Bitcoin dips but recovers back above US$30,000; Ether, most other top 10 crypto lose ground
In early Asia trading, Bitcoin briefly dipped below US$30,000 before recovering above that support line. Ether and most other top 10 cryptocurrencies experienced declines, with Solana being the biggest loser. However, Polygon's Matic saw a slight increase. NFT trading also slumped, while U.S. stock futures edged lower following Monday's gains. The upcoming week will bring a wave of earnings reports, including those from major U.S. banks on Wednesday.
Over the past 24 hours, Bitcoin lost 0.55% and was trading at US$30,160.39, down 0.62% for the week. It briefly dropped to US$29,685.78 during Tuesday's early morning trading in Asia. Analysts suggest that if risk-off sentiment intensifies later in the week, Bitcoin's failure to rally from current levels could lead to a correction to around the $27,000 area.
Bitcoin has recently seen buying interest after several spot Bitcoin exchange-traded fund (ETF) applications were filed in June, including one from BlackRock, the world's largest asset manager. On July 13, the U.S. Securities and Exchange Commission (SEC) accepted Bitcoin ETF applications from BlackRock, WisdomTree, VanEck, and others for review. In terms of investments in crypto-focused funds, Bitcoin has attracted inflows of US$140 million in the past week, accounting for 99% of the total invested in such funds.
Ether experienced a decline of 1.07%, reaching US$1,913.56. However, it still held gains of 2.03% over the past seven days. Most other top 10 cryptocurrencies also saw declines, while Polygon's Matic continued its weekly gains of 5.99%. Solana experienced the largest decline among the top 10, falling 3.26%, potentially due to profit-taking after a 25.55% jump for the week.
The total crypto market capitalization decreased by 0.49% to US$1.21 trillion over the past 24 hours, while trading volume increased by 42.52% to US$35.54 billion.
#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR