade above $1,800 per coin.
