Crypto Price Today: Bitcoin holds $26,000; Ethereum slips below $1,850; Solana & BNB fall up to 8%

Bitcoin was back in the blue on Thursday amid a wider crypto decline that swept up altcoins mentioned and unmentioned in the Securities and Exchange (SEC) lawsuits against Binance and Coinbase earlier this week. Investors appear to price in the latest regulatory body blows against an industry already reeling from assorted debacles.

Bitcoin was back in the red as the largest crypto token dropped about 2 per cent barely holding the $26,000 mark. Its largest peer, Ethereum, was also in down as it declined more than 2 per cent and slipped below the $1,850 mark once again. However, the pain in the altcoins was severe.

"Bitcoin experienced a drop below the $26,400 threshold due to the ongoing tensions between SEC and Binance and Coinbase. Despite attempts, BTC failed to recover beyond the $27,000 mark. Presently, BTC's support rests at the $26,200 level, while resistance is observed at the $26,600 level," said Edul Patel, CEO and Co-founder of Mudrex. "If the immediate resistance is successfully surpassed, it may propel the price even higher. Concurrently, many altcoins also recorded declines in the past day. The second largest cryptocurrency is currently being traded at the $1,830 level. ETH continues to face difficulties in surpassing the $1,900 resistance level as bears are active around this threshold," he further said. Barring the US dollar-pegged stablecoin Tether, all other top crypto tokens were trading sharply lower on Thursday. Solana tanked more than 8 per cent, whereas BNB and Cardano dropped 7 per cent each. Polygon declined 6 per cent, while Avalanche was down 4 per cent. The global cryptocurrency market cap was trading sharply lower, falling down to the $1.1 trillion mark as it dropped more than 2 per cent in the last 24 hours. However, the total trading volumes tumbled more than 16 per cent to $38.18 billion. Bitcoin recently witnessed a significant drop, while some altcoins such as Ethereum (ETH) and Lido (LDO) managed to recover from the previous fall in value as well, this price movement hasn't been mirrored by several altcoins that failed to respond in a similar manner, said CoinDCX Research Team. "Banking infrastructure giant, SWIFT's collaboration with blockchain infrastructure firm Chainlink marks a significant step towards enhanced blockchain interoperability. With Chainlink's Cross-Chain Interoperability Protocol (CCIP), banks are now testing secure transactions on multiple blockchains using a single interface," it further stated. Image: Crypto-chart-priceTech View by WazirX Trade Desk  

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Image: Chart-Stella On the weekly timeframe, the ALPHA/USDT trend had been consolidating around $0.1 levels since April of this year. The weekly chart has broken above the descending trendline with a buying volume surge. Immediate support is expected at 0.115 USDT and the next resistance is expected at 0.155 USDT.(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)