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Bitcoin price continues zigzagging while crypto market struggles to find its bearing

Bitcoin price continues zigzagging while crypto market struggles to find its bearing
Jordan
Major
2 weeks ago
2 mins read

The price of Bitcoin (BTC) continues to fluctuate and is yet to decide its next sharp move.

Currently, the global crypto market value is now $1.29 trillion, down 1.04% from the previous day, with the values of all major cryptocurrencies having been in negative territory for the last 24 hours at the start of the business week according to CoinMarketCap.com.

Global cryptocurrency market cap. Source: CoinMarketCap.com.

DeFi currently accounts for 10.52 % of the whole 24-hour volume in the crypto sector with a total volume of $5.03 billion, while the total crypto market volume has fallen by 14.04% to $47.85 billion over the past 24 hours.

Crypto market fluctuation

On Sunday, the price of Bitcoin hovered around $32,000, indicating that it may be beginning to rebound after weeks of exceptionally tough market circumstances as the value of BTC has been subsequently fluctuating. However, it quickly plunged, dropping to as low as $31,440 at the time of writing.

Bitcoin price chart Year-to-Date. CoinMarketCap data.

Rival cryptocurrencies have also struggled, with Ethereum (ETH) falling 3.27% over the same period to a low of $1,895.

Despite the Brazilian Securities Commission (CVM) approving the first exchange-traded fund (ETF) in Latin America to follow Ethereum’s performance on the country’s stock exchange on Tuesday, July 13, the second-largest cryptocurrency is down over 11% in the last week.

Furthermore, Dogecoin, which had risen by 10% over the weekend as a result of Elon Musk’s Twitter profile picture change, is currently trading at $0.179, down 4.7% on the daily chart and 17.3% on the weekly chart.

Regulators to discuss stablecoins

After soaring to a record high in mid-April, Bitcoin’s price has been reduced in half over the last three months, with no indications of a sustainable rebound. 

In May, only a few weeks later, Bitcoin was dealt a significant setback when the Chinese government outlawed the cryptocurrency’s use as a method of payment.

Meanwhile, as policymakers continue to pay greater attention to the fast-growing class of digital currencies, regulators meet today to discuss “interagency collaboration” on stablecoins.

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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.