Synopsis
Bitcoin fell after nearing $70,000, erasing gains from Trump’s pro-crypto speech due to the US transferring $2 billion Silk Road tokens. Major altcoins like Ethereum and Dogecoin also declined.
Cryptocurrency markets traded lower on Tuesday as Bitcoin dipped after nearly breaching the $70,000 mark for the first time since mid-June.
The sell-off erased gains from earlier in the session when optimism, fueled by Republican presidential candidate Donald Trump’s pro-crypto speech, lifted stocks.
The volatile cryptocurrency often sees pullbacks after reaching key milestones as investors book profits. The industry, however, cheered Trump’s promise of friendlier regulation.
Crypto Tracker
TOP COIN SETSAI Tracker0.00% BuyCrypto Blue Chip – 5-0.61% BuyDeFi Tracker-0.63% BuyBTC 50 :: ETH 50-2.01% BuySmart Contract Tracker-3.14% BuyTOP COINS (₹) Tether84 (-0.09%)BuyEthereum280,048 (-0.64%)BuyBNB48,075 (-3.25%)BuyBitcoin5,605,356 (-3.67%)BuySolana15,262 (-5.05%)BuyAt 12:54 pm IST, Bitcoin (BTC) was trading 3.8% lower at $66,844, while Ethereum fell nearly 1% to $3,334. Meanwhile, the global cryptocurrency market cap dropped by 3.15% to around $2.4 trillion in the last 24 hours.
Did you Know?
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 »“Bitcoin’s price reached a six-week high following Donald Trump’s speech in Nashville last week. However, it subsequently fell below the $67,000 mark after the US government transferred $2 billion worth of Silk Road tokens yesterday,” said Edul Patel, CEO of Mudrex.
“Currently, BTC is stabilizing around $66,500. The next support level is at $65,500, while resistance is anticipated at $67,200,” Edul said.
Major crypto tokens also felt the pressure ahead of central bank meetings in the U.S. and Japan.
“Notably, tomorrow’s US Federal fund rate announcement will be important and is expected to induce more volatility in the market,” CoinDCX Research Team said.
Other popular altcoins and meme coins, such as Solana (down 4.6%), BNB (down 3.3%), Dogecoin (down 3.6%), Toncoin (down 1.9%), Cardano (down 4.2%), Avalanche (down 5.1%), Shiba Inu (down 2.4%), and Polkadot (down 2.4%), also declined.
The volume of all stablecoins is now $72.07 billion, which is 91.16% of the total crypto market 24-hour volume, as per data available on . Bitcoin’s dominance is currently 54.95%. BTC volume in the last 24 hours rose 75.7% to $39.5 billion.
Vikram Subburaj, CEO of Giottus Crypto Platform, said, “Bitcoin would need to consolidate above $65,000 for some days before it can challenge $69,000 again. However, any positive indication from this week’s FOMC meeting about a potential interest rate cut could trigger a rally for BTC.”
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
ET Guide to ITR
ITR filing: Claim these 4 deductions to reduce your tax outgo
