BTC Holds Onto $30,000 Mark as Market Swings Sideways

The crypto market volatility does not seem close to a stabilising end for now. In the backdrop of the market oscillating sideways, Bitcoin on Friday incurred a loss of 0.82 percent. The most expensive cryptocurrency is currently trading at the price point of $30,111 (roughly Rs. 24.88 lakh). This marks a value drop of $337 (roughly Rs. 27,852) for Bitcoin in the last 24 hours. The crypto asset was recently called an ‘international asset’ by Larry Fink, the CEO of world’s largest asset management firm, BlackRock.

Ether, like Bitcoin, recorded losses on Friday. The second most valued cryptocurrency, ETH is currently trading at $1,852 (roughly Rs. 1.53 lakh) after seeing a loss of 2.83 percent. Over the last day, ETH price has tumbled down by $54 (roughly Rs. 4,462).

“The cryptocurrency market experienced a decline as it continued to react to the FOMC minutes from the June meeting, which revealed central bankers’ uncertainty about the future of the economy. Additionally, the US ADP report brought a surprise to the market, impacting the overall sentiment,” Edul Patel, the CEO of Mudrex crypto investment firm, told Gadgets 360.

Binance Coin, Ripple, Cardano, Dogecoin, and Litecoin witnessed losses.

Polkadot, Avalanche, Shiba Inu, Leo, Chainlink, Cosmos, and Stellar also recorded price dips.

The global crypto market cap slipped by 1.70 percent in the last 24 hours and currently sits at $1.17 trillion (roughly Rs. 96,71,980 crore), as per CoinMarketCap.

“Market oscillators indicate a ‘Sell’ sentiment. Bitcoin’s price briefly brushed through a 13 month high as key Wall Street Crypto supporters such as BlackRock continued to support Bitcoin’s potential and its ETFs. Spot trading volumes continue to remain low even as futures trading volume sets a new momentum of exchanges,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

Meanwhile, Tether, USD Coin, Solana, Tron, Polygon, and Bitcoin Cash bagged small gains.

Binance USD, Uiswap, Monero, and Bitcoin SV also managed to mint minor gains in an otherwise slowed down market.

“The release of the June Fed minutes suggested that all members are willing to keep the interest rates constant and expect a moderate recession may start anytime in 2023. The Fed’s focus on fighting inflation is likely to continue to weigh on cryptos in the near term,” the CoinDCX research team told Gadgets 360.

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