Cryptocurrency market capitalisation fell 1.8% over the last 24 hours to $1.136 trillion. After failing to build on the weekend’s gains, the cryptocurrency market came under pressure during the Asian session on Wednesday morning as sellers moved into defensive assets.
Bitcoin plunged to $27K, losing more than 2.7% since the start of the day and erasing all of Sunday’s gains. Technically, the selling intensified after the pair failed to break above the 50-day moving average, which turned from support to resistance in May. Market participants should now brace for another test of local support around $26K.
According to CoinShares, investments in crypto funds fell by $39 million last week, the sixth consecutive week of outflows. Bitcoin investments were down $12 million, and Ethereum investments were down $6 million.
Weekly trading volumes remain low, at 58% of this year’s average, which also mirrors the broader crypto market, with trading volumes at just 38% of this year’s average, CoinShares noted.
According to Dune Analytics, the number of Bitcoin Ordinals-based tokens issued on the network has surpassed 10 million. Approximately 200,000 tokens are being issued daily, including NFTs.
US presidential candidate Robert Kennedy Jr. reiterated his support for Bitcoin and said that the SEC should not have people who oppose cryptocurrencies.
Crypto exchange BKEX said it had suspended customer withdrawals while a police investigation into possible money laundering by several users is underway.
Major stablecoin issuer Tether announced plans to invest in mining capacity in Uruguay, South America.
Renowned cryptocurrency analyst Michaël van de Poppe believes that Litecoin is gearing up for a “pre-halving rally” that will begin in early August.
The FxPro Analyst Team
Market picture The crypto market has lost 3.3% in the last 24 hours to $2.3…
- USDJPY broke key resistance level 155.00 - Likely to rise to resistance level 160.00…
- Ebay reversed from support level 49.35 - Likely to rise to resistance level 52.55…
Even though the Bank of Japan left the key rate and parameters of the QE…
Market picture Market Dynamics: The cryptocurrency market stabilised, losing just 0.1% of capitalisation and dropping to…
- GBPCAD reversed from key support level 1.6910 - Likely to rise to resistance level…
This website uses cookies