BTC Retreats Near $30K
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have once again returned to range trade, lacking fresh impetus to boost prices. The last Thursday’s Ripple ruling led rally is distant memory now and now focus turns to regulatory approval for the multiple spot bitcoin ETF applications that financial services giants, including BlackRock, filed last month.
Analysts expect the SEC to delay approvals running over months, given the unhurried pace of its previous decisions. The agency is still in process of collecting information about the proposals.
Against the backdrop, Bitcoin (BTC), the largest cryptocurrency by market capitalisation, dropped below $30,000 mark in last 24-hours. It has since retreated and was recently trading at $30,176.12, down 0.31%. Bitcoin had shot as high as $31,700 on last Thursday, a more than one-year high, following the XRP ruling from district court.
Ethereum, the second largest cryptocurrency, recoiled towards $1,900 mark. It recently changed hands 0.55% lower at $1,914.77.
BTC failing to sustain above $31K mark has prompted many experts to hoist bearish flag. They warned of further weakness in Bitcoin prices. The most popular cryptocurrency may drop to $25k to $27k before experiencing any bullish waves. The negative outlook continues to weigh on the global crypto market cap, which has eased 0.21% to $1.21 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 35.23% to $35.11 bn. The total volume in DeFi is currently $3.89 bn and all stablecoins $31.69 bn, representing 11.08% and 90.24% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.51%, down 0.05%.
IC15 index, the barometer of top fifteen tokens, edged 0.01% lower to 40,022.
Other major tokens, which soared last week, sagged before rebounding slightly. XRP and ADA, the token of the Cardano smart contracts platform, were recently off 1.5% and 0.6%, respectively, while SOL, the native crypto of the Solana blockchain was down more than 2.8%.
Elsewhere, traditional markets buoyed by last week’s encouraging second quarter earnings from a number of major banks edged up with the Nasdaq Composite and S&P 500 rising 0.9% and 0.3%, respectively.
Meanwhile, the emergence of small crypto companies finding banks that can help facilitate transactions, from the downfall of Signature Bank and Silvergate Capital Corp, provides a big relief to the sector, analysts noted.
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