Gate.io’s Daily Market Trends（May 24）: Crypto Market Continues To Drop, Ethereum Dropped Under $2,000, Hitting A New Low Over the Past 2 Months

2021-05-24, 06:45

As of 12:00 EST Bitcoin spot price closed at $35356.00 and Ethereum spot price closed at $2,152.6. The Ethereum spot price broke through the $2,000 bottom line at 12:00 pm on the 23rd, with the lowest price of $1,728.37. Then the Ethereum price bottoming out was completed and entered the rebound phase. But the rebound strength is obviously lacking, and it enters a sideways state at noon on the 24th. The Ethereum price is still moving close to the lower limit of the Bollinger, and the downward trend of the market is still obvious. After the 24th, Bitcoin price will enter the retracement phase and may form the first "M" structure in the late afternoon.

Goldman Sachs, one of the most famous investment banks in the whole world, released a report on cryptocurrencies saying ‘Crypto, a new asset class’. The report explains that many of the leading cryptocurrencies have their own characteristics with unique features, allowing for segmentation of their target audience. It’s worth noticing that even though Goldman Sachs were denying crypto as a new asset class last year, they still set up a new team to work on the crypto market, and provided cryptocurrencies for some of their customers.

The Central Bank of South Korea on Monday announced that it will launch an experiment about central bank digital currency this year. It will find a technology supplier through an open bidding process, to build a platform for the digital currency. Research on payments via mobile devices, transfers, and deposits will be conducted under such a test environment. The first phase will last from August to December this year, which could be expanded into the second phase next year.

Author: Gate.io Researchers: Charles.F & Gazer.C
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Gate.io Spot Quotes (as of 12:00 BST)
BTC: $35,356.00 (-5.28%); ETH: $2,152.6 (-6.66%); DOGE: $0.3072 (-10.78%); SHIB: $0.000008 (-8.93%); GT: $3.9 (-15.26%); XRP: $0.8032 (-12.40%) ; ADA $1.3861 (-5.85%).

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