Crypto market down after bitcoin fails to break above $40,000
06:26, 4 June 2021
The cryptocurrency market was down on Friday morning after the dominant coins failed to consolidate their rallies and push above important milestones.
Bitcoin went above $39,000 twice in the last 24 hours, managing to come back from under $34,000 last Sunday. However, it failed to approach $40,000, which has shaped into a strong resistance level for the top cryptocurrency. As a result, it dipped under $37,000 on Friday morning (6 AM UTC).
Ethereum also rebounded from its $2,900 ceiling after gaining more than 30% from Sunday’s low. On Friday morning, Ethereum was trading under $2,700, down about 5% over the last 24 hours.
Dogecoin down despite Coinbase listing
The corrections spread to all the leading digital currencies. Notably, dogecoin was down almost 12% on Friday morning despite more good news from Coinbase. The leading US cryptocurrency exchange announced on Thursday that it would also make the meme cryptocurrency available to its retail clients.
The announcement came just two days after Coinbase said it would add dogecoin to its professional trading platform CoinbasePro. That announcement gave dogecoin a strong boost, pushing it to $0.43 on Tuesday. On Friday morning, dogecoin was trading under $0.38, which is still almost 80 times more than its price at the beginning of this year.
