Bitcoin (BTC), the world’s most precious digital asset, is presently struggling across the worth stage of $33,000 amid damaging market sentiment. BTC has misplaced almost 5% of its worth since 7 July 2021.
According to the most recent knowledge printed by Coinmarketcap, the general market cap of digital currencies dropped by roughly $50 billion within the final 24 hours led by a correction in Bitcoin, Ethereum, Cardano, and Binance Coin. Ethereum remained the worst performer among the many high 5 digital currencies with a drop of greater than 5%.
Bitcoin’s complete market cap dipped beneath $620 billion on 13 July 2021. The world’s largest cryptocurrency now has a market dominance of 45.6%. The worth of BTC has remained beneath $40,000 since 16 June. The digital asset is presently buying and selling close to $32,500.
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“Bitcoin’s average return for 6-month investors is sitting at a very low -27.81%. When traders are this underwater, FUD typically arises in the form of negative-driven posts,” crypto analytics platform Santiment mentioned on Twitter.
Quiet Week for Bitcoin
Last week remained very quiet for Bitcoin because the volatility of BTC decreased considerably. BTC’s on-chain exercise additionally dropped sharply in the previous couple of days. “It has been an impressively quiet week in the Bitcoin market as volatility continues to seep out, and prices squeeze into a tight consolidation range. The week opened at a high of $35,128 and traded down to a low of $32,227. It is starting to feel like the calm before the storm as muted and quiet activity appears across both spot, derivative and on-chain metrics,” on-chain evaluation agency Glassnode talked about in its newest weekly report.
Last week, Meitu, one of many main expertise companies in Asia, revealed that the honest worth of the corporate’s Bitcoin holdings decreased by greater than $17 million because of the newest correction within the worth of BTC. The firm bought almost $100 million price of Bitcoin and Ethereum (ETH) in March 2021.