Bitcoin Hovers $27k, Market Sees Minor Price Drops

Written by BTSE

May 16, 2023

Crypto Market Analysis

Trending tokens on BTSE:

(as of 3:00 AM UTC, May 16, 2023)


Bitcoin remained steady around the US$27,000 mark overnight in Asia, showing a small -0.32% loss in the last 24 hours. Despite this, Bitcoin remains well above its previous lower point of around US$25,800 that we saw last Friday, and the market as a whole has remained relatively stable. Ethereum also saw a very minor movement of -0.90% in the last 24 hours. 

Meanwhile, in the United States, Securities and Exchange Commission (SEC) head Gary Gensler reasserted his view that rules and regulations around digital assets in the US ‘have already been published’, retorting against criticisms that the SEC has not been clear in its rulings and regulations concerning the digital asset industry.

At the same time, shares of digital asset mining data center firm Soluna Holdings shot up by 12%, following the announcement of a new deal with Navitas Global that will see Soluna Holdings receive US$14 million in funding to complete Project Dorothy 1B in Texas. Following the deal, Soluna Holdings will retain a 51% stake in the project.

In line with digital asset markets, traditional stocks such as the S&P 500 also showed minor price movements of below 1% in the last 24 hours.. All in all, both digital asset and traditional markets have held steady in the last 24 hours, as investors continue to look out for new movements.


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