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The modest negativity echoed around much of the digital currency world, with 88 of the top 100 changing hands in the red<\/p>\n
Cryptocurrencies continued to fall on Monday morning following a quiet weekend as all eyes turned to Mexico to see whether the nation will vote in favour of Bitcoin becoming legal tender.<\/p>\n
Bitcoin eased 1.2% to US$42,276, while its closest rival by market value, Ethereum, slipped 2.2% to US$3,179.<\/p>\n
\u201cThe BTC price is gradually moving lower, and over the short term, it is stuck in a consolidation zone of 40K to 48K,\u201d Naeem Aslam, Avatrade chief market analyst, said.<\/p>\n
Mexican senator Indira Kempis said at the Miami crypto conference on Thursday that the country’s federal government will suggest laws to make Bitcoin a legal currency, which would make it the most significant country to do so and likely stimulate some positive price momentum.<\/p>\n
Aslam added: \u201cThe last week’s big event in Miami has made it clear that fundamentals are only improving, and more and more countries are ready to adopt the crypto king as a legal tender.<\/p>\n
\u201cWhat traders like to see is the price breaking above the US$50K price level as that will only bring more interest to the bitcoin price.\u201d<\/p>\n
Meanwhile, the modest negativity echoed around much of the digital currency world, with 88 of the top 100 changing hands in the red.<\/p>\n
Terra, Avalanche and Near Protocol were the largest fallers amongst the leading cryptos, giving up 7.4%, 4.6% and 5.4% respectively.<\/p>\n
Most notable to buck the trend were ApeCoin and STEPN, which advanced 2.4% and 6.1% respectively.<\/p>\n<\/div>\n