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Bitcoin awaits a bullish catalyst, while crypto market continues to dip

Bitcoin awaits a bullish catalyst, while crypto market continues to dip
Jordan
Major
5 months ago
2 mins read

As Bitcoin (BTC) appears to be prolonging the same tedious cycle of recent weeks, the global crypto market cap presently stands at $1.37 trillion, a 0.25% decrease over the last day, according to figures released by CoinMarketCap.

Currently, the world’s most valuable cryptocurrency, Bitcoin , in terms of market capitalization, is valued at $32,809, showing market domination of 44.91%, an increase of 0.7% in the last 24 hours. However, it is stuck in a tightening price range while awaiting the next upward momentum.

Meanwhile, the entire market volume over the previous 24 hours is $72.28 billion, indicating a 7.24% decline. In general, the total volume in DeFi is at present $7.36 billion, accounting for 10.19% of the total 24-hour volume in the crypto market. 

Cryptocurrency Market Cap. Source:CoinMarketCap.com

The overall volume of stable currencies is now $55,97B, which is 77.42% of the entire 24-hour volume of the cryptocurrency space.

Elsewhere

Bitcoin had fallen as low as $32,000 in the previous 24 hours before rallying to an Asia intraday high of about $33,319. 

Along with Bitcoin, Dogecoin and other affected currencies appear to have been caught up in the recent crisis, with the memecoin plummeting to a weekly low of about $0,207 today.

Ethereum prices are also down today, despite recently adding over 5million new addresses in just 30 days. Presently the asset is changing hands for $2,094, down 4.28% on the daily chart.

On the whole, prices have fallen in recent days, reaching a new low for the first time this month, just weeks after the Chinese government banned cryptocurrency mining in the nation in late June.

Crypto prices are down

On Thursday, BTC dropped below its support level of $34,000 as recent volatility in the cryptocurrency market showed minor signs of abating. Market participants blamed the losses on increased anxieties over China’s central bank issuing a stablecoin risk alert over regulatory concerns.

Due to China’s clampdown, Bitcoin prices initially fell below $30,000 on June 22, reaching their lowest level since January 2021. Its most recent high of $40,173.20 came on June 16, just before China indicated it was taking measures against increasing crypto activity in the country. 


Following the action, nations such as South Korea promised to combat the increase in cryptocurrency money laundering. At the same time, the Metropolitan Police stated that it had successfully closed in on an extensive UK cryptocurrency money-laundering scheme.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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