Major coins fell on Monday as investors grappled with the surge in demand Pep coin PEPE/USD and traffic jams binance. Over the weekend, Binance was forced to temporarily suspend bitcoin withdrawals, raising concerns among investors.

What happened: Ethererum declined in value, falling below the $1,900 level it had previously held for over a week.

At the time of writing, the cryptocurrency’s global market cap stood at $1.14 trillion, down 1.38% from the last day.

US equities ended relatively flat as investors awaited key inflation data, particularly the April CPI report. While S&P500 remained largely unchanged with a slight increase of 0.05% Nasdaq Composite posted a marginal increase of 0.18%.

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Analyst Notes: “What bitcoin isn’t helping is all the attention focused on meme coin Pepecoin. Pepe has surpassed the $1 billion market cap, which is ridiculous. The meme coin has collapsed, causing massive losses for those who joined the party too late. For the global crypto market cap to go seriously up, these meme coins cannot draw as much attention,” he said Edward Moyasenior market analyst at OANDA.

crypto trader Michael van de Poppe said bitcoin is currently trending down and has bottomed at $27,400.

Van De Poppe suggests that the price could drop further to $26,800 but sees potential buying opportunities in this area (especially with regard to the CPI). Van De Poppe also stresses the importance of waiting for a bullish divergence signal before entering a long position.