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    Gate.io Blog Gate.io’s Daily Market Trends (May.28): BTC, ETH Continue To Drop After Reaching High, Texas Senate Passes Crypto Bill

    Gate.io’s Daily Market Trends (May.28): BTC, ETH Continue To Drop After Reaching High, Texas Senate Passes Crypto Bill

    28 May 15:30

    As of 12:00 CST, May.28, Bitcoin’s price was 37524.29 USD and Ethereum’s price was 2668.5 USD. The overall value of the Crypto Market dropped again after reaching a new high for the last 5 days. During the evening of May.27, the price of Bitcoin hit $40,344, a new high since the crashdown on May.19. The price of Ethereum once hit $2,826.37. On the one-hour level, after 9:00 on the 28th, Bitcpin price entered a stop-and-go adjustment phase, with bottom price support at around $37,715 and upward pressure price at $38,300, where high-frequency trading users can operate in this range. On the daily level, bitcoin prices have been sharply downward and volatility is narrowing.As of 12:00, Ether shorts are still in the testing phase, trying to break the bottom of the $2680.Not long after, hitting the new high, the prices of major crypto currencies dropped again. With the May expiry for Bitcoin options about to settle, Gate.io reminds investors of market volatility.

    According to the data revealed by Skew Analytics, the Bitcoin options market is going to record a low monthly options expiry, with 55,900 contracts worth $2.2 billion on Friday, compared to $6 billion in March and $4 billion in April. The max pain point for the upcoming expiry is $50,000, more than 25% above the current price of $38,000. Because of the relatively small amount of the value, the max pain effect may not have a big influence on the market ahead of the settlement.

    Texas state lawmakers have passed a crypto bill called “Virtual Currency Bill” or “House Bill 4474”, which aims to establish a legal framework for Bitcoin investments in the state. And now the bill is waiting for a final sign from Governor Greg Abbottto to become a law.

    WisdomTree Investment has filed for an Exchange-Traded Fund based on Ethereum according to a file to the Securities and Exchange Commission(SEC), making it the second to apply for an ETH ETF. The ETF is planned to list on Cboe BZX Exchange.

    Author: Gate.io Researchers: Charles. F & Gazer. C
    *Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

    Gate.io Spot Quotes (as of 12:00 CST)
    BTC: $37,524.29 (-5.01%); ETH: $2,668.5 (-6.05%); DOGE: $0.3332 (-5.99%); SHIB: $0.00000874 (-10.03%); GT: $4.800 (-4.00%); XRP: $0.949 (-6.04%) ); ADA $1.645 (-1.91%)
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