Synopsis
Cryptocurrency markets experienced significant declines as global tech stock slumps pushed investors toward safer assets. Bitcoin and Ethereum dropped sharply, with the overall crypto market cap falling to $2.31 trillion.
Cryptocurrency markets were deeply in the red on Thursday as a slump in global tech stocks drove investors towards less risky assets.
The S&P 500 and Nasdaq ended at multi-week lows on Wednesday, with the S&P breaking one of its longest streaks with a daily decline of more than 2%. Increased market volatility triggered a sharp decline in the U.S. dollar, which fell another 0.7% to 152.78 yen on Thursday.
At 11:58 am IST, Bitcoin (BTC) was trading 2.7% lower at $64,114, while Ethereum fell 7.8% to $3,175. Meanwhile, the global cryptocurrency market cap declined by 3.55% to around $2.31 trillion in the last 24 hours.
Crypto Tracker
TOP COIN SETSBTC 50 :: ETH 50-3.21% BuySmart Contract Tracker-3.32% BuyNFT & Metaverse Tracker-4.24% BuyWeb3 Tracker-6.86% BuyAI Tracker-8.45% BuyTOP COINS (₹) Tether84 (-0.03%)BuySolana14,221 (-2.43%)BuyBitcoin5,364,983 (-2.87%)BuyBNB47,013 (-4.07%)BuyEthereum265,167 (-8.01%)Buy”Bitcoin dropped to the $64,000 level following a sharp decline in US tech stocks, driven by disappointing earnings from major companies like Alphabet and Tesla. The ongoing selling pressure from Mt. Gox creditors also continue to weigh on the market. The next support levels are at $63,200 and $62,500, while resistance is at $65,500,” said Edul, CEO Of Mudrex.
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The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »CoinSwitch Markets Desk commented, “The slump in BTC isn’t an isolated event; US-based tech stocks also experienced significant drops yesterday. Another factor contributing to the crypto downturn is the recent launch of the Ethereum ETF.”
“The outflows from Grayscale have intensified pressure on ETH, causing it to break below the crucial $3,300 support level. If the Ethereum ETF mirrors the trading patterns of Bitcoin ETFs, ETH could potentially dip below $3,000 before rebounding towards the $5,000 mark,” CoinSwitch added.
Other popular altcoins, such as Solana (1.3%), Dogecoin (5.3%), Toncoin (4.3%), Cardano (3%), Avalanche (4.6%), Shiba Inu (4.5%), Polkadot (3.9%), and Chainlink (4.6%) also declined.
“If the bearish trend persists, altcoins are likely to underperform as compared to Bitcoin,” said Vikram Subburaj, CEO of Giottus.
The volume of all stablecoins is now $75.32 billion, which is 91.82% of the total crypto market 24-hour volume, as per data available on .
Bitcoin’s dominance is currently 54.84%. BTC volume in the last 24 hours rose 1% to $34 billion.
Tech View by ZebPay Trade desk
An aggregate of $5.5 billion in Bitcoin options is set to expire in the early hours of July 26th. This month’s expiry is crucial as Bitcoin’s price faces significant downward pressure from multiple sources: the Mt. Gox bankruptcy proceedings distribution, the sale of 50,000 BTC by the German government, and the disposal of 14,000 BTC from the failed Genesis Trading firm.
.com
After correcting almost by 27% from the recent highs, Bitcoin made a low of $53,485. The asset didn’t break the crucial support level of $52,000 and the lower longer shadow indicated buying at these levels. After this move, BTC started to consolidate between $56,500 to $59,700. It finally gave a breakout above the psychological resistance of $60,000 and rallied up to $68,474. The asset has strong resistance at $70,000 and $73,777. Once it breaks and sustains above these levels then we may expect the prices to further rally. $66,000 and $60,000 will act as a strong support for BTC. The asset is currently trading at $64,000 at the time of writing.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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