Crypto in the red today as Bitcoin backs off $50K resistance

The largest cryptocurrencies like Bitcoin ((BTC-USD -3.5%)), Ethereum ((ETH-USD -5.5%)), XRP ((XRP-USD -7.6%)), and Cardano ((ADA-USD -10.5%)) are all down on intraday trading following Bitcoin's failed attempt to break over $50K resistance on Monday. The world's most popular crypto, Bitcoin (BTC-USD), erases Monday's gains, falling from $50K to $48K, and blockchain crypto Ethereum (ETH-USD) falls even more from $3.4K to $3.2K. The crypto market in large is still elevated from last month's $30K trough in Bitcoin (BTC-USD). The race for crypto adoption persists for financial institutions as Citigroup ((C +1.4%)) prepares to trade CME bitcoin futures. This follows Goldman Sachs's move in June to expand into Bitcoin (BTC-USD) futures with Galaxy Digital ((OTCPK:BRPHF -3.3%)). Europe will also have its first Bitcoin (BTC-USD) futures contract traded on the Eurex derivatives market. A somewhat leveraged proxy of Bitcoin's price action is MicroStrategy ((MSTR -2.8%)), which recently said it added 3.9K bitcoin to holdings, bringing