Bitcoin loses support during an ugly weekend for the crypto market

The current moves in the crypto markets have yielded somewhat unexpected results, starting with Bitcoin losing its support and Ethereum transaction prices rising as Solana has another outage.

market movements

Bitcoin (BTC) dipped below critical value support over the past weekend as various headwinds dampened sentiment.

The major digital currency weathered its second weekly close with very low support from Ichimoku Cloud at $40,000. The cloud acted as solid support on several occasions starting at the end of February. Therefore, its latest breach may prove to be somewhat costly for the bulls.

BTC weekly chart with Ichimoku Cloud

Warren Buffett, a veteran investor and longtime crypto skeptic, reaffirmed his stance, saying that he would not buy all digital currencies even at $25.

“If they offered me that you have all the BTC in the world and they offered it to me for 25 dollars, I would not immediately accept it because, I would have nothing to do with it, and finally I would have to sell it to someone else. So he’s not going to do anything,” Buffett said.

The traditional investor added that Bitcoin is not an asset that does not produce anything , which suggests that the digital currency lacks personal value.

The second-largest contract platform Solana, by market value, endured another outage over the past weekend, the seventh time in 2022, due to the rush of incoming trades, incorporating 100 gigabits of log per second , prevented validators from entering the service.

The seven-hour dark phase was a bad reflection for the Solana and Ethereum contenders. On the other hand , smart contract tokens would manage to plummet against Bitcoin during the next crypto market downturn.

Ethereum trading fees went up

Ethereum trading fees rose due to high demand from the expected virtual land sale in connection with Yuga Labs’ Metaverse project. The situation got so bad that Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC), said:

“ApeCoin will require migrating to its own chain to scale back properly.” While the non-fungible tokens (NFT) boost burned close to 70,000 ETH (for a price of $2 billion), the market was unimpressed. At the time of publication, Ether was trading 0.8%, the lowest price on the day, at $2,900 .

On the other hand ApeCoin or APE, BAYC’s popular government and utility token, fell 40% to $15, possibly in a traditional news selling move.

“Ape Land Trading has been the hottest show in the crypto landscape lately. Ape community members who bought APE tokens for land trading and other speculators spotted $10 APE at $28″.


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