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Market News Bitcoin Holds Its Range, but Pressure Mounts

Bitcoin Holds Its Range, but Pressure Mounts

Since the second half of last week, efforts to break below a significant round level have been repelled by Bitcoin, which opens the week near $30.20K.

TOP1Markets Analyst
2023-07-11
7867

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As the Price Hovers, Bitcoin's Consolidation Continues To reach $1.17 trillion, the market capitalization of cryptocurrencies has decreased by almost $30.20K over the past week. The Fear and Greed Index has decreased from 62 last week to 56 (greed). At $1.20 trillion in the first half of the week and at 1.18 in the second, capitalization has stabilized. Early on Monday, capitalization declines in line with the downward trend in global market indices.


Since the second half of last week, efforts to break below a significant round level have been repelled by Bitcoin, which opens the week near $30.20K. Although it has been stabilizing for the previous three weeks, Bitcoin was unable to break out of its range at the start of the week. Be ready for BTCUSD to enter a deeper decline immediately below $29.0K; this is what we should expect.


ETH dropped 5.7% to $1860. Between 0.2% (Tron) and 17% (Litecoin), other prominent altcoins in the top 10 experienced declines. In contrast, Solana (+6.7%) stood out.

Bitcoin News

The approval of a spot bitcoin ETF, in JPMorgan's opinion, won't have a big effect on the cryptocurrency market. These funds are available in Canada and Europe, but they haven't drawn a lot of investor attention yet. Additionally, bitcoin funds, including futures ETFs, were not benefited by the money that left gold ETFs last year.


A collection of tools that will make it simpler for AI systems to interact with the Bitcoin blockchain and the Lightning Network itself have been announced by Lightning Labs, the organization behind the second-tier Lightning Network solution.


The Block Data claims that Binance's market share drop has quickened since numerous prominent executives left the company. Only 58% of all cryptocurrency trades are now taking place on the platform.


Changpeng Zhao, the CEO of Binance, has refuted media reports that the company has been having problems with senior workers for months.


The US Securities and Exchange Commission (SEC) is reportedly conducting a secretive investigation of the BarnBridge DAO protocol, according to the company's attorney. 


The SEC may be targeting smaller cryptocurrency market participants in addition to larger cryptocurrency enterprises, as seen by the filing of claims against BarnBridge.

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