Crypto Week Ahead: Binance’s BTC Withdrawal Pause Leads To Slump, Coins Expected To Be In Doldrums

Over the past seven days, Bitcoin (BTC) price achieved a high of $29,732.12.

Binance, the world’s largest crypto exchange in terms of daily trading volumes, paused Bitcoin (BTC) withdrawals twice within 12 hours to deal with blockchain congestion. The move led to a sudden slump in leading coin prices across the board. Since there are no major market-positive crypto events lined up this week, it is largely expected that coins will be unable to see major rallies in the coming days. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (May 1), the overall crypto market cap stood at $1.18 trillion. BTC price stood at around $28,437, ETH price stood at around $1,846. 

A week later, the overall market cap remained at $1.18 trillion despite climbing up to $1.21 trillion a few days ago, as per CoinMarketCap data. BTC and ETH managed to climb above the $29,000 and $2,000 marks, respectively, but dipped back again to $28,000 and $1,800 range over the weekend.

DeFi's total volume stands at $2.75 billion, at 8.40 percent of the total market 24-hour volume. In case of stablecoins, the overall volume stands at $28.69 billion, at 87.59 percent of the total 24-hour market volume.

BTC dominance, at the time of writing, stood at 47.08 percent.

Over the past seven days, Bitcoin achieved a high of $29,732.12 (on May 6) and a low of $27,691.56 (May 2), showing signs of a relatively weak run.

Ethereum, on the other hand, saw a high of $2,014.66 (May 6) and a low of $1,809.19 (May 2).

Crypto Events To Note

Binance recently announced the listing of memecoins PEPE and FLOKI on its platform, leading to a gain in traction for the assets. Memecoin rallies usually don’t last long, and the recent halt of withdrawals of BTC on Binance — twice in 12 hours — led to a notable slump in cryptocurrency prices across the board. It is believed that if Bitcoin is able to surpass the $28,650 resistance soon, investors can expect the coin to target $29,000 later this week. Failing to cross the resistance would lead to a further decline for BTC price — and other top coins alongside — in the coming days.

The Reserve Bank of Zimbabwe, in a move to tackle inflation, has announced the rollout of gold-backed digital tokens starting today. Largely believed to be a positive move, the news may lend a spurt of growth to top coins in the coming days. 

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has been trading sideways for the past few weeks. Despite its numerous attempts in April, BTC has struggled to break the $31,000 level. BTC has been facing a strong rejection near the $29,800 level and started a fresh decline. This week, if BTC fails to clear the $28,650 resistance, it could continue to move downwards. However, if BTC can move above it, the next key level would be at the $29,000 mark. The immediate support now lies at the $28,000 level.”

WazirX Vice President Rajagopal Menon offered his take, “Ethereum network has witnessed a good run in the past week following a rise in DeFi activities. The market cap remained above $1.5 trillion amidst a rise in popularity of Memecoins. Ripple (XRP) was subject to some volatility as some industry experts questioned its decentralisation properties.” 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.