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Cryptocurrency Prices Fall as Bitcoin Falls Below $30k

The value of the cryptocurrency market dropped overnight by 0.8% to $1.20 trillion. While the leading altcoins' performances range from -5.8% (Solana) to -0.3% (BNB), Bitcoin loses 0.9% and Ethereum loses 1.7%.

The first cryptocurrency fell down below 30k on Monday, in contrast to the stock indices' strong performance, which saw them reach new multi-month highs. Because early attempts to increase the price were unsuccessful, Bitcoin is currently trading close to the bottom of its four-week trading range.

The 50-day moving average and 61.8% of the rise from the late June lows are at $28.6-28.8K, and if current support at $29.8K fails, this opens the door to a further correction.According to CoinShares, investments in crypto funds increased by $137 million last week, marking the fourth straight week of growth. Investments in Bitcoin rose by $140 million, while those in Ethereum decreased by $2 million. Investments in funds that enable bitcoin shorting fell by $3 million.

The amount of money that has been invested over the last four weeks is $742 million, which is the highest amount since the fourth quarter of 2021. For the week, trading volume increased to $2.3 billion, well beyond the $1.4 billion annual average, according to CoinShares.

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