BTC dropped below the $33,500 support level after bears took control of the market yesterday. Altcoins as a whole fell under pressure on Monday as the pullback in BTC weakened across the market. Bitcoin is currently trading near $32,800 with a market cap of nearly $620 billion. BTC now still holds its price above the key support level of $32,000 and shows signs of recovery after last week’s drop. If the bulls push the prices upward, BTC may recover and test immediate resistance at $35,000, which indicates that price volatility may remain high over the next trading sessions.
A regional economic organization for West African states has stated its concerns about cryptocurrencies, particularly in terms of volatility. The Economic Community of West African States (ECOWAS) pointed to the recent volatility in the BTC price as a stark reminder that cryptocurrencies aren’t a good store of value. ECOWAS is a political and economic union of 15 West African states, which includes Nigeria, Senegal, Ghana, Côte d’Ivoire and Burkina Faso. ECOWAS also mentioned that cryptocurrencies can be refused as payment without the necessary legal protections.