Bitcoin, Ethereum Fall on Low Volumes: Recovery Hinges on a Catalyst

  • Cryptocurrency markets remain in a tight range as US default risk looms
  • Bitcoin, Ethereum have traded on significantly low volumes
  • Ethereum faces selling pressure below $1,850 as Bitcoin moves into the support zone

Cryptocurrency markets have been trading in a tight range as the risk of a US default looms, and uncertainty over the debt ceiling continues.

Under normal circumstances, cryptocurrencies, particularly , would have reacted positively to testimony last week. But the risk of a US debt default, which is also heavily affecting global markets, is fueling uncertainty in the markets and preventing positive developments from being priced in.

Some economic data scheduled to be released in the US this week have also kept investors on their toes. FOMC’s May meeting on May 24 could trigger volatility in the markets, as we have seen in recent months. In addition, the Federal Reserve Governors will continue to speak this week, which may keep the markets moving sideways.

data will be released in the US on Friday. A continued downward trend in the data may positively impact…

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